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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mx Oil Plc | LSE:MXO | London | Ordinary Share | GB00BKRV5441 | 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% | 0.32 | 0.31 | 0.33 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMXO
RNS Number : 4999J
MX Oil PLC
29 June 2017
MX Oil / Ticker: MXO / Index: AIM / Sector: Oil & Gas
29 June 2017
MX Oil plc ("MX Oil" or the "Company")
Final Results for the Year Ended 31 December 2016 and
Notice of AGM
MX Oil plc, the AIM quoted oil and gas investing company, announces its final results for the year ended 31 December 2016.
The Company will today post its Report and Accounts for the year ended 31 December 2016 ("Report and Accounts") to all shareholders together with a Notice of Annual General Meeting which will be held at the offices of Adams & Remers LLP, Quadrant House, 55-58 Pall Mall, London SW1Y 5JH on Monday 24 July 2017 at 11:30 a.m.
This announcement contains an extract of the Report and Accounts. A complete version of the Report and Account, which should be read in full, together with the Notice of Annual General Meeting will shortly be available from the Company's website www.mxoil.co.uk.
Enquiries:
MX Oil PLC +44 20 7571 Stefan Olivier, CEO 0473 Cairn Financial Advisers LLP (Nominated Adviser) +44 20 7213 Jo Turner/James Caithie 0880 Cornhill Capital (Broker) +44 20 7710 Nick Bealer 9612
Extract of the Report and Accounts
Chairman's Statement
Introduction
During the year, MX Oil plc has continued to pursue its strategy as an oil and gas investing company. The Group is now focused principally on its investment in Nigeria having, for the time being, decided not to proceed any further with its interests in Mexico.
Review of activities
In July 2015, the Group indirectly invested into a non-operated 5% revenue interest in OML 113, offshore Nigeria which includes the Aje Field. Two wells, Aje 4 and Aje 5, have now been drilled and, in May 2016, oil production commenced. Aje-4, the first well to go into production, has continued to produce since the date of first production. After an initial period of decline, associated with rising water, production has now stabilised. As previously announced, production from Aje-5 has been limited and has required subsurface intervention. This intervention is now completed and this well will be recommencing production.
The Group has, to date, been investing indirectly into OML 113 through Jacka Resources Nigeria Holdings Limited ("JRNH"), a wholly owned subsidiary of Jacka Resources Limited ("Jacka"). JRNH owns 100% of PR Oil and Gas Limited, the holder of the interest in OML 113. In August 2016, the Board decided to implement the final stage of its investment process by exercising its right to take full control of this investment through the acquisition of JRNH, for a nominal sum, from Jacka.
The Aje Field is believed to hold significant resources of gas and so in terms of next steps, the partnership has been progressing the field development plan for the development of the gas and has also held discussions with various potential gas off-takers. The partners in the Aje Field are therefore currently considering whether it would be more appropriate for the next stage of the field development to focus on gas production rather than drilling additional oil wells. It is expected that a CPR will be updated shortly with a focus on the gas using the new data obtained from the recent operational work on Aje 5. Previously, it was anticipated that a further well, Aje 6, would be drilled in the short term to increase oil production from the field, however, until the partners have concluded as to the most appropriate next steps, the drilling of this well will be deferred.
Also during 2016, the Group announced that it had signed a non-binding memorandum of understanding ("MOU") with the Government of Grenada with regard to making an investment in the exploration and development of hydrocarbons in a subterranean area adjoining the maritime boundary with Trinidad and Tobago. The area covered by the MOU includes underexplored prospective Grenada Tobago Basin acreage adjacent to the Venezuelan/Trinidadian Patao - Poinsettia gas trend. The MOU will form the basis for the negotiation of a more detailed Production Sharing Agreement ("PSA") which, if signed, is likely to occur during 2017. It is expected that the PSA will cover matters including, but not limited to, tenure and work programme including 2D seismic and, subject to these results proving encouraging, further exploratory phases including 3D seismic data acquisition.
Management
During the year, the board has been further strengthened by the appointment of Richard Carter as a non-executive director.
Financing
During 2016, the Group has raised over GBP7 million. These funds have principally been used to complete the financing of the Group's share of expenditure in connection with the Aje Field and for general working capital purposes.
Outlook
The Group has made good progress and has an investment in an oil and gas licence which has now commenced production. The Group is also actively reviewing other interesting investment opportunities that could create additional value for shareholders going forward.
Nicholas Lee
Non-executive Chairman
Group Income Statement
For the year ended 31 December 2016
Hot Features
Premium
2016 2015
GBP'000 GBP'000
Continuing operations
Revenue 1,571 -
Administrative expenses (2,311) (1,233)
Share based payment expense (146) (400)
Operating loss (886) (1,633)
Joint venture losses - (806)
Investment income - 1
Other gains and losses (54) (450)
Finance costs (396) (11)
loss on ordinary activities
before taxation (1,336) (2,899)
Taxation - -
Loss for the year (1,336) (2,899)
--------------------------------------- -------- --------
Basic and diluted loss per
share:
From continuing and total operations (0.14)p (1.02)p
Group and Company Statement of Financial Position
As at 31 December 2016
GROUP COMPANY
2016 2015 2016 2015
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- --------- --------- --------- ---------
NON-CURRENT ASSETS
Development costs 14,461 - - -
Available for sale
investments - 8,532 - 8,532
Investment in subsidiaries - - 11,554 -
14,461 8,532 11,554 8,532
----------------------------- --------- --------- --------- ---------
CURRENT ASSETS
Investments held for
trading - 39 - 39
Trade and other receivables 199 371 66 371
Cash and cash equivalents 334 224 334 224
533 634 400 634
----------------------------- --------- --------- --------- ---------
CURRENT LIABILITIES
Trade and other payables 2,156 310 674 310
Borrowings 584 1,158 584 1,158
2,740 1,468 1,258 1,468
----------------------------- --------- --------- --------- ---------
NET CURRENT LIABILITIES (2,207) (834) (858) (834)
------------------------------ --------- --------- --------- ---------
NON-CURRENT LIABILITIES
Deferred consideration - 677 - 677
------------------------------ --------- --------- --------- ---------
- 677 - 677
NET ASSETS 12,254 7,021 10,696 7,021
------------------------------ --------- --------- --------- ---------
EQUITY
Share capital 8,336 7,659 8,336 7,659
Share premium 25,460 19,714 25,460 19,714
Loan note equity reserve - 31 - 31
Reserve for options
granted 172 172 172 172
Reserve for warrants
issued 783 637 783 637
Retained deficit (22,497) (21,192) (24,055) (21,192)
------------------------------ --------- --------- --------- ---------
Equity attributable
to owners of the Company
and total equity 12,254 7,021 10,696 7,021
------------------------------ --------- --------- --------- ---------
Group Statement of Changes in Equity
For the year ended 31 December 2016
Loan
note Reserve for
Share Share equity Reserve for warrants Retained Total
capital premium reserve options granted issued deficit equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- -------- -------- -------- ---------------- ----------- -------- -------
At 1 January
2015 5,879 13,967 - 172 237 (18,293) 1,962
Loss for the
year and total
comprehensive
expense - - - - - (2,899) (2,899)
--------------------- -------- -------- -------- ---------------- ----------- -------- -------
Issue of new
shares 1,780 6,185 - - - - 7,965
Share issue costs - (438) - - - - (438)
Issue of warrants - - - - 400 - 400
Issue of convertible
loan notes - - 31 - - - 31
At 31 December
2015 7,659 19,714 31 172 637 (21,192) 7,021
Loss for the
period and total
comprehensive
income - - - - - (1,336) (1,336)
--------------------- -------- -------- -------- ---------------- ----------- -------- -------
Issue of new
shares 677 6,321 - - - - 6,998
Share issue costs - (575) - - - - (523)
Issue of warrants - - - - 146 - 146
Redemption and
conversion of
loan notes - - (31) - - 31 -
At 31 December
2016 8,336 25,460 - 172 783 (22,497) 12,254
--------------------- -------- -------- -------- ---------------- ----------- -------- -------
Group and Company Statements of Cash Flows
For the year ended 31 December 2016
GROUP COMPANY
2016 2015 2016 2015
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- -------- -------- -------- --------
OPERATING ACTIVITIES
Loss for the period (1,336) (2,899) (2,894) (2,899)
Adjustments for:
Share based payment expense 146 400 146 400
Loss/(gain) on disposal
of investments 54 16 12 16
Movement in fair value
of quoted investments - 79 - 79
Joint venture expenses - - - 902
Provision for amount
due from joint venture
partner - - - 374
Investment income - (1) - (103)
Finance costs 396 11 368 11
Foreign exchange movement
in liabilities 108 37 108 37
Impairment of joint venture
investment - - - 6
-------------------------------- -------- -------- -------- --------
Operating cashflow before
working capital changes (632) (2,357) (2,190) (1,177)
Decrease/(increase) in
receivables 172 (79) 305 (347)
Increase/(decrease) in
trade and other payables (380) 246 (392) 246
-------------------------------- -------- -------- -------- --------
Net cash outflow from
operating activities (840) (2,190) (2,277) (1,278)
-------------------------------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Proceeds from disposal
of investments 72 227 72 227
Purchase of investments
held for trading (87) (147) (87) (147)
Development costs (4,459) - - -
Investment in Nigerian
asset - (5,940) - (5,940)
Loans to subsidiary operation - - (3,022) -
Advances to joint venture
operation - - - (912)
Investment income - 1 - 1
-------------------------------- -------- -------- -------- --------
Net cash outflow from
investment activities (4,474) (5,859) (3,037) (6,771)
-------------------------------- -------- -------- -------- --------
FINANCING ACTIVITIES
Continuing operations:
Issue of ordinary share
capital 6,666 6,013 6,666 6,013
Share issue costs (575) (438) (575) (438)
Net proceeds from short
term borrowings 1,098 1,178 1,098 1,178
Repayment of short term
borrowings (1,676) - (1,676) -
Finance costs paid (89) - (89) -
-------------------------------- -------- -------- -------- --------
Net cash inflow from
financing activities 5,424 6,753 5,424 6,753
-------------------------------- -------- -------- -------- --------
Net increase/(decrease)
in cash and cash equivalents
from continuing and total
operations 110 (1,296) 110 (1,296)
Cash and cash equivalents
at beginning of period 224 1,520 224 1,520
Cash and cash equivalents
at end of period 334 224 334 224
-------------------------------- -------- -------- -------- --------
Notes
1. General Information
The Company is a public limited company incorporated in the United Kingdom and its shares are listed on the AIM market of the London Stock Exchange.
The Company is an investing company, mainly investing in natural resources, minerals, metals, and oil and gas projects.
The above information is an extract from the Report and Accounts, which should be read in full together with the accompanying notes.
2. Principal Accounting Policies
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied throughout all periods presented in the financial statements.
As in prior periods, the Group financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The financial statements have been prepared using the measurement bases specified by IFRS for each type of asset, liability, income and expense. The measurement bases are more fully described in the accounting policies below.
The current period covered by these financial statements is the year to 31 December 2016. The comparative figures relate to the year ended 31 December 2015.
The financial statements are presented in pounds sterling (GBP) which is the functional currency of the Group.
An overview of standards, amendments and interpretations to IFRSs issued but not yet effective, and which have not been adopted early by the Group are presented below under 'Statement of Compliance'.
Going Concern
The Group has cash balances at the period end of GBP334,000 and since the year end, the Group has raised GBP5 million of new funding. Furthermore, the Directors have prepared cash flow forecasts through to 30 September 2017 which demonstrate that the Group is able to meet its liabilities as they fall due. On this basis, the Directors have a reasonable expectation that the Group has adequate resources to continue operating for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the Group's financial statements.
3. Earnings Per Share
The basic and diluted earnings per share is
calculated by dividing the loss attributable
to owners of the Group by the weighted average
number of ordinary shares in issue during the
year.
2016 2015
GBP'000 GBP'000
-------------------------------- ------------ ------------
Loss attributable to owners
of the Group
- Continuing operations (1,336) (2,899)
Continuing and discontinued
operations (1,336) (2,899)
--------------------------------- ------------ ------------
2016 2015
-------------------------------- ------------ ------------
Weighted average number
of shares for calculating
basic and fully diluted
earnings per share 921,886,563 283,826,937
--------------------------------- ------------ ------------
2016 2015
pence pence
-------------------------------- ------------ ------------
Earnings per share:
Loss per share from continuing
and total operations (0.14) (1.02)
--------------------------------- ------------ ------------
The weighted average number of shares used for calculating the diluted loss per share for 2015 and 2016 was the same as that used for calculating the basic loss per share as the effect of exercise of the outstanding share options was anti-dilutive.
4. Posting of Accounts and Notice of AGM
The Company will today post its Report and Accounts for the year ended 31 December 2016 to all shareholders together with a Notice of Annual General Meeting ("AGM").
The AGM will be held at the offices of Adams & Remers LLP, Quadrant House, 55-58 Pall Mall, London SW1Y 5JH on Monday 24 July 2017 at 11:30 a.m.
A full copy of the Annual Report and the Notice of AGM will shortly be available from the Company's website www.mxoil.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UWABRBKANUAR
(END) Dow Jones Newswires
June 29, 2017 02:00 ET (06:00 GMT)
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