Half Yearly Report
2010年9月17日 - 3:00PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMPNG
RNS Number : 8540S
Persian Gold PLC
17 September 2010
17th September, 2010
Persian Gold plc
Interim Results for the Six Month Period to 30th June 2010
A new era beckons for shareholders in Persian Gold. A major transformation in
strategy in underway. In the coming months Persian Gold will transform into
Clontarf Energy. Gold exploration opportunities in Iran and our early stage
lithium opportunities in Bolivia will be subsumed into a company with oil and
gas production and exploration. The above will require shareholder approval.
Details will be sent to all shareholders in the coming months followed by a
special meeting.
The proposal, agreed by your board, is to acquire Hydrocarbon Exploration, an
unlisted public company, with oil and gas operations in the Gulf of Mexico and
Bolivia, and a potential share in a Ghanaian oil exploration block and early
stage exploration interests in Bolivian lithium exploration.
The proposal is to offer 2,500 Persian Gold shares for every 1 Hydrocarbon
Exploration share. On that basis, the Persian Gold share price of 6.75p at the
time of suspension values each Hydrocarbon Exploration share at GBP168.75. Post
merger and prior to any funding, Clontarf Energy, the relisted vehicle, will
therefore be owned as to 54% by Persian Gold shareholders and 46% by Hydrocarbon
Exploration shareholders respectively. The merger is being achieved by a Scheme
of Arrangement. Technical, legal and financial due diligence is advanced.
Assuming this is satisfactory and all legal, regulatory and shareholder
approvals are obtained, and necessary funding raised, the relisted company with
new financing will list in the last quarter of this year.
Persian Gold has acquired 1,425 shares in Hydrocarbon Exploration representing
5.6% of the issued share capital. This was achieved by purchasing all of the
share fractions held by upwards of 3,800 Hydrocarbon Exploration shareholders in
the process of a share consolidation. The cost of purchase of these shares was
GBP178,125.
When shareholders receive the full set of documents the strategy will become
clearer. The Ghanaian block, though early stage, offers significant potential.
Work is ongoing to clear up legal issues with the Gulf of Mexico properties.
Bolivia has political uncertainty and legacy issues relating to title but there
are opportunities in gas and lithium.
We are not ignoring our Iranian investments. Five years work and millions of
dollars have gone into our two projects, Chah-e-Zard and Dalli, both of which
have potential. We are working with the Iranian authorities to obtain Discovery
Certificates without which we cannot proceed.
One thing is sure, the future is going to be very different from the past. New
directions, new projects, new money and a new name will revitalise our company.
John Teeling
Chairman
17th September 2010
+----------+---------------------------+-----------------------------+
| Persian Gold PLC | |
+--------------------------------------+-----------------------------+
| | John Teeling, Chairman | +353 (0) 1 833 2833 |
| | James Finn, Finance | +353 (0) 1 833 2833 |
| | Director | |
| | | |
+----------+---------------------------+-----------------------------+
| Nominated Adviser | |
+--------------------------------------+-----------------------------+
| | Cairn Financial Advisers | +44 (0) 20 7148 7900 |
| | LLP | |
| | James Caithie | |
+----------+---------------------------+-----------------------------+
| | |
+--------------------------------------+-----------------------------+
| Broker and Financial Adviser | |
+--------------------------------------+-----------------------------+
| | Alexander David | +44 (0) 20 7448 9800 |
| | Securities Limited | |
| | Ian Rice | |
+----------+---------------------------+-----------------------------+
| | |
+--------------------------------------+-----------------------------+
| College Hill | |
+--------------------------------------+-----------------------------+
| | Nick Elwes | +44 (0) 20 7457 2020 |
+----------+---------------------------+-----------------------------+
| | | |
+----------+---------------------------+-----------------------------+
www.persiangoldplc.com
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Persian Gold plc |
+----------------------------------------------------------------------------------------------------------------------------+
| Financial Information (Unaudited) |
+----------------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| CONDENSED CONSOLIDATED STATEMENT OF | | | | | | |
| COMPREHENSIVE INCOME | | | | | | |
+---------------------------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | | | Six Months Ended | | Year |
| | | | | | | | Ended |
+--------------------------+---------+----------+---------+----------+----------------------------------+----------+---------+
| | | | | | 30 | | 30 | | 31 Dec |
| | | | | | June | | June09 | | 09 |
| | | | | | 10 | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | |Unaudited | |Unaudited | |Audited |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | GBP'000 | | GBP'000 | |GBP'000 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Revenue | | | | | 0 | | 0 | | 0 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Operating costs | | | | | (142) | | (160) | | (315) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| OPERATING LOSS | | | | | (142) | | (160) | | (315) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Finance income | | | | | 0 | | 0 | | 0 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Finance costs | | | | | (1) | | (1) | | (1) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| LOSS BEFORE TAXATION | | | | | (143) | | (161) | | (316) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Income tax expense | | | | | 0 | | 0 | | 0 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| LOSS AFTER TAXATION | | | | | (143) | | (161) | | (316) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| LOSS PER SHARE - Basic and | | | | (.19p) | | (.22p) | | (.42p) |
| diluted | | | | | | | | |
+------------------------------------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| CONDENSED CONSOLIDATED BALANCE SHEET | | | | | | |
+---------------------------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | | | 30 | | 30 | | 31 Dec |
| | | | | | June | | June09 | | 09 |
| | | | | | 10 | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | |Unaudited | |Unaudited | |Audited |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | GBP'000 | | GBP'000 | |GBP'000 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| NON-CURRENT ASSETS | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Intangible assets | | | | | 1,925 | | 1,893 | | 1,910 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| CURRENT ASSETS | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Other receivables | | | | | 7 | | 10 | | 4 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Cash and cash | | | | | 4 | | 80 | | 24 |
| equivalents | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | 11 | | 90 | | 28 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| TOTAL ASSETS | | | | | 1,936 | | 1,983 | | 1,938 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| LIABILITIES | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| CURRENT LIABILITIES | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Trade and other payables | | | | | (507) | | (276) | | (386) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| NON-CURRENT LIABILITIES | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Provisions | | | | | (10) | | (10) | | (10) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| TOTAL LIABILITIES | | | | | (517) | | (286) | | (396) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| NET ASSETS | | | | | 1,419 | | 1,697 | | 1,542 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| EQUITY | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Share Capital | | | | | 2,861 | | 2,841 | | 2,841 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Reserves | | | | | (1,442) | | (1,144) | | (1,299) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| TOTAL EQUITY | | | | | 1,419 | | 1,697 | | 1,542 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | |
+--------------------------------------------------------------------------------+----------+-----------+----------+---------+
| | | | | |
+--------------------------------------------------------------------------------+----------+-----------+----------+---------+
| | | | | |
+--------------------------------------------------------------------------------+----------+-----------+----------+---------+
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | | | |
+--------------------------------------------------------------------------------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | Six Months Ended 30 June 10 |
+--------------------------+-------------------------------------------------------------------------------------------------+
| | | | | | Share | | | | |
| | | | | | based | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | Share | | Share | | Payments | | Retained | | Total |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| |Capital | |Premium | | Reserve | | Losses | | Equity |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| |GBP'000 | |GBP'000 | | GBP'000 | | GBP'000 | |GBP'000 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| As at 1 January 2009 | 186 | | 2,655 | | 215 | | (1,198) | | 1,858 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Loss for the period | | | | | | | (161) | | (161) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| As at 30 June 2009 | 186 | | 2,655 | | 215 | | (1,359) | | 1,697 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Loss for the period | | | | | | | (155) | | (155) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| As at 31 December 2009 | 186 | | 2,655 | | 215 | | (1,514) | | 1,542 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Shares issued | 1 | | 19 | | | | | | 20 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Warrants exercised | | | | | (8) | | 8 | | 0 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Loss for the period | | | | | | | (143) | | (143) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| As at 30 June 2010 | 187 | | 2,674 | | 207 | | (1,649) | | 1,419 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| CONDENSED CONSOLIDATED CASH FLOW STATEMENT | | | | | | |
+---------------------------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | | | Six Months Ended | | Year |
| | | | | | | | Ended |
+--------------------------+---------+----------+---------+----------+----------------------------------+----------+---------+
| | | | | | 30 | | 30 | | 31 Dec |
| | | | | | June | | June09 | | 09 |
| | | | | | 10 | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | |Unaudited | |Unaudited | |Audited |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | GBP'000 | | GBP'000 | |GBP'000 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| CASH FLOW FROM OPERATING | | | | | | | | |
| ACTIVITIES | | | | | | | | |
+------------------------------------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Loss for the period | | | | | (143) | | (161) | | (316) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Finance costs recognised | | | | | 1 | | 1 | | 1 |
| in loss | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Finance income | | | | | 0 | | 0 | | 0 |
| recognised in loss | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Exchange movements | | | | | 1 | | 5 | | 4 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | (141) | | (155) | | (311) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Movements in working | | | | | 118 | | 109 | | 225 |
| capital | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| CASH USED BY OPERATIONS | | | | | (23) | | (46) | | (86) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Finance costs | | | | | (1) | | (1) | | (1) |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Finance income | | | | | 0 | | 0 | | 0 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| NET CASH USED IN OPERATING | | | | (24) | | (47) | | (87) |
| ACTIVITIES | | | | | | | | |
+------------------------------------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| INVESTING ACTIVITIES | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Payments for intangible | | | | | (15) | | (62) | | (79) |
| assets | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| NET CASH USED IN INVESTING | | | | (15) | | (62) | | (79) |
| ACTIVITIES | | | | | | | | |
+------------------------------------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| FINANCING ACTIVITIES | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Proceeds from issue of | | | | | 20 | | 0 | | 0 |
| equity shares | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| NET CASH GENERATED FROM FINANCING ACTIVITIES | | 20 | | 0 | | 0 |
+---------------------------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| NET DECREASE IN CASH AND CASH EQUIVALENT | | (19) | | (109) | | (166) |
+---------------------------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Cash and cash equivalent at beginning of the | | 24 | | 194 | | 194 |
| period | | | | | | |
+---------------------------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | | | | |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| Effect of exchange rate | | | | (1) | | (5) | | (4) |
| changes on cash held | | | | | | | | |
+------------------------------------+----------+---------+----------+-----------+----------+-----------+----------+---------+
| CASH AND CASH EQUIVALENT AT END OF THE PERIOD | | 4 | | 80 | | 24 |
+--------------------------+---------+----------+---------+----------+-----------+----------+-----------+----------+---------+
Notes:
1. INFORMATION
The financial information for the six months ended June 30th, 2010 and the
comparative amounts for the six months ended June 30th, 2009 are unaudited. The
financial information above does not constitute full statutory accounts within
the meaning of section 240 of the Companies Act 1985.
The Interim Financial Report has been prepared in accordance with IAS 34 Interim
Financial Reporting as adopted by the European Union. The accounting policies
and methods of computation used in the preparation of the Interim Financial
Report are consistent with those used in the Group 2009 Annual Report, which is
available at www.persiangoldplc.com
The interim financial statements have not been audited or reviewed by the
auditors of the Group pursuant to the Auditing Practices board guidance on
Review of Interim Financial Information.
2. No dividend is proposed in respect of the period.
3. LOSS PER SHARE
Basic loss per share is computed by dividing the loss after taxation for the
year available to ordinary shareholders by the weighted average number of
ordinary shares in issue and ranking for dividend during the year. Diluted
earnings per share is computed by dividing the loss after taxation for the year
by the weighted average number of ordinary shares in issue, adjusted for the
effect of all dilutive potential ordinary shares that were outstanding during
the year.
+---------------------------------+------------+------------+------------+
| | 30 | 30 | 31 Dec |
| | June | June | 09 |
| | 10 | 09 | |
+---------------------------------+------------+------------+------------+
| | GBP | GBP | GBP |
+---------------------------------+------------+------------+------------+
| Loss per share - Basic and | (0.19p) | (0.22p) | (0.42p) |
| Diluted | | | |
+---------------------------------+------------+------------+------------+
| | | | |
+---------------------------------+------------+------------+------------+
| | | | |
+---------------------------------+------------+------------+------------+
| The following table sets out | | | |
| the computation for basic and | | | |
| diluted earnings per share | | | |
| (EPS): | | | |
| | | | |
+---------------------------------+------------+------------+------------+
| Numerator | | | |
+---------------------------------+------------+------------+------------+
| For basic and diluted EPS | (143,188) | (161,024) | (316,000) |
| retained loss | | | |
+---------------------------------+------------+------------+------------+
| | | | |
+---------------------------------+------------+------------+------------+
| | | | |
+---------------------------------+------------+------------+------------+
| Denominator | | | |
| Weighted average number of | 74,690,178 | 74,662,198 | 74,662,198 |
| ordinary shares | | | |
+---------------------------------+------------+------------+------------+
| | | | |
+---------------------------------+------------+------------+------------+
| | | | |
+---------------------------------+------------+------------+------------+
Basic and diluted loss per share are the same as the effect of the outstanding
share options is anti-dilutive and is therefore excluded.
4. INTANGIBLE ASSETS
+--------------------------------+-----------+-----------+-----------+
| | 30 | 30 | 31 Dec |
| | June | June | 09 |
| | 10 | 09 | |
+--------------------------------+-----------+-----------+-----------+
| Exploration and evaluation | GBP'000 | GBP'000 | GBP'000 |
| assets: | | | |
+--------------------------------+-----------+-----------+-----------+
| Cost at 1 January | 1,910 | 1,831 | 1,831 |
+--------------------------------+-----------+-----------+-----------+
| Additions | 15 | 62 | 79 |
+--------------------------------+-----------+-----------+-----------+
| | _________ | _________ | _________ |
+--------------------------------+-----------+-----------+-----------+
| Cost and net book value | 1,925 | 1,893 | 1,910 |
+--------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------+-----------+-----------+-----------+
Exploration and evaluation assets relates to expenditure incurred in prospecting
and exploration for gold in Iran.
The group's activities are subject to a number of significant
potential risks including:
- price fluctuations
- foreign exchange risks
- uncertainties over development and operational risks
- operations and environmental risks
- political and legal risks, including arrangements with governments for
licenses, profit
sharing
and taxation.
- foreign investment risks including increases in taxes, royalties and
renegotiation of
contracts
- liquidity risks
- funding risks
The realisation of this intangible asset is dependent on the discovery and
successful development of economic mineral reserves which is affected by these
and other risks. Should the realisation of the intangible asset prove
unsuccessful the value included in the balance sheet would be written off to the
income statement.
The directors are aware that by its nature there is an inherent uncertainty in
such development expenditure as to the value of the asset.
The rate of progress in obtaining discovery certificates on two projects in Iran
is slower than expected. Notwithstanding these delays, the directors are
confident that the capitalised value of these projects is fully recoverable,
either through progressing the projects after resolving delays with the Iranian
authorities, or by realising value through disposal to a large mineral resource
development group who can progress the project.
Having reviewed the deferred exploration and evaluation development expenditure
at 30 June 2010, the directors are satisfied that the value of the intangible
asset is not less than carrying net book value.
5. SHARE CAPITAL
+--------------------------------+-----------+-----------+-----------+
| | 30 | 30 | 31 Dec |
| | June | June | 09 |
| | 10 | 09 | |
+--------------------------------+-----------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+-----------+-----------+-----------+
| Authorised: | | | |
+--------------------------------+-----------+-----------+-----------+
| 800,000,000 ordinary shares of | 2,000 | 2,000 | 2,000 |
| 0.25p | | | |
+--------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------+-----------+-----------+-----------+
| Allotted, Called Up and Fully | | | |
| Paid: | | | |
+--------------------------------+-----------+-----------+-----------+
| Opening 74,662,198 shares of | 186 | 186 | 186 |
| 0.25p | | | |
+--------------------------------+-----------+-----------+-----------+
| Issued 510,637 shares of 0.25p | 1 | - | - |
+--------------------------------+-----------+-----------+-----------+
| | _________ | _________ | _________ |
+--------------------------------+-----------+-----------+-----------+
| Closing 75,172,835 shares of | 187 | 186 | 186 |
| 0.25p | | | |
+--------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------+-----------+-----------+-----------+
Movements in issued share capital
On 10 June 2010, 510,637 warrants were exercised at a price of
4p.
6. The Interim Report for the six months to June 30th, 2010 was approved by
the Directors on 16th September 2010.
7. Copies of this announcement will be sent to shareholders and will be
available for inspection at the Companies Registered Office at 20-22 Bedford
Row, London WC1R 4JS. The Interim Report may also be viewed at Persian Gold
plc's website at www.persiangoldplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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