![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 : 4466N
Woburn Energy PLC
28 September 2012
FOR IMMEDIATE RELEASE 28 September 2012
Woburn Energy Plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012
Woburn Energy Plc ("Woburn" or "the Company"; stock code: WBN) announces its unaudited interim results for the six months ended 30 June 2012.
CHAIRMAN'S STATEMENT
The six months ended 30 June, 2012 (the "Period") was one of significant progress for the Company as we were finally able to agree the sale of the Company's 50 per cent. working interest in the Las Quinchas Association Contract in Colombia. The disposal was approved by shareholders at the end of June.
As previously reported last year, Woburn had been seeking a buyer for some considerable time for its Colombian beneficial interests, which were owned by its 51 per cent. owned subsidiary, LQRC, which has a 50 per cent. non-operated beneficial interest in Las Quinchas Association Contract in Colombia. We believe that the Disposal provided an attractive opportunity for the Company to realise its entire investment in its remaining Colombian oil and gas beneficial interests for cash and settle outstanding liabilities. The cash proceeds of the Disposal will enable LQRC and Woburn to settle all outstanding liabilities owed both to the Las Quinchas Association Contract operator, Pacific Rubiales, and the LQRC minority shareholder, PetroMagdalena.
Under the terms of the Assignment Agreement, the consideration is to be paid to LQRC in nine instalments and last month we were pleased to announce that LQRC had agreed the relevant payment dates for each instalment are to be made as follows:
Payments due to LQRC Column A: Column B: Instalment Instalment payment date Gross proceeds Net proceeds US$ US$ ------------ ----------------------------------- ------------------- ------------------------ First Paid 1,777,778 2,150,000 Second On or before 28 December 2012 2,666,667 255,147 Third On or before 2 April 2013 2,666,667 6,899,600 Fourth On or before 2 July 2013 2,666,667 773,210 Fifth On or before 2 October 2013 2,666,667 - Within 3 months of payment of the Sixth Fifth Instalment 888,889 - Within 6 months of payment of the Seventh Fifth Instalment 888,889 - Within 9 months of payment of the Eighth Fifth Instalment 888,889 - Within 12 months of payment of Ninth the Fifth Instalment 888,889 - 16,000,000 10,077,957
Column "A" above sets out the gross proceeds due to LQRC directly from the Purchaser pursuant to the Assignment Agreement. Column "B" above sets out the net proceeds which the Board expects LQRC to receive, after adjustment for advances received from and thereafter repayable to, PSE, together with settlement of all billings and interest payments owed to PSE. The total net proceeds to LQRC therefore amount, as previously announced, in aggregate to US $10.1 million, of which Woburn's net share in respect of its 51 per cent. interest in LQRC amounts to US $5.14 million and which will be substantially received on or before 2 April 2013.
The Company now has no assets other than the proceeds of the disposal and is now an investing company under the AIM Rules. Following the settlement of all outstanding management fees and other administrative costs owed by Woburn to PetroMagdalena, Woburn's expenses and costs of the Disposal and repayment in full of the existing Cetus Loan, Woburn's share of the net proceeds of the Disposal are estimated to amount to approximately US $3.4 million which will provide the Company with 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 intends to make investments in the oil and gas sector and the Directors intend initially to focus on Europe, the Middle East, Africa and Asia where they believe that a number of opportunities exist to acquire interests in suitable projects, although other regions may be considered. Investments may be made in exploration, development or producing assets.
With the timing of the disposal payments now agreed, the substantial proportion of the net disposal proceeds will be received by the Company by the beginning of April next year and the Company is now finally in a position to consider new opportunities.
Arif Kemal
Chairman
28 September, 2012
For further information, please contact:
Woburn Energy Plc Tel: +44 (0) 20 7380 4600 Kamran Ahmed www.woburnenergy.com Beaumont Cornish Limited (Nominated Tel: +44 (0)20 7628 3396 Adviser) 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 2012 Half-year ended Half-year ended Notes 30 June 2012 30 June 2011 (Unaudited) (Unaudited) $ $ Continuing operations: Revenue - - Operating expenses - - ____________ ____________ Gross loss - - Administrative expenses (501,570) (866,668) ____________ ____________ Group operating loss (501,570) (866,668) Bank interest receivable - 17 ____________ ____________ Loss before taxation (501,570) (866,651) Taxation 4 - - ____________ ____________ Loss for the period from continuing operations (501,570) (866,651) Discontinued operations: Profit/(loss) for the period from discontinued operations 5 6,843,003 (375,817) ____________ ____________ Profit/(loss) for the period 6,341,433 (1,242,468) Other comprehensive income - - ____________ ____________ TOTAL COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD 6,341,433 (1,242,468) ____________ ____________ Total comprehensive income attributable to: Equity owners of the Parent Company 2,988,362 (1,041,799) Minority interest 3,353,071 (200,669) ____________ ____________ 6,341,433 (1,242,468) ____________ ____________ Loss per share (cents): Continuing operations 3 Basic (0.22) (0.37) Diluted (0.22) (0.37) ___________ ___________ Earnings/(loss) per share (cents): Discontinued and continuing operations Basic 1.51 (0.45) Diluted 1.51 (0.45) ___________ ___________ UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2012 Notes 30 June 2012 31 December 2011 (Unaudited) (Audited) $ $ ASSETS Non-current assets - - ____________ ____________ Current assets Receivables on sale of Colombian assets 2 13,120,000 8,121,575 Other receivables 2 2,851,351 1,136,019 Cash and cash equivalents 298,942 824,993 ____________ ____________ 16,270,293 10,082,587 ____________ ____________ Total Assets 16,270,293 10,082,587 ____________ ____________ LIABILITIES Current liabilities Trade and other payables 2 (8,265,164) (8,436,727) ___________ ____________ (8,265,164) (8,436,727) ____________ ____________ Non-current liabilities Provision for decommissioning (222,000) (204,164) ____________ ____________ Total Liabilities (8,487,164) (8,640,891) ____________ ____________ Net Assets 7,783,129 1,441,696 ____________ ____________ EQUITY Capital and reserves Share capital 13,596,651 13,596,651 Share premium 17,815,055 17,815,055 Retained losses (28,224,958) (31,213,320) ____________ ____________ Shareholders' Funds 3,186,748 198,386 Minority interests 4,596,381 1,243,310 ____________ ____________ 7,783,129 1,441,696 ____________ ____________
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2012
Total Retained Shareholders' Minority Share Capital Share Premium Losses Equity Interest Total Equity $ $ $ $ $ $ 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 ============== ============== ============= =================== ========== ============= As at 1 January 2011 13,596,651 17,815,055 (29,652,172) 1,759,534 2,110,590 3,870,124 Total comprehensive loss for the period - - (1,041,799) (1,041,799) (200,669) (1,242,468) Balance at 30 June 2011 13,596,651 17,815,055 (30,693,971) 717,735 1,909,921 2,627,656 ============== ============== ============= =================== ========== ============= UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2012 Half-year ended Half Year Ended 30 June 2012 30 June 2011 (Unaudited) (Unaudited) $ $ Cash flows from operating activities Group operating loss from continuing operations (501,570) (866,651) Group operating loss from discontinued operations (136,422) (235,017) Adjustment for items not requiring an outlay of funds: Unwinding of discount on abandonment provision - 3,406 Other income - 994 ___________ ___________ Operating loss before changes in working capital (637,992) (1,097,268) Increase in receivables (1,715,332) (20,171) Decrease in trade and other payables 1,809,437 (355,523) Increase in provision for decommissioning 17,836 - ___________ ___________ Net cash used in operating activities (526,051) (1,472,962) ___________ ____________ Investing activities Interest received - 17 ___________ ____________ Net cash used in investing activities - 17 ___________ ____________ Financing activities Loan from controlling shareholder - 417,000 ___________ ___________ Net cash from financing activities - 417,000 ___________ ___________ Decrease in cash and cash equivalents (526,051) (1,055,945) Cash and cash equivalents at beginning of period 824,993 1,360,698 ___________ ___________ Cash and cash equivalents at end of period 298,942 304,753 ___________ ___________
NOTES TO THE UNAUDITED HALF-YEAR FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2012
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, 2012 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, 2012 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, 2011.
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, 2011 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, included references to the going concern note in the accounts to which the auditors drew attention by way of emphasis, without qualifying their report, 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 28 September, 2012 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, 2012. 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, 2011.
The Group's financial risk management objectives and policies are consistent with those disclosed in the 2011 annual report.
2. Going concern and Effects of the Colombian Assets Sale
The accounts have been prepared on a going concern basis. During the six month period ended 30 June, 2012 the Group made a profit of $6,341,433 as result of the sale of Las Quinchas Resources Corporation's (LQRC) Colombian assets (year ended 31 December, 2011: loss of $1,801,751, six months ended 30 June, 2011: loss $1,242,468).
At 30 June, 2012, the Group had net assets of $7,783,129 as a result of the increased level of receivables due from the sale of the Colombian assets (31 December, 2011: $1,441,696, 30 June, 2011: $2,627,656). The net assets comprised $3,186,748 attributable to equity shareholders and $4,596,381 attributable to the 49% minority interest in the Las Quinchas Resources Corporation subsidiary.
Current assets at 30 June, 2012 were $16,270,293, including the Colombian asset receivables of $13,120,000 (being $16,000,000 gross proceeds less the first payment received in December 2011 of $2,880,000). The assets held for sale previously shown at 31 December, 2011 was $8,121,575. The increase is as a result of the sales contract being signed and approved in June 2012.
NOTES TO THE UNAUDITED HALF-YEAR FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2012
Total assets at 30 June, 2012 was $16,270,293 compared to $10,082,587 at 31 December, 2011 as a result of Colombian assets sale.
Current liabilities at 30 June, 2012 was $8,265,164 which includes accruals of $4,407,876, the Cetus loan of $1,001,000, accrued interest on outstanding billing of $754,000 and a LQRC tax provision of $145,000 (31 December, 2011: $8,436,727).
The sale of LQRC's Colombian assets has resulted in an increase in the Group's net assets to $7,783,129 at 30 June, 2012 (31 December, 2011: net assets $1,441,696).
The cash position of the Group fell from $824,993 at 31 December, 2011 to $298,942 at 30 June, 2012, but will improve significantly following the receipt of the sale proceeds as discussed in the Chairman's Statement.
Cetus Investment Resources (Cetus) continues to support the Company with an interest free loan. After the sale of the Colombian assets and settlement of operator's billings and the Cetus Loan, the Directors believe that the Group will have 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 and for at least the next 12 months. The financial statements have, therefore, been prepared on the going concern basis.
3. Earnings/(loss) per share Half-year Half-year ended ended 30 June 2012 30 June 2011 $ $ Loss attributable to equity shareholders - Continuing (1,276,020) (866,651) Profit/(loss) attributable to equity shareholders - Continuing and Discontinued 2,988,362 (1,041,799) Weighted average number of shares in issue 232,160,407 232,160,407 ___________ ___________ Cents Cents Basic loss per share - Continuing (0.22) (0.37) Basic earnings/(loss) per share - Continuing and Discontinued 1.29 (0.45) Basic earnings/(loss) per share - Discontinued 1.51 (0.08) ___________ ___________ 4. Taxation
No tax is payable on the continuing operations of Woburn Energy Plc. as there are adequate tax losses available from previous years. However, there is an estimated tax provision of $145,000 in LQRC which is included in the discontinued operations profit.
NOTES TO THE UNAUDITED HALF-YEAR FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2012
5. Discontinued operations
As discussed in note 2 above, the group completed the sale of LQRC's Colombian assets in June 2012. At 31 December 2011 the Group included the assets as held for sale and this treatment has now changed following the completion of the sale. The proceeds on the sale not yet received are now shown as a receivable ($13.1 million) in the statement of financial position at 30 June 2012.
The profit/(loss) from discontinued operations is analysed below:
Half-year Half-year ended ended 30 June 2012 30 June 2011 $ $ Operating expenses (53,551) (235,017) Administrative expenses (82,871) - ___________ ___________ Operating loss (136,422) (235,017) Interest payable (754,000) (121,575) ___________ ___________ Loss before tax (890,422) (356,592) Taxation (145,000) - ___________ ___________ Loss for period (1,035,422) (356,592) Profit on sale of LQRC Colombian assets 7,878,425 - Loss on liquidation of Black Rock Oil & Gas Sucursal Colombia - (19,225) ___________ ___________ Profit/(loss) from discontinued operations 6,843,003 (375,817) ___________ ___________ 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. Mr Hashwani is beneficially interested in the entire issued share capital of United Paramount Holding Corporation and is therefore the ultimate controlling party.
7. Material events subsequent to the end of the period
There have been no significant events after 30 June, 2012 requiring disclosure.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BKFDBKBKDNCB
1 Year Woburn Energy Chart |
1 Month Woburn Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions