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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 : 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:
Hot Features
Premium
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
IR BLGDCBSDBGRR
(END) Dow Jones Newswires
September 28, 2017 02:00 ET (06:00 GMT)
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