TIDMCLON
RNS Number : 7037Z
Clontarf Energy PLC
22 September 2015
22(nd) September 2015
Clontarf Energy plc
("Clontarf" or the "Company")
Interim Statement for the period ended 30 June 2015
Clontarf currently operates in a very hostile market
environment. We are fully funded for current activities over the
next couple of years. We have made progress on two fronts: in Peru
and Ghana.
A significant step forward took place in Peru when Union Oil and
Gas, a large private South American agribusiness/energy group, took
over the rights and obligations on Block 183. We think this is a
particularly prospective block with adjacent consumer gas markets
and discoveries in surrounding areas.
Union was a target partner for Clontarf when we were originally
awarded the Block 183 & 188 acreage in 2011. A deal did not
happen then because of Union's lack of familiarity with Peruvian
conditions at that time. Instead, a local private group took the
block hoping to develop a power generation project fuelled by gas
from Block 183. The intervening period proved difficult to raise
major funds for the project's development, and the private group
has in turn now passed the Block to Union, a much larger group.
Union is now operating elsewhere in Peru and is working on Block
183. We expect Union to complete the work programme, including the
acquisition of seismic data and, if prospects are confirmed, the
commencement of a drilling programme. Clontarf has a 3% revenue
royalty up to US$5 million each for any two discoveries which are
brought into production.
The current position regarding Ghana is that the Ghanaian
National Petroleum Commission is actively considering the current
re-application by Pan Andean Resources Ltd (60% Clontarf, 30%
Petrel, 10% local interests) over circa 1,500 sq km plus of the
shallow-to-medium depth part of the prospective Tano Basin. A year
ago we withdrew a court case to force the Ghanaian authorities to
process our 2010 application. There was a dispute over part of what
we believed to be our acreage. Following discussions with the
Ghanaian authorities, we agreed new co-ordinates and a speedy
ratification process. Little has happened so far. We threatened to
recommence court proceedings. Once more a compromise was agreed
under which the local company, Pan Andean, agreed, without
prejudice, to re-submit a fresh proposal over acreage defined by
the revised coordinates. This has been done and that re-application
is now being considered.
We are now in the seventh year of a bear market for junior
exploration shares on the AIM market. World political and economic
turmoil, exacerbated by a collapsed oil price, means the current
market is now worse than any time in the past six years. When oil
prices are US$50 a barrel or less, the incentive to explore in
frontier areas is compromised. Not only that, expensive production
will be put on care and maintenance. But, the emerging world
economies will, over the coming decades, require vast quantities of
oil to fuel cars, homes and industry and we believe that Ghana is
well placed to benefit from this future growth.
Clontarf continues to monitor ways to create shareholder value.
As explorers, we look at new projects and/or jurisdictions becoming
available for exploration.
John Teeling
Chairman
21(st) September 2015
For further information please visit http://clontarfenergy.com
or contact:
Clontarf Energy plc
John Teeling, Chairman +353 (0) 1 833 2833
David Horgan, Director
Nominated Adviser and Broker
Northland Capital Partners Limited
David Hignell / Gerry Beaney (Corporate Finance) +44 (0)20 7382
1100
John Howes / Mark Treharne (Broking)
Public Relations
Blytheweigh +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Camilla Horsfall +44 (0) 7871 841 793
PSG Plus
Aoife Ross +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
Clontarf Energy plc
Financial Information (Unaudited)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six Months Ended Year Ended
30 June 15 30 June 14 31 Dec 14
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
REVENUE - - -
Cost of sales - - -
---------------------- ----------------------- ------------------------
GROSS PROFIT - - -
Administrative
expenses ( 86 ) ( 131 ) ( 245 )
---------------------- ----------------------- ------------------------
OPERATING LOSS ( 86 ) ( 131 ) ( 245 )
Finance revenue 1 1 1
Finance costs ( 1 ) ( 29 ) ( 30 )
---------------------- ----------------------- ------------------------
LOSS BEFORE
TAXATION ( 86 ) ( 159 ) ( 274 )
Income Tax - - -
TOTAL COMPREHENSIVE LOSS FOR THE
PERIOD ( 86 ) ( 159 ) ( 274 )
====================== ======================= ========================
LOSS PER SHARE
- basic and
diluted (0.02p) (0.08p) (0.09p)
====================== ======================= ========================
CONDENSED CONSOLIDATED BALANCE SHEET 30 June 15 30 June 14 31 Dec 14
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
ASSETS:
NON-CURRENT
ASSETS
Intangible
assets 3,084 3,026 3,059
---------------------- ----------------------- ------------------------
3,084 3,026 3,059
---------------------- ----------------------- ------------------------
CURRENT ASSETS
Trade and other
receivables 7 2 10
Cash and cash
equivalents 323 14 397
---------------------- ----------------------- ------------------------
330 16 407
TOTAL ASSETS 3,414 3,042 3,466
---------------------- ----------------------- ------------------------
LIABILITIES:
CURRENT
LIABILITIES
Trade payables ( 68 ) ( 159 ) ( 79 )
Other payables ( 756 ) ( 1,281 ) ( 711 )
---------------------- ----------------------- ------------------------
( 824 ) ( 1,440 ) ( 790 )
(MORE TO FOLLOW) Dow Jones Newswires
September 22, 2015 02:00 ET (06:00 GMT)
---------------------- ----------------------- ------------------------
NON CURRENT
LIABILITIES
Loans - ( 598 ) -
---------------------- ----------------------- ------------------------
TOTAL
LIABILITIES ( 824 ) ( 2,038 ) ( 790 )
NET ASSETS 2,590 1,004 2,676
====================== ======================= ========================
EQUITY
Share capital 1,136 519 1,136
Share premium 10,493 9,324 10,493
Reserves ( 9,039 ) ( 8,839 ) ( 8,953 )
---------------------- ----------------------- ------------------------
TOTAL EQUITY 2,590 1,004 2,676
====================== ======================= ========================
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share based
Share Share Payment Retained Total
Capital Premium Reserves Losses Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 January
2014 500 9,249 330 ( 9,010 ) 1,069
Issue of shares 19 75 - - 94
Total
comprehensive
loss ( 159 ) ( 159 )
-------------------- -------------------- ---------------------- ----------------------- ------------------------
As at 30 June
2014 519 9,324 330 ( 9,169 ) 1,004
Share options
granted - - 1 - 1
Share options
expired - - ( 130 ) 130 -
Warrants
expired - - ( 6 ) 6 -
Issue of shares 617 1,199 - - 1,816
Share issue
expenses - ( 30 ) - - ( 30 )
Total
comprehensive
loss - ( 115 ) ( 115 )
-------------------- -------------------- ---------------------- ----------------------- ------------------------
As at 31
December 2014 1,136 10,493 195 ( 9,148 ) 2,676
Total
comprehensive
loss - - - ( 86 ) ( 86 )
----------------------
As at 30 June
2015 1,136 10,493 195 ( 9,234 ) 2,590
==================== ==================== ====================== ======================= ========================
CONDENSED CONSOLIDATED CASH FLOW Six Months Ended Year Ended
30 June 15 30 June 14 31 Dec 14
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
CASH FLOW FROM OPERATING ACTIVITIES
Loss for the
period ( 86 ) ( 159 ) ( 274 )
Finance costs
recognised in
loss 1 29 30
Finance revenue recognised in loss ( 1 ) ( 1 ) ( 1 )
Exchange
movements 2 ( 6 ) ( 5 )
Share options
granted - - 1
---------------------- ----------------------- ------------------------
( 84 ) ( 137 ) ( 249 )
Movements in
Working
Capital 12 144 49
---------------------- ----------------------- ------------------------
CASH USED IN
OPERATIONS ( 72 ) 7 ( 200 )
Finance costs ( 1 ) ( 29 ) ( 30 )
Finance revenue 1 1 1
NET CASH USED IN OPERATING ACTIVITIES ( 72 ) ( 21 ) ( 229 )
---------------------- ----------------------- ------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from
issue of
shares 622
Share issue
expenses - - ( 30 )
---------------------- ----------------------- ------------------------
NET CASH GENERATED BY FINANCING
ACTIVITIES - - 592
---------------------- ----------------------- ------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS ( 72 ) ( 21 ) 363
Cash and cash equivalents at beginning of the period 397 29 29
Effect of exchange rate changes on
cash held ( 2 ) 6 5
CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD 323 14 397
====================== ======================= ========================
Notes:
1. INFORMATION
The financial information for the six months ended 30 June 30
2015 and the comparative amounts for the six months ended 30 June
2014 are unaudited. The financial information above does not
constitute full statutory accounts within the meaning of section
434 of the Companies Act 2006.
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 2014 Annual Report, which is available at
www.clontarfenergy.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
(MORE TO FOLLOW) Dow Jones Newswires
September 22, 2015 02:00 ET (06:00 GMT)
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.
The following table sets out the computation for basic and
diluted earnings per share (EPS):
Six months Ended Year Ended
30 June 30 June 31 Dec
15 14 14
GBP GBP GBP
Numerator
For basic and diluted
EPS (86,361) (159,325) (274,196)
============== ============== ==============
Denominator
For basic and diluted
EPS 454,225,781 206,861,662 298,858,400
============== ============== ==============
Basic EPS (0.02p) (0.08p) (0.09p)
Diluted EPS (0.02p) (0.08p) (0.09p)
============== ============== ==============
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
Exploration and evaluation 30 June 30 June 31 Dec
assets: 15 14 14
GBP'000 GBP'000 GBP'000
Cost:
At 1 January 8,106 8,011 8,011
Additions 25 62 95
Closing Balance 8,131 8,073 8,106
========= ========= =========
Impairment:
At 1 January 5,047 5,047 5,047
Provision for impairment - - -
Closing Balance 5,047 5,047 5,047
========= ========= =========
Carrying value:
At 1 January 3,059 2,964 2,964
========= ========= =========
At period end 3,084 3,026 3,059
========= ========= =========
Regional Analysis 30 Jun 30 Jun 31 Dec
15 14 14
GBP'000 GBP'000 GBP'000
Peru 2,474 2,474 2,474
Ghana 610 552 585
3,084 3,026 3,059
========= ========= =========
On 15 May 2013, the company signed an agreement with Peru Oil
and Gas Exploration Limited (POGEL). Under the agreement POGEL, an
energy investment company, has undertaken responsibility to put up
performance bonds and conduct contractual work on the Exploration
and Development Contracts on Peruvian Block 183. Clontarf Energy
plc converted its interest in Blocks 183 to an overriding royalty
of 3% on production from any commercial discovery.
On 12 August 2013, Rurelec Plc, an AIM listed energy provider in
South America, entered into an agreement with POGEL to purchase gas
from Block 183 when and if gas is produced. Clontarf holds a 3%
overriding royalty on production from any commercial discovery. The
royalty payment is capped at US$5 million per structure and US$10
million in total for the block.
On 28 July 2015 the company announced that they had agreed with
the Ghanaian authorities that Pan Andean Resources Ltd ("Pan
Andean"), the Company's local subsidiary (60% Clontarf, 30% Petrel,
10% Locals), will reapply for an exploration licence over 1,500
plus sq km of acreage in the Tano Basin offshore Ghana.
This agreement follows protracted discussions on how best to
implement the terms of a court approved settlement relating to a
signed 2010 Petroleum Agreement which had not been approved by the
Ghanaian cabinet or parliament. Revised co-ordinates over the area
were agreed by the parties concerned in October 2014.
The Ghanaian Ministry of Energy has now invited Pan Andean to
submit a fresh application over the agreed co-ordinates. Pan Andean
has been given assurances that this fresh application will be
expeditiously processed through the approvals process. Following
legal advice Pan Andean is proceeding in accordance with these
assurances to submit a fresh application.
Exploration and evaluation assets relates to expenditure
incurred in prospecting and exploration for oil and gas in Peru and
Ghana. 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 realisation of these intangible assets is dependent on the
discovery and successful development of economic oil and gas
reserves which is affected by the risks outlined below. Should this
prove unsuccessful the value included in the balance sheet would be
written off to the statement of comprehensive income.
The group's activities are subject to a number of significant
potential risks including:
- licence obligations
- requirement for further funding
- geological and development risks
- title to assets
- political risks
5. TRADE PAYABLES
30 June 30 June 31 Dec
15 14 14
GBP'000 GBP'000 GBP'000
Trade payables 58 134 59
Other accruals 10 25 20
68 159 79
======== ======== ========
6. OTHER PAYABLES
30 June 30 June 31 Dec
15 14 14
GBP'000 GBP'000 GBP'000
Amounts due to
directors 756 1,281 711
756 1,281 711
======== ======== ========
Other payables relate to remuneration due to directors' accrued
but not paid at period end.
On 21 July 2014, the company issued 70,302,632 new ordinary
shares at a price of 0.75p per share totalling GBP527,270 to the
directors as part repayment of directors loans and accrued
remuneration.
7. LOANS
30 June 30 June 31 Dec
15 14 14
GBP'000 GBP'000 GBP'000
Loans repayable - 598 -
- 598 -
======== ======== ========
During 2013 loans were received by the company's subsidiary
Hydrocarbon Exploration Limited, from South American lenders. The
loans were for a period of two years and the lenders agreed that
they would accept ordinary shares in Clontarf Energy plc in lieu of
cash repayment of amounts due. The loans bear interest at 10% per
annum.
On 17 July 2014, the loans were converted into shares and the
company issued 79,767,067 new ordinary shares at a price of 0.75p
per share to the lenders as full and final settlement.
8. SHARE CAPITAL
Allotted, called-up and fully paid:
Number Share Capital Premium
GBP GBP
At 1 January 2014 200,184,469 500,461 9,248,336
Issued during the period 7,231,975 18,080 75,936
------------ -------------- -----------
At 30 June 2014 207,416,444 518,541 9,324,272
Issued during the period 246,809,337 617,023 1,198,332
Share issue expenses - - (29,345)
------------ -------------- -----------
At 31 December 2014 454,225,781 1,135,564 10,493,259
Issued during the period - - -
At 30 June 2015 454,225,781 1,135,564 10,493,259
============ ============== ===========
Movements in share capital
On 14 January 2014 a total of 7,231,975 shares were issued at a
price of 1.3 pence per share in settlement of outstanding
professional fees amounting to GBP94,016.
On 17 July 2014 a total of 79,767,067 shares were issued at a
price of 0.75 pence per share to South American lenders in
settlement of the total principal amount and interest outstanding
on the loans in the subsidiary company Hydrocarbon Exploration
Limited.
On 21 July 2014 a total of 16,200,000 shares were placed at a
price of 0.75 pence per share. Proceeds were used to provide
additional working capital and fund development costs.
On 21 July 2014 a total of 79,413,699 shares were issued at a
price of 0.75 pence per share to directors in settlement of unpaid
directors remuneration and loans.
(MORE TO FOLLOW) Dow Jones Newswires
September 22, 2015 02:00 ET (06:00 GMT)
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