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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Leyshon Energy | LSE:LEN | London | Ordinary Share | VGG5476A1049 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMLEN
RNS Number : 1196S
Leyshon Energy Limited
19 September 2014
19 September 2014
LEYSHON ENERGY LIMITED
Half Yearly Report for the six months ended 30 June 2014
Leyshon Energy Limited (AIM: LEN) ("Leyshon Energy" or the "Company") is pleased to present the Company's unaudited Half Yearly Report for the six months ended 30 June 2014.
Enquiries:
Leyshon Energy Limited
Peter Niu Company Secretary
Tel: + 86 10 8444 2882
admin@leyshonenergy.com
Cantor Fitzgerald Europe
David Porter/Rick Thompson (Nominated Adviser)
Richard Redmayne (Corporate broking)
Tel: +44 207 894 7000
or visit: www.leyshonenergy.com
LEYSHON ENERGY LIMITED
DIRECTOR'S STATEMENT
COMPLETION OF DEMERGER
Following the Leyshon Resources Limited ("Leyshon Resources") shareholder approval for the demerger on 13 January 2014, the demerger restructure was completed on 23 January 2014. The Company commenced trading on the AIM market of the London Stock Exchange on the same day.
The restructure was achieved through the demerger of the Leyshon Resources' energy assets, including Leyshon Resources interests in the Zijinshan Gas Project along with the transfer of cash reserves of approximately US$32 million (after various project, corporate restructure expenses, were settled) into the Company.
The Board believes that the demerger provides a strategic opportunity to develop the Company as a stand-alone Group which can, inter alia, continue to explore and commercialise the Zijinshan Gas Project, and should enable a more transparent market value to be placed on the Zijinshan Gas Project.
The Company has been actively pursuing a number of acquisition and investment opportunities in the oil and gas sector in China.
There are a number of divestment processes underway for assets in the region for which the Company has made significant progress in advancing its interest in the normal course of business. A number of these discussions are in hand. There is no indication whether this will lead to a commercially binding transaction.
The Company remains very active on the acquisition front and is pleased at the strong financial support it has received for the potential acquisitions the Company is working on.
KEY FINANCIAL RESULTS OF THE COMPANY FOR THE PERIOD
Hot Features
Premium
Six months ended
30-Jun-14
USD
Loss before tax 2,871,680
Tax expense -
Loss after tax 2,871,680
---------------------------------------------
Net cash flows used in operation activities 4,106,906
=============================================
Net assets 24,183,742
=============================================
ZIJINSHAN ("ZJS") OPERATIONS
The following information is presented to provide shareholders of the Group with an update on the activities during the period relating to the assets which are owned by the Group following the demerger transaction.
The drilling of well ZJS7, at a location approximately three kilometres to the northeast of well ZJS5, has been completed in year 2013. The well has a design depth of approximately 2,100 metres and is targeting the same potential pay zones as those intersected in well ZJS5.
On 8 July 2014, the Company announced its wholly owned subsidiary, Pacific Asia Petroleum Limited (PAPL) has commenced the interim testing programme.
The partners have also committed to drilling well ZJS8 in the northern part of the licence area the location of which will take into account the results from well ZJS7 as well as offset data. The interim testing programme has an estimated cost of around US$4 million and, depending on the timing and results from Well ZJS8, is expected to be completed by the end of 2014.
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended 30 June 2014
Six months ended Period ended
30 June 2014 31 December 2013
US$ US$
(unaudited)
Revenue -
---------------------------------- ------------------------------------
Cost
Other administrative expenses (1,364,986) (3,103,580)
Employee costs (1,141,911) (448,073)
Exploration costs (361,057) (5,336,006)
---------------------------------- ------------------------------------
Total administration expenses
and loss from operations (2,867,954) (8,887,659)
Finance costs (3,726) (6,693)
Loss before tax (2,871,680) (8,894,352)
---------------------------------- ------------------------------------
Tax expense - (2,441)
Loss after tax (2,871,680) (8,896,793)
================================== ====================================
Other comprehensive income
Foreign currency translation
adjustment 31,707 -
Total comprehensive loss
for the period/year (2,839,973) (8,896,793)
================================== ====================================
Basic and diluted shares
outstanding 249,457,212 249,457,212
Basic and diluted LPS (0.01) (0.04)
The above unaudited consolidated statement of comprehensive income should be read together with the accompanying notes.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2014
30 June 2014 31 December
2013
US$ US$
(unaudited)
Non-current Assets
Intangible assets 150,000 150,000
Property, plant and
equipment 38,379 57,279
Total non-current assets 188,379 207,279
Current Assets
Prepayments and deposits 103,349 150,655
Due from related parties - 32,948,512
Other receivables 9,462 -
Cash and bank balances 28,855,925 385,745
Total current assets 28,968,736 33,484,912
Total Assets 29,157,115 33,692,191
Current Liabilities
Other payables and
accruals (4,973,373) (6,672,281)
Total current
liabilities (4,973,373) (6,672,281)
Total Liabilities (4,973,373) (6,672,281)
Net Assets 24,183,742 27,019,910
=============================================== ==========================================
Equity attributable to
owners of the Company
Share Capital 82,236,203 82,236,203
Other Reserves (34,223,432) (34,223,432)
Share based payment
reserve 3,805 -
Translation Reserve 31,707 -
Accumulated losses (23,864,541) (20,992,861)
Total equity 24,183,742 27,019,910
=============================================== ==========================================
The above unaudited consolidated statement of financial position should be read together with the accompanying notes.
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months ended 30 June 2014
Share
Based
Share Translation payment Accumulated
capital Other Reserves Reserve Reserve Losses Total
Share capital
initially
issued 50,000 - - - - 50,000
Share exchange
on demerger 49,638,140 (49,638,140) - - - -
Share issue to
prior parent
company 32,548,063 - - - - 32,548,063
Forgiveness of
intercompany
balances - 15,414,708 - - - 15,414,708
Total
comprehensive
loss for the
period
and arising
in
prior period - - - - (20,992,861) (20,992,861)
At 31 December
2013 82,236,203 (34,223,432) - - (20,992,861) 27,019,910
======================= ========================= ==================== ====================== ====================== ===================
Total
comprehensive
loss for the
period - - 31,707 - (2,871,680) (2,839,973)
Recognition of
equity
settled
share based
payment - - - 3,805 - 3,805
At 30 June
2014 82,236,203 (34,223,432) 31,707 3,805 (23,864,541) 24,183,742
======================= ========================= ==================== ====================== ====================== ===================
The above unaudited consolidated statement of changes in equity should be read together with the accompanying notes.
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended 30 June 2014
Six months Period
ended ended
30 June 31 December
2014 2013
(unaudited)
US$ US$
Cash flows from operating activities:
Loss before tax (2,871,680) (8,894,352)
Adjustments to reconcile net income
to net cash (used in) operating activities:
Interest income (700) (736)
Depreciation 22,284 47,009
Share based payment charge 3,805 -
----------------------------- ---------------------------------
(2,846,291) (8,848,079)
Decrease / (increase) in prepayment
and deposits paid 37,844 (27,400)
Decrease / (increase) in amount due
from related party 400,450 (342,394)
(Decrease) / increase in other payables
and accruals (1,698,909) 4,445,724
----------------------------- ---------------------------------
Cash used in operations (4,106,906) (4,772,149)
PRC tax paid - (2,441)
----------------------------- ---------------------------------
Net cash used in operating activities (4,106,906) (4,774,590)
Cash flows from investing activities:
Interest received 700 736
Purchase of property,
plant and equipment (3,477) (44,015)
----------------------------- ---------------------------------
Net cash (used in) provided by investment (2,777) (43,279)
----------------------------- ---------------------------------
Cash flows from financing activities:
Increase in an amount due to the ultimate
holding company - 4,157,732
Proceeds from the
issue of shares 32,548,063 50,000
Net cash from financing activities 32,548,063 4,207,732
----------------------------- ---------------------------------
Net increase/(decrease) in cash and cash
equivalents 28,438,380 (610,137)
Cash and cash equivalents, beginning
of period 385,745 1,275,926
Effect of foreign exchange rates on cash
flow 31,800 (280,044)
Cash and cash equivalents, end of period 28,855,925 385,745
============================= =================================
The above unaudited consolidated statement of cash flows should be read together with the accompanying notes.
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
1. CORPORATE INFORMATION
As this is the first period of reporting for the Company since the demerger referred to earlier as the head of a consolidated group, this is the first period in which consolidated financial statements have been prepared. The key accounting policies for the consolidated group are therefore presented below.
Leyshon Energy Limited (the "Company") is an energy focused company incorporated in British Virgin Islands on 27 March 2013. The registered office of the Company is located at PO Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. Its principal place of business is located at Suite 4, 21st Floor, Tower B, Ping An International Financial Center, No.3 Xinyuan South Road, Chaoyang District, Beijing, 100027, People's Republic of China ("PRC").
The Company and the Company's prior parent company, Leyshon Resources Limited, ("Leyshon Resources") implemented a corporate restructure ( "demerger") during the period ended 31 December 2013. Leyshon Resources shareholder approval for the demerger was granted on 13 January 2014 and the restructure was completed on 23 January 2014. The Company commenced trading on the AIM market of the London Stock Exchange on the same day.
The restructure was achieved through the demerger of the Leyshon Resources' energy assets, including Leyshon Resources interests in the Zijinshan Gas Project along with cash reserves of approximately US$33 million (after settlement of various project, corporate restructure expenses).
The principal activities of the Company's subsidiary acquired are oil and gas exploitation and related business.
2.1 STATEMENT OF COMPLIANCE
These unaudited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS"). The Company's unaudited consolidated financial statements are prepared on a going concern basis under the historical cost convention except where an IFRS requires an alternative treatment (such as fair values) as disclosed where appropriate in these financial statements.
2.2 BASIS OF PREPARATION
The financial information set out in this interim report does not constitute statutory accounting. The figures for the period ended 31 December 2013 have been extracted from the statutory EU financial statements subsequent events note prepared under IFRS as adopted by the European Union. These figures were prepared using the accounting policies described in note 2.4 of the 2013 annual report.
The Company maintains its books and prepares its statutory financial statements in accordance with the relevant accounting principles and financial regulations promulgated by the laws and regulations of the British Virgin Islands. The preparation of financial statements in conformity with International Financial Reporting Standards as adopted by the European Union requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of any revenues and expenses during the reporting period. Actual results could differ from those estimates.
These financial statements have been presented in United States dollars ("US$"), rounded to the nearest dollar, which is the Company's functional and the Group's presentational currency.
The Directors are in the process of assessing the impact of the new standards, amendments to existing statements and interpretations in order to determine the impact on the Group. Based on the Director's assessment so far, the effect of the changes is considered likely to affect disclosure only.
2.3 FINANCIAL REPORTING PERIOD
The consolidated interim financial statements for the period 1 January 2014 to 30 June 2014 are unaudited and have not been reviewed in accordance with International Standard on Review Engagements (ISRE) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'.
The consolidated interim financial statements for the six months ended 30 June 2014 was approved by the Board for issue on 4 September 2014. In the opinion of the Directors the interim financial information for the period presents fairly the financial position, and results from operations and cash flows for the period in conformity with the generally accepted accounting principles consistently applied. The consolidated interim financial information incorporates comparative figures for the audited financial period to 31 December 2013, extracted from note 12 of the Company's financial statements.
The comparatives for the period ended 31 December 2013 are not the Company's full statutory accounts for that year. Statutory accounts for the period ended 31 December 2013 were approved by the Board of Directors on 30 April 2014.The auditors' report on those accounts was unqualified and, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report.
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of merger accounting
The acquisition of Pacific Asia Petroleum Limited in the period was accounted for in accordance with the principles of merger accounting since the transaction was under common control and therefore falls outside the scope of IFRS3 "Business Combinations".
Basis of consolidation
The unaudited consolidated financial statements include the financial statements of the Company and its subsidiary (collectively referred to as the "Group") for the period ended 30 June 2014. The financial statements of the subsidiary are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiary are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. All intra-group balances, transactions, unrealised gains and losses resulting from intra-group transactions and dividends are eliminated on consolidation in full.
Total comprehensive income within a subsidiary is attributed to the non-controlling interest even if it results in a deficit balance.
Investments and other financial assets
Initial recognition and measurement
Financial assets within the scope of IAS 39 are classified as financial assets at fair value through profit or loss, loans and receivables and available-for-sale financial investments, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured at fair value plus transaction costs, except in the case of financial assets recorded at fair value through profit or loss. All financial assets are considered to be loans and receivables for the purposes of IAS 39 classification.
Subsequent measurement
The subsequent measurement of financial assets depends on their classification as follows:
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such assets are subsequently measured at amortised cost using the effective interest rate method less any allowance for impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and includes fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in other income in the income statement. The loss arising from impairment is recognised in profit or loss in finance costs for loans and in other expensesfor receivables.
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:
-- the rights to receive cash flows from the asset have expired; or
-- the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a "pass-through" arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group's continuing involvement in the asset. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.
Intangible assets
Intangible assets comprise initial acquisition costs of oil and gas properties.
(a) Oil and gas properties
For oil and gas properties, the successful efforts method of accounting is adopted. The Companycapitalises the initial acquisition costs of oil and gas properties. Impairment of initial acquisition costs is recognised based on exploratory experience and management judgement. Upon discovery of commercial reserves, acquisition costs are transferred to proved properties. The costs of drilling and equipping successful exploratory wells, all development expenditures on construction, installation or completion of infrastructure facilities such as platforms, pipelines, processing plants and the drilling of development wells, including those renewals and betterments that extend the economic lives of the assets, and the related borrowing costs are capitalised. The costs of unsuccessful exploratory wells and all other exploration costs are expensed as incurred.
The Group carries exploratory well costs as an asset when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Group is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expenses. Exploratory wells that discover potentially economic reserves in areas where major capital expenditure will be required before production would begin and when the major capital expenditure depends upon the successful completion of further exploratory work remain
capitalised and are reviewed periodically for impairment. Costs associated with significant development projects are not depreciated until commercial production commences.
Property, plant and equipment
Leasehold improvement, office equipment and computer software are stated at cost less accumulated depreciation and impairment losses. The straight-line method is adopted to depreciate the cost less any estimated residual value of these assets over their expected useful lives. The Group estimates the useful lives of leasehold improvement to be two to five years, and office equipment and computer software to be three years.
Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.
An item of property, plant and equipment including any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in profit or loss in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset.
Impairment of financial assets
The Groupassesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (an incurred "loss event") and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.
Financial assets carried at amortised cost
For financial assets carried at amortised cost, the Group first assesses individually whether objective evidence of impairment exists for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.
If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset's original effective interest rate (i.e., the effective interest rate computed at initial recognition). If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate.
The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognised in profit or loss. Interest income continues to be accrued on the reduced carrying amount
and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realised or has been transferred to the Group.
If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognised, the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a write-off is later recovered, the recovery is credited to other expenses in profit or loss.
Financial liabilities
Initial recognition and measurement
Financial liabilities within the scope of IAS 39 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs.
The Group's financial liabilities include other payables and amounts due to related parties. All financial liabilities are considered to be loans and borrowings for the purposes of IAS 39 classification.
Subsequent measurement
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in finance costs in the income statement.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognised in profit or loss.
Cash and cash equivalents
For the purpose of the statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Group's cash management.
For the purpose of the statement of financial position, cash and cash equivalentscomprise cash on hand and at bank, including term deposits, which are not restricted as to use.
Tax
Tax comprises current and deferred tax. Tax relating to items recognised outside profit or loss is recognised outside profit or loss, either in other comprehensive income or directly in equity.
Current tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Groupoperates.
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the statement of financial position differs to its tax base.
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available, against which the difference can be utilised.
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered).
Employee benefits
Pension schemes and other retirement benefits
Employees of the Group which operates in Mainland China are required to participate in a central pension scheme operated by the local municipal government. The Group is required to contribute 0.2% to 10.0% of its payroll costs to the central pension scheme. The contributions are charged to profit or loss as they become payable in accordance with the rules of the central pension scheme.
Foreign currency transactions
These financial statements are presented in United States dollars, which is the Company's functional and the Group's presentation currency. Foreign currency transactions recorded by the Group are initially recorded using their respective functional currency rates ruling at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognised in the income statement.
Share-based payments
Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the consolidated statement of comprehensive income is charged with the fair value of goods and services received.
3. LOSS PER SHARE (LPS)
Six months
ended 30 June
2014 2013
==================================
US$ US$
================================== ============================= ==========================
Numerator
(Loss) for the period (2,871,680) (8,896,793)
================================== ============================= ==========================
Denominator
Weighted average number of
shares used in basic (LPS) 249,457,212 249,457,212
================================== ============================= ==========================
(Loss) , per share on continuing
operations
- Basic and Diluted $(0.01) $(0.04)
For diluted loss per share, the weighted average number of shares in issue is adjusted to assume conversion of all the dilutive potential ordinary shares. The potential dilutive shares are anti-dilutive in 2013 and 2014 as the Company is loss making. At the reporting date, there were 25,000,000 (2013: nil) potential ordinary shares. Dilutive potential ordinary shares include share options and warrants.
4. CASH AND BANK BALANCES
At the end of the reporting period, the cash and bank balances of the Group denominated in US Dollars ("USD") amounted to USD28,344,857. The rest of the amount which totals USD511,068 is denominated in Hong Kong Dollars and Renminbi.
Cash at bank earns interest at floating rates based on daily bank deposit rates. The bank balances are deposited with HSBC, which is rated within the top 3 banks in Hong Kong. HSBC has no recent history of default. The interest rate achieved in the period is 0.001% for US dollars and Hong Kong Dollars, and 0.25% for Renminbi.
5. SHARE CAPITAL
Six months Period ended
ended
30 June 2014 31 December
2013
US$ US$
Authorised, issued and
fully paid:
249,457,212 ordinary
shares 82,236,203 82,236,203
========================= =============================
Share capital is the original issued and fully paid ordinary shares of 50,000 and the additional issued share capital due to the demerger.
The following is a summary of the effects of the demerger:
-- Leyshon Resources Limited transferred 100% of its interest in Pacific Asia Petroleum Limited ("PAPL") to Leyshon Energy in exchange for the issue of 49,638,141 new ordinary shares in Leyshon Energy. PAPL is the Company which is a party to the Zijinshan PSC with CNPC. The Zijinshan PSC is the Company's right to the exploration and evaluation of the Zijinshan unconventional gas project.
-- Simultaneously to the completion of the above Leyshon Resources also subscribed for an additional 199,769,071 Ordinary shares in consideration for a cash payment of US$32,548,063.
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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