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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lansdowne Oil & Gas Plc | LSE:LOGP | London | Ordinary Share | GB00B1250X28 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -364k | -0.0003 | -3.33 | 1.19M |
From Apr 2019 to Apr 2024
TIDMLOGP
RNS Number : 7035N
Lansdowne Oil & Gas plc
26 September 2019
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Steve Boldy, the Chief Executive Officer of the Company (responsible for arranging release of this announcement).
26 September 2019
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Interim Results for the six months ended 30 June 2019
Lansdowne Oil & Gas ("Lansdowne" or "the Company") is pleased to announce its unaudited results for the six months ended 30 June 2019. Lansdowne is an upstream oil and gas company, focused on exploration and appraisal activities in the North Celtic Sea Basin, off the south coast of Ireland. The Company has targeted the Irish offshore shelf areas close to existing operating infrastructure for exploration, as these provide shallow water (generally less than 100 metres), and relatively low drilling costs and the Directors believe that these factors, combined with favourable fiscal terms, have the potential to deliver high value reserves and consequential shareholder value.
First Half highlights
-- Barryroe Oil Field (Standard Exploration Licence "SEL" 1/11)
o In February 2019, the COSL Innovator was nominated by COSL to carry out the Barryroe Drilling Programme
o Also in February 2019, a new application was submitted to conduct a site survey
o In April 2019, an application was submitted to convert SEL1/11 into a Lease Undertaking
o In June 2019, further amendments to the FOA were announced, with an increase in the loan advances to EXOLA (a 100% subsidiary of Providence Resources P.l.c.) from US$ 19.5 million to US$ 24 million to reflect an increase in the scope of work and agreed an extension for the receipt of the initial US$9 million payment from APEC Energy Enterprises Limited ("APEC") to EXOLA
-- Helvick Lease Undertaking
o MFDEVCO continued evaluation work as required under the Farm-Out Agreement
Financial
-- Cash balances at 30 June 2019 of GBP0.03 million (31 December 2018: GBP0.16 million)
-- Loss for the period after tax of GBP0.1 million (full year to 31 December 2018: loss GBP0.3 million)
-- Loss per share of 0.01 pence (full year to 31 December 2018: loss 0.05 pence)
Financing
-- On 25 June 2019, the Company secured debt funding of GBP150,000 from LC Capital and GBP150,000 from Brandon Hill Capital Limited, both existing significant shareholders in the Company
-- Also in June, LC Capital Master Fund agreed to extend the repayment date of its outstanding loan of GBP1,046,000 to 31 December 2019. All other terms of the loan remain unchanged
-- On 28 June 2019, SP Angel was appointed Joint Broker to the Company, as well as continuing in its role as Nominated Adviser, alongside Lansdowne's existing broker, Brandon Hill Capital Limited.
Post-First Half events
o In August, EXOLA received approval from the Department of Communications, Climate Action and the Environment to proceed with the Site Survey over the planned drilling locations
o In September, EXOLA completed a site survey over the first two planned appraisal well locations, A and B.
o The Barryroe partners agreed a further extension for the receipt of the initial US$ 9 million payment to EXOLA to 30 September 2019
For further information please contact:
Lansdowne Oil & Gas plc +353 1 963 1760 Steve Boldy SP Angel Corporate Finance LLP +44 (0) 20 3470 0470 Nominated Adviser and Joint Broker Lindsay Mair Richard Hail Stephen Wong Brandon Hill Capital +44 (0) 20 3463 5061 Joint Broker Oliver Stansfield
Qualified Person Review
This release has been reviewed by Stephen Boldy, Chief Executive of Lansdowne, who is a petroleum geologist with 39 years' experience in petroleum exploration and management. Dr Boldy has consented to the inclusion of the technical information in this release in the form and context in which it appears.
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused, oil and gas exploration and appraisal company quoted on the AIM market and head quartered in Dublin.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
Lansdowne Oil and Gas plc
Interim results
For the six months ended 30 June 2019
Chairman's Statement
The first half of 2019 has been a difficult time for the Company, with regulatory delays in the permitting of the site survey operations and delay to the delivery of funding to EXOLA as called for under the Farm-Out Agreement, delaying the planned Drilling Programme on Barryroe.
Recently, progress has been made with the completion of the site survey over the first two appraisal well locations, A and B. These wells, along with the fault block tested by the successful 48/24-10z well, are targeting over 70% of the estimated oil in place in Barryroe.
Outlook
The key issue facing the Company is the delay in the delivery of the loan funds from APEC, as called for under the Farm-Out Agreement. A further extension to the payment date has been granted to 30 September 2019. Whilst the situation therefore remains uncertain, we continue to believe that Barryroe, a significant oil accumulation in shallow water, has substantial value and we will continue our efforts to demonstrate and crystallise this.
The announcement on 23 September 2019 that Ireland will seek to phase out oil exploration in the future came as a complete surprise, especially as respective governments have promoted investment and activity in the Irish offshore for more than 40 years and only recently reiterated their commitment to this objective.
We welcome however, the clarification from the Government that was provided to the Irish Offshore Operators' Association (IOOA) that this new policy relates solely to the award of new exploration licences. Both Barryroe and Helvick are covered by existing licences and therefore will not be impacted by any proposed changes to legislation.
Tim Torrington
Chairman
Lansdowne Oil and Gas plc
Condensed Consolidated Income Statement and Statement of Comprehensive Income
Six months ended 30 June 2019
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June "19 30 June '18 31 Dec. '18
GBP000s GBP000s GBP000s
Administration expenses (71) (99) (193)
Impairment of intangible
assets - - -
______ ______ _______
Operating loss (71) (99) (193)
Finance costs (27) (57) (100)
______ ______ ______
Loss before tax (98) (156) (293)
Income tax credit - - -
______ ______ ______
Loss for the financial period (98) (156) (293)
Other Comprehensive Income - - -
______ ______ ______
Total comprehensive loss
for the financial period (98) (156) (293)
===== ===== ======
Loss per share (pence)
Basic and diluted (0.01p) (0.02p) (0.05p)
===== ===== ======
Lansdowne Oil and Gas plc
Condensed Consolidated Statement of Financial Position
As at 30 June 2019
Unaudited Unaudited Audited
30 June '19 30 June '18 31 Dec. '18
GBP000s GBP000s GBP000s
Assets
Non-Current Assets
Intangible assets 15,582 15,003 15,311
_______ _______ _______
Current Assets
Trade and other receivables 18 404 47
Cash and cash equivalents 29 71 159
_______ _______ _______
47 475 206
_______ _______ _______
Total Assets 15,629 15,478 15,517
======= ======= =======
Equity & Liabilities
Shareholders' Equity
Share capital 11,722 11,718 11,718
Share premium 26,864 26,841 26,833
Currency translation reserve 59 59 59
Share-based payment reserve 923 923 923
Accumulated deficit (25,924) (25,689) (25,826)
_______ _______ _______
Total Equity 13,644 13,852 13,707
Non-Current Liabilities
Provision for liabilities 317 302 316
Current Liabilities
Trade and other payables 596 304 448
Shareholder loan 1,072 1,020 1,046
_______ _______ _______
Total Liabilities 1,985 1,626 1,810
_______ _______ _______
Total Equity and Liabilities 15,629 15,478 15,517
======= ======= =======
Lansdowne Oil and Gas plc
Condensed Consolidated Statement of Cash flows
Six months ended 30 June 2019
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec.
'19 '18 '18
GBP000s GBP000s GBP000s
Cash flows from operating activities
Loss for the period (98) (156) (293)
Adjustments for:
Interest payable and similar charges 26 58 98
(Increase)/decrease in trade and
other receivables 29 (382) (24)
(Decrease)/increase in trade and
other payables 149 (49) 80
_______ _______ _______
Net cash used in operating activities 106 (529) (139)
Cash flows from investing activities
Acquisition of intangible exploration
assets (271) (330) (639)
_______ _______ _______
Net cash from investing activities (271) (330) (639)
Cash flows from financing activities
Proceeds from the issue of share
capital 139 1,861 1,025
Cost of raising shares (104) - (103)
Repayment of loan - (946) -
_______ _______ _______
Net cash from financing activities 35 915 922
----------- ----------- -----------
Net increase/(decrease) in cash and
cash equivalents (130) 56 144
Cash and cash equivalents at start
of period 159 15 15
_______ _______ _______
Cash and cash equivalents at end
of period 29 71 159
======= ======= =======
Lansdowne Oil and Gas plc
Condensed Consolidated Statement of Changes in Equity
Six months ended 30 June 2019
Share Share Premium Other Retained Total
Capital Reserves Losses
GBP000s GBP000s GBP000s GBP000s GBP000s
Unaudited
At 1 January 2018 11,571 25,126 982 (25,533) 12,146
Loss for the period - - - (156) (156)
_____ _______ _______ _______ _______
Total comprehensive loss
for the period - - - (156) (156)
Conversion of new shares 147 1,760 - - 1,907
Cost of share issues - (45) - - (45)
--------- --------- --------- ---------- ----------
At 30 June 2018 11,718 26,841 982 (25,689) 13,852
_____ _______ _______ _______ _______
Audited
At 1 January 2018 11,571 25,126 982 (25,533) 12,146
Loss for the period - - - (293) (293)
_____ _______ _______ _______ _______
Total comprehensive loss
for the period - - - (293) (293)
Issue of new shares - gross
consideration 147 1,810 - - 1,957
Cost of share issues - (103) - - (103)
_____ _______ _______ _______ _______
At 31 December 2018 11,718 26,833 982 (25,826) 13,707
_____ _______ _______ _______ _______
Unaudited
At 1 January 2019 11,718 26,833 982 (25,826) 13,707
Loss for the period - - - (98) (98)
_____ _______ _______ _______ _______
Total comprehensive loss
for the period - - - (98) (98)
Issue of new shares - gross
consideration 4 135 - - 139
Cost of share issues - (104) - - (104)
_____ _______ _______ _______ _______
At 30 June 2019 11,722 26,864 982 (25,924) 13,644
_____ _______ _______ _______ _______
Notes to the Interim Condensed Financial Statements
1. Basis of Presentation
Accounting Policies
The interim financial information for the six months ended 30 June 2019 has been prepared on the basis of the accounting policies which were adopted in the 2016 Annual Report and Accounts and IAS 34, "Interim Financial Reporting".
The interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The results for the six months to 30 June 2019 and the comparative results for the six months to 30 June 2018 are unaudited. The comparative amounts for the year ended 31 December 2018 do not constitute the statutory financial statements for that year. The interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2018, which have been prepared in accordance with IFRSs as adopted by the European Union. Those financial statements have been delivered to the Registrar of Companies and include an auditor's report which was unqualified and did not contain a statement under Section 498 of the Companies Act 2006. It did, however, contain an emphasis of matter over the going concern basis of preparation for the Group financial statements.
Going concern
The Directors have prepared the interim financial information on the going concern basis which assumes that the Group and Company and its subsidiaries will continue in operational existence for the foreseeable future. The Directors have carried out a detailed assessment of the Group's current and prospective exploration activity, its relationship with the holder of its loan note and cash flow projections and it is on this basis that the directors consider it appropriate to prepare this interim financial information on a going concern basis. This interim financial information does not include any adjustment that would result from the going concern basis of preparation being inappropriate.
2. Segmental Analysis
The Group has only one reportable business segment, which is the exploration for oil and gas reserves in Ireland. All operations are classified as continuing.
3. Loss per share
The loss for the period was wholly from continuing operations.
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec.
'19 '18 '18
GBP000s GBP000s GBP000s
Loss per share arising from continuing
operations attributable to the
equity holders of the Company
- basic and diluted (in pence) (0.01) (0.02) (0.05)
The calculations were based on
the following information:
Loss attributable to equity holders
of the Company (98) (156) (293)
Weighted average number of ordinary
shares
In issue - basic and diluted 664,789,073 569,571,452 613,569,327
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The Group has one class of dilutive potential ordinary shares - share options. As a loss was recorded for all periods reported, the issue of new shares would have been anti-dilutive.
4. Intangible Assets
Oil and gas project expenditures, including geological, geophysical and seismic costs, are accumulated as intangible assets prior to the determination of commercial reserves. At 30 June 2019, intangible assets totalled GBP16 million (30 June 2018: GBP15 million), all of which relates to Ireland. Movements in the period relate to additional spend on the licence areas of GBP0.27 million.
5. Copies of the Interim Report
Copies of the interim results can be obtained from the Company Secretary, Lansdowne Oil & Gas plc, Paramount Court, Corrig Road, Sandyford Business Park, Dublin 18 and from the Company's website www.lansdowneoilandgas.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
September 26, 2019 02:01 ET (06:01 GMT)
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