TIDMCHAR
RNS Number : 7519J
Chariot Oil & Gas Ld
14 September 2016
14 September 2016
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Interim Results
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused oil and gas exploration company, today announces its
unaudited interim results for the six-month period ended 30 June
2016.
Highlights during and post-period:
Protecting the Cash
-- Strong balance sheet with US$29.0m in cash as at 30 June 2016 and no debt.
-- Cash exceeds licence commitments.
-- Ongoing focus on capital discipline - rigorous tendering and
further reduction in G&A through optimisation of personnel and
Board.
Protecting the Portfolio
-- Decision not to move into the next phase of exploration in
Mauritania maintained Chariot's discipline in partnering to
drill.
-- Following evaluation of prospectivity through a low-cost
reconnaissance licence, Chariot secured the Mohammedia exploration
permits in Morocco.
-- High margin, deep water assets remain economically robust in
the lower oil price environment.
-- Continuing to build the drilling inventory across the asset base.
Partnering
-- Successful partnering with Eni in the Rabat Deep exploration
permits offshore Morocco - capped carry on the RD-1 well which will
drill the JP-1 prospect.
Capitalising on the business environment
-- Seismic programmes in both Namibia and Brazil were acquired at competitive cost.
-- Ongoing evaluation of new venture opportunities to further
enhance the portfolio - continuing to seek out value accretive
assets.
Asset Outlook
Morocco:
-- The RD-1 well is expected to be drilled on the JP-1 prospect
in 2017. The RD-1 well will be operated by Eni, following the
conclusion of the Governmental approval process and the transfer of
the operatorship of Rabat Deep.
-- Full evaluation of legacy 3D seismic over Mohammedia has
confirmed the potential of the "LKP" group of prospects and reduced
the technical risk on the high-graded LKP-1a prospect. A CPR update
is underway.
-- Environmental Impact Assessment ("EIA") process underway for
Mohammedia in advance of acquiring 2D and 3D seismic programmes to
further define prospectivity to the south of the greater LKP
area.
Namibia:
-- Early processed products of the newly acquired 2,600 km(2) 3D
seismic in the Central blocks are of excellent quality and confirm
the potential of the 085b prospect, adding to the previously
developed portfolio with high-graded Prospect B and Prospect D.
-- Detailed technical work ongoing on new and legacy datasets to
re-define prospect and lead inventory and firm up drilling
targets.
-- Integration of the ION NamibiaSPAN 2D seismic survey and
completion of technical studies in the Southern blocks has
identified the high risk, material gas prospect AO1 with a gross
mean prospective resource in excess of 10Tcf (Chariot estimate, a
CPR is underway).
Brazil:
-- Early processed products of the newly acquired 775km(2) 3D
seismic display clear turbidite reservoir geometries.
-- Detailed technical work ongoing on new and legacy datasets to
define prospect and lead inventory and firm up drilling
targets.
Strategic objectives
-- Target the drilling of three wells within the next two years
- four prospects from within Chariot's portfolio are technically
mature and drill-ready with the RD-1 well already funded through a
capped carry.
-- Secure partners for drilling in the Mohammedia permits in
Morocco and the Southern blocks in Namibia.
-- Post completion of processing and interpretation seek
partners for drilling in the Central blocks in Namibia and in
Brazil.
Larry Bottomley, CEO of Chariot commented:
"Chariot continues to pursue its strategy of acquiring frontier
acreage, maturing the portfolio and partnering to drill to create
transformational value for shareholders through the discovery of
material reserves. In the reporting period, we have secured the
Mohammedia exploration permits in Morocco, matured the portfolio in
those permits and the Southern blocks of Namibia, acquired
extensive 3D seismic programmes in Namibia and Brazil, and
successfully secured a drilling partner with Eni in the Rabat Deep
permits in Morocco. Capital discipline is an ongoing focus and the
strength of our approach to this, which has enabled the ongoing
development of our asset base, is reflected in our cash
balance.
"Our technical work over the last few years has laid the
foundations of a strong company with a portfolio of assets capable
of delivering transformational growth. The next phase across our
portfolio is to create value with the drill bit and our aim is to
partner with a target of drilling three wells within the next two
years."
Analyst Conference Call
A conference call for research analysts will be held at 08.30am
(BST) today. A recording of this conference call will be available
on Chariot's website as soon as possible.
Private Investor Call
Management will host a conference call for private investors at
10.00am (BST) today, further details of which are on the Company
website:
http://www.chariotoilandgas.com/index.php/investors/events-and-financial-calendar/
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For further information please
contact:
Chariot Oil & Gas Limited
Larry Bottomley, CEO +44 (0)20 7318 0450
finnCap (Nominated Adviser
and Joint Broker)
Matt Goode, Christopher Raggett +44 (0)20 7220 0500
Peel Hunt (Joint Broker)
Richard Crichton, Ross Allister +44 (0)20 7418 8900
EMC(2) Advisory (Media Contact)
Natalia Erikssen +44 (0)78 0944 0929
Chariot Oil & Gas Limited
Chief Executive's Review
Throughout the prevailing business environment, Chariot has
continued to follow its strategy of acquiring large acreage
positions in new or frontier basins with the potential for material
discoveries, maturing the portfolio and developing the
prospectivity of these assets and then seeking to partner to drill.
Implementation has been to secure new licences, adopt a prudent
approach to expenditure and ensure that there is a diverse range of
opportunities within the portfolio that offer material potential in
order to attract interest from the majors and large independents.
These components of the strategy have all been demonstrated
recently in the award of Mohammedia, the acquisition of 3D seismic
data in Namibia and Brazil and partnering with Eni in Morocco.
Chariot remains cognisant of the challenges posed by the current
"lower for longer" climate and continues to manage its business
within these parameters. Exploration and development budgets
continue to reduce across the sector and whilst these measures will
ultimately have an impact on the overall supply and demand for oil,
a more immediate effect has been on costs. Chariot has continued to
develop its licences taking advantage of cost reductions thereby
allowing the Company to progress and high grade targets for
drilling throughout this volatile period.
Management maintains a longer term view on the market's appetite
for high quality, material prospects. It has been this focus on
accessing basins with the potential for significant discoveries
which has resulted in a predominantly deeper water portfolio. At
the outset, Chariot selected acreage that could be developed with
current technology, in water depths of less than 2000m, with
prospects that lie in normal pressure and temperature regimes and
in regions unlikely to be affected by challenging metocean
conditions. As a consequence, Chariot's targets will likely fall
into an exploration and development cost regime that, when combined
with material resources and excellent contract terms, makes the
portfolio commercially attractive.
The transformational potential of the asset base was
corroborated by securing Eni as a drilling partner and operator of
the Rabat Deep exploration permits in Morocco as announced in March
2016. Eni is a world-class explorer with significant success in
other regions of Africa. To attract partners of the calibre and
scale of both Woodside and Eni independently validates the
prospectivity of this acreage and the potential economic impact of
a discovery at the JP-1 prospect.
The team continues to actively manage the portfolio, looking to
add acreage with the potential to deliver transformational value
and in June 2016 Chariot secured the Mohammedia Offshore
Exploration Permits I-III in Morocco, which are adjacent to the
Rabat Deep licence. In addition to having significant potential,
Chariot continues to focus on that part of the portfolio with the
capacity to attract drilling partners which is both an important
part of managing risk and of meeting our strategic objectives. As
demonstrated by its previous relinquishments in Morocco and
Namibia, Chariot has maintained this discipline by electing not to
enter into the next phase of exploration for the C-19 licence in
Mauritania. Whilst back cost recoveries enabled the Company to
recoup its seismic costs, this decision was taken in line with
corporate strategy in order to pursue those licences with the
potential to attract partners to join Chariot in drilling these
prospects and plays.
Operational Update
Morocco
Rabat Deep (Operator 50%; Woodside 25%; ONHYM 25%; no remaining
commitments)
The key development within the portfolio over the period was
partnering with Eni in the Rabat Deep permits in Morocco. This
provided Chariot with a capped carry on drilling of the RD-1 well,
targeting the JP-1 prospect (768mmbbls gross mean prospective
resources). All non-governmental conditions precedent have been
satisfied and the process is underway with the Government to
transfer the operatorship to Eni at which time Chariot's equity
position will be 10%.
Mohammedia (Operator 75%; ONHYM 25%; 2D and 3D seismic
commitments)
Chariot was awarded the Mohammedia Offshore Exploration Permits
I-III in June 2016. 2D and 3D seismic programmes will be conducted
across this acreage in 2017. The EIA is underway and seismic
tendering will commence in Q4 2016. Completion of the evaluation of
the legacy 3D seismic data over these permits has confirmed the
prospectivity of the LKP group of prospects with the high graded
LKP-1a prospect reducing in risk. An updated CPR is underway.
Chariot holds a 75% stake in this licence and will look for a
partner to participate in drilling.
Namibia
Central Blocks (Operator 65%, AziNam 20%; NAMCOR 10%; Ignitus
5%; no remaining commitments)
Chariot completed a 2,600km(2) 3D seismic programme in the
Central blocks in February this year. This was acquired over the
western flank of the licence on the outboard high, covering a
number of leads which had been identified by the 2015 2D seismic
survey. Early processed products are of excellent quality and
confirm the potential of the 085b lead identified on the earlier 2D
survey, adding to the previously developed portfolio which includes
Prospect B and Prospect D. The 3D data is currently being processed
and will be interpreted on receipt of the pre-stack depth migrated
data. Further to completion of this work Chariot will look for an
additional partner to drill.
Southern Blocks (Operator 85%; NAMCOR 10%; Quiver 5%; no
remaining commitments)
Integration of the ION NamibiaSPAN 2D seismic survey and
completion of technical studies in the Southern blocks has
identified the high risk, material gas prospect AO1 with a gross
mean prospective resource in excess of 10Tcf (Chariot estimate, a
CPR is underway). A partnering programme has been initiated on the
Southern blocks.
Brazil (Operator 100%; no remaining commitments)
In Brazil, Chariot completed the acquisition of approximately
775km(2) of 3D seismic, covering the licence area at the end of
March. This data is currently being processed and will then be
interpreted in-house. Early processed products display clear
turbidite reservoir geometries extending from the shallow-water
Chariot licences down-dip into the neighbouring block to the north
which has a drilling commitment that will be an important test of
the petroleum system in this part of the basin. Chariot will
undertake a partnering process for drilling post completion of the
interpretation of the 2016 3D seismic data.
Financial Results
The Group is debt free and had a cash balance of US$29.0 million
at 30 June 2016 (US$45.5 million at 30 June 2015; US$39.7 million
at 31 December 2015).
The Group incurred a loss of US$5.4 million for the six months
ended 30 June 2016 compared to US$4.4 million for the six months
ended 30 June 2015. The increase in loss is primarily due to the
relinquishment of the C-19 licence in Mauritania resulting in a
US$5.2 million impairment against previously capitalised costs.
This was partly offset by a reduction in other administrative
expenses and, included within finance income, an unrealised foreign
exchange gain, due to the strengthening of the Brazilian Real, on
cash held as security against licence work commitments.
Other administrative expenses of US$2.0 million, which includes
the costs of reducing head count announced in May 2016, are lower
than last year (30 June 2015: US$2.5 million) mainly due to the 50%
reduction in Board remuneration from May 2015 combined with other
cost savings.
Share-based payments charges of US$0.4 million are lower than
the US$0.6 million incurred for the six months ended 30 June 2015
due to the vesting of historic awards of employee deferred
shares.
Net cash outflow from operating activities before changes in
working capital of US$2.0 million is lower than the US$2.3 million
for the six months ended 30 June 2015 due to cost savings in other
administrative expenses.
Capitalised exploration costs in the period of US$14.3 million
(30 June 2015: US$6.3 million) were funded by existing cash and
working capital movements.
Outlook
Creating value through the drill bit remains Chariot's core
strategic objective. Over the past few years, Chariot has focused
on both portfolio maturation and risk management to position itself
for the longer term and this has resulted in what is developing
into a diverse and extensive drilling inventory. The additional 3D
seismic data acquired in Namibia and Brazil offers the opportunity
to broaden this inventory further to look to continue to attract
industry partners to join Chariot in testing these material
prospects and plays.
With four drill-ready prospects in the portfolio and a well
carry secured, Chariot looks forward to building on these
foundations and the aim, in conjunction with partners, is to drill
three wells in the next two years. Chariot has both a team with
experience in accessing high quality acreage and partnering on
seismic and wells and has built a portfolio of assets with the
potential to create transformational value. We look forward to
continuing to execute on the strategy.
Larry Bottomley
Chief Executive Officer
13 September 2016
Chariot Oil & Gas Limited
Independent review report to Chariot Oil & Gas Limited
Introduction
We have been engaged by the company to review the set of
financial statements in the half-yearly financial report for the
six months ended 30 June 2016 which comprises the consolidated
statement of comprehensive income, the consolidated statement of
changes in equity, the consolidated statement of financial
position, the consolidated cash flow statement and the related
notes.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the set of financial statements.
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 responsible for preparing the
interim report in accordance with the rules of the London Stock
Exchange for companies trading securities on AIM which require that
the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the company's annual
accounts having regard to the accounting standards applicable to
such annual accounts.
Our responsibility
Our responsibility is to express to the company a conclusion on
the set of financial statements in the half-yearly financial report
based on our review.
Our report has been prepared in accordance with the terms of our
engagement to assist the company in meeting the requirements of the
rules of the London Stock Exchange for companies trading securities
on AIM and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon
this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we
hereby expressly disclaim any and all such liability.
Scope of review
We conducted our review in accordance with the International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the set of financial statements in the
half-yearly financial report for the six months ended 30 June 2016
is not prepared, in all material respects, in accordance with the
rules of the London Stock Exchange for companies trading securities
on AIM.
BDO LLP
Chartered Accountants
London
United Kingdom
13 September 2016
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
Chariot Oil & Gas Limited
Consolidated statement of comprehensive income for the six
months ended 30 June 2016
Six months Six months Year ended
ended 30 ended 31 December
June 2016 30 2015
June 2015
US$000 US$000 US$000
Notes Unaudited Unaudited Audited
Share based payments (428) (607) (1,104)
Provision against inventory - - (6,559)
Impairment of exploration
asset 4 (5,173) - -
Other administrative
expenses (2,012) (2,483) (4,357)
------------------------------ ------- -------------- -------------- ---------------
Total operating expenses (7,613) (3,090) (12,020)
------------------------------ ------- -------------- -------------- ---------------
Loss from operations (7,613) (3,090) (12,020)
Finance income 2,298 704 1,303
Finance expense - (1,849) (3,943)
------------------------------ ------- -------------- -------------- ---------------
Loss for the period
before taxation (5,315) (4,235) (14,660)
Tax expense (62) (154) (244)
------------------------------ ------- -------------- -------------- ---------------
Loss for the period
and total comprehensive
loss for the period
attributable to equity
owners of the parent (5,377) (4,389) (14,904)
------------------------------ ------- -------------- -------------- ---------------
Loss per ordinary share 3 US$(0.02) US$(0.02) US$(0.06)
attributable to the
equity holders of the
parent - basic and diluted
------------------------------ ------- -------------- -------------- ---------------
Chariot Oil & Gas Limited
Consolidated statement of changes in equity for the six months
ended 30 June 2016
Share Total
based Foreign attributable
Share Share Contributed payment exchange Retained to equity
capital premium equity reserve reserve deficit holders of
the parent
US$000 US$000 US$000 US$000 US$000 US$000 US$000
---------------- ------------ ------------ -------------- ------------ ------------ ------------ --------------
For the six
months ended
30 June 2016
(unaudited)
As at 1
January 2016 4,811 339,654 796 4,280 (1,241) (200,049) 148,251
Loss and total
comprehensive
loss for the
period - - - - - (5,377) (5,377)
Share based
payments - - - 428 - - 428
Transfer of
reserves due
to issue of
LTIPS 46 644 - (690) - - -
As at 30 June
2016 4,857 340,298 796 4,018 (1,241) (205,426) 143,302
---------------- ------------ ------------ -------------- ------------ ------------ ------------ --------------
For the six
months ended
30 June 2015
(unaudited)
As at 1
January 2015 4,779 338,348 796 4,514 (1,241) (185,145) 162,051
Loss and total
comprehensive
loss for the
period - - - - - (4,389) (4,389)
Share based
payments - - - 607 - - 607
As at 30 June
2015 4,779 338,348 796 5,121 (1,241) (189,534) 158,269
---------------- ------------ ------------ -------------- ------------ ------------ ------------ --------------
For the year ended 31 December 2015
(audited)
As at 1 January 2015 4,779 338,348 796 4,514 (1,241) (185,145) 162,051
Loss and total comprehensive loss for the
year - - - - - (14,904) (14,904)
Share based payments - - - 1,104 - - 1,104
Transfer of reserves due to issue of LTIPS 32 1,306 - (1,338) - - -
As at 31 December 2015 4,811 339,654 796 4,280 (1,241) (200,049) 148,251
-------------------------------------------- ------- --------- ----- --------- --------- ----------- ----------
Chariot Oil & Gas Limited
Consolidated statement of financial position as at 30 June
2016
30 June 30 June 31 December
2016 2015 2015
US$000 US$000 US$000
Notes Unaudited Unaudited Audited
Non-current assets
Exploration and appraisal
costs 4 117,545 106,067 108,438
Property, plant and
equipment 40 204 62
------------------------------ ------- ----------- ----------- -------------
Total non-current assets 117,585 106,271 108,500
------------------------------ ------- ----------- ----------- -------------
Current assets
Trade and other receivables 1,850 1,432 1,306
Inventory 938 7,462 938
Cash and cash equivalents 5 29,036 45,521 39,713
------------------------------ ------- ----------- ----------- -------------
Total current assets 31,824 54,415 41,957
------------------------------ ------- ----------- ----------- -------------
Total assets 149,409 160,686 150,457
------------------------------ ------- ----------- ----------- -------------
Current liabilities
Trade and other payables 6,107 2,417 2,206
Total current liabilities 6,107 2,417 2,206
------------------------------ ------- ----------- ----------- -------------
Total liabilities 6,107 2,417 2,206
------------------------------ ------- ----------- ----------- -------------
Net assets 143,302 158,269 148,251
------------------------------ ------- ----------- ----------- -------------
Capital and reserves
attributable to equity
holders of the parent
Share capital 6 4,857 4,779 4,811
Share premium 340,298 338,348 339,654
Contributed equity 796 796 796
Share based payment
reserve 4,018 5,121 4,280
Foreign exchange reserve (1,241) (1,241) (1,241)
Retained deficit (205,426) (189,534) (200,049)
------------------------------ ------- ----------- ----------- -------------
Total equity 143,302 158,269 148,251
------------------------------ ------- ----------- ----------- -------------
Chariot Oil & Gas Limited
Consolidated cash flow statement for the six months ended 30
June 2016
Six months Six months Year ended
ended ended 31 December
30 30 June 2015
June 2016 2015
US$000 US$000 US$000
Unaudited Unaudited Audited
------------------------------------ -------------- -------------- ---------------
Operating activities
Loss for the period before
taxation (5,315) (4,235) (14,660)
Adjustments for:
Finance income (2,298) (704) (1,303)
Finance expense - 1,849 3,943
Depreciation 23 153 301
Share based payments 428 607 1,104
Provision against inventory - - 6,559
Impairment of exploration 5,173 - -
asset
------------------------------------ -------------- -------------- ---------------
Net cash outflow from operating
activities before changes
in working capital (1,989) (2,330) (4,056)
(Increase) / decrease in
trade and other receivables (586) 70 (20)
Increase / (decrease) in
trade and other payables 1,144 (622) (705)
Increase in inventories - (19) (70)
------------------------------------ -------------- -------------- ---------------
Cash outflow from operating
activities (1,431) (2,901) (4,851)
Tax payment (67) (164) (276)
------------------------------------ -------------- -------------- ---------------
Net cash outflow from operating
activities (1,498) (3,065) (5,127)
------------------------------------ -------------- -------------- ---------------
Investing activities
Finance income 616 708 1,306
Payments in respect of property,
plant and equipment (1) (15) (21)
Farm-in proceeds - 1,731 1,866
Payments in respect of intangible
assets (11,484) (5,471) (7,850)
Net cash outflow used in
investing activities (10,869) (3,047) (4,699)
------------------------------------ -------------- -------------- ---------------
Net decrease in cash and
cash equivalents in the
period (12,367) (6,112) (9,826)
Cash and cash equivalents
at start of the period 39,713 53,482 53,482
Effect of foreign exchange
rate changes on cash and
cash equivalent 1,690 (1,849) (3,943)
Cash and cash equivalents
at end of the period 29,036 45,521 39,713
------------------------------------ -------------- -------------- ---------------
Chariot Oil & Gas Limited
Notes to the interim financial statements for the six months
ended 30 June 2016
1. Accounting policies
Basis of preparation
The interim financial statements have been prepared using
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 EU.
The interim financial information has been prepared using the
accounting policies which were applied in the Group's statutory
financial statements for the year ended 31 December 2015. The Group
has not adopted IAS 34: Interim Financial Reporting in the
preparation of the interim financial statements.
There has been no impact on the Group of any new standards,
amendments or interpretations that have become effective in the
period. The Group has not early adopted any new standards,
amendments or interpretations.
2. Financial reporting period
The interim financial information for the period 1 January 2016
to 30 June 2016 is unaudited but was the subject of an independent
review carried out by the Company's auditors, BDO LLP. The
financial statements also incorporate the unaudited figures for the
interim period 1 January 2015 to 30 June 2015 and the audited
figures for the year ended 31 December 2015.
The financial information contained in this interim report does
not constitute statutory accounts as defined by sections 243-245 of
the Companies (Guernsey) Law 2008.
The figures for the year ended 31 December 2015 are not the
Group's full statutory accounts for that year. The auditors' report
on those accounts was unqualified, did not contain references to
matters to which the auditors drew attention by way of emphasis and
did not contain a statement under section 263 (3) of the Companies
(Guernsey) Law 2008.
3. Loss per share
The calculation of the basic earnings per share is based on the
loss attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period.
Six months Six months Year ended
ended 30 ended 30 31 December
June 2016 June 2015 2015
-------------------------- ------------- ------------- --------------
Loss for the period
US$000 (5,377) (4,389) (14,904)
-------------------------- ------------- ------------- --------------
Weighted average number
of shares 264,581,961 262,294,113 263,131,736
-------------------------- ------------- ------------- --------------
Loss per share, basic US$(0.02) US$(0.02) US$(0.06)
and diluted*
-------------------------- ------------- ------------- --------------
*Inclusion of the potential ordinary shares would result in a
decrease in the loss per share and, as such, is considered to be
anti-dilutive. Consequently a separate diluted loss per share has
not been presented.
4. Exploration and appraisal costs
Six months ended 30 June Six months ended 30 June 2015 Year
2016 ended 31 December 2015
-------------------------- ------------------------------ ------------------------------- -------------------------
US$000 US$000 US$000
-------------------------- ------------------------------ ------------------------------- -------------------------
Balance brought forward 108,438 101,251 101,251
-------------------------- ------------------------------ ------------------------------- -------------------------
Additions 14,280 6,256 8,627
-------------------------- ------------------------------ ------------------------------- -------------------------
Farm-in proceeds - (1,440) (1,440)
-------------------------- ------------------------------ ------------------------------- -------------------------
Impairment (5,173) - -
-------------------------- ------------------------------ ------------------------------- -------------------------
Net book value 117,545 106,067 108,438
-------------------------- ------------------------------ ------------------------------- -------------------------
As at 30 June 2016 the net book values of the five cost pools
are Central Blocks offshore Namibia US$49.0m (31 December 2015:
US$44.5m), Southern Blocks offshore Namibia US$50.6m (31 December
2015: US$50.1m), Mauritania US$Nil (31 December 2015: US$4.9m),
Morocco US$4.6m (31 December 2015: US$4.1m) and Brazil US$13.3m (31
December 2015: US$4.8m).
Farm-in proceeds are in relation to the farm-out of 25% of the
Rabat Deep Offshore permits I-IV, Morocco, to a wholly owned
subsidiary of Woodside Petroleum Limited, which completed on 23
December 2014.
As announced on 16 June 2016 the Company has elected not to
enter into the First Renewal Phase of the C-19 licence in
Mauritania causing an impairment of US$5.2m.
5. Cash and cash equivalents
As at 30 June 2016 the cash balance of US$29.0m (31 December
2015: US$39.7m) contains the following cash deposits that are
secured against bank guarantees given in respect of exploration
work to be carried out:
30 June 2016 30 June 2015 31 December 2015
------------------------- -------------- -------------- ------------------
US$000 US$000 US$000
------------------------- -------------- -------------- ------------------
Brazilian licences 8,709 9,093 7,216
------------------------- -------------- -------------- ------------------
Mauritanian licence - 611 611
------------------------- -------------- -------------- ------------------
Moroccan licences 2,750 1,400 2,900
------------------------- -------------- -------------- ------------------
Namibian 2714B licence 300 300 300
------------------------- -------------- -------------- ------------------
11,759 11,404 11,027
------------------------- -------------- -------------- ------------------
The funds are freely transferrable but alternative collateral
would need to be put in place to replace the cash security.
6. Share capital
Allotted, called up and fully paid
----------- ------------------------------------------------------------------------------------
At 30 At 30 At 30 At 30 At 31 At 31
June 2016 June June June December December
2016 2015 2015 2015 2015
----------- --------------- --------- --------------- --------- --------------- -----------
Number US$000 Number US$000 Number US$000
----------- --------------- --------- --------------- --------- --------------- -----------
Ordinary
shares
of 1p
each 267,247,191 4,857 262,294,113 4,779 264,274,904 4,811
----------- --------------- --------- --------------- --------- --------------- -----------
Details of the Ordinary shares issued during the six month
period to 30 June 2016 are given in the table below:
Date Description Price No of shares
US$
--------------- ------------------- ------- --------------
1 January
2016 Opening Balance 264,274,904
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.34 337,663
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.14 778,475
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.26 695,653
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.33 41,666
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 1.25 13,334
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.50 35,772
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.13 50,542
--------------- ------------------- ------- --------------
Issue of shares
7 June 2016 as part of LTIP 0.24 127,876
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.50 114,904
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.33 133,333
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.14 109,375
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.11 186,254
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.18 231,885
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.20 80,000
--------------- ------------------- ------- --------------
Issue of shares
21 June 2016 as part of LTIP 0.12 35,555
--------------- ------------------- ------- --------------
30 June 2016 267,247,191
------------------------------------ ------- --------------
The ordinary shares have a nominal value of 1p. The share
capital has been translated at the historic rate at the date of
issue, or, in the case of the LTIP, the date of grant.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VXLFFQKFFBBF
(END) Dow Jones Newswires
September 14, 2016 02:00 ET (06:00 GMT)