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
  +0.00p +0.00% 0.50p 0.45p 0.55p - - - 0 06:30:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1.6 -1.3 -0.1 - 5.71

MX Oil PLC Half-year Report

28/09/2017 7:00am

UK Regulatory (RNS & others)


MX Oil (LSE:MXO)
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RNS Number : 0233S

MX Oil PLC

28 September 2017

28 September 2017

MX Oil / Ticker: MXO / Index: AIM / Sector: Oil & Gas

MX OIL PLC

"MX Oil" or the "Company"

Half-yearly report for the six months to 30 June 2017

MX Oil plc, the AIM quoted oil and gas investing company, is pleased to announce its unaudited half-year results for the six months to 30 June 2017.

Highlights

-- Oil is being produced from two wells in the Aje Field, part of OML 113, in which the Company has an investment

-- Production economics are steadily improving against the background of a rising oil price and reductions in operating costs

-- The next phase of the Aje Field expansion, most likely with an increased focus on gas, is being developed

Chairman's statement

Introduction

During the first six months of 2017, MX Oil plc has continued to pursue its strategy as an oil and gas investing company. Currently, the Company is focused on principally on developing its investment in Nigeria. During the first six months of 2017, the Company made a total comprehensive loss of GBP800,000 (2016: GBP1,831,000).

Review of activities

As has been previously announced, the Aje-4 well continues to produce, and the Aje-5 well has now re-commenced production after completion of a subsurface intervention - a lifting of oil has since taken place in July 2017. Also, given that the Aje Field is believed to hold significant resources of gas, the partnership is continuing to progress plans for the development of the gas and to discuss the best strategy for the development of the licence going forward. The recent increase in the oil price along with reductions in operating costs are helping to improve the economics of production.

On 12 September 2017, the Company announced that it was convening a general meeting of shareholders for Friday 29 September 2017 in order to seek approval to broaden its investing policy to enable the Company to invest in sectors adjacent to the natural resources sector. These sectors would include oil services, energy, power and related technologies. The Company believes that investments in these areas can have the potential to generate attractive returns on a lower risk basis than may be achieved in the traditional natural resources sector.

Outlook

The Company has continued to make good progress and has an investment in an oil and gas licence that is currently in production. The Company is also actively reviewing other interesting investment opportunities that could create additional value for shareholders going forward.

N Lee

Non-executive Chairman

For further information please visit www.mxoil.co.uk or contact:

 
       MX Oil PLC 
        Stefan Olivier, CEO                +44 20 7710 9618 
       Cairn Financial Advisers 
        LLP 
        (Nominated Adviser) 
        Jo Turner/James Caithie            +44 20 7213 0880 
       Cornhill Capital 
        (Broker) 
        Nick Bealer                      +44 20 7710 9612 
 

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHSED 30 JUNE 2017

 
                                           Unaudited      Unaudited 
                                            6 months       6 months        Audited 
                                               ended          ended     Year ended 
                                             30 June        30 June    31 December 
                                                2017           2016           2016 
                                Notes        GBP'000        GBP'000        GBP'000 
 
 Continuing operations 
 
 Revenue                                         377              -          1,571 
 
 Administrative expenses                       (656)        (1,362)        (2,311) 
 Share based payment 
  expense                                          -          (129)          (146) 
 
 Operating loss                                (279)        (1,491)          (886) 
 
 Share of joint venture                                                          - 
  losses                                           -              - 
 Investment income                                 -              -              - 
 Other gains and losses             2              -           (69)           (54) 
 Finance costs                                 (521)          (271)          (396) 
 
 Loss on ordinary activities 
  before taxation                              (800)        (1,831)        (1,336) 
 
 Taxation                                          -              -              - 
 
 Loss for the period 
  and total comprehensive 
  loss                                         (800)        (1,831)        (1,336) 
-----------------------------  ------  -------------  -------------  ------------- 
 
 Basic and diluted loss 
  per share                         3 
 From continuing and 
  total operations                           (0.06)p        (0.26)p        (0.14)p 
-----------------------------  ------  -------------  -------------  ------------- 
 
 

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHSED 30 JUNE 2017

 
                                                       Loan note                    Reserve for 
                                          Share   equity reserve       Reserve for     warrants  Retained    Total 
                        Share capital   premium                    options granted       issued   deficit   equity 
                              GBP'000   GBP'000          GBP'000           GBP'000      GBP'000   GBP'000  GBP'000 
--------------------  ---------------  --------  ---------------  ----------------  -----------  --------  ------- 
 
At 1 January 2016               7,659    19,714               31               172          637  (21,192)    7,021 
Loss for the year                   -         -                -                 -            -   (1,336)  (1,336) 
--------------------  ---------------  --------  ---------------  ----------------  -----------  --------  ------- 
Issue of new shares               677     6,321                -                 -            -         -    6,998 
Share issue costs                   -     (575)                -                 -            -         -    (575) 
Redemption and 
 conversion of 
 loan notes                         -         -             (31)                 -            -        31        - 
Issue of warrants                   -         -                -                 -          146         -      146 
 
At 31 December 
 2016                           8,336    25,460                -               172          783  (22,497)   12,254 
Loss for the period                 -         -                -                 -            -     (800)    (800) 
--------------------  ---------------  --------  ---------------  ----------------  -----------  --------  ------- 
Issue of new shares                33     4,967                -                 -            -         -    5,000 
Share issue costs                   -     (449)                -                 -            -         -    (449) 
 
At 30 June 2017                 8,369    29,978                -               172          783  (23,297)   16,005 
--------------------  ---------------  --------  ---------------  ----------------  -----------  --------  ------- 
 

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2017

 
                                        Unaudited               Unaudited 
                                         6 months                6 months        Audited 
                                            ended                   ended     Year ended 
                                          30 June                 30 June    31 December 
                                             2017                    2016           2016 
                                          GBP'000                 GBP'000        GBP'000 
----------------------------------   ------------  ----------------------  ------------- 
 
 NON-CURRENT ASSETS 
 Development costs                         16,461                       -         14,461 
 Available for sale investments                 -                  11,567              - 
                                           16,461                  11,567         14,461 
 ----------------------------------  ------------  ----------------------  ------------- 
 
 CURRENT ASSETS 
 Financial assets                               -                      22              - 
 Trade and other receivables                   69                     188            199 
 Cash and cash equivalents                     24                     638            334 
                                             93                 848                  533 
 ----------------------------------  ------------  ----------------------  ------------- 
 
 CURRENT LIABILITIES 
 Trade and other payables                    549                      519          2,156 
 Borrowings                                    -                      129            584 
                                             549                  648              2,740 
 ----------------------------------  ------------  ----------------------  ------------- 
 NET CURRENT (LIABILITIES)/ASSETS           (456)                     200        (2,207) 
 
 
 NET ASSETS                                16,005                  11,767         12,254 
-----------------------------------  ------------  ----------------------  ------------- 
 
 EQUITY 
 Ordinary share capital                     8,369                   8,336          8,336 
 Share premium                             29,978                  25,513         25,460 
 Loan note equity reserve                       -                       3              - 
 Reserve for options granted                  172                     172            172 
 Reserve for warrants issued                  783                     766            783 
 Retained deficit                        (23,297)                (23,023)       (22,497) 
-----------------------------------  ------------  ----------------------  ------------- 
      Equity attributable to 
       owners of the Company and 
       total equity                        16,005                  11,767         12,254 
-----------------------------------  ------------  ----------------------  ------------- 
 

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2017

 
                                                 Unaudited              Unaudited 
                                                  6 months               6 months                            Audited 
                                                     ended                  ended                         Year ended 
                                                   30 June                30 June                        31 December 
                                                      2017                   2016                               2016 
                                                   GBP'000                GBP'000                            GBP'000 
---------------------------   ----------------------------  ---------------------  --------------------------------- 
 
 OPERATING ACTIVITIES 
 Loss for the period                           (800)                      (1,831)                            (1,336) 
 Adjustments for: 
 Share based payment expense                  -                               129                                146 
 Loss/(profit) on disposal 
  of investments                              -                                52                                 54 
 Movement in fair value of                    - 
  investments                                                                  17                                  - 
 Finance costs                                  521                           271                                396 
 Foreign exchange movement 
  in liabilities                                 (21)                          50                                108 
 Impairment of joint 
 venture 
 investment                                       -                             -                                  - 
 Operating cashflow before 
  working capital changes                            (300)                (1,312)                              (632) 
 Decrease/(increase) in 
  receivables                                 130                         183                                   172 
 (Decrease)/increase in 
  trade 
  and other payables                               (1,586)                  (518)                              (380) 
----------------------------  ----------------------------  ---------------------  --------------------------------- 
 Net cash outflow from 
  operating 
  activities                                       (1,756)                (1,647)                              (840) 
----------------------------  ----------------------------  ---------------------  --------------------------------- 
 INVESTMENT ACTIVITIES 
 Proceeds on disposal of 
  investments                                           -                  35                                     72 
 Purchase of investments                                -                    (87)                               (87) 
 Development costs                                 (2,000)                   -                               (4,459) 
 Investment in Nigerian 
 asset                                                   -                (3,035)                                 - 
 Net cash outflow from 
  investment 
  activities                                       (2,000)                (3,087)                            (4,474) 
----------------------------  ----------------------------  ---------------------  --------------------------------- 
 FINANCING ACTIVITIES 
 Issue of ordinary share 
  capital                                   5,000                       6,666                                 6,666 
 Share issue costs                                   (449)                  (521)                              (575) 
 Net proceeds from short 
  term 
  borrowings                                     -                        536                                 1,098 
 Repayment of short term 
  borrowings                                         (584)                (1,457)                            (1,676) 
 Finance costs paid                                  (521)                   (76)                               (89) 
 Net cash inflow from 
  financing 
  activities                                3,446                       5,148                                 5,424 
----------------------------  ----------------------------  ---------------------  --------------------------------- 
 
 Net (decrease)/increase in 
  cash and cash equivalents 
  from continuing and total 
  operations                                    (310)                         414                                110 
 Cash and cash equivalents 
  at beginning of period                       334                            224                                224 
 
 Cash and cash equivalents 
  at end of period                             24                             638                                334 
----------------------------  ----------------------------  ---------------------  --------------------------------- 
 

NOTES TO THE HALF-YEARLY REPORT

1. The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The group's statutory financial statements for the period ended 31 December 2016, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting policies as used in the financial statements for the year ended 31 December 2016. The interim financial statements have not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.

The financial statements have been prepared on a going concern basis under the historical cost convention. The Directors believe that the going concern basis is appropriate for the preparation of the financial statements as the Company is in a position to meet all its liabilities as they fall due.

   2.             Other gains and losses 
 
                                                                  Six months 
                                                   Six months                          Year ended 
                                                        ended          ended 
                                                      30 June        30 June          31 December 
                                                         2017           2016                 2016 
                                                  (unaudited)    (unaudited)            (audited) 
                                                      GBP'000        GBP'000              GBP'000 
----------------------------------------------  -------------  -------------  ------------------- 
Net (losses)/gains investments                              -           (52)                 (54) 
Movement in fair value of trading investments               -           (17)                    - 
                                                            -           (69)                 (54) 
 ------------------------------------------------------------  -------------  ------------------- 
 
   3.             Earnings per share 

The basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of shares in issue.

 
 
                                             Six months            Six months            Year ended 
                                                  ended                 ended 
                                                30 June               30 June           31 December 
                                                   2017                  2016                  2016 
                                            (unaudited)           (unaudited)             (audited) 
-----------------------------------  ------------------  --------------------  -------------------- 
 
      Weighted average number 
       of shares in the period            1,389,760,115           700,222,402           921,886,563 
-----------------------------------  ------------------  --------------------  -------------------- 
 
   Loss from continuing and 
   total operations                        (GBP800,000)        (GBP1,831,000)        (GBP1,336,000) 
 
        Basic and diluted loss per 
        share: 
      From continuing and total 
       operations                               (0.06)p               (0.26)p               (0.14)p 
 
 
   4.             No interim dividend will be paid. 

5. Copies of the interim report can be obtained from: The Company Secretary, MX Oil plc, 17(th) Floor, 110 Bishopsgate, London, EC2N 4AY and are available to view and download from the Company's website: www.mxoil.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 28, 2017 02:00 ET (06:00 GMT)

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