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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 : 0646C
MX Oil PLC
27 September 2018
27 September 2018
"MX Oil" or the "Company"
Half-yearly report for the six months to 30 June 2018
MX Oil plc, an AIM quoted oil and gas investing company, is pleased to announce its unaudited half-year results for the six months to 30 June 2018.
Highlights
-- Oil is being produced at a stable rate from two wells in the Aje Field, part of OML 113, in which the Company has an investment
-- An updated CPR has been prepared showing a significant increase in reserves
-- The renewal of the OML 113 licence for another 20 years has been approved by the Minister of Petroleum Resources
-- The plan for the next phase of the Aje Field expansion is being developed
Chairman's statement
Introduction
During the first six months of 2018, MX Oil plc has continued to pursue its strategy as an oil and gas investing company. Currently, the Company is principally focused on developing its investment in Nigeria. During the first six months of 2018, the Company made a total comprehensive loss of GBP1,147,000 (2017: GBP800,000).
Review of activities
During the first six months of 2018, the Company has continued to make good progress with regard to its investment in OML 113. The two wells in the Aje Field within the OML 113 licence area have continued to produce, at a relatively stable rate of around 3,300 bopd (165 bopd net to MX Oil).
As part of the oil production process, new data about the underlying reservoir and related geology has been collected. Consequently, the partners in the licence commissioned the preparation of an updated Competent Person's Report ("CPR") in order to take into account this new data and to provide a more accurate update of the future potential of the field.
In February 2018, the Company announced that it had raised GBP500,000 to assist with the further development of the Aje project.
In May 2018, the details of the revised CPR were announced. The revised CPR is an update to the CPR prepared previously in July 2014 and incorporates all the developments and new data generated by the project since that date. The level of reserves reported in this latest CPR represents a significant increase compared to the previous report and highlights the future potential of the Aje Field.
In August 2018, the Company announced that it had received consent from the Minister of Petroleum Resources for the renewal of the OML 113 licence for another term of 20 years. The renewal is subject to the satisfaction of certain conditions, including a commitment to develop the gas potential of the licence.
Outlook
Now that the Company has received the updated CPR, work is currently underway on modelling the potential for new oil wells in both the Turonian and Cenomanian. Subject to the outcome of this modelling work, the Company expects to see further development drilling in 2019.
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)
Daniel Gee +44 20 7710 9612
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2018
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2018 2017 2017
Notes GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 968 377 1,727
Operating costs (1,422) - (2,565)
Administrative expenses (693) (656) (1,495)
Operating loss (1,147) (279) (2,333)
Other gains and losses 2 - - 27
Finance costs - (521) (1,129)
Loss on ordinary activities
before taxation (1,147) (800) (3,435)
Taxation - - -
Loss for the period (1,147) (800) (3,435)
-------------------------------------- ----------------- ------------- ------------- -------------
Other Comprehensive income:
Exchange translation movement 150 - (746)
-------------------------------------- ----------------- ------------- ------------- -------------
Total comprehensive loss for
the period (997) (800) (4,181)
-------------------------------------- ----------------- ------------- ------------- -------------
Basic and diluted loss per
share 3
From continuing and total operations (0.07)p (0.06)p (0.24)p
-------------------------------------- ----------------- ------------- ------------- -------------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2018
Reserve Reserve Exchange
Share Share for options for warrants translation Retained Total
capital premium granted issued reserve deficit equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
At 1 January 2017 8,336 25,460 172 783 - (22,497) 12,254
Loss for the year - - - - - (3,435) (3,435)
Exchange translation
movement - - - - (746) - (746)
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
Total comprehensive
expense for the
year - - - - (746) (3,435) (4,181)
Issue of new shares 53 6,522 - - - - 6,575
Share issue costs - (449) - - - - (449)
At 31 December 2017 8,389 31,533 172 783 (746) (25,932) 14,199
Loss for the period - - - - - (1,147) (1,147)
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
Exchange translation
movement - - - - 150 - 150
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
Total comprehensive
expense for the
period - - - - 150 (1,147) (997)
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
Issue of new shares 10 490 - - - - 500
Share issue costs - (60) - - - - (60)
At 30 June 2018 8,399 31,963 172 783 (596) (27,079) 13,642
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
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
2018 2017 2017
GBP'000 GBP'000 GBP'000
--------------------------------------- -------------- -------------- --------------
NON-CURRENT ASSETS
Development costs 15,561 16,461 14,984
Investment in subsidiaries - - -
15,561 16,461 14,984
--------------------------------------- -------------- -------------- --------------
CURRENT ASSETS
Investments held for trading 200 - 179
Trade and other receivables 31 69 35
Cash and cash equivalents 94 24 50
325 93 264
--------------------------------------- -------------- -------------- --------------
CURRENT LIABILITIES
Trade and other payables 2,244 549 1,049
2,244 549 1,049
--------------------------------------- -------------- -------------- --------------
NET CURRENT LIABILITIES (1,919) (456) (785)
NET ASSETS 13,642 16,005 14,199
---------------------------------------- -------------- -------------- --------------
EQUITY
Ordinary share capital 8,399 8,369 8,389
Share premium 31,963 29,978 31,533
Reserve for options granted 172 172 172
Reserve for warrants issued 783 783 783
Exchange translation reserve (596) - (746)
---------------------------------------- -------------- -------------- --------------
Retained deficit (27,079) (23,297) (25,932)
---------------------------------------- -------------- -------------- --------------
Equity attributable to owners of
the Company and total equity 13,642 16,005 14,199
---------------------------------------- -------------- -------------- --------------
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
2018 2017 2017
GBP'000 GBP'000 GBP'000
-------------------------------------------- ---------- ---------- -------------
OPERATING ACTIVITIES
Loss for the period (1,147) (800) (3,435)
Adjustments for:
Profit on disposal of investments - - (7)
Finance costs - 521 1,129
Foreign exchange adjustments - (21) (35)
Operating cashflow before working
capital changes (1,147) (300) (2,348)
Decrease in receivables 4 130 164
Increase/(decrease) in trade and
other payables 882 (1,586) (1,072)
--------------------------------------------- ---------- ---------- -------------
Net cash outflow from operating activities (261) (1,756) (3,256)
--------------------------------------------- ---------- ---------- -------------
INVESTMENT ACTIVITIES
Proceeds on disposal of investments 4 - 303
Purchase of investments (25) - (475)
Development costs (104) (2,000) (1,113)
Net cash outflow from investment
activities (125) (2,000) (1,285)
--------------------------------------------- ---------- ---------- -------------
FINANCING ACTIVITIES
Issue of ordinary share capital 500 5,000 6,575
Share issue costs (60) (449) (449)
Net proceeds from short term borrowings - - 1,710
Repayment of short term borrowings - (584) (2,919)
Finance costs paid - (521) (504)
Net cash inflow from financing activities 440 3,446 4,413
--------------------------------------------- ---------- ---------- -------------
Net increase/(decrease) in cash and
cash equivalents from continuing
and total operations 54 (310) (128)
Exchange translation difference (10) - (156)
Cash and cash equivalents at beginning
of period 50 334 334
Cash and cash equivalents at end
of period 94 24 50
--------------------------------------------- ---------- ---------- -------------
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 2017, 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 2017. 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
2018 2017 2017
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------------------------- ------------------------ ------------------------ -------------------
Net gain on disposal of investments - - 7
Refund of FX margin deposit previously
written off - - 20
- - 27
------------------------ ---------------------------------------------------------------- -------------------
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
2018 2017 2017
(unaudited) (unaudited) (audited)
--------------------------------------------- -------------------- ----------------------- --------------------
Weighted average number of shares
in the period 1,743,172,868 1,389,760,115 1,439,477,518
--------------------------------------------- -------------------- ----------------------- --------------------
Loss from continuing and total operations (GBP1,147,000) (GBP800,000) (GBP3,435,000)
Basic and diluted loss per share:
From continuing and total operations (0.07)p (0.06)p (0.24)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 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
IR BUGDCCSDBGIL
(END) Dow Jones Newswires
September 27, 2018 02:00 ET (06:00 GMT)
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