TIDMGDL
RNS Number : 2576P
Greka Drilling Limited
30 September 2013
30 September 2013
Greka Drilling Limited
("Greka Drilling" or "the Company")
Interim Results
Greka Drilling Limited (AIM: GDL), the largest independent and
specialized unconventional gas driller in China, is pleased to
announce its results for the half year ended 30 June 2013.
FINANCIAL HIGHLIGHTS
-- Revenue of US$14.4m (H1 2012: US$28.3m)
--Loss of US$2.4m (H1 2012: profit of US$0.7m)
OPERATIONAL HIGHLIGHTS
--36,347 meters drilled, compared to 57,997 meters drilled in
the same period 2012; the experience gained in the area allowed the
Company to drill LiFaBriC wells with fewer branches reducing
meterage
-- Vertical wells averaged 25 drilling days versus 37 days in
the same period in 2012
-- Horizontal wells averaged 87 drilling days (radius bend and
lateral section)
--Directional wells averaged 20 days; deepest well 1,076m
Measured Depth ("MD")
--LiFaBriC wells averaged 61 days improving on previous Company
guidance of 90 days. Longest and deepest LiFaBriC well drilled:
1,917m MD and 1,040m True Vertical Depth
--9,286 man-hours of employee training
--Significant stand-by and down time due to customer
transition
CUSTOMER OVERVIEW
--Green Dragon Gas, historically the largest client, curtailed
its drilling program in the first half of the year until the
favorable conclusion of its title issues. These have now been
resolved and the Company has recommitted itself to reaching its
production targets of 18bcf.
--CNPC Huabei Changzhi (CBM) has planned to drill 300 wells in
its Anze Block, Shanxi Province. A total of 110 are targeted for
this year. Of this program, the Company has completed two
directional wells till date. In addition, an exploration well will
be drilled by rig GD75-21 and a Horizontal well will be drilled by
rig GD75-25. Following the results of these two wells, the Company
expects to be awarded an additional 70 wells planned by CNPC Huabei
Changzhi from their total program for this year.
--CNPC Huabei Jincheng (CBM) has contracted the Company to drill
at its Jincheng Block, Shanxi Province in two locations. The
Company successfully completed a LiFaBriC well earlier in the year
which is currently on production and being evaluated. Presently,
the Company is drilling a four directional well program using
GD75-23, of which the second directional is currently being
drilled.
--Sinopec Huadong CBM (BOFA) contracted the Company for one year
program to drill 50 wells at Jixian, Shanxi Province. Sinopec
Huadong CBM has a 3,000 well program with 600 wells in total
planned for this year. Rig GD75-22, supported by Rig GS685-2, has
completed three wells till date and the fourth is being currently
drilled. During these test wells, the Company's performance
continued to improve. The TVD for the third well was 1,214 m and
the MD was 1,292 m. This was achieved in 10 days from spud to
completion and compares with 19 days for the first, with a TVD of
1,225 m and MD 1,341 m. The Company expects to continue the
drilling program and, subject to agreement with the client on
drilling locations, drill the balance of the one year program as
planned.
--Sinopec Huabei (Petroking) has planned for a 50 well program
during the current exploration phase for unconventional oil within
the Xunyi Block, Shaanxi. The Company is under contract to drill
100 wells subject to successful drilling of the first 20 drilled
across the Sinopec Huabei acreage inclusive of the Xunyi Block. The
Company!--s GD75-12 and GD75-14 are currently drilling under this
program. Rig GD75-14 has completed one directional well and is
currently drilling the second directional well of a seven well
program. Additionally, GD75-12 spud the first Horizontal Well on
1(st) August which is currently being drilled in co-operation with
Sinopec engineers.
Randeep Grewal, Chairman and Chief Executive of Greka Drilling,
commented:
"Our objective of diversifying the client base was well executed
with current drilling activities progressing under five different
customer contracts.
Notwithstanding the positive transition to a diverse client
base, our historically predominant client, Green Dragon Gas,
curtailed its drilling program. This negatively impacted our first
half results but we are pleased that they have re-engaged in their
programme, using Greka Drilling as their drilling partner. Whilst
the success achieved in diversifying away from a single client has
been a success, the time taken to fully capitalize on the increased
customer base did not offset the effects of losses from the
drilling campaign from the first customer. We expect to continue
into 2014 with this diversified client base and a strong
backlog."
For further information on Greka Drilling, please refer to the
website at www.grekadrilling.com or contact:
Stephen Hill, VP Corporate Communications
Greka Drilling +852 3710 0108
Dr Azhic Basirov / David Jones
Nomad
Smith & Williamson +44 20 7131 4000
Steve Baldwin / Nicholas Harland
Broker
Macquarie Capital (Europe) +44 20 3037 2000
Tan Jeh Wuan
Financial Adviser
DBS Bank - Singapore +65 6878 5353
James Henderson / Nick Lambert / Rollo
Crichton-Stuart
Investor Relations
Pelham Bell Pottinger +44 20 7861 3232
CHAIRMAN'S STATEMENT
This year will be remembered as a year of transition and growth
for the Company towards its independence from its predecessor
parent Green Dragon. The transition, as with most, requires
managing the related collateral issues which is precisely what the
business did during the first half and will continue to during the
course of rest of this year.
The Company did very well in penetrating the Chinese E&P
market and is quickly being acknowledged as a viable drilling
contractor with an environmentally progressive, and technologically
advanced efficient drilling service. Our rigs are currently on
China National Petroleum Corporation, Sinopec and Petrochina blocks
which are the three largest on-shore E&P companies in China.
Within this diverse customer base, we are drilling Coal Bed Methane
vertical, directional, horizontal and LiFaBriC wells as well as
directional and horizontal wells in Shale Oil & Gas. These
clients have continuous large drilling campaigns across their
various assets and thus the initial acceptance of Greka Drilling
this year on a trial basis presents the foundation for significant
growth potential in the years to come.
Our transition from a single client, Green Dragon, onto a
broader client base and varied geologies is complete. The technical
aptitude and competency of the Company's staff and equipment has
been proved.
Notwithstanding the positive transition to a broader client
base, our historically predominant client curtailed its drilling
program which negatively impacted our first half results. In
essence, the single client exposure crystallized and whilst we have
gained new clients, the scale of the new business was not
sufficient to offset the fall in Green Dragon's drilling
We expect the trial and exploration activities for our new
clients to continue rest of this year as they did during the first
half. We expect to enter 2014 with a significant backlog with all
our five clients which is expected to be diversified in geology,
geography and drilling service. We look forward to such
diversification to mitigate concentration risk and achieve a higher
utilization rate from our drilling rigs next year than in this
transitional year.
Randeep S. Grewal
Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2012
2013 2012
US$'000 US$'000 US$'000
Note Unaudited Unaudited Audited
------------------------------------ ----- ----------- ----------- -------------
Revenue 3 14,408 28,255 60,918
Cost of sales 3 (13,693) (21,986) (48,459)
------------------------------------ ----- ----------- ----------- -------------
Gross profit 715 6,269 12,459
Foreign exchange (losses)/gains 1,609 (183) 314
Administrative expenses (4,440) (4,100) (8,047)
------------------------------------ ----- ----------- ----------- -------------
Total administrative expenses (2,831) (4,283) (7,733)
(Loss)/Profit from operations (2,116) 1,986 4,726
Finance income 4 18 4 53
Finance costs 5 (709) (631) (1,322)
------------------------------------ ----- ----------- ----------- -------------
(Loss) / Profit before
income tax (2,807) 1,359 3,457
Income tax charge 6 427 (689) (1,625)
------------------------------------ ----- ----------- ----------- -------------
(Loss) / Profit for the
year (2,380) 670 1,832
Other comprehensive income:
Exchange differences on
translation of foreign
operations (374) 68 (8)
------------------------------------ ----- ----------- ----------- -------------
Total comprehensive income
for the year (2,754) 738 1,824
------------------------------------ ----- ----------- ----------- -------------
Profit for the period attributable
to:
- Owners of the company (2,364) 670 1,831
- Non-controlling interests (16) 0 1
------------------------------------ ----- ----------- ----------- -------------
(2,380) 670 1,832
------------------------------------ ----- ----------- ----------- -------------
Total comprehensive income
attributable to:
- Owners of the company (2,758) 738 1,825
- Non-controlling interests 4 (1)
------------------------------------ ----- ----------- ----------- -------------
(2,754) 738 1,824
------------------------------------ ----- ----------- ----------- -------------
Earnings per share
- Basic and diluted (in
Cents) 7 (0.59) 0.17 0.46
==================================== ===== =========== =========== =============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at As at 31
30 June 30 June December
2013 2012 2012
US$'000 US$'000 US$'000
Note Unaudited Unaudited Audited
----------------------------- ----- ------------ ------------ ------------
Assets
Non-current assets
Property, plant and
equipment 8 92,133 89,924 93,135
Intangible assets 567 595 581
Deferred tax asset 9 1,341 0 -
----------------------------- ----- ------------ ------------ ------------
94,041 90,519 93,716
----------------------------- ----- ------------ ------------ ------------
Current assets
Inventories 10 12,605 11,159 12,189
Trade and other receivables 11 9,716 14,045 5,016
Cash and bank balances 12 8,587 7,290 3,139
----------------------------- ----- ------------ ------------ ------------
30,908 32,494 20,344
----------------------------- ----- ------------ ------------ ------------
Total assets 124,949 123,013 114,060
----------------------------- ----- ------------ ------------ ------------
Liabilities
Current liabilities
Trade and other payables 13 20,442 17,065 22,491
Loans and borrowings 14 25,653 10,672 11,932
Notes payable 15 1,436 2,617 -
Current tax liabilities - 580 234
----------------------------- ----- ------------ ------------ ------------
47,531 30,934 34,657
----------------------------- ----- ------------ ------------ ------------
Non current liabilities
Long term payable - 1,284 -
Working facility 12,931 -
Deferred tax liabilities 1,222 - 453
----------------------------- ----- ------------ ------------ ------------
1,222 14,215 453
Total net assets 76,196 77,864 78,950
----------------------------- ----- ------------ ------------ ------------
Capital and reserves
Share capital 4 4 4
Capital reserve 77,186 77,186 77,186
Invested capital (1,533) (1,533) (1,533)
Reserve fund 917 595 917
Foreign exchange reserve 1,198 1,667 1,592
Retained earnings (1,191) 334 1,173
----------------------------- ----- ------------ ------------ ------------
Total equity/(deficit)
attributable to owners
of the Company 76,581 78,253 79,339
Non-controlling interests (385) (389) (389)
----------------------------- ----- ------------ ------------ ------------
Total Equity 76,196 77,864 78,950
----------------------------- ----- ------------ ------------ ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity
attributable
Foreign to owners
Share Share Invested Reserve exchange Retained of the Non-controlling
capital premium capital fund reserve deficit Company interests Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- -------- -------- --------- --------- ---------- ------------ ------------- ---------------- --------
At 31 December
2011 4 77,186 (1,533) 595 1,599 (336) 77,515 (389) 77,126
Profit for the
period 670 670 - 670
Other
comprehensive
income:
- Exchange
difference
on
translation
of foreign
operations 68 68 68
--------------- -------- -------- --------- --------- ---------- ------------ ------------- ---------------- --------
Total
comprehensive
income for
the year 0 68 670 738 0 738
At 30 June
2012 4 77,186 (1,533) 595 1,667 334 78,253 (389) 77,864
Profit for the
period 1,161 1,161 1 1,162
Other
comprehensive
income:
- Exchange
difference
on
translation
of foreign
operations (75) (75) (1) (76)
--------------- -------- -------- --------- --------- ---------- ------------ ------------- ---------------- --------
Total
comprehensive
income for
the period 0 0 0 0 (75) 1,161 1,086 0 1,086
Transfer of
reserve fund 322 (322)
--------------- -------- -------- --------- --------- ---------- ------------ ------------- ---------------- --------
At 31 December
2012 4 77,186 (1,533) 917 1,592 1,173 79,339 (389) 78,950
Profit for the
period (2,364) (2,364) (16) (2,380)
Other
comprehensive
income:
- Exchange
difference
on
translation
of foreign
operations (394) (394) 20 (374)
--------------- -------- -------- --------- --------- ---------- ------------ ------------- ---------------- --------
Total
comprehensive
income for
the period 0 0 0 0 (394) (2,364) (2,758) 4 (2,754)
At 30 June
2013 4 77,186 (1,533) 917 1,198 (1,191) 76,581 (385) 76,196
CONSOLIDATED STATEMENT OF CASH FLOWS
Six months Six months Year ended
ended 30 June ended 30 31 December
2013 June 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
------------------------------------ -------------------- -------------- -------------
Operating activities:
(Loss)/profit before income
tax (2,807) 1,359 3,457
Adjustments for:
Depreciation 2,559 3,533 7,079
Amortization of other intangible
assets 37 32 68
Loss on disposal of property,
plant and equipment - - 435
Finance income (18) (4) (53)
Finance costs 709 631 1,322
------------------------------------ -------------------- -------------- -------------
Operating cash flows before
changes in working capital 480 5,551 12,308
Increase in inventories (206) (2,039) (3,034)
Increase in accounts receivable (292) (6,036) (636)
Increase in other receivables (939) 20,979 (1,140)
Increase in trade and other
payables (1,063) 11,989 13,497
------------------------------------ -------------------- -------------- -------------
Cash generated from operations (2,020) 30,444 20,995
Income tax payment (359) (387) (1,229)
------------------------------------ -------------------- -------------- -------------
Net cash from operating activities (2,379) 30,057 19,766
------------------------------------ -------------------- -------------- -------------
Investing activities:
Payments for purchase of
property, plant and equipment (35) (50,392) (31,250)
Payments for intangible assets (14) (105) (123)
Transfers to restricted cash (6,189) - (977)
Interest received 18 4 53
------------------------------------ -------------------- -------------- -------------
Net cash used in investing
activities (6,220) (50,493) (32,297)
------------------------------------ -------------------- -------------- -------------
Financing activities
Proceeds from the issue of - - -
share capital
Proceeds of loan 13,514 21,196 18,296
Repayment of short term loan - - (8,353)
Finance costs paid (566) (158) (1,478)
------------------------------------ -------------------- -------------- -------------
Net cash (used in) /from
financing activities 12,948 21,038 8,465
------------------------------------ -------------------- -------------- -------------
Net (decrease)/increase in
cash and cash equivalents 4,349 602 (4,066)
Cash and cash equivalents
at the beginning of the year 2,162 6,559 6,559
------------------------------------ -------------------- -------------- -------------
6,511 7,161 2,493
Effect of foreign exchange
rate changes (5,107) 129 (331)
------------------------------------ -------------------- -------------- -------------
Cash and cash equivalents
at end of period 1,404 7,290 2,162
==================================== ==================== ============== =============
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
The consolidated unaudited interim financial information set out
in this report is based on the consolidated financial statements of
Greka Drilling and its subsidiary companies (together referred to
as the "Group"). The consolidated financial information should be
read in conjunction with the annual financial statements for the
year ended 31 December 2012, which have been prepared in accordance
with International Financial Reporting Standards (IFRS and IFRIC
interpretations) issued by the International Accounting Standards
Board except for IAS 34. The consolidated financial statements of
the Group for the 6 months ended 30 June 2013 were approved and
authorized for issue by the Audit Committee and the Board on 29
September 2013.
2. ACCOUNTING POLICIES
The consolidated financial information for the six months ended
30 June 2013 and 30 June 2012 is unaudited and does not constitute
the Group!--s statutory financial statements for those periods. The
consolidated financial information should be read in conjunction
with the annual financial statements for the year ended 31 December
2012, which have been prepared in accordance with IFRSs as adopted
by the European Union. The Group have changed the estimate of the
useful economic life of certain assets from a fixed period to an
activity day basis. All other accounting policies and estimates are
consistent with the annual financial statements for the year ended
31 December 2012.
Basis of preparation
After making enquiries, the directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the half-yearly consolidated financial statements.
The consolidated financial information is presented in United
States dollars and all values are rounded to the nearest thousand
dollars (US$'000) except when otherwise indicated.
The consolidated financial information has been prepared in
accordance with the requirements of the AIM Rules for Companies and
in accordance with this basis of preparation. The basis of
preparation describes how the financial information has been
prepared in accordance with IFRSs except as described above.
Except as described above, the consolidated financial
information has been prepared in accordance with IFRSs as adopted
by the European Union, that are effective for accounting periods
beginning on or after 1 January 2012. The principal accounting
policies adopted in the preparation of the financial information
are set out below. The policies have been consistently applied to
all the years presented, unless otherwise stated.
The preparation of consolidated financial information in
conformity with IFRSs requires the use of certain critical
accounting estimates. It also requires management to exercise its
judgment in the process of applying the Group!--s accounting
policies. The areas involving a higher degree of judgment or
complexity or areas where assumptions and estimates are significant
to the financial information are disclosed in note 2 to the
financial information. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognized in
the period in which the estimate is revised if the revision only
affects that period or in the period of revision and future periods
if the revision affects both current and future periods.
3. REVENUE AND SEGMENTAL INFORMATION
The Group has one reportable segment as set out below. The
operating results are regularly reviewed by the Group!--s chief
operating decision-makers (!degCODMs!+/-) that are used to make
strategic decisions.
Drilling services revenue represents the net invoiced value of
contract drilling services provided to one customer. The amounts of
each significant category of revenue recognized during the periods
ended 30 June 2013, 31 December 2012 and 30 June 2012 are as
follows:
Six months ended Six months ended Year ended 31
30 June 2013 30 June 2012 December 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Segment revenue 14,408 28,255 60,918
Cost of sales (13,693) (21,986) (48,459)
----------------------- ----------------------- -----------------------
Gross profit 715 6,269 12,459
4. FINANCE INCOME
Six months Six months Year ended
ended 30 ended 30 31 December
June 2013 June 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Bank interest 18 4 53
----------- ----------- ------------
5. FINANCE COSTS
Six months Six months Year ended
ended 30 ended 30 31 December
June 2012 June 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Interest expense on short term
loans 709 198 631
Interest expense on loans from
a related company - 433 847
Less: Interest expenses capitalized - - (156)
----------- ----------- ------------
709 631 1,322
6. TAXATION
Taxation for the Group!--s operations in the PRC is provided at
the applicable current tax rate of 25% on the estimated assessable
profits for the period.
Six months Six months Year ended
ended 30 ended 30 31 December
June 2013 June 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Current tax
Charges for current period - 610 1,546
Under provision in prior year 81 79 79
Deferred tax (508) - -
-
Total tax (credit)/charge (427) 689 1,625
The reasons for the difference between the actual tax charge for
the periods and the standard rate of corporation tax in the Cayman
Islands applied to the (loss)/profit for the periods are as
follows:
Six months Six months Year ended
ended 30 ended 30 31 December
June 2013 June 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
(Loss)/profit before
income tax (2,807) 1,359 3,457
Expected tax charge -
based on the
standard
rate of corporation
tax in the Cayman
Islands of 0% -
Effect of:
Different tax rates
applied in overseas
jurisdictions (702) 340 864
Tax effect of
revenue
not taxable for tax
purposes
Tax effect of
expenses
not deductible for
tax purposes 194 270 682
Tax losses not
recognized
Under/(over)
provision
in respect of prior
year 81 79 79
Income tax
(credit)/charge (427 ) 689 1,625
7. EARNINGS PER SHARE
Six months Six months Year ended
ended 30 ended 30 31 December
June 2013 June 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Earnings for the purpose of
basic (loss)/profit per share (2,364) 670 1,831
-------------------------- -------------------------- ------------------------
Weighted average number of
ordinary shares 398,245,758 398,245,758 398,245,758
-------------------------- -------------------------- ------------------------
Basic earnings per share is based on the loss for the period
US$2,364,055 (first half 2012: profit for the period, US$670,649)
and the weighted average number of 398,245,758 ordinary shares in
issue during each period.
In accordance with IAS 33 the weighted average number of shares
for prior periods has been adjusted as if the Group reconstruction
occurred at 1 January 2010.
8. PROPERTY, PLANT AND EQUIPMENT
During the period, the Group incurred approximately US$209,000
on additions to plant and equipment (30 June 2012- US$51,661,809,
31 December 2012 - US$57,096,000).
9. DEFERRED TAXATION
As at As at As at
30 June 30 June 31 December
2013 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Deferred tax assets
at the beginning of the year - -
Additional temporary differences 1,341 - -
Reversal of temporary differences - - -
------------------------ --------------------------- ---------------------------
At the end of the period 1,341 - -
There were no unrecognized deferred tax assets or liabilities in
the period.
10. INVENTORIES
As at As at As at
30 June 30 June 31 December
2013 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Raw materials and consumables 12,605 11,046 12,189
Work-in-progress - 113 -
----------------------- ----------------------- ----------------------
12,605 11,159 12,189
----------------------- ----------------------- ----------------------
11. TRADE AND OTHER RECEIVABLES
As at As at As at
30 June 30 June 31 December
2013 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Account receivable 358 - 636
Prepayments 916 4,590 1,200
Other receivables 1,642 424 392
Amount due from related parties 6,800 9,031 2,788
----------- ----------- ------------
9,716 14,045 5,016
12. CASH AND CASH EQUIVALENTS
As at As at As at
30 June 30 June 31 December
2013 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Cash and Cash Equivalents(Un-restrict) 1,404 7,290 2,162
Cash and Cash Equivalents(restrict) 7,183 - 977
---------- ---------- --------------
8,587 7,290 3,139
The restrict cash and cash equivalents: During the period, the
Group has US$7.2m restrict cash and cash equivalent, of which,
US$1.4m deposit for Acceptance of Draft and US$5.8m deposit for
bank loan.(Dec 31,2012-US$977 deposit for Acceptance of Draft).
13. TRADE AND OTHER PAYABLES
As at As at As at
30 June 30 June 31 December
2013 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Trade payables 18,933 14,954 21,201
Other payables 1,509 2,111 1,156
Amount due to related parties - - 134
----------- ----------- ------------
20,442 17,065 22,491
14. LOANS AND BORROWINGS
As at As at As at
30 June 30 June 31 December
2013 2012 2012
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Bank loans - secured 25,653 10,672 11,932
---------- ---------- ------------
Bank name Period Balance Interest Repayment New loan Balance Mortgage
as at Dec rate as at
31,2012 June
30,2013
--------------- -------- ---------- --------- -------------------------- --------------------------- ---------- ---------
US$!--000 Date Amount:US$'000 Date Amount:US$'000 US$!--000
--------------- -------- ---------- --------- --------- --------------- ---------- --------------- ---------- ---------
One
CITIC Bank year 2,386 6.90% 3/1/2013 (2,386) 3/4/2013 2,428 2,428 Building
--------------- -------- ---------- --------- --------- --------------- ---------- --------------- ---------- ---------
One
SPD Bank year 3,182 6.90% 3,237 Building
--------------- -------- ---------- --------- --------- --------------- ---------- --------------- ---------- ---------
6
SPD Bank months 6,364 6.90% 3/8/2013 (6,364) 3/22/2013 6,474 6,474 11 rigs
--------------- -------- ---------- --------- --------- --------------- ---------- --------------- ---------- ---------
Yunnan
International
Trust CO., One Time
LTD year -- 5.90% 3/26/2013 4,046 4,046 deposit
--------------- -------- ---------- --------- --------- --------------- ---------- --------------- ---------- ---------
One
Ping An Bank year -- 7.20% 2/1/2013 8,092 8,092 14 rigs
--------------- -------- ---------- --------- --------- --------------- ---------- --------------- ---------- ---------
One Time
Ping An Bank year -- 6.00% 5/24/2013 1,376 1,376 deposit
--------------- -------- ---------- --------- --------- --------------- ---------- --------------- ---------- ---------
Total 11,932 25,653
------------------------- ---------- --------- --------- --------------- ---------- --------------- ---------- ---------
15. NOTES PAYABLE
The Company issued US$1,436,058 bank notes with 6-months period
to suppliers for purchasing drilling equipment with same money
security.
16. RELATED PARTY TRANSACTIONS
Save as disclosed in notes 11 and 13, there were no other
related party transactions that are required to be disclosed.
Transactions between the Company and its subsidiary undertakings
which are related parties, have been eliminated on consolidation
and are not disclosed in this note.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BBGDCUBXBGXG
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