TIDMORCP
RNS Number : 5849N
Oracle Coalfields PLC
05 September 2011
5th September 2011
Oracle Coalfields PLC Group
("Oracle" or "the Company")
Interim Results for the six months to 30th June 2011
Oracle Coalfields (AIM:ORCP), the UK developer of a 1.4 billion
tonne coal resource in the south-eastern desert of the Sindh
Province, Pakistan, today announces its half year results for the
six months to 30th June 2011.
Highlights
-- Listed on the London Stock Exchange's Alternative Investment
Market (AIM) on the 20th April 2011
-- Successful fundraising of GBP3 million through a placing of
30 million ordinary shares
-- Strengthened management team
-- Appointment of Adrian Loader as Chairman of the Board
Commenting on the results, Shahrukh Khan, Chief Executive
Officer of Oracle, said: "We were delighted to have listed on AIM
on the 20th April 2011. We were oversubscribed and have sufficient
funds to meet the working capital requirements and completion of
the feasibility study, although further funding will be required to
develop Block VI of the Thar Coal mine. We are currently finalising
the Definitive Feasibility Study as well as applying for our Mining
Lease, and look forward to keeping shareholders informed of our
progress as we develop the project."
-Ends -
ENQUIRIES:
Oracle Coalfields PLC Telephone:+44 (0) 207
Shahrukh Khan, CEO 317 4056
E-mail: s.khan@oraclecoalfields.com
Website: www.oraclecoalfields.com
Libertas Corporate Finance Tel: +44 (0) 569 9650
Ltd
Sandy Jamieson or Neil
Pidgeon
Blythe Weigh Communications Tel: +44 (0) 207 138
Tim Blythe, Ana Ribeiro, 3206
Matthew Neal
ORACLE COALFIELDS PLC GROUP OF COMPANIES
CHAIRMAN'S STATEMENT FOR THE 6 MONTHS TO 30 JUNE 2011
Chairman's Statement
I am delighted to present my first Chairman's statement since
taking over the role of Chairman from Shahrukh Khan and joining the
Board on 1st August 2011. My appointment allows Shahrukh to focus
on his role as Chief Executive Officer. I am sure you will join me
in thanking Shahrukh for his excellent execution of this role up to
now, and I look forward to working with him.
It is my pleasure to present the Company's results for the six
months to the 30th June 2011, which have been transformational for
our Company. The most significant achievement during the period was
the admission of the Company's shares to the AIM Market of the
London Stock Exchange on the 20th April 2011. This included a
successful fundraising of GBP3 million (pre-expenses) via a placing
of 30 million new ordinary shares. The funds raised are being used
as additional working capital for our flagship coal project in the
Thar Coalfield of Southern Pakistan.
We were pleased at the participation of new as well as existing
shareholders in the placing, resulting in it being significantly
oversubscribed.
Following our AIM listing we started strengthening our
Management team with the appointments of a Project Co-ordinator and
a Finance Manager.
Operational update
We continue to make good progress towards meeting our objective
of delivering a cost-effective coal mine on the Block VI coal
deposit in the Thar Coalfield of Southern Pakistan. We are
currently working with SRK Consulting in finalising the Definitive
Feasibility Study (DFS). Certain aspects of the environmental
studies will not be completed until mid-2012, but this date is
still consistent with the objective of first coal production in
2013.
To support the DFS, more than 6,000 meters of additional
drilling was carried out at Block VI between August 2010 and
February 2011. A total of 35 holes were drilled in a 5 square
kilometre area considered to be most favourable for open cast
mining and referred to as Phase 1. Of these holes, 14 cored and 9
open holes were drilled for geological purposes, four cored holes
were drilled for geotechnical assessment and eight percussion holes
were drilled to determine hydrogeological parameters and to
identify dewatering requirements for an open pit mine. Samples from
four of the cored holes were subjected to geotechnical testing on
site and a batch of 316 samples was dispatched to a laboratory in
the UK for further tests. All drilled core has been logged and
sampled with selected samples sent to Karachi for coal quality
testing. Four test wells and four observation holes make up the
eight holes drilled for hydrogeological purposes. Measurements are
being conducted on these wells and water samples are being analysed
in Pakistan as part of the Environmental Social Impact Assessment
(ESIA) being carried out by Wardell Armstrong International.
The mine remains based on an open pit design. A truck and shovel
operation is projected to be the most cost-effective way to operate
the mine initially.
Summary of Results
As expected for a mining company at our stage of development,
our consolidated financial results for the six months to the 30th
June 2011 show an operational loss for Oracle and its subsidiaries
("Group") after taxation of GBP451,657 (2010:GBP79,549), which
incorporates the costs of GBP204,524 incurred by the Company in
respect of its admission to AIM, as set out in the financial
statement. At the period end, and following the successful
fundraising of GBP3 million at the time of admission, the Group had
cash and cash equivalents of GBP3.33 million (2010: GBP0.98
million) and total assets less current liabilities of GBP4.63
million (2010:GBP1.39 million). The basic loss per share was 0.23p
(2010: loss 0.06p).
Funding Requirements
The Group has sufficient funds to cover its working capital
requirements. However, additional funds will be needed to develop
the Block VI coal mine and the Group is considering a number of
options and strategies in respect of debt and equity.
The Coal Market
In the last decade global demand for coal rose by a significant
61 per cent, most of which is attributable to developing countries
like China and India and its use for the generation of electricity.
According to the International Energy Agency (IEA), in 2010 global
coal consumption went up by 10.8%, compared to global demand for
oil and gas, which rose by 3.1% and 7.4% respectively. Coal's share
in the global energy consumption was 29.6 per cent, the highest it
has been since 1970. The reality is that demand for coal will
continue to grow as the world needs more steel, cement and
energy.
Price of Coal
Major global coal producing countries such as South Africa,
Australia and Indonesia have been exporting thermal coal at a
premium for some time to major consumers at prices in excess of
US$100/tonne.
This has resulted in continuing upward price pressure for
consumers in Pakistan and has strengthened the Pakistan
government's support for the earliest development of the Thar
coalfield as part of its strategy to meet growing domestic demand
for energy at lowest possible cost.
Looking Ahead
We are in the fortuitous position of operating in a country
which is supportive of our Block VI Thar project. Pakistan's
growing critical deficit in power generation is assuming serious
political dimensions, particularly so for Karachi as the industrial
hub of the country with a population of more than 15 million
people.
The work programme for developing our coal deposit is proceeding
apace, with the target of completing the Definitive Feasibility
Study (DFS) in Q3 2011 with the Bankable Feasibility Study (BFS) to
follow.
Our project is potentially Pakistan's first large-scale open pit
coal mining operation and is already receiving the attention of a
wide audience of local and international interests for its
strategic potential and what the whole Thar resource could signify
for Pakistan's future.
With this responsibility in mind, the company is making every
effort to ensure that the development of our coal mine complies
with the requirements of international standards and practice,
while seeking to bring the coal mine into earliest possible
production.
Shareholders will understand that this notable six months of
transformation for our company would not have been made possible
without the hard work and expertise of our teams in both Pakistan
and the United Kingdom. They have set the foundations for building
the future of our company.
The Board also extends its thanks to the Coal & Energy
Development Department, Government of Sindh, and the Sindh Coal
Authority for their continued assistance.
I look forward to updating the market on the progress of our
Company in due course.
Adrian Loader
Chairman of the Board
Date:
Oracle Coalfields PLC
CONSOLIDATED INCOME STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2011
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to Year ended
30 June 2011 30 June 2010 31 Dec 2010
Notes GBP GBP GBP
CONTINUING OPERATIONS
Revenue - - -
Administrative expenses (249,596) (79,846) (222,674)
OPERATING LOSS BEFORE EXCEPTIONAL ITEMS (249,596) (79,846)
(222,674)
Exceptional items 4 (204,524) - -
OPERATING LOSS (454,120) (79,846) (222,674)
Finance costs - (11) -
Finance income 2,463 308 1,085
LOSS BEFORE TAX (451,657) (79,549) (221,589)
Tax - - -
LOSS FOR THE PERIOD (451,657) (79,549) (221,589)
Loss attributable to:
Owners of the parent (443,085) (79,549) (221,589)
Non-controlling interests (8,572) - -
(451,657) (79,549) (221,589)
Earnings per share:
Basic loss per share (0.23p) (0.06p) (0.15p)
Diluted loss per share (0.21p) (0.05p) (0.13p)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHS ENDED 30 JUNE 2011
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to Year ended
30 June 2011 30 June 2010 31 Dec 2010
GBP GBP GBP
LOSS FOR THE PERIOD (451,657) (79,549) (221,589)
OTHER COMPREHENSIVE INCOME
Equity-settled share-based payment transactions 22,876 - -
Exchange difference arising on consolidation (3,820) 13,073
1,724
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF INCOME TAX 19,056 13,073 1,724
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD (432,601) (66,476) (219,865)
Total comprehensive income attributable to:
Owners of the parent (424,029) (66,476) (219,865)
Non-controlling interests (8,572) - -
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2011
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 2011 30 June 2010 31 Dec 2010
Notes GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible assets 1,181,808 506,967 855,830
Property, plant and equipment 2,414 2,903 2,814
Loans and other financial instruments 62,721 64,292 63,645
1,246,943 574,162 922,289
CURRENT ASSETS
Trade and other receivables 107,633 12,508 36,093
Cash and cash equivalents 3,334,935 977,913 1,506,475
3,442,568 990,421 1,542,568
TOTAL ASSETS 4,689,511 1,564,583 2,464,857
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 5 214,211 162,916 184,211
Share premium 5,940,351 2,194,232 3,284,291
Share scheme reserve 52,464 - -
Translation reserve (8,383) 6,786 (4,563)
Retained earnings (1,577,882) (992,757) (1,134,797)
4,620,761 1,371,177 2,329,142
Non-controlling interest 7,457 16,029 16,029
TOTAL EQUITY 4,628,218 1,387,206 2,345,171
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 61,293 108,977 119,686
Financial liabilities - borrowings
Non-interest bearing loans and borrowings - 68,400 -
TOTAL LIABILITIES 61,293 177,377 119,686
TOTAL EQUITY AND LIABILITIES 4,689,511 1,564,583 2,464,857
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTHS ENDED 30 JUNE 2011
Share
Called up Retained Share scheme
share capital earnings premium reserve
GBP GBP GBP GBP
Balance at 31 December 2009 122,360 (913,208) 1,309,043 -
Other comprehensive income - - - -
Loss for the period - (79,549) - -
Total comprehensive income - (79,549) - -
Issue of share capital (net) 40,556 - 885,189 -
Balance at 30 June 2010 162,916 (992,757) 885,189 -
Other comprehensive income - - - -
Loss for the period - (142,040) - -
Total comprehensive income - (142,040) - -
Issue of share capital (net) 21,295 - 1,090,059 -
Balance at 31 December 2010 184,211 (1,134,797) 3,284,291 -
Other comprehensive income - - - 22,876
Loss for the period - (443,085) - -
Total comprehensive income - (443,085) - 22,876
Equity-settled share-based transactions - - (29,588) 29,588
Issue of share capital (net) 30,000 - 2,685,648 -
Balance at 30 June 2011 214,211 (1,577,882) 5,940,351 52,464
Translation Non-controlling Total
reserve Total interest equity
GBP GBP GBP GBP
Balance at 31 December 2009 (6,287) 511,908 16,029 527,937
Other comprehensive income 13,073 13,073 - 13,073
Loss for the period - (79,549) - (79,549)
Total comprehensive income 13,073 (66,476) - (66,476)
Issue of share capital (net) - 925,745 - 925,745
Balance at 30 June 2010 6,786 1,371,177 16,029 1,387,206
Other comprehensive income (11,349) (11,349) - (11,349)
Loss for the period - (142,040) - (142,040)
Total comprehensive income (11,349) (153,389) - (153,389)
Issue of share capital (net) - 1,111,354 - 1,111,354
Balance at 31 December 2010 (4,563) 2,329,142 16,029
2,345,171
Other comprehensive income (3,820) 19,056 - 19,056
Loss for the period - (443,085) (8,572) (451,657)
Total comprehensive income (3,820) (424,029) (8,572)
(432,601)
Equity-settled share-based transactions - - - -
Issue of share capital (net) - 2,715,648 - 2,715,648
Balance at 30 June 2011 (8,383) 4,620,761 7,457 4,628,218
CONSOLIDATED CASHFLOW STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2011
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to Year ended
30 June 2011 30 June 2010 31 Dec 2010
Notes GBP GBP GBP
Cash flows from operating activities
Cash generated from operations 1 (518,011) (21,174)
(174,777)
Interest paid - (11) -
Net cash from operating activities (518,011) (21,185)
(174,777)
Cash flows from investing activities
Purchase of intangible fixed assets (369,341) (971)
(361,776)
Purchase of tangible fixed assets - - (437)
Interest received 2,158 3 470
Net cash from investing activities (367,183) (968) (361,743)
Cash flows from financing activities
Loan repayments in the period - 68,400 -
Share issue 3,000,000 1,216,690 2,318,040
Cost of share issue (284,352) (290,945) (280,941)
Net cash from financing activities 2,715,648 994,145
2,037,099
(Decrease)/Increase in cash
and cash equivalents 1,830,454 971,992 1,500,579
Cash and cash equivalents at the beginning
of period 2 1,504,481 5,921 5,896
Cash and cash equivalents at end of period 3,334,935 977,913
1,506,475
NOTES TO THE CASH FLOW STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2011
1. RECONCILIATION OF LOSS BEFORE TAX TO CASH GENERATED FROM
OPERATIONS
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to Year ended
30 June 2011 30 June 2010 31 Dec 2010
GBP GBP GBP
Loss before tax (451,657) (79,549) (221,589)
Equity-settled shared-based payment transactions 22,876 - -
Amortisation of intangible assets 42,861
Finance costs - 11 -
Finance income (2,463) (308) (1,085)
(388,383) (79,846) (222,674)
Decrease/(Increase) in trade and
other receivables (71,235) 119 (23,156)
Increase/(Decrease) in trade and
other payables (58,393) 58,553 71,053
Cash generated from operations (518,011) (21,174) (174,777)
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the cash flow statement in respect of
cash and cash equivalents are in respect of these balance sheet
amounts:
Period ended 30 June 2011
(Unaudited) (Audited)
As at As at
30 June 2011 31 Dec 2010
GBP GBP
Cash and cash equivalents as previously reported 3,334,935
1,506,475
Effect of exchange rate changes - (1,994)
Cash and cash equivalents as restated 3,334,935 1,504,481
Period ended 30 June 2010
(Unaudited) (Audited)
As at As at
30 June 2010 31 Dec 2009
GBP GBP
Cash and cash equivalents as previously reported 977,913
5,859
Effect of exchange rate changes - 62
Cash and cash equivalents as restated 977,913 5,921
Period ended 31 December 2010
(Audited) (Audited)
As at As at
31 Dec 2010 31 Dec 2009
GBP GBP
Cash and cash equivalents as previously reported 1,506,475
5,859
Effect of exchange rate changes - 37
Cash and cash equivalents as restated 1,506,475 5,896
Cash and cash equivalents consist of cash in hand and balances
with banks.
NOTES TO THE FINANCIAL STATEMENTS UNAUDITED RESULTS
FOR THE 6 MONTHS ENDED 30 JUNE 2011
1. INFORMATION
These interim consolidated financial statements for the six
month period ended 30 June 2011 have been prepared using the
historical cost convention, on a going concern basis and in
accordance with the International Financial Reporting Standards
("IFRS") including IAS 34 'Interim Financial Reporting' and IFRS 6
' Exploration for and Evaluation of Mineral Resources', as adopted
by the European Union ("EU"). They have also been prepared on a
basis consistent with the accounting policies expected to be
applied for the year ending 31 December 2011, and which are also
consistent with the accounting policies applied for the year ended
31 December 2010 except for the adoption of new standards and
interpretations.
These interim results for the six months ended 30 June 2011 are
unaudited and do not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006. The financial statements for
the year ended 31 December 2010 have been delivered to the
Registrar of Companies and filed at Companies House and the
auditors' report on those financial statements was unqualified and
did not contain a statement made under Section 498(2) or Section
498(3) of the Companies Act 2006.
2. ACCOUNTING POLICIES
Reporting entity
Oracle Coalfields PLC is a company domiciled in United Kingdom.
The address of the Company's registered office is Richmond House,
Broad Street, Ely, Cambridgeshire, CB7 4AH. The Company primarily
is involved in the exploration for coal.
Compliance with accounting standards
These financial statements have been prepared in accordance with
International Financial Reporting Standards and IFRIC
interpretations and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS.
The financial statements have been prepared under the historical
cost convention.
Significant accounting judgements, estimates and assumptions
The preparation of the financial statements requires management
to make judgements, estimates and assumptions that affect the
amounts reported for revenues and expenses during the year and the
amounts reported for assets and liabilities at the balance sheet
date. However, the nature of estimation means that the actual
outcomes could differ from those estimates.
The key sources of estimation uncertainty that have a
significant risk of causing material adjustment to the carrying
amounts of assets and liabilities within the next financial year
are the measurement of any impairment on intangible assets and the
estimation of share-based payment costs. The Company determines
whether there is any impairment of intangible assets on an annual
basis. The estimation of share-based payment costs requires the
selection of an appropriate model, consideration as to the inputs
necessary for the valuation model chosen and the estimation of the
number of awards that will ultimately vest.
Intangible fixed assets - exploration costs
Expenditure on the acquisition costs, exploration and evaluation
of interests in licences including related overheads are
capitalised. Such costs are carried forward in the statement of
financial position under intangible assets and amortised over the
minimum period of the expected commercial production of coal in
respect of each area of interest where:
a) such costs are expected to be recouped through successful
development and exploration of the area of interest or
alternatively by its sale;
b) exploration activities have not yet reached a stage that
permits a reasonable assessment of the existence or otherwise of
economically recoverable reserves and active operations in relation
to the areas are continuing.
An annual impairment review is carried out by the directors to
consider whether any exploration or development costs have suffered
impairment in value where a site has been abandoned or confirmed as
no longer technically feasible. Accumulated costs in respect of
areas of interest that have been abandoned are written off to the
profit and loss account in the year in which the area is
abandoned.
Exploration costs are carried at cost less any provision from
impairment.
Property, plant and equipment
Depreciation is provided at the following annual rates in order
to write off each asset over its estimated useful life.
Motor vehicles - 20% on reducing balance
Computer equipment - 30% on reducing balance
Investments
Fixed asset investments are stated at cost. The investments are
reviewed annually and any impairment is taken directly to the
profit and loss account.
Financial instruments
Financial assets and liabilities are recognised on the balance
sheet when the Company becomes a party to the contractual
provisions of the instrument.
- Cash and cash equivalents comprise cash held
at bank and short term deposits
- Trade payables are not interest bearing and
are stated at their nominal value
- Equity instruments issued by the Company are
recorded at the proceeds received except where
those proceeds appear to be less than the
fair value of the equity instruments issued,
in which case the equity instruments are recorded
at fair value. The difference between the
proceeds received and the fair value is reflected
in the share based payments reserve.
Taxation
Current taxes are based on the results shown in the financial
statements and are calculated according to local tax rules, using
tax rates enacted or substantially enacted by the balance sheet
date.
Deferred tax is recognised in respect of all timing differences
that have originated but not reversed at the balance sheet
date.
Foreign currencies
Assets and liabilities in foreign currencies are translated into
sterling at the rates of exchange ruling at the statement of
financial position date. Transactions in foreign currencies are
translated into sterling at the rate of exchange ruling at the date
of transaction. Exchange differences are taken into account in
arriving at the operating result.
Profit and losses of overseas subsidiary undertakings are
translated into sterling at the average rate for the year. The
statements of financial position of overseas subsidiary
undertakings are translated at the rate ruling at the statement of
financial position date. Differences arising from the translation
of Group investments in overseas subsidiary undertakings are
recognised as a separate component of equity.
Net exchange differences classified as equity are separated
tracked and the cumulative amount disclosed as a translation
reserve.
The principal place of business of the Group is the United
Kingdom with sterling being the functional currency. Funds are
advanced to Pakistan as required to finance the exploration costs
which are payable in Rupees.
Share-based payment transactions
Where equity settled share options are awarded to employees, the
fair value of the options at the date of grant is charged to the
income statement over the vesting period. Non-market vesting
conditions are taken into account by adjusting the number of equity
instruments expected to vest at each balance sheet date so that,
ultimately, the cumulative amount recognised over the vesting
period is based on the number of options that eventually vest.
Market vesting conditions are factored into the fair value of all
options granted. As long as all other vesting conditions are
satisfied, a charge is made irrespective of whether market vesting
conditions are satisfied. The cumulative expense is not adjusted
for failure to achieve a market vesting condition.
Where terms and conditions of options are modified before they
vest, the increase in the fair value of the options, measured
immediately before and after the modification, is also charged to
the income statement over the remaining vesting period.
Where equity instruments are granted to persons other than
employees, the income statement or share premium account if
appropriate, are charged with the fair value of goods and services
received.
Cash and cash equivalents
Cash and cash equivalents for the purpose of the cash flow
statement comprise cash and bank balances.
3. LOSS PER SHARE
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares of 196,973,430 (30 June 2010 -
122,807,804 and 31 December 2010 - 145,644,977) outstanding during
the period.
Diluted earnings per share is calculated using the weighted
average number of shares of 218,109,508 (30 June 2010 - 148,311,396
and 31 December 2010 - 168,767,361) adjusted to assume the
conversion of all dilutive potential ordinary shares.
4. EXCEPTIONAL ITEMS
During the period the company incurred costs of GBP204,524 in
respect of its admission to the AIM market on 20 April 2011.
5. CALLED UP SHARE CAPITAL
(Unaudited) (Unaudited) (Audited)
30 June 2011 30 June 2010 31 Dec 2010
GBP GBP GBP
Allotted, called up and fully paid
214,211,000 Ordinary shares of 1p each 214,211 162,916
184,211
The number of shares in issue was as follows:
Number of shares
Balance as 31 December 2009 122,359,668
Issued during the period 40,556,332
Balance at 30 June 2010 162,916,000
Issued during the period 21,295,000
Balance at 31 December 2010 184,211,000
Issued during the period 30,000,000
Balance at 30 June 2011 214,211,000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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