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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Proven | LSE:PPE | London | Ordinary Share | GB00B517XC78 | ORD SHS OF 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 10.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:5640E Plectrum Petroleum PLC 27 September 2007 PLECTRUM PETOLEUM Plc UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007 EXECUTIVE CHAIRMAN'S REVIEW I am pleased to present the unaudited interim results for Plectrum Petroleum for the six months ended June 2007 Since its incorporation in February 2005, Plectrum has successfully implemented a strategy of growing an attractive portfolio of exploration assets which were acquired with low cost of entry, cover large geographic areas and have high levels of working interest. These attractive exploration assets, which have either been overlooked or under-explored, will benefit from the application of new and emerging exploration technologies. HIGHLIGHTS In the six month period, Plectrum * received approval from Peru's government-owned oil company Perupetro SA (Perupetro) for an Exploration and Exploitation Contract covering Block Z-34, Offshore Peru, in conjunction with its Aim-listed joint venture partner Gold Oil Plc. * was awarded in the 24th Seaward Licensing Round a "Promote" licence covering UK Blocks 214/19 and 214/20, located west of the Shetland Islands. Plectrum has a 100% operated interest in the licence. * acquired the remaining 10 per cent. of REAP Tunisia GmbH ('REAP Tunisia') that it did not already own. * reported mean prospective resources of twelve prospects totaling 201 million barrels of oil with a combined Expected Monetary Value ("EMV") of US$249 million (independently estimated by TRACS International). * successfully acquired 3,178 km of 2D marine seismic reflection data over the Nabeul permit offshore Tunisia, ahead of schedule and within budget on 23rd June 2007. Emphasis has been placed on consolidating our position in our operational areas and we have also secured the award of two new oil and gas assets in Peru and the UK. Plectrum has successfully completed its seismic programme in Tunisia and is ready to commence seismic data acquisition programmes in Australia and Peru. These programmes, together with any future development in Tunisia, will require additional funding and capital investment. During the period expenditure on oil and gas assets totaled #1,536,007, mainly in Tunisia. Cash at the end of the period was #4,723,971 of which #650,000 was held as security for a guarantee issued to Perupetro SA in respect of the company's minimum work obligations under the Z-34 Licence.. OPERATIONAL REVIEW * Tunisia: REAP Tunisia GmbH, a wholly owned subsidiary of Plectrum Petroleum Plc, successfully acquired 3,178 km of 2D seismic survey over the Nabeul Prospection Permit and the field data is currently being processed by Fugro Seismic Imaging Ltd in England. The Company has fulfilled the work obligations made to the Ministere de l'Industrie de l'Energie et des PME for the Nabeul Prospection Permit and informed the authorities on 9 July of its intention to convert the Prospection Permit into an Exploration Permit on the 24 January 2008, in accordance with Article 9 of the "Protocol D'Accord". * Peru: On 15th March the Company was awarded a 50% working interest in offshore Block Z-34. The first two (of three) rounds of consultation workshops have been held with indigenous communities adjacent to Block Z-34 as part of the environmental impact assessment for the planned 2008 seismic programme to acquire 2,500 km of 2D data. * UK: On the 1st April 2007 Plectrum was awarded Seaward Licence P1503 covering Blocks 214/19 and 214/20. The Company has been conducting detailed and regional geological assessments of the prospectivity in and around the licence area. * Australia: On the 17th April the Department of Industry and Resource of the Western Australian Government agreed to suspend the condition requiring the completion of the seismic programme until 8th Feb 2008. The Company has tendered the seismic contract to acquire 3,300 km of 2D seismic in the Bremer sub-basin. RESULTS The Group incurred a loss for the period of #422,339 (30 June 2006: loss of #427,151 restated) PROSPECTS Given the high level of projected activity, the Board has been looking into a number of ways of accessing the required funding including: - raising further equity capital via a placing of shares with new and existing shareholders; - farming out of interests in current projects; and - considering corporate amalgamations. On 7th September 2007 your Board announced that they had reached agreement with The Board of Cairn Energy Plc (Cairn) on the terms of a recommended cash offer to be made by Jefferies International on behalf of Capricorn Oil and Gas Limited, a subsidiary of Cairn, for the whole of the issued share capital of Plectrum. Under the terms of the Offer, Plectrum Shareholders will be entitled to receive 13 pence per Plectrum Share in cash. On this basis, the terms of the Offer value the entire existing issued share capital of Plectrum at approximately #23.4 million. Prior to the approach from Cairn, no other satisfactory opportunity had been identified. It is against this background that the initial approach by, and subsequent offer from, Cairn has been considered by the Board. Your Board has concluded, and has been so advised by its financial advisors Blue Oar Securities Plc, that the Offer is in the best interests of the Company and its shareholders and, if declared wholly unconditional and completed successfully, it will ensure that the Company has access to adequate funds to further develop its current projects whilst securing a certain return for shareholders. SUMMARY Over the past 8 months, we have made significant progress in establishing Plectrum Petroleum in the E&P sector. We have strengthened the portfolio and taken our first operational steps in Tunisia. I believe we have delivered on our strategy and the exploration value creation that the company has achieved since incorporation is evinced by the Cairn offer. M Whyatt Chairman of the Board 26th September 2007 For further information, please contact: Mike Whyatt, Executive Chairman +44 (0) 1330 826 710 Jim Bain, Finance Director +44 (0) 1330 826 710 John Wakefield, Blue Oar Securities Plc +44 (0) 117 933 0020 Group Income Statement For the six months to 30 June 2007 Unaudited Unaudited Restated 6 months 6 months Year to 31 to 30 June to 30 June December 2007 2006 2006 #'000 #'000 #'000 Revenue - - - Administrative expenses (514) (544) (1,265) Operating loss (514) (544) (1,265) Interest receivable 142 119 276 Loss on ordinary activities before taxation (372) (425) (989) Minority interest - (2) - Loss for the period/year (372) (427) (989) Basic loss per share 1p 1p 1p Diluted loss per share 1p 1p 1p Group statement of total recognised income and expenses Unaudited 6 months to 30 June 2007 #'000 Loss for the period (372) Total recognised loss (372) Group Balance Sheet As at 30 June 2007 Note Unaudited Unaudited Restated 6 months 6 months Year to 31 to 30 June 2007 to 30 June 2006 December 2006 #'000 #'000 #'000 Non current assets Goodwill 6,025 5,950 5,950 Exploration and evaluation assets 2,302 - 766 Property, plant and equipment 8 4 9 8,335 5,954 6,725 Current assets Trade and other receivables 30 33 25 Cash and cash equivalents 4,724 7,386 6,055 4,754 7,419 6,080 Total assets 13,089 13,373 12,805 Current liabilities Trade and other payables (803) (253) (149) Total liabilities (803) (253) (149) Net assets 12,286 13,120 12,656 Equity Called up share capital 1 8,431 8,431 8,431 Share premium account 6,473 6,473 6,473 Profit and loss account (2,618) (1,680) (2,246) Equity attributable to equity holders 12,286 13,124 12,658 Minority interest - (4) (2) Total equity 12,286 13,120 12,656 Group cash flow statement Note Unaudited Unaudited Year 6 months 6 months to 31 to 30 June 2007 to 30 June 2006 December 2006 #'000 #'000 #'000 Net cash from/(used in) operating activities 3 137 (294) (1,110) Investing activities Interest received 142 119 276 Purchases of property, plant & equipment (2) (1) (7) Purchases of exploration and evaluation assets (1,536) - (516) Acquisition of subsidiary 4 (72) - (250) Net cash used in investing activities (1,468) 118 (497) Financing activities Net proceeds on issue of shares - 2,365 2,465 Net cash from financing activities - 2,365 2,465 Net(decrease)/ increase in cash & cash equivalents (1,331) 2,189 858 Cash & cash equivalents at beginning of period 6,055 5,197 5,197 Cash & cash equivalents at end of period 4,724 7,386 6,055 Included in cash and cash equivalents at 30 June 2007 is an amount of #650,000 held in a set off account against a guarantee issued to PeruPetro SA in connection with the company's obligations under the minimum work programme entered into in respect of Block Z-34, offshore Peru. Notes to the interim financial statements Period ended 30 June 2007 1. Share capital No # Authorised Ordinary shares of 5 pence each 435,300,000 21,765,000 Issued Ordinary shares of 5 pence each 180,372,499 9,018,625 Issued and fully paid Ordinary shares of 5 pence each 168,626,707 8,431,335 Issued, not called or paid Ordinary shares of 5 pence each 11,745,792 587,290 Directors' share issues under the Company Share Scheme On 27 September 2005 M Whyatt subscribed for 4,239,131, M Evans subscribed for 3,913,041, and J Bain subscribed for 1,956,523 ordinary 5p shares at an issue price of 11.5p under the Company's share award scheme. These shares have been issued nil paid by the Company and the Company has not called the amount due on these shares. Under the scheme the shares will vest and the amount due on them will be called in full on the third anniversary of the issue date. The number of shares which will vest depends on the estimated monetary value of the Group's hydrocarbon assets at that date. If the expected value of hydrocarbon assets is $50 million or over then 25% of the subscribed shares will vest, if the value is $100 million or over then 50% will vest, if the value is $150 million or over then 75% will vest and if the value is $200 million or over then 100% will vest. As the receipt of the proceeds from these shares is uncertain and contingent on the fulfilment of a number of conditions including the expected monetary value of the Group's hydrocarbon assets, no receivable or charge has been recognised in the interim financial statements at 30 June 2007. 2. Basis of preparation of financial statements The interim statement does not represent statutory accounts within the meaning of Section 240 of the Companies Act 1985. For all periods up to and including the year ended 31 December 2006, Plectrum prepared its financial statements in accordance with UK Generally Accepted Accounting Practice (UK GAAP). The full accounts for the year ended 31 December 2006, which received an unqualified report from the auditors, had been filed with the Registrar of Companies. From 1 January 2007 Plectrum is required to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS); as a consequence Plectrum has assumed a transition date of 1 January 2006 which will be the initial date of IFRS restatement. Financial information for the interim results of 2007 has also been prepared on the basis of IFRS. The general principle that should be applied on first-time adoption of IFRS is that standards in force at the first reporting date (for Plectrum that is 31 December 2007) should be applied retrospectively. However, IFRS 1 - 'First time Adoption of International Financial Reporting Standards' contains a number of exemptions which companies are permitted to apply. Plectrum has elected: * Not to restate its financial information for acquisitions, disposals and restructuring occurring before 1 January 2007. * To deem cumulative translation differences to be zero at 1 January 2006. The six months information for 2007, the restated financial information for the year ended 31 December 2006 and the interim results of 2006 have been prepared on the basis of all International Accounting Standards (IAS) currently applicable, International Financial Reporting standards (IFRS) and Standing Interpretations Committee (SIC) and International Financial Reporting Interpretations Committee (IFRIC) interpretations issued by the International Accounting Standards Board (IASB) expected to be in effect for the year ending 31 December 2007. It is possible that there will be changes to these standards and interpretations before the end of 2007, which might require further adjustments to this information before it is included in the 2007 Annual Report and Accounts. From 1 January 2007, under IFRS, all financial assets and financial liabilities have to be recognised initially at fair value. In subsequent periods the measurement of these financial instruments depends on their classification into one of the following measurement categories: i) Financial assets or financial liabilities at fair value through income statement (such as those used for trading purposes and all derivatives which do not qualify for hedge accounting); ii) Loans and receivables; iii) Available-for-sale financial assets (including certain investments held for the long term); and iv) Other liabilities. Plectrum has produced an 'IFRS Restatement' document setting out its accounting policies under IFRS, and reconciliations of UK GAAP to IFRS for its 2007 interim and full year Income and Cash Flow Statements and its Balance Sheets at 1 January 2006, 30 June 2006 and 31 December 2006. This information can be found at www.plectrum.co.uk. These results are prepared in accordance with the accounting policies contained in the IFRS Restatement document. Earnings per share The calculation of basic earnings per share is based on the loss after tax and on the weighted average number of ordinary shares in issue during the period. The diluted earnings per share allows for the full exercise of outstanding share purchase options and adjusted earnings. 3. Notes to the cash flow statement Unaudited Unaudited Restated 6 months 6 months Year to 31 to 30 June to 30 June December 2007 2007 2006 Operating loss from continuing operations (514) (544) (1,265) Adjustments for: Depreciation of property, plant & equipment 2 1 2 Operating cash flows before movements in working capital (512) (543) (1,263) (Increase)/Decrease in receivables (5) 54 63 Increase in payables 654 195 90 Net cash from/(used in) operating activities 137 (294) (1,110) 4. Acquisition of subsidiary In February 2007, the company acquired the whole of the issued share capital of Banchory Exploration Limited for a cash consideration of #72,000, thereby increasing its holding in the issued share capital of Plectrum Oil Limited to 100%. Banchory Exploration Limited's sole asset is the minority 49.9% holding in Plectrum Oil Limited. M Whyatt, M Evans and J Bain each hold 7,000 ordinary shares (representing 10.7% of the issued share capital) in Banchory Exploration Limited and each received #8,000. In February 2007, the company acquired the remaining 10% of REAP Tunisia for a nominal amount. INDEPENDENT REVIEW REPORT TO PLECTRUM PETROLEUM PLC We have been instructed by the company to review the financial information for the six months ended 30 June 2007 which comprises the group income statement, the group balance sheet, the group cash flow statement, the group statement of total recognised income and expenses and related notes 1 to 4. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company, in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are also responsible for ensuring that the accounting policies and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. First-time adoption of International Financial Reporting Standards As disclosed in note 2, the next annual financial statements of the group will be prepared in accordance with International Financial Reporting Standards as adopted by the European Union. Accordingly, the interim report has been prepared in accordance with the recognition and measurement criteria of IFRS and the disclosure requirements of the Listing Rules that would be applicable if the company were admitted to the Official List. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2007. Deloitte & Touche LLP Chartered Accountants Aberdeen United Kingdom 26th September 2006 Notes: A review does not provide assurance on the maintenance and integrity of the website, including controls used to achieve this, and in particular on whether any changes may have occurred to the financial information since first published. These matters are the responsibility of the directors but no control procedures can provide absolute assurance in this area. Legislation in the United Kingdom governing the preparation and dissemination of financial information differs from legislation in other jurisdictions. This information is provided by RNS The company news service from the London Stock Exchange END IR SEWFMMSWSELU
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