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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Wham | LSE:WAM | London | Ordinary Share | GB00B0JG1P02 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 41.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6017A Wham Energy plc 30 March 2006 Preliminary Results for the year ended 31 December 2005 WHAM ENERGY EXPANDS NORTH SEA ACREAGE AND PROSPECTS PORTFOLIO Wham Energy plc, the AIM-listed North Sea oil and gas exploration company, has announced its preliminary results for the year ended 31 December 2005. The annual report will be dispatched to shareholders on the 20th April and the AGM will be held in London on the 17th May. *#9.6M net raised in two tranches and shares admitted to AIM *Exploration portfolio expanded to 19 blocks with an average 49% working interest *Prospects and leads identified in most blocks *Farmout data rooms are currently open to accelerate the early drilling of prospects *Year-end liquid resources amounted to #9.25M Tom Windle, Chief Executive of Wham Energy commented: " WHAM Energy has achieved much this year. The highlight was the admission to AIM and #9 million (net) fund raising. This has enabled us to accelerate the growth of the Company. Since the IPO in September, we have put behind us the disappointment of the Prometheus well and concentrated on expanding and upgrading the exploration portfolio. We have completed the mapping of prospects on our 22nd Licence Round blocks. This has generated a number of attractive opportunities. Working on behalf of our Joint Venture partners Ithaca Energy, we are actively seeking farminees to enable us to participate in a future multi-well drilling programme. " WHAM Energy was successful in the 23rd Licence Round where we secured 100% working interests in three blocks in which we have already identified three leads. The year also saw WHAM Energy becoming a recognised exploration operator. With the acquisition of block 47/12 we will acquire a seismic programme to evaluate the block's potential. Block 47/12 lies off the Yorkshire coast between producing fields. Preliminary mapping shows prospectivity at several reservoir levels. We remain confident that a number of these prospects will result in viable commercial discoveries. " The coming year looks as if it will be even more active as we prepare for the 24th Licence Round where we have identified several blocks worthy of application. The Company is also considering the possible acquisition of near- development and producing interests that are currently being marketed. We are on track with our strategy to accelerate the exploration timetable and we look forward to reporting further progress over the next year." -ends- Date: 30 March 2006 For further information contact: Wham Energy plc cityPROFILE Tom Windle, Chief Executive Simon Courtenay Tel: 020-7924-4644; Mob: 07968162630 Andrew Harris Alan Thomas, Finance Director Tel: 020-7448-3244 Tel: 07739800093 WHAM Energy plc is an AIM listed company. Further details are available on the Company's website: www.whamenergy.com Preliminary Results for the year ended 31 December 2005 CHAIRMAN'S STATEMENT 2005 was a year of transformation for your Company, and I would like to take this opportunity to welcome the many new shareholders who have invested in WHAM. We successfully listed our shares on the Alternative Investment Market (AIM) and raised #10.6million gross (#9.6million net) to fund exploration commitments and new ventures, both from our Initial Public Offering (IPO) and the earlier private placing. We also acquired interests in four more exploration blocks in the UK Continental Shelf (UKCS) and we drilled our first exploration well. Finance Funds were needed to enable data acquisition and evaluation of existing licences. In March we undertook a successful pre-IPO fund raising exercise, raising #0.6million. In September we listed on AIM and successfully raised #10.0million before expenses (#9.1million net), assisted by our broker, Bridgewell Securities. At the year-end, the Company's liquid resources amounted to #9.25million. Exploration Our main emphasis for exploration is on Southern North Sea gas prospects and selected blocks in the Central North Sea which are within reach of existing pipeline and platform infrastructure. Growth in our asset base has been an important objective of chief executive Tom Windle and his exploration team. Exploring for oil and gas is a high risk, high reward business and a broad portfolio of attractive prospects is the best way of translating the team's considerable experience and technical expertise into future valuable discoveries for your Company. During the year, 4 new exploration blocks in the UKCS were acquired, increasing our inventory to 19 blocks, and raising our average licence working interest from 36% to 49%. In addition we extended our licence in the two Prometheus blocks by two more years and fulfilled our licence commitment to the DTI. Drilling Following a successful farmout to Centrica Resources, the Prometheus West prospect was tested in October by well 42/21-1. The well found traces of gas, but the main Leman sandstone target was not productive due to tight sandstone formation and the well was plugged and abandoned. The results of the well have been analysed and future plans for the Prometheus area are being reassessed. Prospect evaluation Encouraging results of seismic interpretation have indicated prospects and leads in most blocks. Farmout packages have been prepared with the intention of drilling these prospects as soon as possible. In block 47/12, acquired from GTO in September, a seismic survey is planned in 2006 to evaluate the opportunities in the Permian Leman and underlying Carboniferous sandstones. The block is located between the offshore Amethyst field and the onshore Saltfleetby field. Economic environment The operational background for your Company remains very positive. *Production of oil and gas in the UK is declining, yet energy demand remains strong. Future supplies will have to come from further afield and the transport costs associated with the greater distances will underpin unit prices for new domestic production. Recent volatile spot market prices may or may not be sustainable in the medium term but your Directors see plenty of evidence to support a positive longer term price scenario, especially for gas. *We believe that there remain many undrilled prospects that offer attractive exploration potential. Estimates within the industry range up to 10 billion barrels of oil equivalent left to find in the UKCS. The UK must compete for resources in a world market, however, and there are two areas of concern: *The growth in worldwide exploration activity puts pressure on the number of drilling rigs available to UK explorers and higher day rates impact the economic viability of smaller prospects. *In December 2005 the UK Government announced an increase in the Corporation Tax on UK oil and gas producers from 40% to 50%. The effect of using this blunt instrument across the whole UK industry has been to make marginal oil and gas prospects less attractive. This flies in the face of the DTI's success over several years in encouraging new entrants like WHAM into the UKCS, and is bound to reduce ultimate recovery from the UKCS unless and until a more imaginative treatment of tax is introduced for explorers and producers chasing small or risky prospects. As the larger companies exit the UK, exciting commercial opportunities will continue to arise for your Company and where we can add value, we will continue to exploit them on your behalf. Michael J Pavia Chairman 22 March 2006 PROFIT AND LOSS ACCOUNT For the year ended 31 December 2005 2005 2004 # # Turnover 23,598 70,000 Cost of sales - (13,874) -------------------------------------------------------------------------------- Gross profit 23,598 56,126 Administrative expenses (395,086) (16,788) -------------------------------------------------------------------------------- Operating (loss)/profit (371,488) 39,338 Profit on disposal of share of licence interests - 88,000 -------------------------------------------------------------------------------- (Loss)/profit on ordinary activities before interest (371,488) 127,338 Interest receivable 113,313 1,067 -------------------------------------------------------------------------------- (Loss)/profit on ordinary activities before taxation (258,175) 128,405 Tax on (loss)/profit on 41,446 (40,265) ordinary activities -------------------------------------------------------------------------------- (Loss)/profit for the period after taxation (216,729) 88,140 Retained profit brought forward 101,329 13,189 -------------------------------------------------------------------------------- Retained (loss)/profit carried forward (115,400) 101,329 ================================================================================ Basic and diluted (loss)/ earnings per share (see note 4) (1.05)p 6.07p Notes: 1. All of the Company's activities are classed as continuing. 2. There are no recognised gains or losses in either year other than the amounts shown in the profit and loss account. 3. Basis of presentation: The financial information set out in this announcement, which does not constitute the statutory accounts of the Copmany, is extracted from the Company's audited statutory accounts for the year ended 31st December 2005, which were approved by the Board on 22nd March 2006. The auditors have reported on those accounts and their report was unqualified. The full audited statutory accounts will be included in the Company's annual report, which will be mailed to shareholders on 20th April 2006. Additional copies will be available at the Company's offices at 8, Square Rigger Row, Plantation Wharf, London SW11 3TZ after that date. The results have been prepared on the basis of the accounting policies adopted in the statutory accounts for the year ended 31st December 2004.Accounting Standards introduced in 2005 have had no effect on the accounting treatment adopted. The statutory accounts for the year ended 31st December 2004 have been delivered to the Registrar of Companies. Those for 2005 will be delivered to the Registrar of Companies after the Company's Annual General Meeting, which is scheduled for 17th May 2006. 4. Basic and diluted (loss)/earnings per share: The basic earnings per share has been calculated on the loss on ordinary activities after taxation of #216,729 (2004: profit #88,140) divided by the weighted average number of ordinary shares in issue of 20,720,816 (2004: 1,451,397) during the year. The weighted average number of shares in respect of 2004 has been adjusted to reflect the share subdivision effected in February 2005. As the Company reported a loss for the year then, in accordance with Financial Reporting Standard Number 22, the warrants and options in issue are not considered dilutive. BALANCE SHEET As at 31 December 2005 2005 2004 # # Fixed assets Intangible assets 518,901 15,192 Tangible fixed assets 20,344 4,928 -------------------------------------------------------------------------------- 539,245 20,120 -------------------------------------------------------------------------------- Current assets Debtors 178,766 73,068 Investments (see note) 9,130,277 - Cash at bank and in hand 122,736 67,399 -------------------------------------------------------------------------------- 9,431,779 140,467 -------------------------------------------------------------------------------- Creditors Amounts falling due within one year (427,991) (52,555) -------------------------------------------------------------------------------- Net current assets 9,003,788 87,912 -------------------------------------------------------------------------------- Total assets less current liabilities 9,543,033 108,032 Provision for liabilities - (5,023) -------------------------------------------------------------------------------- NET ASSETS 9,543,033 103,009 ================================================================================ Capital and reserves Called-up share capital 31,696 1,680 Share premium account 9,568,287 - Other reserves 58,450 - Profit and loss account (115,400) 101,329 -------------------------------------------------------------------------------- EQUITY SHAREHOLDERS' FUNDS 9,543,033 103,009 ================================================================================ Note: Investments consisted of money market deposits which earn interest at rates set in advance for periods of 1-2 months by reference to Sterling LIBOR. Cash Flow Statement For the year ended 31 December 2005 2005 2004 # # # # Net cash inflow/(outflow)from operating 9,806 (33,054) activities (see note) Returns on investment and servicing of finance Bank and investment interest receipts 76,322 1,067 Taxation Taxation paid (35,000) - Capital expenditure and financial investment Payments to acquire tangible fixed assets (18,558) (5,629) Payments to acquire intangible fixed assets (503,709) (9,379) Receipts from disposal of licence interest - 88,000 -------------------------------------------------------------------------------------------- (522,267) 72,992 -------------------------------------------------------------------------------------------- Net cash flow before use of liquid resources and financing (471,139) 41,005 Management of liquid resources Increase in short term deposits (9,130,277) - Financing Proceeds from issue of ordinary shares 10,602,820 - Costs associated with share issue (946,067) - -------------------------------------------------------------------------------------------- 9,656,753 - -------------------------------------------------------------------------------------------- Increase in cash 55,337 41,005 ============================================================================================ Reconciliation of net cash flow to movement in net funds Increase in cash in the year 55,337 41,005 Cash used to increase liquid resources 9,130,277 - -------------------------------------------------------------------------------------------- Change in net funds 9,185,614 41,005 Net funds at 1 January 2005 67,399 26,394 -------------------------------------------------------------------------------------------- Net funds at 31 December 2005 9,253,013 67,399 -------------------------------------------------------------------------------------------- Note: Reconciliation of operating result to net cash flow from operating activities Operating (loss)/profit for the year. (371,488) 39,338 Depreciation 3,142 701 (Increase) in debtors (35,686) (68,989) Increase/(decrease) in creditors 413,838 (4,104) -------------------------------------------------------------------------------------------- Net cash inflow/(outflow) from operating activities 9,806 (33,054) -------------------------------------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END FR PUUUCWUPQGWB
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