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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Petro Matad Limited | LSE:MATD | London | Ordinary Share | IM00B292WR19 | ORD USD0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.05 | 3.00 | 3.10 | 3.05 | 3.05 | 3.05 | 534,133 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil And Gas Field Expl Svcs | 201k | -2.95M | -0.0026 | -11.73 | 33.97M |
From May 2019 to May 2024
TIDMMATD
RNS Number : 2519W
Petro Matad Limited
17 August 2020
Petro Matad Limited
('Petro Matad' or the 'Company')
Interim results for the six months ended 30 June 2020
LONDON, 17 August 2020: Petro Matad Limited, the AIM quoted Mongolian oil company, is pleased to announce its unaudited interim results for the six months ended 30 June 2020.
Financial Summary
The Group posted a loss of USD 2.35 million for the six-month period ended 30 June 2020, which compares to a loss of USD 4.41 million for the comparable period in 2019. The Company's cash balance at 30 June 2020 was USD 2.08 million (USD 2.07 million in cash and USD 0.01 million in Financial Assets), which compares to a cash balance of USD 16.12 million (USD 3.79 million in cash and USD 12.33 million in Financial Assets) on 30 June 2019.
The Company has strategically put in place cost saving measures without sacrificing its operational capability, which in the absence of new sources of financing, will enable it to remain in an operationally ready state until mid-2021. Meanwhile the Company is pursuing a number of options to fund the next stage of its activities.
Operational Update
-- The Block XX Exploitation Licence (EL) application continues to progress through the government's approval processes. A key component is approval of the Company's reserve report for its Heron 1 oil discovery. The report has been reviewed by auditors appointed by the Ministry of Mining and Heavy Industry (MMHI) and forwarded for final review and approval to the Mineral Resource Professional Council (MRPC). We are pushing for the council to meet and we are hopeful that it will do so before the end of the third quarter.
-- Once the reserves report has been approved, the EL award process requires the development area to be agreed with industry regulator Mineral Resources and Petroleum Authority of Mongolia (MRPAM) and then the Plan of Development must be reviewed and approved by MRPAM and MMHI. The Plan of Development has been completed save for any minor modifications which may result from the ongoing review of the reserves report and it will be submitted to the relevant bodies as soon as the reserves report approval is in hand.
-- The Covid-19 pandemic combined with the Mongolian parliamentary election which was held in June 2020 have caused some delays in the EL approval processes but the previously announced one-year moratorium obtained for Block XX ensures that the PSC remains in good standing as the EL award process progresses.
-- In parallel with the EL the Company is also working with MRPAM to progress the issues of land access which caused some delay and disruption to operations in 2019. MRPAM advises that they expect the issues, which arose as a result of new legislation (Reg 287 of 2017), will be resolved by the adoption of the conclusions of a working group. Those conclusions are currently progressing through the government's approval processes.
-- Mongolia continues to manage the Covid-19 pandemic with the strict application of in-country measures as well as maintaining border closures to all but essential travel. To date, community spread has successfully been prevented in Mongolia and the impact on the Company's activities has been limited with its office and those of MRPAM and MMHI functioning as normal throughout.
Further operational updates will be provided in due course.
- Ends -
Further information please contact:
Hot Features
Premium
Petro Matad Limited
+97 670 141 099 / +97 675 751
Mike Buck, CEO 099
Shore Capital (Nominated Adviser and Broker)
Toby Gibbs
Jerry Keen
John More +44 (0) 20 7408 4090
FTI Consulting (Communications
Advisory Firm)
Sara Powell
Ben Brewerton +44 (0) 20 3727 1000
About Petro Matad
Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds 100% working interest and the operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,367 square kilometres in the far eastern part of the country and Blocks IV and V have an area of 29,062 square kilometres and 21,143 square kilometres, respectively, in the central western part of the country.
Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF-YEARED 30 JUNE 2020
Consolidated
30 Jun 2020 30 Jun 2019
$'000 $'000
---------------------------------------------------- ------------- -------------
Continuing Operations
Revenue
Interest Income 15 508
Other Income 20 2
------------- -------------
35 510
Expenditure
Consultancy fees (38) (62)
Depreciation and amortisation (63) (101)
Employee benefits expenses (1,323) (1,510)
Exploration expenditure (293) (2,152)
Other expenses (670) (1,091)
Profit/(Loss) from continuing operations
before income tax (2,352) (4,406)
Income tax expense - -
------------- -------------
Profit/(Loss) from continuing operations
after income tax (2,352) (4,406)
------------- -------------
Net Loss (2,352) (4,406)
------------- -------------
Other comprehensive income/(loss)
Exchange rate differences on translating
foreign operations (12) (1)
------------- -------------
Other comprehensive income/(loss), net
of income tax (12) (1)
------------- -------------
Total comprehensive loss (2,364) (4,407)
============= =============
Profit/(Loss) attributable to owners
of the parent (2,352) (4,406)
============= =============
Total comprehensive income/(loss) attributable
to owners of the parent (2,364) (4,407)
============= =============
Earnings/(loss) per share (cents per
share)
* Basic and diluted earnings/(loss) per share (0.35) (0.67)
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
Consolidated
30 Jun 2020 31 Dec 2019 30 Jun 2019
$'000 $'000 $'000
------------------------------- --------------- --------------- --------------
ASSETS
Current Assets
Cash and cash equivalents 2,069 2,815 3,790
Trade and other receivables 8 23 42
Prepayments 160 155 220
Financial assets 10 1,510 12,334
Inventory 225 226 205
--------------- --------------- --------------
Total Current Assets 2,472 4,729 16,591
--------------- --------------- --------------
Non-Current Assets
Exploration and evaluation 15,275 15,275 15,275
Property, plant and equipment 203 260 319
Total Non-Current assets 15,478 15,535 15,594
--------------- --------------- --------------
TOTAL ASSETS 17,950 20,264 32,185
--------------- --------------- --------------
LIABILITIES
Current liabilities
Trade and other payables 246 502 477
Total Current Liabilities 246 502 477
--------------- --------------- --------------
TOTAL LIABILITIES 246 502 477
--------------- --------------- --------------
NET ASSETS 17,704 19,762 31,708
=============== =============== ==============
EQUITY
Issued capital 143,721 143,174 143,174
Reserves 2,809 3,062 2,579
Accumulated losses (128,826) (126,474) (114,045)
--------------- --------------- --------------
TOTAL EQUITY 17,704 19,762 31,708
=============== =============== ==============
CONDENSED CASH FLOW STATEMENT
FOR THE HALF-YEARED 30 JUNE 2020
Consolidated
30 Jun 2020 30 Jun 2019
$'000 $'000
------------------------------------------- ------------ ------------
Cash flows from operating activities
Payments to suppliers and employees (2,349) (5.568)
Interest received 15 508
Net cash flows from/(used in) operating
activities (2,334) (5,060)
------------ ------------
Cash flows from operating activities
Purchase of property, plant and equipment (10) (87)
Proceeds of financial assets 1,500 6,827
Proceeds from the disposal of plant
and equipment - -
Net cash flows from/(used in) investing
activities 1,490 6.740
------------ ------------
Cash flows from financing activities
Proceeds from issue of shares 110 -
Capital raising costs - -
Net cash flows from/(used in) financing
activities 110 -
------------ ------------
Net increase/(decrease) in cash and
cash equivalents (734) 1.680
Net foreign exchange differences (12) (1)
Cash and cash equivalents at beginning
of period 2,815 2,111
------------ ------------
Cash and cash equivalents at end
of period 2,069 3,790
============ ============
STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEARED 30 JUNE 2020
Consolidated
Attributable to equity holders of the parent
Issued Capital Accumulated Losses Other
$'000 $'000 Reserves $'000 Total
$'000
As at 1 January 2019 143,174 (109,809) 2,660 36,025
Income/(Loss) for the period - (4,406) - (4,406)
Other comprehensive income - - (1) (1)
----------------- --------------------- ----------------- --------
Total comprehensive income/(loss) for the
period 143,174 (114,215) 2,659 31,618
Transactions with owners in their capacity as
owners
Issue of share capital - - - -
Cost of capital raising - - - -
Share based payments - 170 (80) 90
----------------- --------------------- ----------------- --------
As at 30 June 2019 143,174 (114,045) 2,579 31,708
----------------- --------------------- ----------------- --------
As at 1 January 2020 143,174 (126,474) 3,062 19,762
Income/(Loss) for the period - (2,352) - (2,352)
Other comprehensive income - - (12) (12)
----------------- --------------------- ----------------- --------
Total comprehensive income/(loss) for the
period 143,174 (128,826) 3,050 17,398
Transactions with owners in their capacity as
owners
Issue of share capital 121 - - 121
Cost of capital raising - - - -
Share based payments 426 - (241) 185
As at 30 June 2020 143,721 (128,826) 2,809 17,704
----------------- --------------------- ----------------- --------
1. CORPORATE INFORMATION
The financial report covers the consolidated entity of Petro Matad Limited and its controlled entities.
Petro Matad Limited, a company incorporated in the Isle of Man on 30 August 2007 has four wholly owned subsidiaries, including Capcorp Mongolia LLC and Petro Matad LLC (both incorporated in Mongolia), Central Asian Petroleum Corporation Limited ("Capcorp") and Petromatad Invest Limited (both incorporated in the Cayman Islands). Its major shareholder is Petrovis Matad Inc.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The half-year financial report does not include all of the notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.
The half-year financial report should be read in conjunction with the annual Financial Report of Petro Matad Limited as at 31 December 2019. The half-year consolidated financial statements have been prepared using the same accounting policies as used in the annual financial statements for the year ended 31 December 2019.
It is also recommended that the half-year financial report is considered together with any public announcements made by Petro Matad Limited and its controlled entities during the half-year ended 30 June 2020.
(a) Basis of Preparation
The half-year consolidated financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ('IASB'). The half-year financial report has been prepared on a historical cost basis, except where stated.
The financial report is presented in US dollars and all values are rounded to the nearest thousand dollars ($'000).
For the purpose of preparing the half-year financial report, the half-year has been treated as a discrete reporting period.
(b) Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group as at 31 December each year.
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The financial statements of the subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.
The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Adjustments are made to bring into line any dissimilar accounting policies that may exist.
A change in the ownership interest of a subsidiary that does not result in a loss of control is accounted for as an equity transaction.
All intercompany balances and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in full. Unrealised losses are eliminated unless costs cannot be recovered.
3. CONTRIBUTED EQUITY
CONSOLIDATED
30 Jun
2020 31 Dec 2019
$'000 $'000
-------- ----------------------------------------------
Ordinary shares (i)
674,289,306 shares issued
and fully paid
(31 Dec 2019: 662,196,306) 143,721 143,174
143,721 143,174
============ ========
(i) Ordinary shares
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
4. RESERVES
A detailed breakdown of the reserves of the Group is as follows:
Equity Foreign
Merger benefits currency
reserve reserve translation Total
Consolidated $'000 $'000 $'000 $'000
---------- ---------- ------------- ------
As at 1 July 2019 831 2,938 (1,190) 2,579
Currency translation differences - - (13) (13)
Share based payments - 496 - 496
---------- ---------- ------------- ------
As at 31 December 2019 831 3,434 (1,203) 3,062
Currency translation differences - - (12) (12)
Share based payments - (241) - (241)
As at 30 June 2020 831 3,193 (1,215) 2,809
========== ========== ============= ======
5. EARNINGS/(LOSS) PER SHARE
The following reflects the income and share data used in the total operations basic and diluted earnings/(loss) per share computations:
CONSOLIDATED
30 Jun 30 Jun
2020 2019
Basic earnings/(loss) per share
Total basic earnings/(loss) per share (US$
cents per share) (note a) (0.35) (0.67)
-------- --------
Diluted earnings/(loss) per share
Total diluted earnings/(loss) per share (US$
cents per share) (note b) (0.35) (0.67)
-------- --------
(a) Basic earnings/(loss) per share
The profit/(loss) and weighted average number
of ordinary shares used in the calculation
of basic loss per share are as follows:
Net profit/(loss) attributable to ordinary
shareholders (US$'000) (2,352) (4,406)
-------- --------
Weighted average number of ordinary shares
for the purposes of basic earnings per share
('000) 672,429 662,196
(b) Diluted earnings/(loss) per share
The profit/(loss) and weighted average number
of ordinary shares used in the calculation
of diluted earnings per share are as follows:
Net profit/(loss) attributable to ordinary
shareholders (US$'000) (2,352) (4,406)
-------- --------
Weighted average number of ordinary shares
for the purposes of basic earnings per share
('000) 672,429 662,246
-------- --------
Share Options and Conditional Share Awards could potentially dilute basic loss per share in the future, however they have been excluded from the calculation of diluted loss per share because they are anti-dilutive for both years presented.
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 UNVVRRVUWAAR
(END) Dow Jones Newswires
August 17, 2020 02:00 ET (06:00 GMT)
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