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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nordic Panorama | LSE:NORP | London | Ordinary Share | GB0007279341 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
27 February 2015 Nordic Energy Plc ("Nordic" or the "Company") Unaudited Interim Results The Directors of Nordic Energy, the oil and gas E&P company focused on Denmark, Norway and the North Sea sectors of the Netherlands and the UK ("Nordic area"), are pleased to present the Company's unaudited interim results for the six month period ended 30 November 2014. Period highlights: * CPR update announced * Maturation-Migration and Seismic Attribute studies completed with encouraging results * Board and Technical Team strengthened * Loss for the financial period is £135,308 Chief Executive's Statement During the period under review, the board's focus was on completing the next phase of technical work and strengthening the management and technical team in preparation for the Company's planned move to AIM. General and Administrative costs during the period under review were higher than the prior period as a result of the ongoing farm-out discussions, the strengthening of the board and technical team and advisers costs related to the proposed move to AIM. It is anticipated that during the next half year these costs will be significantly reduced in line with our policy to quickly adapt to changed market conditions. To safeguard the Company's current resources, steps have been taken to reduce cash spending further. The Directors have been very encouraged by the results of the Maturation-Migration and Seismic Attribute Study which has been shown to support their view that Licence 1/13 ("the Licence") has the potential to be a highly prospective hydrocarbon area. Further, the Company has made further progress in advancing the technical work on its 3,622 sq km Danish North Sea License 1/13. It is continuing a dialogue with the Danish authorities with regards to an award of the new license for which it has applied. The sharp drop in oil prices during second half of 2014 has created an air of uncertainty within the industry and has hampered many companies in seeking to raise funds for exploration activities. Despite the obvious challenges, the environment, however, is also creating new opportunities and repricing assets and services. In view of the planned seismic and drilling activities in Denmark this is a positive development for Nordic. The Directors additionally view the market environment as an opportunity to build scope and scale into the Company at a time when consolidation is expected to increase in the near term. To this end, the Directors are exploring a number of options including distressed asset acquisition and broader commercial collaboration. R.Kleiber Director UNAUDITED PROFIT AND LOSS ACCOUNT 6 Months 6 Months Year ended ended ended 30 November 30 November 31 November 2014 2013 2014 Unaudited Unaudited Audited GBP GBP GBP Administrative Expenses (135,483) (63,746) (185,029) OPERATING LOSS (135,483) (63,746) (185,029) Interest receivable and similar income 175 253 477 LOSS ON ORDINARY ACTIVITIES BEFORE (135,308) (63,493) (184,552) TAXATION Tax on loss on ordinary activities - - - LOSS FOR THE FINANCIAL PERIOD 135,308 (63,493) (184,552) Loss per share - basic (pence) (0.13) (0.07) (0.18) All amounts relate to continuing operations. There were no recognised gains and losses for the six months to 30 November, 2014 other than those included in the Profit and loss account. UNAUDITED BALANCE SHEET As at As at As at 30 November 30 November 31 November 2014 2013 2014 Unaudited Unaudited Audited GBP GBP GBP FIXED ASSETS Intangible Assets 361,495 32,680 315,337 CURRENT ASSETS Debtors 13,923 8,921 27,304 Cash at bank 101,330 287,602 278,644 115,253 296,523 305,948 CREDITORS: amounts falling due (100,776) (3,500) (110,044) within one year NET CURRENT ASSETS 17,485 293,023 195,904 NET ASSETS 378,980 325,703 511,281 CAPITAL AND RESERVES Called up share capital 100,732 94,880 100,732 Share premium account 622,042 405,120 622,042 Shares to be issued 76,000 - 76,000 Warrants reserve 71,430 61,702 71,430 Profit and loss account (2,120) - (2,120) (492,112) (235,999) (356,804) SHAREHOLDERS' FUNDS 375,972 325,703 511,281 Notes to the financial results 1. There have been no changes to the accounting policies, compared to last year for the period under review. 2. The financial information for the period ended 30 November 2014 has not been audited or reviewed by the Company's auditors and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. 3. The Directors will not be paying a dividend. The Directors of the Company take responsibility for this announcement. Rudolf Kleiber Nordic Energy PLC Tel: +44 20 7283 0179 Patrick Rocholl Nordic Energy PLC Tel: +44 20 7283 0179 Jo Turner Cairn Financial Advisers LLP Tel: +44 20 7148 7900 Liam Murray Cairn Financial Advisers LLP Tel: +44 20 7148 7900 Chris Crawford Allenby Capital Tel: +44 20 3328 5656 Kelsey Traynor Yellow Jersey PR Limited Tel: +44 7799 003 220
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