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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Woburn Energy | LSE:WBN | London | Ordinary Share | GB00B1YW2916 | 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% | 1.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMWBN
RNS Number : 2254O
Woburn Energy PLC
17 September 2013
FOR IMMEDIATE RELEASE 17 September 2013
Woburn Energy Plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
Woburn Energy Plc ("Woburn" or "the Company"; stock code: WBN) announces its unaudited interim results for the six months ended 30 June 2013.
CHAIRMAN'S STATEMENT
The six months ended 30 June, 2013 (the "Period") was one of further progress for the Company as the final payments from the disposal of the Company's interests in Colombia were received. Following the settlement of all outstanding management fees, other administrative costs owed by Woburn to PetroMagdalena, Woburn's expenses including the costs of the disposal, and repayment in full of the outstanding Cetus loan, the Company has significant cash resources to pursue new investment opportunities in accordance with its investing policy and to provide working capital for the day-to-day business of the Company.
The Company is now classified as an investing company under the AIM Rules. The Company's investing policy is to make investments in the oil and gas sector and the Directors are focusing on Europe, the Middle East, Africa and Asia. Investments may be made in exploration, development or producing assets. As reported previously, the Company is reviewing a number of potential opportunities to acquire an interest in suitable projects and has been pre-qualified for participating in the forthcoming licensing bid round in Myanmar. The Company has acquired relevant technical data for technical and commercial due diligence and, following the period end, submitted a licence bid for consideration by Myanmar Department of Energy, prior to the bid deadline of 23 August 2013. In addition, the Company is currently reviewing other central Asian investment opportunities.
During the period ended 30 June 2013, the Board has also been supported by Dr Syed Abedi and he has subsequently been appointed to the Board as Non-Executive Chairman on 21 August. Dr Abedi has over 45 years international oil industry experience. In 1972 he joined Royal Dutch Shell International Oil Company as a senior geophysicist where he worked in various senior technical and managerial roles for more than 26 years. Subsequent to taking early retirement from Shell Dr Abedi cofounded three independent oil companies. The geographical scope of his career has spanned Europe, the Far East, the Middle East and North and West Africa. During this period, Dr Abedi established his reputation internationally as an exploration and production expert through publications, chairing international conferences and giving international seminars.
As an investing company under the AIM Rules, Woburn should have implemented its investing policy or concluded a reverse takeover by 21 June 2013. As the Company has not yet completed such an investment, the Company's shares have been suspended from trading on AIM. The Company has a further six months until 21 December 2013 to conclude a transaction before the shares are cancelled from trading on AIM. The Board is making every effort to ensure a transaction is completed before this deadline.
Dr Syed Abedi
Chairman
For further information, please contact:
Woburn Energy Plc Tel: +44 (0) 20 7380 4600 Kamran Ahmed www.woburnenergy.com Beaumont Cornish Limited (Nominated Adviser) Tel: +44 (0)20 7628 3396 Michael Cornish
A copy of this announcement is available from the Company's website, www.woburnenergy.com
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2013 Half-year ended Half-year ended Notes 30 June 2013 30 June 2012 (Unaudited) (Unaudited) $ $ Continuing operations: Revenue - - Operating expenses - - ____________ ____________ Gross loss - - Administrative expenses (195,088) (501,570) ____________ ____________ Group operating loss (195,088) (501,570) ____________ ____________ Loss before taxation (195,088) (501,570) Taxation 4 - - ____________ ____________ Loss for the period from continuing operations (195,088) (501,570) Discontinued operations: (Loss)/profit for the period from discontinued operations 5 (393,904) 6,843,003 ____________ ____________ (Loss)/profit for the period (588,992) 6,341,433 ____________ ____________ TOTAL COMPREHENSIVE (LOSS)/PROFIT FOR THE PERIOD (588,992) 6,341,433 ____________ ____________ Total comprehensive income attributable to: Equity owners of the Parent Company (588,992) 2,988,362 Minority interest - 3,353,071 ____________ ____________ (588,992) 6,341,433 ____________ ____________ Loss per share (cents): Continuing operations 3 Basic (0.08) (0.22) Diluted (0.08) (0.22) ___________ ___________ (Loss)/earnings per share (cents): Discontinued and continuing operations Basic (0.25) 1.29 Diluted (0.25) 1.29 ___________ ___________ UNAUDITED CONSOLIDATED STATEMENT OF FINACIAL POSITION AS AT 30 JUNE 2013 30 June 2013 31 December 2012 (Unaudited) (Audited) $ $ ASSETS Current assets Receivables on sale of Colombian assets - 13,120,000 Other receivables 39,681 70,189 Cash and cash equivalents 2,889,259 73,901 ____________ ____________ 2,928,940 13,264,090 ____________ ____________ Total Assets 2,928,940 13,264,090 ____________ ____________ LIABILITIES Current liabilities Trade and other payables (86,222) (4,826,154) ___________ ____________ (86,222) (4,826,154) ____________ ____________ Non-current liabilities Provision for decommissioning - - ____________ ____________ Total Liabilities (86,222) (4,826,154) ____________ ____________ Net Assets 2,842,718 8,437,936 ____________ ____________ EQUITY Capital and reserves Share capital 13,596,651 13,596,651 Share premium 17,815,055 17,815,055 Retained losses (28,568,988) (27,979,996) ____________ ____________ Shareholders' Funds 2,842,718 3,431,710 Minority interests - 5,006,226 ____________ ____________ 2,842,718 8,437,936 ____________ ____________
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2013
Total Retained Shareholders' Minority Share Capital Share Premium Losses Equity Interest Total Equity $ $ $ $ $ $ As at 1 January 2013 13,596,651 17,815,055 (27,979,996) 3,431,710 5,006,226 8,437,936 Total comprehensive income for the period - - (588,992) (588,992) (5,006,226) (5,595,218) -------------- -------------- ------------- ----------------- ------------ ------------- Balance at 30 June 2013 13,596,651 17,815,055 (28,568,988) 2,842,718 - 2,842,718 ============== ============== ============= ================= ============ ============= As at 1 January 2012 13,596,651 17,815,055 (31,213,320) 198,386 1,243,310 1,441,696 Total comprehensive income for the period - - 2,988,362 2,988,362 3,353,071 6,341,433 Balance at 30 June 2012 13,596,651 17,815,055 (28,224,958) 3,186,748 4,596,381 7,783,129 ============== ============== ============= ================= ============ ============= UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2013 Half-year ended Half-year ended 30 June 2013 30 June 2012 (Unaudited) (Unaudited) $ $ Cash flows from operating activities Group operating loss from continuing operations (195,088) (501,570) Group operating loss from discontinued operations - (136,422) ___________ ___________ Operating loss before changes in working capital (195,088) (637,992) Increase in receivables (19,286) (1,715,332) (Decrease)/increase in trade and other payables (1,007,408) 1,809,437 Increase in provision for decommissioning - 17,836 ___________ ___________ Net cash used in operating activities (1,221,782) (526,051) ___________ ____________ Investing activities Disposal of LQRC business (note 5) 4,037,140 - ___________ ____________ Net cash from investing activities 4,037,140 - ___________ ____________ Increase/(decrease) in cash and cash equivalents 2,815,358 (526,051) Cash and cash equivalents at beginning of period 73,901 824,993 ___________ ___________ Cash and cash equivalents at end of period 2,889,259 298,942 ___________ ___________
NOTES TO THE UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2013
1. Basis of preparation
Woburn Energy Plc ('the Company') is domiciled in England. The condensed consolidated half-year accounts of the Company for the six months ended 30 June, 2013 comprise the accounts of the Company and its subsidiaries (together referred to as 'the Group').
The condensed half-year accounts for the six months ended 30 June, 2013 are unaudited. In the opinion of the Directors, the condensed half-year accounts for the period present fairly the financial position, and results from operations and cash flows for the period. The condensed half-year accounts include unaudited comparative figures for the half year ended 30 June, 2012.
The financial information contained in this half-year report does not constitute statutory accounts as defined by section 434 of the Companies Act 2006.
Where shown, the comparatives for the year ended 31 December, 2012 are not the Company's full statutory accounts for that year but have been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors' report on those accounts, which was unqualified, and did not contain a statement under section 498 (2) - (3) of the Companies Act 2006.
The half-yearly financial report was approved by the Directors on 16 September, 2013 and is available on the Company's website www.woburnenergy.com.
Accounting policies
The condensed half-year accounts have been prepared using accounting policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the European Union, including IAS 34 'Interim Financial Reporting' and on the historical cost basis. The condensed half-year accounts have been prepared using the accounting policies which are expected to be applied in the Group's next statutory financial statements for the year ending 31 December, 2013. The same accounting policies, presentation and methods of computation were applied in the Group's latest audited financial statements for the year ended 31 December, 2012.
The Group's financial risk management objectives and policies are consistent with those disclosed in the 2012 annual report.
2. Going concern
After the sale of the Colombian assets, disposal of Las Quinchas Associate Resource Corporation ("LQRC") and settlement of operator's billings and the Cetus loan, the Directors believe that the Group has sufficient cash to fund its activities and to continue its operations and for the Group to continue to meet its liabilities as they fall due for the foreseeable future, being at least 12 months. The accounts have, therefore, been prepared on the going concern basis.
NOTES TO THE UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2013
3. (Loss)/earnings per share Half-year Half-year ended ended 30 June 2013 30 June 2012 $ $ Loss attributable to equity shareholders - Continuing (195,088) (1,276,020) Profit/(loss) attributable to equity shareholders - Continuing and Discontinued (588,992) 2,988,362 Weighted average number of shares in issue 232,160,407 232,160,407 ___________ ___________ Cents Cents Basic loss per share - Continuing (0.08) (0.22) Basic (loss)/earnings per share - Continuing and Discontinued (0.25) 1.29 Basic (loss)/earnings per share - Discontinued (0.17) 1.51 ___________ ___________ 4. Taxation
No tax is payable on the continuing operations of Woburn Energy Plc for the period to 30 June 2013 as there are adequate tax losses available from previous years.
5. Discontinued operations
After the sale of LQRC Columbian assets, the Group disposed of its 51 per cent interest in LQRC in June 2013 for a total cash consideration of $4,037,914, net of expenses and settlement of loan of $1,243,993 due to LQRC. The net assets of LQRC disposed were $4,431,818 which resulted in a loss of $393,904. The net cash inflow on this disposal is $4,037,140, which comprised the above cash consideration (net of expenses) less cash and cash equivalents sold of GBP774.
The (loss)/profit from discontinued operations is analysed below:
Half-year Half-year ended ended 30 June 2013 30 June 2012 $ $ Operating expenses - (53,551) Administrative expenses - (82,871) ___________ ___________ Operating loss - (136,422) Interest payable - (754,000) ___________ ___________ Loss before tax - (890,422) Taxation - (145,000) ___________ ___________ Loss for period - (1,035,422) Profit on sale of LQRC Colombian assets - 7,878,425 Loss on disposal of LQRC (393,904) - ___________ ___________ (Loss)/profit from discontinued operations (393,904) 6,843,003 ___________ ___________
NOTES TO THE UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2013
6. Control
The Group is controlled by Cetus Investment Resources Inc., which owns 86.15% of the Company. Cetus Investment Resources Inc., is a wholly-owned subsidiary of Zaver Petroleum International Inc., which is itself a wholly-owned subsidiary of United Paramount Holding Corporation.
7. Material events subsequent to the end of the period
There have been no significant events since 30 June, 2013 to the date of issuing the half year accounts.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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