TIDMROS
RNS Number : 5606T
Ramco Energy PLC
09 June 2009
Ramco Energy plc
Preliminary Results for the year ended 31 December 2008
Ramco Energy, the Energy Opportunity Company with a dual focus strategy on oil
and gas and renewable energy today announces its preliminary results for the
year ended 31 December 2008.
Operational highlights:
* SeaEnergy Renewables launched: - Successful JVs established with Scottish &
Southern Energy & RWE npower renewables to bid in first Scottish offshore wind
round - Gained two sites from Scottish Round, securing 456MW of potential
offshore wind net to SeaEnergy
* Further JV established with EDPR and bids submitted in the UK Third Round
* Historic JV signed between Mesopotamia Petroleum Company and Government owned
Iraqi Drilling Company to create Iraqi Oilfield Service Company ("IOSCO")
* Lansdowne Oil & Gas updated CPR confirms enhanced resources
Financial highlights:
* Loss for the year of GBP3.4 million, reflecting seven months of SeaEnergy
overheads (2007: profit of GBP0.5 million, including gains on transactions in
Lansdowne shares of GBP3.8 million)
* Gross loss reduced to GBPnil (2007: GBP1.0 million)
* Warrants exercised during the year raised GBP0.7 for the company, with a further
GBP1.02 million raised post balance sheet through further warrant exercises
* Raised GBP1.65million before expenses through placing, post balance sheet
Ramco's expertise:
* SeaEnergy team is to date the only team in the world who have installed wind
turbines in water depths of over 40 metres
* Ramco oil services background provides skill set for both offshore wind and
services in Iraq
* Ramco has a proven track record in building successful consortia / JVs
partnering large Companies and governments
Outlook:
* Results from UK Third Round licensing programme, in which SeaEnergy & EDP
Renewables JV have tendered for zones, expected by end of 2009
* Results of Strategic Environmental Assessments of sites won in Scottish Round
expected quarter 1 2010
* MPC, through IOSCO, have submitted two separate tender bids for the drilling of
60 wells in total
* Further acreage awarded to Lansdowne Oil & Gas in North Celtic Sea
Steve Remp, Chairman, commented:
"We have enjoyed a tremendous start to the year, focussing on our strategy to
gain a foothold in both alternative energy and Iraq. We have achieved both of
these goals and are beginning to build a presence in both arenas. To have
managed both with a small team is a remarkable achievement and a testament to
the individuals involved.
Ramco is positioning itself as an Energy opportunity company. Through our first
mover advantage we are at the forefront of two of the most exciting aspects of
the diversified energy industry.
These are incredibly exciting times for the company which we hope to share with
all our stakeholders as we move our strategy forward."
9 June 2009
ENQUIRIES:
+--------------------------------------+-------------------+------------------+
| Ramco Energy plc | | |
+--------------------------------------+-------------------+------------------+
| Steven Bertram, Managing Director | | 01224 748480 |
+--------------------------------------+-------------------+------------------+
| | | |
+--------------------------------------+-------------------+------------------+
| Ambrian Partners | | |
+--------------------------------------+-------------------+------------------+
| Andrew Craig / Richard Swindells | | 020 7634 4700 |
+--------------------------------------+-------------------+------------------+
| | | |
+--------------------------------------+-------------------+------------------+
| College Hill | | |
+--------------------------------------+-------------------+------------------+
| Nick Elwes | | 020 7457 2020 |
+--------------------------------------+-------------------+------------------+
www.ramco-plc.com
www.seaenergyrenewables.com
www.mesopotamiapetroleum.com
www.lansdowneoilandgas.com
RAMCO ENERGY plc
CHAIRMAN'S STATEMENT
In outlining our new strategy in last year's Annual Report, I described our
vision for the future as Ramco 'The Energy Investment Company' with the focus on
offshore marine renewables in the form of wind, and the enormous opportunity
afforded by the reconstruction of Iraq and its all-important oil industry. I
referred to these opportunities as representing the two most significant energy
stories of the next two or three decades and, whilst wishing to participate in
both, stated that if we achieved a key role in either one, that would represent
a significant achievement for the Company and its stakeholders.
At the time of writing, and following recent positive announcements, we are well
on the way to succeeding in being involved in both. Our 80% owned subsidiary,
SeaEnergy Renewables Limited ("SeaEnergy"), despite only being established in
June of last year, has chalked up dramatic successes already. SeaEnergy has
secured a net 456 MW of potential offshore wind power in two proposed wind farms
offshore Scotland with large utility partners. This is an incredible achievement
in the first year of SeaEnergy's development. In the case of Iraq and the
rehabilitation of its oil industry, Mesopotamia Petroleum Company ("MPC"), in
which Ramco has a 32.67% interest, signed an historic joint venture
("JV") agreement with Iraq's government-owned drilling company Iraqi Drilling
Company ("IDC"), in February 2009.
In light of these significant achievements and the way in which we plan to take
the Company forward we have continued to refine our strategy and believe a more
appropriate positioning for the Company is as 'The Energy Opportunity Company'.
Financial Results
A loss attributable to ordinary shareholders for the financial year, of GBP3.4
million was recorded in 2008 compared with a profit of GBP0.5 million in 2007.
The 2008 results reflect seven months of SeaEnergy overheads, which did not
impact the previous year's figures and the 2007 results, included profits
arising predominantly from transactions in the shares of Lansdowne. The Group
recorded a gain on the sale of shares in Lansdowne of GBP1.5 million in 2007.
The Group also recorded a gain of GBP2.3 million on a deemed disposal, when its
holding in Lansdowne was further diluted by an issue of new shares by Lansdowne.
Gross loss fell from GBP1.0 million in 2007 to GBPnil in 2008, reflecting the
reduced level of expenditure written off in respect of intangible exploration
assets. The Directors do not recommend the payment of a dividend (2007: GBPnil).
The Group's net cash flow from continuing operating activities was an outflow of
GBP3.2 million for 2008 (2007: outflow GBP2.7 million). Net cash used in
investing activities was GBP0.1 million (2007: cash generated GBP2.3 million).
Proceeds from the sale of shares in Lansdowne in 2008 were GBPnil (2007: GBP2.6
million).
Total cash inflows from financing activities in 2008 were GBP2.2 million,
compared to an inflow of GBP0.4 million in 2007. Proceeds from the issue of new
share capital in 2008 were GBP0.7 million (2007: GBP0.4 million). Proceeds from
new borrowings were GBP1.5 million (2007: GBPnil).
GBP1.5 million of the short term GBP2 million loan facility we announced in
April 2008, which allowed us to secure the SeaEnergy team and launch that
business had been drawn by the year end. The balance has now been fully
drawn. LC Capital Master Fund Ltd ("LC"), the lender, has the option to convert
this loan into equity in SeaEnergy alongside a third party investor should we
choose to fund that business in that manner or into the shares of Ramco at the
mid-market price at the time of conversion.
Since my last statement in September 2008 the recovery in our share price has
allowed the holders of warrants to exercise and provided the Company with
additional working capital. In November 2008, by LC exercised all of the
5,000,000 warrants they held, generating GBP0.7 million for the Company. That
exercise resulted in LC becoming the largest shareholder in the Company, they
now hold 12.64%. More recently, in May and June 2009 other warrant holders
exercised 3,000,000 warrants generating a further GBP1.02, million for the
Company. There are now no warrants outstanding.
We are pleased that our recent positive progress has been recognised by
investors and are delighted to have added Fidelity, a leading institutional
investor, to our shareholder register with a 6.75% interest. The investment by
Fidelity resulted in funds of approximately GBP1.6 million becoming available to
the Company.
Operations
Our current investments cover five holdings in both renewables and oil & gas.
+-------------------------------------+-------------------+---------------------+
| Renewables | Holding | |
+-------------------------------------+-------------------+---------------------+
| SeaEnergy | 80% | unquoted |
+-------------------------------------+-------------------+---------------------+
| Oil& Gas | | |
+-------------------------------------+-------------------+---------------------+
| Ramco Oil & Gas | 100% | unquoted |
+-------------------------------------+-------------------+---------------------+
| Eagle | 100% | unquoted |
+-------------------------------------+-------------------+---------------------+
| Lansdowne | 36.26% | AIM listed |
+-------------------------------------+-------------------+---------------------+
| MPC | 32.67% | unquoted |
+-------------------------------------+-------------------+---------------------+
SeaEnergy
In the short period from its launch in June 2008 to October 2008, SeaEnergy
secured a number of significant results very quickly. This is a testament to the
fact that the SeaEnergy team had successfully worked together over a number of
years. They announced joint ventures with two leading utilities and together
with those partners submitted three bids in the Crown Estate's Scottish Round
programme. Two of the three bids were successful and in February 2009 SeaEnergy
entered into Exclusivity Agreements with the Crown Estate securing its first
interests in potential offshore wind farms; the Beatrice site and the Inch Cape
site.
The Beatrice Offshore Wind Farm site is located 9 miles off the east coast of
Scotland in the Moray Firth and covers 49 Sq miles in area, and is close to the
two existing Beatrice Demonstrator turbines installed by Talisman Energy Inc.
and Scottish and Southern Energy plc ("SSE"). SeaEnergy holds a 25% interest in
the application with SSE subsidiary Airtricity Holdings (UK) Limited
("Airtricity") holding the other 75%. The ultimate size of the proposed wind
farm will be determined following a comprehensive evaluation of the site and its
potential interaction with both natural and man-made environments through
research and stakeholder consultation, but is likely to be in the region of 920
MW ± 30%.
The second site, the Inch Cape Offshore Wind Farm, is located 10 miles off the
east coast of Scotland in the Outer Tay Estuary and covers 58 Sq miles in area.
SeaEnergy holds a 25% interest in the application with RWE AG subsidiary RWE
npower renewables Limited holding the other 75%. As with the Beatrice site, an
identical procedure will be pursued and the ultimate size of the site is likely
to be in the region of 905 MW ± 30%.
The Scottish Government expects to announce, in the first quarter of next year,
the results of their Strategic Environmental Assessments ("SEA") covering all of
the sites they awarded in February. Both of the SeaEnergy sites border UK Third
Round sites, where the SEAs are substantially complete and for that reason we do
not anticipate that the Scottish SEA process is likely to raise any issues which
materially impact the development of our sites. SeaEnergy expects that a 24
month data gathering period over the sites will be required ahead of planning
applications being filed. Moving forward, the Joint Ventures are concentrating
on early investigations and data gathering over the proposed sites, and will
engage in extensive stakeholder consultation.
SeaEnergy has also announced a further joint venture with EDP Renewables
("EDPR"), the majority owned renewable energy subsidiary of EDP the principal
Portuguese utility and the world's fourth largest wind power generator.
Together, SeaEnergy and EDPR have tendered for zones in the current Crown Estate
managed UK Third Round leasing programme. Most of the zones available in the
Third Round are substantially larger than the sites awarded in the Scottish
Round and results are anticipated towards the end of 2009.
The Scottish Round and UK Third Round are the mechanisms by which the UK
Government aims to see over 30GW of offshore wind capacity installed (equivalent
to more than the UK's current household electricity consumption) built by
2020. The number and location of further offshore sites will be restricted and
the location of many of the available sites mean that most planned offshore
wind-farms will be built in water depths of over 40 metres. To date, the
SeaEnergy team is the only team in the world which has installed turbines in
such water depths.
The UK currently lags behind most other EU states in the percentage of
electricity generated from renewable sources and wind is the only energy source
likely to make a meaningful contribution towards the strict EU targets within
the time frame. As Rob Hastings of the Crown Estate stated recently, "It is the
North Sea happening all over again".
In choosing to work with SeaEnergy our utility partners have confirmed the value
we place on our unrivalled management team and its track record.
MPC
Since executing the Joint Venture Agreement between MPC and IDC, the
government-owned drilling company, at the end of February 2009, the parties have
been diligently working to complete a comprehensive business plan for the Iraqi
Oilfield Service Company LLC ("IOSCO"), the joint-venture entity that plans to
conduct operations in Iraq. The business plan was recently completed and
approved by the parties in Baghdad on the 11 May 2009. The MPC team led by
Deputy Chairman Peter Redman did an outstanding job in concluding months of hard
work and establishing the jointly agreed road map for the way ahead. We are
pleased with the efforts of the MPC team to establish the vision for IOSCO and
the steps required to build a strong company.
At the same time the IOSCO business plan was being finalised, two separate
tender bids for the drilling of a total of 60 wells in IOSCO's initial
geographic focus area were announced by the Missan Oil Company. IDC on behalf
of IOSCO, recently submitted proposals to drill and provided all the oilfield
services, requested in those tenders, to the Missan Oil Company. We expect to
hear the results from these tender processes during the summer. While we remain
optimistic that IOSCO will be the selected bidder in the tender processes, the
exercise of preparing each of these bids enabled the MPC and IDC personnel to
work closely together further strengthening the existing relationship between
the parties. We believe this deepening relationship will be an important part of
IOSCO's success in the future.
Ramco Oil & Gas
With our attention focused most recently on SeaEnergy and MPC, there is little
to report concerning our interests in Bulgaria, Montenegro and Azerbaijan.
However, the operator of the Bulgarian acreage where we hold a small royalty
interest has announced a gas discovery of over 230 billion cubic feet and they
are moving to the development stage. We look forward to receiving our first
royalty payments shortly after production commences.
In Montenegro, delays in the introduction of new oil and gas legislation have
deferred our progress in re-engaging with the Government on future opportunities
in that country.
We continue to pursue a claim against the State Oil Company of the
Azerbaijan Republic relating to rights connected to the Shallow Water Gunashli
field. Both sides are finalising their written case and a hearing before an
arbitration tribunal is scheduled for later this year in Stockholm.
Eagle
Since acquiring a portfolio of North Sea royalty interests during the first half
of last year, discoveries have been announced following drilling on two of the
blocks. Unfortunately the decline of the oil price in the latter part of last
year has meant that neither of these blocks has been scheduled for further work
in the current year. We have no expenditure related to holding these royalty
interests and look forward to a future cash flow as the oil price recovers and
the blocks move into development and ultimately production.
Lansdowne
Like most other AIM listed exploration companies Lansdowne's share price has
suffered badly over the past year. However, the seismic acquisition programme it
completed last year has provided the company with an excellent quality of data
and has allowed an updated Competent Person's Report to be completed. This shows
enhanced resources and value and has acted as a focus for potential farm in
partners. Lansdowne has since added further acreage to its portfolio with the
award of the Lee Licensing Option, in the North Celtic Sea Basin. With a new
owner of the Celtic Sea gas infrastructure now in place, I hope to see
exploration activity in the area increase and expect that Lansdowne will play an
important part in that activity
Corporate
I was pleased to announce the appointment of Ambrian Partners Limited as
Nominated Adviser and broker to the Company at the start of the year. Ambrian's
focus on renewable energy and oil and gas fits well with our own focus and they
have quickly got up to speed with our activities and strategy, ably supporting
our recent placing. Following that placing I was also delighted to be able to
announce the return of Fidelity as a significant shareholder in the Company
after an absence of over 10 years. I would also like to add my sincere thanks to
Lampe Conway, now our largest shareholder for their steadfast support through
the recent difficult years and look forward to creating further value for them
and all of our shareholders.
Summary
At first glance, shareholders and investors may question the logic of being in
both renewables and oil and gas. While issues around energy supply and
consumption are increasingly understood by the public at large it is important
to understand that the skill-base that will support the development of a global
offshore wind industry will come from the offshore oil and gas industry. Ramco
together with the SeaEnergy team is one of the few companies that combine that
expertise and understanding. I would like to thank my very able team at Ramco
for contributing so much energy, commitment, and enthusiasm to our turnaround -
they are invaluable.
Ramco Energy plc
Preliminary results for the year to 31 December 2008
Consolidated Balance Sheet
As at 31 December 2008
+-----------------------------+------+-----------+----------+
| | | 2008 | 2007 |
+-----------------------------+------+-----------+----------+
| | | Unaudited | Audited |
+-----------------------------+------+-----------+----------+
| |Note | GBP'000 | GBP'000 |
+-----------------------------+------+-----------+----------+
| Assets | | | |
+-----------------------------+------+-----------+----------+
| Non- current assets | | | |
+-----------------------------+------+-----------+----------+
| Goodwill and other | 4 | 2,404 | 39 |
| intangible assets | | | |
+-----------------------------+------+-----------+----------+
| Property, plant & equipment | 5 | 159 | 162 |
+-----------------------------+------+-----------+----------+
| Investments | 6 | 2,701 | 2,980 |
+-----------------------------+------+-----------+----------+
| | | 5,264 | 3,181 |
+-----------------------------+------+-----------+----------+
| Current assets | | | |
+-----------------------------+------+-----------+----------+
| Trade and other receivables | | 626 | 328 |
+-----------------------------+------+-----------+----------+
| Cash and cash equivalents | | 1,051 | 2,068 |
+-----------------------------+------+-----------+----------+
| | | 1,677 | 2,396 |
+-----------------------------+------+-----------+----------+
| | | | |
+-----------------------------+------+-----------+----------+
| Total assets | | 6,941 | 5,577 |
+-----------------------------+------+-----------+----------+
| | | | |
+-----------------------------+------+-----------+----------+
| Liabilities | | | |
+-----------------------------+------+-----------+----------+
| Current liabilities | | | |
+-----------------------------+------+-----------+----------+
| Trade and other payables | 7 | (2,016) | (1,788) |
+-----------------------------+------+-----------+----------+
| Loans and borrowings | 7 | (1,500) | - |
+-----------------------------+------+-----------+----------+
| Provisions | | (2) | (1) |
+-----------------------------+------+-----------+----------+
| | | (3,518) | (1,789) |
+-----------------------------+------+-----------+----------+
| | | | |
+-----------------------------+------+-----------+----------+
| Net current (liabilities) / | | (1,841) | 607 |
| assets | | | |
+-----------------------------+------+-----------+----------+
| | | | |
+-----------------------------+------+-----------+----------+
| Non-current liabilities | | | |
+-----------------------------+------+-----------+----------+
| Deferred income tax | | (489) | - |
| liabilities | | | |
+-----------------------------+------+-----------+----------+
| Other non-current | | (26) | (30) |
| liabilities | | | |
+-----------------------------+------+-----------+----------+
| | | | |
+-----------------------------+------+-----------+----------+
| Net assets | | 2,908 | 3,758 |
+-----------------------------+------+-----------+----------+
| | | | |
+-----------------------------+------+-----------+----------+
| | | | |
+-----------------------------+------+-----------+----------+
| Shareholders' equity | | | |
+-----------------------------+------+-----------+----------+
| Share capital | 8 | 4,611 | 3,689 |
+-----------------------------+------+-----------+----------+
| Share premium | 8 | 71,196 | 69,633 |
+-----------------------------+------+-----------+----------+
| Deficit on retained | 9 | (72,778) | (69,564) |
| earnings | | | |
+-----------------------------+------+-----------+----------+
| Total equity attributable | | 3,029 | 3,758 |
| to equity holders of the | | | |
| parent | | | |
+-----------------------------+------+-----------+----------+
| Minority interest | | (121) | - |
+-----------------------------+------+-----------+----------+
| Total equity | | 2,908 | 3,758 |
+-----------------------------+------+-----------+----------+
Ramco Energy plc
Consolidated Income Statement
For the year ended 31 December 2008
+----------------------------------------------+------+-----------+----------+
| | | 2008 | 2007 |
+----------------------------------------------+------+-----------+----------+
| | | Unaudited | Audited |
+----------------------------------------------+------+-----------+----------+
| |Note | GBP'000 | GBP'000 |
+----------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------+------+-----------+----------+
| Continuing operations | | | |
+----------------------------------------------+------+-----------+----------+
| Cost of sales | | - | (21) |
+----------------------------------------------+------+-----------+----------+
| Write-off of intangible exploration assets | 4 | - | (937) |
+----------------------------------------------+------+-----------+----------+
| Gross loss | | - | (958) |
+----------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------+------+-----------+----------+
| Operating expenses | | (3,013) | (2,301) |
+----------------------------------------------+------+-----------+----------+
| Gain on sale of shares in subsidiary | 10 | - | 1,568 |
+----------------------------------------------+------+-----------+----------+
| Gain on deemed disposal of subsidiary | 10 | - | 2,272 |
| arising from dilution | | | |
+----------------------------------------------+------+-----------+----------+
| Operating (loss) / profit | | (3,013) | 581 |
+----------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------+------+-----------+----------+
| Finance income | | 72 | 105 |
+----------------------------------------------+------+-----------+----------+
| Finance costs | | (18) | (7) |
+----------------------------------------------+------+-----------+----------+
| Finance income - net | | 54 | 98 |
+----------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------+------+-----------+----------+
| Share of loss of associates | | (328) | (77) |
+----------------------------------------------+------+-----------+----------+
| (Loss) / profit before income tax | | (3,287) | 602 |
+----------------------------------------------+------+-----------+----------+
| Income tax expense | | - | - |
+----------------------------------------------+------+-----------+----------+
| (Loss) / profit from continuing operations | | (3,287) | 602 |
+----------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------+------+-----------+----------+
| Discontinued operation | | | |
+----------------------------------------------+------+-----------+----------+
| Loss from discontinued operation (net of | | (75) | (81) |
| tax) | | | |
+----------------------------------------------+------+-----------+----------+
| (Loss) / profit for year | | (3,362) | 521 |
+----------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------+------+-----------+----------+
| Attributable to: | | | |
+----------------------------------------------+------+-----------+----------+
| Equity holders of the group | | (3,240) | 720 |
+----------------------------------------------+------+-----------+----------+
| Minority interests | | (122) | (199) |
+----------------------------------------------+------+-----------+----------+
| (Loss) / profit for the year | | (3,362) | 521 |
+----------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------+------+-----------+----------+
| (Loss) / earnings per share | 3 | | |
+----------------------------------------------+------+-----------+----------+
| Basic | | (8.17)p | 2.05p |
+----------------------------------------------+------+-----------+----------+
| Diluted | | (8.17)p | 1.95p |
+----------------------------------------------+------+-----------+----------+
| | | | |
+----------------------------------------------+------+-----------+----------+
| Continuing operations | | | |
+----------------------------------------------+------+-----------+----------+
| (Loss) / earnings per share | | | |
+----------------------------------------------+------+-----------+----------+
| Basic | | (7.99)p | 2.28p |
+----------------------------------------------+------+-----------+----------+
| Diluted | | (7.99)p | 2.17p |
+----------------------------------------------+------+-----------+----------+
Ramco Energy plc
Consolidated Statement of Changes in Equity
For the years ended 31 December 2008
+--------------------------+---------+----------+----------+---------+----------+---------+
| | Attributable to equity | | |
| | holders of the parent | | |
+--------------------------+-----------------------------------------+----------+---------+
| Group | Share | Share | Retained | Total | Minority | Total |
| | capital | premium | earnings | equity | interest | equity |
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | GBP'000 | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Year ended 31 December | | | | | | |
| 2007 | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| At 1 January 2007 | 3,502 | 69,405 | (70,945) | 1,962 | 344 | 2,306 |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Profit for the financial | - | - | 720 | 720 | (199) | 521 |
| year | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Share based payments | - | - | 82 | 82 | 5 | 87 |
| charge | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Issues of new shares - | 187 | 228 | - | 415 | - | 415 |
| gross consideration | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Disposal to minority | - | - | 579 | 579 | 426 | 1,005 |
| interest | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Deemed disposal of | - | - | - | - | (576) | (576) |
| subsidiary | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| At 31 December 2007 | 3,689 | 69,633 | (69,564) | 3,758 | - | 3,758 |
+--------------------------+---------+----------+----------+---------+----------+---------+
| | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Year ended 31 December | | | | | | |
| 2008 | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| At 1 January 2008 | 3,689 | 69,633 | (69,564) | 3,758 | - | 3,758 |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Loss for the financial | - | - | (3,240) | (3,240) | (122) | (3,362) |
| year | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Share based payments | - | - | 26 | 26 | - | 26 |
| charge | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Issues of new shares - | 922 | 1,549 | - | 2,471 | - | 2,471 |
| gross consideration | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Cost of issues recovered | - | 14 | - | 14 | - | 14 |
+--------------------------+---------+----------+----------+---------+----------+---------+
| Minority interest share | - | - | - | - | 1 | 1 |
| subscription | | | | | | |
+--------------------------+---------+----------+----------+---------+----------+---------+
| At 31 December 2008 | 4,611 | 71,196 | (72,778) | 3,029 | (121) | 2,908 |
+--------------------------+---------+----------+----------+---------+----------+---------+
Ramco Energy plc
Consolidated Statement of Cash Flows
For the year ended 31 December 2008
+--------------------------------------+------+-----------+---------+
| |Note | 2008 | 2007 |
+--------------------------------------+------+-----------+---------+
| | | Unaudited | Audited |
+--------------------------------------+------+-----------+---------+
| | | GBP'000 | GBP'000 |
+--------------------------------------+------+-----------+---------+
| | | | |
+--------------------------------------+------+-----------+---------+
| Cash flows from operating activities | | | |
+--------------------------------------+------+-----------+---------+
| Continuing operations | 11 | (3,170) | (2,670) |
+--------------------------------------+------+-----------+---------+
| Interest paid | | (2) | (4) |
+--------------------------------------+------+-----------+---------+
| Net cash used in operating | | (3,172) | (2,674) |
| activities | | | |
+--------------------------------------+------+-----------+---------+
| | | | |
+--------------------------------------+------+-----------+---------+
| Cash flows from investing activities | | | |
+--------------------------------------+------+-----------+---------+
| Interest received | | 118 | 71 |
+--------------------------------------+------+-----------+---------+
| Proceeds from sale of property, | | - | 102 |
| plant and equipment | | | |
+--------------------------------------+------+-----------+---------+
| Proceeds from sale of shares in | 10 | - | 2,612 |
| subsidiary | | | |
+--------------------------------------+------+-----------+---------+
| Acquisition of shares in associate | | (49) | - |
+--------------------------------------+------+-----------+---------+
| Acquisition of intangible assets | | (125) | (127) |
+--------------------------------------+------+-----------+---------+
| Acquisition of property, plant and | | (23) | (3) |
| equipment | | | |
+--------------------------------------+------+-----------+---------+
| Deemed disposal of subsidiary | | - | (352) |
+--------------------------------------+------+-----------+---------+
| Net cash (used in) / generated by | | (79) | 2,303 |
| investing activities | | | |
+--------------------------------------+------+-----------+---------+
| | | | |
+--------------------------------------+------+-----------+---------+
| Cash flows from financing activities | | | |
+--------------------------------------+------+-----------+---------+
| Proceeds from issuance of ordinary | | 735 | 415 |
| shares | | | |
+--------------------------------------+------+-----------+---------+
| Issue of share capital in subsidiary | | 1 | - |
| to minority interests | | | |
+--------------------------------------+------+-----------+---------+
| Payment of finance lease liabilities | | (4) | (4) |
+--------------------------------------+------+-----------+---------+
| Proceeds from borrowings | | 1,500 | - |
+--------------------------------------+------+-----------+---------+
| Net cash generated by financing | | 2,232 | 411 |
| activities | | | |
+--------------------------------------+------+-----------+---------+
| | | | |
+--------------------------------------+------+-----------+---------+
| Effect of exchange rate fluctuations | | 2 | 1 |
| on cash held | | | |
+--------------------------------------+------+-----------+---------+
| Net (decrease) / increase in cash | | (1,017) | 41 |
| and cash equivalents | | | |
+--------------------------------------+------+-----------+---------+
| Opening cash and cash equivalents | | 2,068 | 2,027 |
+--------------------------------------+------+-----------+---------+
| Closing cash and cash equivalents | | 1,051 | 2,068 |
+--------------------------------------+------+-----------+---------+
| | | | |
+--------------------------------------+------+-----------+---------+
Notes to the Financial Information
For the year ended 31 December 2008
Unaudited
1.Basis of Presentation
The consolidated financial information for the year ended 31 December 2008 has
been prepared on the basis of International Financial Reporting Standards
("IFRS") accounting policies to be adopted in the financial statements for the
year ended 31 December 2008.
The preliminary results have been prepared on the going concern basis which
assumes that the Company and its subsidiaries will continue in operational
existence for the foreseeable future.
The Group balance sheet as at 31 December 2008 shows net current liabilities of
GBP1.8 million. However, the Directors consider that it is appropriate to adopt
a going concern assumption in preparing this financial information for the
following reasons:
* Included in net current liabilities is GBP1.2 million relating to a debt
deferral agreement under which the lender has irrevocably waived the right to
receive cash settlement in return for an option to settle the debt in shares of
the Company.
* Included in net current liabilities is a loan from a significant shareholder of
GBP1.5 million. Various repayment mechanisms are in place to repay the debt
including conversion into an equity interest in potential new opportunities
currently being pursued by the Group and by subscription for new ordinary shares
in the Company.
* Since the year end the Company has raised GBP2.7 million, out of a total GBP3.4
million over the past year, through the issue of new shares in a placing and
through the exercise of warrants.
The Group has accumulated, and continues to develop, a portfolio of energy
interests which will either be developed in the medium term into revenue
generating businesses or realised for cash if necessary.
The Group has already secured finance for its marine renewable energy
subsidiary, SeaEnergy Renewables Limited ("SeaEnergy"), enabling it to employ a
team with unique offshore experience. Since the balance sheet date Exclusivity
Agreements have been entered into with the Crown Estate in relation to the
proposed development of two offshore wind farm sites, subject to a Strategic
Environmental Assessment by the Scottish Government. In both agreements
SeaEnergy is partnered by major utilities. Royal Bank of Canada Europe Limited
has been appointed as financial advisers. Additional finance is now being
vigorously pursued with potential strategic and financial investors.
The Group's associate, Mesopotamia Petroleum Company ("MPC"), has signed a joint
venture agreement with the Government of Iraq since the balance sheet date. The
Directors believe the joint venture will have a material effect on lifting Iraqi
oil production. JPMorgan Cazenove Limited has been engaged to assist MPC in
raising a substantial share of future funding requirements.
The Group's portfolio of interests also includes a direct interest in
exploration royalties in the UK North Sea. Two of these royalties relate to
undeveloped discoveries. Some of the royalties may become saleable assets in the
short term or revenue generating in their own right in the medium term.
Additionally the Group holds a royalty over acreage onshore Bulgaria where a gas
discovery is being developed by the operator.
The Directors have prepared cash flow forecasts for the Group for the period
ending 12 months from the date of approval of these financial statements. These
indicate that the Group will have adequate cash resources to meet its
obligations, as they fall due. However, there remains uncertainty as to whether
the Group can be considered a going concern in that the Group currently has no
immediate revenue streams.
If for any reason the uncertainties described above cannot be successfully
resolved, the going concern basis may no longer be applicable and adjustments to
the Group profit and loss account and Group balance sheet would be required to
record additional liabilities and write down assets to their recoverable
amounts.
The figures and financial information for the year ended 2008 do not constitute
the statutory financial statements for that year under section 240 of the
Companies Act 1985. The auditors have not yet reported on those financial
statements. The auditors have indicated that their report will contain reference
to the significant uncertainties disclosed above. The figures and financial
information for the year ended 2007 do not constitute the statutory financial
statements for that year. Those financial statements have been prepared under
section 240 of the Companies Act 1985 and included the auditors' report which,
whilst unqualified, contained reference to the significant uncertainties
disclosed in note 1 to those financial statements. Those financial statements
did not contain a statement under either section 237(2) or section 237(3) of the
Companies Act 1985.
2. Segmental Reporting
The Group has two primary business segments being Oil & Gas and Renewable
Energy.
+------------------+----+---------+---------+------------+-------------+-------------+
| | | | Oil & | Renewable | Corporate | Group |
| | | | gas | energy | unallocated | GBP'000 |
| | | | GBP'000 | GBP'000 | expenses | |
| | | | | | and gains | |
| | | | | | GBP'000 | |
+------------------+----+---------+---------+------------+-------------+-------------+
| 2008 | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| Revenue | | | - | - | - | - |
+------------------+----+---------+---------+------------+-------------+-------------+
| | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| Operating | | | (723) | (970) | (1,320) | (3,013) |
| loss | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| Share of | | | (328) | | | (328) |
| associates | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| Finance income net | | | | 54 |
+---------------------------------+---------+------------+-------------+-------------+
| Operating loss from discontinued | | | (75) |
| operations | | | |
+-------------------------------------------+------------+-------------+-------------+
| Loss for the year | | | | (3,362) |
+---------------------------------+---------+------------+-------------+-------------+
| | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| 2007 | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| Revenue | | | - | - | - | - |
+------------------+----+---------+---------+------------+-------------+-------------+
| | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| Operating profit | | | 2,912 | (116) | (2,215) | 581 |
| / (loss) | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| Share of | | (77) | - | - | (77) |
| associates | | | | | |
+-----------------------+---------+---------+------------+-------------+-------------+
| Finance income | | | | | 98 |
| net | | | | | |
+-----------------------+---------+---------+------------+-------------+-------------+
| Operating loss from discontinued | | | (81) |
| operations | | | |
+-------------------------------------------+------------+-------------+-------------+
| Profit for | | | | | | 521 |
| the year | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
| | | | | | | |
+------------------+----+---------+---------+------------+-------------+-------------+
Discontinued operations relate to a gas field which was sold in February 2006.
+-------------+--+--+-------------+------------+-------------+--------------+-------------+---------+
| Group | | | Oil & gas | Renewable | Total | Discontinued | Corporate | Group |
| | | | GBP'000 | energy | continuing | | unallocated | GBP'000 |
| | | | | GBP'000 | operations | operations | GBP'000 | |
| | | | | | GBP'000 | GBP'000 | | |
+-------------+--+--+-------------+------------+-------------+--------------+-------------+---------+
| 2008 | | | | | | | | |
+-------------+--+--+-------------+------------+-------------+--------------+-------------+---------+
| Segment | | | 3,200 | 623 | 3,823 | - | 3,119 | 6,942 |
| assets | | | | | | | | |
+-------------+--+--+-------------+------------+-------------+--------------+-------------+---------+
| Segment | | | (538) | (181) | (719) | (1,220) | (2,095) | (4,034) |
| liabilities | | | | | | | | |
+-------------+--+--+-------------+------------+-------------+--------------+-------------+---------+
| | | | | | | | | |
+-------------+--+--+-------------+------------+-------------+--------------+-------------+---------+
| 2007 | | | | | | | | |
+-------------+--+--+-------------+------------+-------------+--------------+-------------+---------+
| Segment | | | 3,040 | - | 3,040 | - | 2,537 | 5,577 |
| assets | | | | | | | | |
+-------------+--+--+-------------+------------+-------------+--------------+-------------+---------+
| Segment | | | (34) | (2) | (36) | (1,145) | (636) | (1,817) |
| liabilities | | | | | | | | |
+-------------+--+--+-------------+------------+-------------+--------------+-------------+---------+
+--------------+--+--+----------+------------+-------------+--------------+-------------+---------+
| Group | | | Oil & | Renewable | Total | Discontinued | Corporate | Group |
| | | | gas | energy | continuing | | unallocated | GBP'000 |
| | | | GBP'000 | GBP'000 | operations | operations | GBP'000 | |
| | | | | | GBP'000 | GBP'000 | | |
+--------------+--+--+----------+------------+-------------+--------------+-------------+---------+
| 2008 | | | | | | | | |
+--------------+--+--+----------+------------+-------------+--------------+-------------+---------+
| Capital | | | | | | | |
| Expenditure | | | | | | | |
+-----------------+--+----------+------------+-------------+--------------+-------------+---------+
| P,P&E | | | - | 21 | 21 | - | 2 | 23 |
+--------------+--+--+----------+------------+-------------+--------------+-------------+---------+
| Intangibles | | | 2,239 | 126 | 2,365 | - | - | 2,365 |
+--------------+--+--+----------+------------+-------------+--------------+-------------+---------+
| | | | | | | | | |
+--------------+--+--+----------+------------+-------------+--------------+-------------+---------+
| Non cash | | | | | | |
| expenses | | | | | | |
+--------------------+----------+------------+-------------+--------------+-------------+---------+
| Depreciation | | | - | 2 | 2 | - | 8 | 10 |
+--------------+--+--+----------+------------+-------------+--------------+-------------+---------+
+--------------+---+---+----------+------------+------------+--------------+-------------+---------+
| Group | | | Oil & | Renewable | Total | Discontinued | Corporate | Group |
| | | | gas | energy | continuing | | unallocated | GBP'000 |
| | | | GBP'000 | GBP'000 | operations | operations | GBP'000 | |
| | | | | | GBP'000 | GBP'000 | | |
+--------------+---+---+----------+------------+------------+--------------+-------------+---------+
| 2007 | | | | | | | | |
+--------------+---+---+----------+------------+------------+--------------+-------------+---------+
| Capital | | | | | | | |
| Expenditure | | | | | | | |
+------------------+---+----------+------------+------------+--------------+-------------+---------+
| P,P&E | | | - | - | - | - | 2 | 2 |
+--------------+---+---+----------+------------+------------+--------------+-------------+---------+
| Intangibles | | | 127 | - | 127 | - | - | 127 |
+--------------+---+---+----------+------------+------------+--------------+-------------+---------+
| | | | | | | | | |
+--------------+---+---+----------+------------+------------+--------------+-------------+---------+
| Non cash expenses | | | | | | |
+----------------------+----------+------------+------------+--------------+-------------+---------+
| Depreciation | | | - | - | - | - | 21 | 21 |
+--------------+---+---+----------+------------+------------+--------------+-------------+---------+
| Gain on | | | 1,568 | - | 1,568 | - | - | 1,568 |
| sale of | | | | | | | | |
| shares in | | | | | | | | |
| subsidiary | | | | | | | | |
+--------------+---+---+----------+------------+------------+--------------+-------------+---------+
| Gain on | | | 2,272 | - | 2,272 | - | - | 2,272 |
| deemed | | | | | | | | |
| disposal | | | | | | | | |
| of | | | | | | | | |
| subsidiary | | | | | | | | |
+--------------+---+---+----------+------------+------------+--------------+-------------+---------+
3.(Loss) / Earnings per Ordinary Share
(Loss) / earnings per share attributable to equity holders of the Company arise
from continuing and discontinued operations as follows:
+------------------------------------------------------------------+--------+--------+
| | (pence per |
| | share) |
+------------------------------------------------------------------+-----------------+
| | 2008 | 2007 |
+------------------------------------------------------------------+--------+--------+
| (Loss) /earnings per share attributable to equity holders of the | | |
| Company arise from continuing as follows: | | |
+------------------------------------------------------------------+--------+--------+
| - basic | (7.99) | 2.28 |
+------------------------------------------------------------------+--------+--------+
| - diluted | (7.99) | 2.17 |
+------------------------------------------------------------------+--------+--------+
| | | |
+------------------------------------------------------------------+--------+--------+
| Loss per share for loss from discontinued operation attributable | | |
| to the equity holders of the Company | | |
+------------------------------------------------------------------+--------+--------+
| - basic | (0.18) | (0.23) |
+------------------------------------------------------------------+--------+--------+
| - diluted | (0.18) | (0.22) |
+------------------------------------------------------------------+--------+--------+
| | | |
+------------------------------------------------------------------+--------+--------+
| (Loss)/ earnings per share for (loss) / profit from continuing | | |
| and discontinued operations attributable to the equity holders | | |
| of the Company | | |
+------------------------------------------------------------------+--------+--------+
| - basic | (8.17) | 2.05 |
+------------------------------------------------------------------+--------+--------+
| - diluted | (8.17) | 1.95 |
+------------------------------------------------------------------+--------+--------+
The calculations were based on the following information.
+-----------------------------------------------------------------+------------+------------+
| | GBP'000 | GBP'000 |
+-----------------------------------------------------------------+------------+------------+
| |
+-------------------------------------------------------------------------------------------+
| (Loss) / earnings attributable to equity holders of the Company |
+-------------------------------------------------------------------------------------------+
| - continuing operations | (3,165) | 801 |
+-----------------------------------------------------------------+------------+------------+
| - discontinued operation | (75) | (81) |
+-----------------------------------------------------------------+------------+------------+
| - continuing and discontinued operations | (3,240) | 720 |
+-----------------------------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------------------------+------------+------------+
| Weighted average number of shares in issue | | |
+-----------------------------------------------------------------+------------+------------+
| - basic | 39,637,929 | 35,176,637 |
+-----------------------------------------------------------------+------------+------------+
| - diluted | 39,637,929 | 36,843,304 |
+-----------------------------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------------------------+------------+------------+
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. The Company has three classes of potential ordinary shares; share
options, warrants and the Schlumberger debt deferral agreement. As a loss was
recorded for the current year the issue of potential ordinary shares would have
been anti-dilutive in 2008. As explained below, only certain warrants were
dilutive for the previous year.
Share options
Only share options that are exercisable at the reporting date are potential
ordinary shares. The lowest exercise price of exercisable share options is 34p
per share. This was above the average market price of the shares in issue in
2007. On that basis none of the share options were considered dilutive.
Warrants
In August 2005 warrants over 3,000,000 ordinary shares were issued to the
Group's lenders, with an exercise price of 34p. This was above the average
market price of the shares in issue in 2007 and so the warrants were not
dilutive.
In June 2007 warrants over 5,000,000 ordinary shares were issued to LC Capital
Master Fund, with an exercise price of 14p per share. This was below the average
market price of the shares in issue in 2007 and so the warrants were dilutive.
Debt deferral agreement
Based on the number of shares required to settle the debt and the interest
expense accrued in 2007, the debt deferral agreement with Schlumberger was
anti-dilutive.
4.Goodwill and other Intangible Assets
+-----------------------------------------+---------+----------+-----------+
| | Other | Goodwill | Total |
+-----------------------------------------+---------+----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+---------+----------+-----------+
| Year ended 31 December 2007 | | | |
+-----------------------------------------+---------+----------+-----------+
| Opening net book amount at 1 January | 1,849 | - | 1,849 |
| 2007 | | | |
+-----------------------------------------+---------+----------+-----------+
| Additions | 127 | - | 127 |
+-----------------------------------------+---------+----------+-----------+
| Deemed disposal | (1,000) | - | (1,000) |
+-----------------------------------------+---------+----------+-----------+
| Costs written off | (937) | - | (937) |
+-----------------------------------------+---------+----------+-----------+
| Closing net book amount at 31 December | 39 | - | 39 |
| 2007 | | | |
+-----------------------------------------+---------+----------+-----------+
| | | | |
+-----------------------------------------+---------+----------+-----------+
| Year ended 31 December 2008 | | | |
+-----------------------------------------+---------+----------+-----------+
| Opening net book amount at 1 January | 39 | - | 39 |
| 2008 | | | |
+-----------------------------------------+---------+----------+-----------+
| Additions | 126 | - | 126 |
+-----------------------------------------+---------+----------+-----------+
| Acquisition of subsidiary (note 13) | 1,750 | 489 | 2,239 |
+-----------------------------------------+---------+----------+-----------+
| Closing net book amount at 31 December | 1,915 | 489 | 2,404 |
| 2008 | | | |
+-----------------------------------------+---------+----------+-----------+
Oil and gas project expenditures, including geological, geophysical and seismic
costs, are accumulated as intangible fixed assets prior to the determination of
commercial reserves. At 31 December 2008, intangible fixed assets totalled
GBP1.9 million (31 December 2007: GBP39,000).
5. Property, Plant and Equipment
+----------------------+----------------+-----------+-------------+
| | Land & | Plant, | Total |
| | buildings | fixtures | GBP'000 |
| | Long-leasehold | and | |
| | | equipment | |
| | GBP'000 | GBP'000 | |
+----------------------+----------------+-----------+-------------+
| Cost | | | |
+----------------------+----------------+-----------+-------------+
| At 1 January 2007 | 1,113 | 476 | 1,589 |
+----------------------+----------------+-----------+-------------+
| Additions | - | 2 | 2 |
+----------------------+----------------+-----------+-------------+
| Disposals | (1,113) | - | (1,113) |
+----------------------+----------------+-----------+-------------+
| At 31 December 2007 | - | 478 | 478 |
+----------------------+----------------+-----------+-------------+
| | | | |
+----------------------+----------------+-----------+-------------+
| Accumulated | | | |
| depreciation | | | |
+----------------------+----------------+-----------+-------------+
| At 1 January 2007 | 1,093 | 294 | 1,387 |
+----------------------+----------------+-----------+-------------+
| Charge for the year | - | 22 | 22 |
+----------------------+----------------+-----------+-------------+
| Disposals | (1,093) | - | (1,093) |
+----------------------+----------------+-----------+-------------+
| At 31 December 2007 | - | 316 | 316 |
+----------------------+----------------+-----------+-------------+
| | | | |
+----------------------+----------------+-----------+-------------+
| Net book amount | | | |
+----------------------+----------------+-----------+-------------+
| At 31 December 2007 | - | 162 | 162 |
+----------------------+----------------+-----------+-------------+
| | | | |
+----------------------+----------------+-----------+-------------+
| Cost | | | |
+----------------------+----------------+-----------+-------------+
| At 1 January 2008 | - | 478 | 478 |
+----------------------+----------------+-----------+-------------+
| Additions | - | 23 | 23 |
+----------------------+----------------+-----------+-------------+
| At 31 December 2008 | - | 501 | 501 |
+----------------------+----------------+-----------+-------------+
| | | | |
+----------------------+----------------+-----------+-------------+
| Accumulated | | | |
| depreciation | | | |
+----------------------+----------------+-----------+-------------+
| At 1 January 2008 | - | 316 | 316 |
+----------------------+----------------+-----------+-------------+
| Charge for the year | - | 26 | 26 |
+----------------------+----------------+-----------+-------------+
| At 31 December 2008 | - | 342 | 342 |
+----------------------+----------------+-----------+-------------+
| | | | |
+----------------------+----------------+-----------+-------------+
| Net book amount | | | |
+----------------------+----------------+-----------+-------------+
| At 31 December 2008 | - | 159 | 159 |
+----------------------+----------------+-----------+-------------+
| | | | |
+----------------------+----------------+-----------+-------------+
6. Investments
+--------------------------------------------------+------------+
| | GBP'000 |
+--------------------------------------------------+------------+
| Investments in associates | |
+--------------------------------------------------+------------+
| | |
+--------------------------------------------------+------------+
| At 1 January 2007 | - |
+--------------------------------------------------+------------+
| Arising on deemed disposal of subsidiary (note | 2,950 |
| 10) | |
+--------------------------------------------------+------------+
| Additions | 107 |
+--------------------------------------------------+------------+
| Share of loss for year | (77) |
+--------------------------------------------------+------------+
| At 31 December 2007 | 2,980 |
+--------------------------------------------------+------------+
| | |
+--------------------------------------------------+------------+
| At 1 January 2008 | 2,980 |
+--------------------------------------------------+------------+
| Additions | 49 |
+--------------------------------------------------+------------+
| Gain on dilution | 183 |
+--------------------------------------------------+------------+
| Impairment | (49) |
+--------------------------------------------------+------------+
| Exchange movement | 42 |
+--------------------------------------------------+------------+
| Share of loss for year | (504) |
+--------------------------------------------------+------------+
| At 31 December 2008 | 2,701 |
+--------------------------------------------------+------------+
The Group's share of the results of its principal associates and its aggregated
assets and liabilities are as follows:
+-------------+---------------+---------+--------+-------------+----------+--------+----------+
| Name | Country of | Status | Assets | Liabilities | Revenues | Loss | % |
| | incorporation | | | | | | interest |
| | | | | | | | held in |
| | | | | | | | ordinary |
| | | | | | | | shares |
| | | | | | | | by group |
+-------------+---------------+---------+--------+-------------+----------+--------+----------+
| | | | | | | | |
+-------------+---------------+---------+--------+-------------+----------+--------+----------+
| 2008 | | | | | | | |
+-------------+---------------+---------+--------+-------------+----------+--------+----------+
| | | | | | | | |
+-------------+---------------+---------+--------+-------------+----------+--------+----------+
| Lansdowne | England | AIM | 3,821 | (1,130) | - | (422) | 38.9%* |
| Oil & Gas | | listed | | | | | |
| plc | | | | | | | |
+-------------+---------------+---------+--------+-------------+----------+--------+----------+
| | | | | | | | |
+-------------+---------------+---------+--------+-------------+----------+--------+----------+
| Mesopotamia | England | Private | 25 | (15) | - | (82) | 32.67% |
| Petroleum | | | | | | | |
| Company | | | | | | | |
| Limited | | | | | | | |
+-------------+---------------+---------+--------+-------------+----------+--------+----------+
| | | | | | | | |
+-------------+---------------+---------+--------+-------------+----------+--------+----------+
| | | | 3,846 | (1,145) | - | (504) | |
+-------------+---------------+---------+--------+-------------+----------+--------+----------+
* Following an issue of new shares by Lansdowne Oil & Gas plc in February 2009,
the Group's interest reduced to 36.26%.
7. Trade and Other Payables, Loans and Borrowings
(a) Trade and Other Payables
+-------------------------------------------------+----------+------------+
| Amounts falling due within one year; | 2008 | 2007 |
| | GBP,000 | GBP,000 |
+-------------------------------------------------+----------+------------+
| Trade payables | 259 | 78 |
+-------------------------------------------------+----------+------------+
| Other taxes and social security | 76 | 341 |
+-------------------------------------------------+----------+------------+
| Accruals | 407 | 212 |
+-------------------------------------------------+----------+------------+
| Amounts due under finance leases | 4 | 4 |
+-------------------------------------------------+----------+------------+
| Other payables | 1,270 | 1,153 |
+-------------------------------------------------+----------+------------+
| | 2,016 | 1,788 |
+-------------------------------------------------+----------+------------+
*Other payables includes an amount of GBP1.2 million (2007: GBP1.1 million) due
to Schlumberger Offshore Services Limited under a debt deferral arrangement.
(b) Loans and Borrowings
+-------------------------------------------------+----------+------------+
| | 2008 | 2007 |
| | GBP'000 | GBP,000 |
+-------------------------------------------------+----------+------------+
| Loan from shareholder | 1,500 | - |
+-------------------------------------------------+----------+------------+
In April 2008 the Company secured a borrowing facility in aggregate amount of
GBP2 million (the "Facility"), to provide additional working capital. During the
year the Company drew down GBP1.5 million against this facility.
The Facility has been made available by LC Capital Master Fund, Ltd ("LC") a
shareholder of the Company.
The first draw down was made on 24 July 2008 and repayment was initially due six
months thereafter in January 2009. With the consent of the lender this has been
extended until 24 July 2009. Interest is payable at 4 per cent. per annum.
Various repayment mechanisms are in place to repay the debt. In certain
circumstances the loan may be repaid in full, prior to its scheduled maturity at
the option of LC, through its conversion into an equity interest in potential
new opportunities currently being pursued by Ramco. If the conversion is
effected at the same time as other third parties invest it would be on the same
terms as such other third parties invest. In all other circumstances, Ramco's
liability under the Facility shall be repaid on the repayment date as follows:
- First, by Ramco repaying any unused amount of the Facility drawn down by it
prior to that date;
- Secondly, to the extent that there remains any debt outstanding, by LC
electing for such debt to be discharged by way of the subscription by it for new
ordinary shares in Ramco at a price equal to the average closing mid-market
price over the 10 dealing days immediately prior to such subscription, subject
to there being in place sufficient Ramco shareholder authority to allot such
shares at that time and to the aggregate interest of LC and any person deemed to
be acting in concert with LC, in the Company remaining below 30 per cent.; and
Finally, in the event of there being any residual debt, by Ramco repaying such
residual debt in cash.
8. Share Capital and Premium
+--------------------+--------------------------+---------------+----------+---------+---------+
| | Date | Number of | Ordinary | Share | Total |
| | | shares | Shares | Premium | GBP'000 |
| | | (thousands) | GBP'000 | GBP'000 | |
+--------------------+--------------------------+---------------+----------+---------+---------+
| At 1 January 2007 | | 35,018 | 3,502 | 69,405 | 72,907 |
+--------------------+--------------------------+---------------+----------+---------+---------+
| 30 November 2007 | Issue of new | 1,870 | 187 | 228 | 415 |
| | shares | | | | |
+--------------------+--------------------------+---------------+----------+---------+---------+
| At 31 December | | 36,888 | 3,689 | 69,633 | 73,322 |
| 2007 | | | | | |
+--------------------+--------------------------+---------------+----------+---------+---------+
| 14 May 2008 | Issue of new | 943 | 94 | 156 | 250 |
| | shares | | | | |
+--------------------+--------------------------+---------------+----------+---------+---------+
| 24 June 2008 | Issue of new | 1,317 | 132 | 368 | 500 |
| | shares | | | | |
+--------------------+--------------------------+---------------+----------+---------+---------+
| 14 July 2008 | Issue of new | 1,961 | 196 | 839 | 1,035 |
| | shares | | | | |
+--------------------+--------------------------+---------------+----------+---------+---------+
| 20 November 2008 | Exercise of | 5,000 | 500 | 200 | 700 |
| | warrants | | | | |
+--------------------+--------------------------+---------------+----------+---------+---------+
| At 31 December | | 46,109 | 4,611 | 71,196 | 75,807 |
| 2008 | | | | | |
+--------------------+--------------------------+---------------+----------+---------+---------+
The total authorised number of ordinary shares is 70 million shares (2007: 70
million shares) with a par value of 10 pence per share. All issued shares are
fully paid.
On 30 November 2007, 1,870,000 new ordinary shares of 10p each were issued for
22.2p per share, in satisfaction of deferred remuneration due to Executive
Directors.
The Company allotted and issued the following new ordinary shares of 10p each as
consideration for the acquisition of Eagle HC Limited (note 13):
+-------------+--------------+---------------+------------------------------+
| Date | Shares | Price | |
+-------------+--------------+---------------+------------------------------+
| 14 May 2008 | 943,396 | 26.5 pence | Initial consideration |
+-------------+--------------+---------------+------------------------------+
| 24 June | 1,317,292 | 37.96 pence | Deferred consideration |
| 2008 | | | |
+-------------+--------------+---------------+------------------------------+
| 14 July | 1,912,960 | 52.275 pence | Initial consideration |
| 2008 | | | (balance) |
+-------------+--------------+---------------+------------------------------+
On 14 July 2008 the Company allotted and issued a further 47,816 new ordinary
shares of 10p each at a price of 52.275 pence per ordinary share in settlement
of consultancy invoices.
On 20 November 2008 the Company allotted and issued 5,000,000 new ordinary
shares of 10p each. The shares were issued following the exercise of Warrants by
LC Capital Master Fund Limited at a price of 14 pence per ordinary share.
The principal trading market for the shares in the UK is the London Stock
Exchange's Alternative Investment Market ("AIM") on which the shares have been
traded since 14 November 1996.
The following table sets forth, for the calendar quarters indicated, the
reported highest and lowest price for the shares on AIM, as reported by the
London Stock Exchange.
+---------------------------------------+---------+---------+----------+----------+
| | 2008 | 2007 |
+---------------------------------------+-------------------+---------------------+
| | Pence per share | Pence per share |
+---------------------------------------+-------------------+---------------------+
| | High | Low | High | Low |
+---------------------------------------+---------+---------+----------+----------+
| First quarter | 24.0 | 19.0 | 20.5 | 16.0 |
+---------------------------------------+---------+---------+----------+----------+
| Second quarter | 79.25 | 19.0 | 26.0 | 16.5 |
+---------------------------------------+---------+---------+----------+----------+
| Third quarter | 62.0 | 35.5 | 21.0 | 16.25 |
+---------------------------------------+---------+---------+----------+----------+
| Fourth quarter | 48.5 | 27.0 | 21.0 | 15.5 |
+---------------------------------------+---------+---------+----------+----------+
9. Retained Earnings
+-----------------------------------------------------------+----------+
| | GBP'000 |
+-----------------------------------------------------------+----------+
| Year ended 31 December 2007 | |
+-----------------------------------------------------------+----------+
| | |
+-----------------------------------------------------------+----------+
| At 1 January 2007 | (70,945) |
+-----------------------------------------------------------+----------+
| Profit for the financial year | 720 |
+-----------------------------------------------------------+----------+
| Share based payments charge | 82 |
+-----------------------------------------------------------+----------+
| Disposal to minority interest | 579 |
+-----------------------------------------------------------+----------+
| At 31 December 2007 | (69,564) |
+-----------------------------------------------------------+----------+
| | |
+-----------------------------------------------------------+----------+
| Year ended 31 December 2008 | |
+-----------------------------------------------------------+----------+
| | |
+-----------------------------------------------------------+----------+
| At 1 January 2008 | (69,564) |
+-----------------------------------------------------------+----------+
| Loss for the financial year | (3,240) |
+-----------------------------------------------------------+----------+
| Share based payments charge | 26 |
+-----------------------------------------------------------+----------+
| At 31 December 2008 | (72,778) |
+-----------------------------------------------------------+----------+
| | |
+-----------------------------------------------------------+----------+
10.Investment in Lansdowne Oil & Gas plc
(a) Gain on disposal of shares
On 26 June 2007 Ramco Hibernia Limited, a wholly owned subsidiary of the
Company, sold 5,225,000 ordinary shares (25.1 per cent) in Lansdowne at a price
of 50p per share to LC Capital Master Fund, generating a cash consideration of
GBP2.6 million. As part of the sale and purchase agreement, the Group granted LC
Capital Master Fund warrants over 5,000,000 ordinary shares in Ramco Energy plc,
at an exercise price of 14p. The exercise price was set at a discount of 4p to
the prevailing market price of the shares at the date of sale. The fair value of
these warrants was calculated as a discount to the cash consideration. This
yields a net consideration that is a reasonable approximation to the fair value
of the Lansdowne shares. The sale reduced the Group's ownership of Lansdowne to
61.15 per cent and generated a gain on sale as calculated below:
+----------------------------------------------------------+-------------+
| | GBP'000 |
+----------------------------------------------------------+-------------+
| Cash consideration | 2,612 |
+----------------------------------------------------------+-------------+
| Discount attributed to sale and warrants | (578) |
+----------------------------------------------------------+-------------+
| Net consideration for sale of shares | 2,034 |
+----------------------------------------------------------+-------------+
| Selling costs | (40) |
+----------------------------------------------------------+-------------+
| Net assets disposed to minority interest | (426) |
+----------------------------------------------------------+-------------+
| Group gain on sale of share | 1,568 |
+----------------------------------------------------------+-------------+
(b) Gain on deemed disposal of shares
On 29 November 2007 Lansdowne Oil & Gas plc issued 8,921,118 new ordinary shares
as consideration pursuant to an acquisition agreement under which it acquire the
whole issued share capital of Milesian Oil & Gas Limited. As Ramco Hibernia
Limited did not receive any of the new shares issued, the group's interest in
Lansdowne Oil & Gas plc reduced from 61.15% to 42.8% and a gain on deemed
disposal arose as follows:
+----------------------------------------------------------+--------------+
| | GBP'000 |
+----------------------------------------------------------+--------------+
| Group's share of net assets after issue of consideration | 2,950 |
| shares | |
+----------------------------------------------------------+--------------+
| Group's share of net assets before issue of | (906) |
| consideration shares | |
+----------------------------------------------------------+--------------+
| Group gain on deemed disposal | 2,044 |
+----------------------------------------------------------+--------------+
| Other gain realised on deemed disposal | 228 |
+----------------------------------------------------------+--------------+
| Gain per income statement | 2,272 |
+----------------------------------------------------------+--------------+
A further gain on dilution of GBP184,000 arose in May 2008 when Lansdowne Oil &
Gas plc issued 2,973,707 new shares. As Ramco Hibernia Limited did not receive
any of the new shares issued, the Group's interest in Lansdowne Oil and Gas plc
reduced from 42.8% to 38.9%.
11. Reconciliation of (Loss) / Profit before Income Tax to Cash used in
Operations
+----------------------------------------+---------+----------+
| | 2008 | 2007 |
+----------------------------------------+---------+----------+
| | GBP'000 | GBP'000 |
+----------------------------------------+---------+----------+
| | | |
+----------------------------------------+---------+----------+
| (Loss) / profit for year from | (3,287) | 602 |
| continuing operations | | |
+----------------------------------------+---------+----------+
| Adjustments for: | | |
+----------------------------------------+---------+----------+
| Depreciation of property, plant and | 26 | 22 |
| equipment | | |
+----------------------------------------+---------+----------+
| Intangible assets written off | - | 937 |
+----------------------------------------+---------+----------+
| Gain on sale of property, plant and | - | (82) |
| equipment | | |
+----------------------------------------+---------+----------+
| Gain on sale of shares in subsidiary | - | (1,568) |
+----------------------------------------+---------+----------+
| Gain on deemed disposal of subsidiary | - | (2,272) |
+----------------------------------------+---------+----------+
| Equity settled share-based payment | 26 | 78 |
| transactions | | |
+----------------------------------------+---------+----------+
| Gain on dilution of investment | (225) | (107) |
+----------------------------------------+---------+----------+
| Impairment of investment in associate | 49 | - |
+----------------------------------------+---------+----------+
| Share of associate loss | 504 | 77 |
+----------------------------------------+---------+----------+
| Operating cash flows before movements | (2,907) | (2,313) |
| in working capital | | |
+----------------------------------------+---------+----------+
| | | |
+----------------------------------------+---------+----------+
| Change in trade and other receivables | (347) | (119) |
+----------------------------------------+---------+----------+
| Change in trade and other payables | 137 | (116) |
+----------------------------------------+---------+----------+
| Change in provisions | 1 | (24) |
+----------------------------------------+---------+----------+
| Cash outflow generated by operations | (3,116) | (2,572) |
+----------------------------------------+---------+----------+
| Net finance income | (54) | (98) |
+----------------------------------------+---------+----------+
| Net cash used in continuing operating | (3,170) | (2,670) |
| activities | | |
+----------------------------------------+---------+----------+
+----------------------------------------+---------+----------+
| | 2008 | 2007 |
+----------------------------------------+---------+----------+
| | GBP'000 | GBP'000 |
+----------------------------------------+---------+----------+
| | | |
+----------------------------------------+---------+----------+
| Loss for year from discontinued | - | - |
| operation | | |
+----------------------------------------+---------+----------+
| Adjustments for: | | |
+----------------------------------------+---------+----------+
| Net finance expense | (75) | (81) |
+----------------------------------------+---------+----------+
| Operating cash flows before movements | (75) | (81) |
| in working capital | | |
+----------------------------------------+---------+----------+
| | | |
+----------------------------------------+---------+----------+
| Change in trade and other payables | 75 | 81 |
+----------------------------------------+---------+----------+
| Cash used in operations | - | - |
+----------------------------------------+---------+----------+
| Interest paid | - | - |
+----------------------------------------+---------+----------+
| Net cash from discontinued operating | - | - |
| activities | | |
+----------------------------------------+---------+----------+
12. Related Party Transactions
(a) Directors
During 2008 Executive Directors voluntarily agreed to defer contractual bonus
and pension payments totalling GBP92,000 as summarised below:
+-----------------------------------------------------+----------+---------+
| | As at 31 |
| | December |
+-----------------------------------------------------+--------------------+
| | 2008 | 2007 |
+-----------------------------------------------------+----------+---------+
| | GBP'000 | GBP'000 |
+-----------------------------------------------------+----------+---------+
| | | |
+-----------------------------------------------------+----------+---------+
| SE Remp | 74 | - |
+-----------------------------------------------------+----------+---------+
| SR Bertram | 14 | - |
+-----------------------------------------------------+----------+---------+
| CG Moar | 4 | - |
+-----------------------------------------------------+----------+---------+
| | 92 | - |
+-----------------------------------------------------+----------+---------+
No guarantees were given by the Company and no interest was charged on the
outstanding balances.
(b) Directors
During 2007 the Company reimbursed expenses totalling GBP35,000 incurred by S E
Remp personally in connection with SeaEnergy Renewables Limited prior to that
subsidiary commencing to trade.
(c) Associates
During the year to 31 December 2008 the Group made payments for administrative
expenses on behalf of its associate company Mesopotamia Petroleum Company
Limited ("MPC") of GBP58,000 (2007: GBP114,000). The balance owed by MPC to the
Group as at 31 December 2008 is GBP14,000 (2007: GBP20,000). It is unsecured and
is to be settled in cash within six months of the reporting date. No interest is
charged and no guarantee has been given.
During the year to 31 December 2008 the Group made payments for administrative
expenses on behalf of its associate company Lansdowne Oil & Gas plc
("Lansdowne") of GBPnil (2007: GBP7,000). The balance owed by Lansdowne to the
Group as at 31 December 2008 is GBP155,000 (2007: GBP111,000). It is unsecured
and is to be settled in cash within six months of the reporting date. No
interest is charged and no guarantee has been given.
13. Business Combination
Acquisition of Eagle HC Limited
On 14 May 2008 the Group acquired Eagle HC Limited ("Eagle"). Eagle owns a
portfolio of North Sea royalty interests that were accumulated by Exploration
Geosciences Limited ("EGL").
The initial consideration was GBP1.25 million. Of this amount GBP0.25 million
was satisfied on 14 May 2008 by the issue of 943,396 ordinary shares in the
Company.
Further consideration of GBP0.5 million became payable upon the spudding of the
next well on the royalty acreage. This occurred in June 2008 and consequently a
further 1,317,292 ordinary shares in the Company were issued on 24 June 2008.
The balance of the initial consideration, GBP1.0 million, was satisfied on 14
July 2008 by the issue of 1,912,960 ordinary shares in the Company.
A further GBP0.5 million becomes payable when cash flow from the royalty
portfolio commences. All such contingent consideration can be settled at the
Company's option, either in cash or through the issue of new shares.
Eagle was dormant during the financial year and its acquisition had no effect on
the Group profit and loss account for the year.
Details of net assets acquired and goodwill are as follows:
+--------------------------------------------------------+---------------+
| | Fair Value |
| | GBP,000 |
+--------------------------------------------------------+---------------+
| Purchase consideration: | |
+--------------------------------------------------------+---------------+
| Shares issued | 1,750 |
+--------------------------------------------------------+---------------+
| Fair value of net assets acquired | 1,261 |
+--------------------------------------------------------+---------------+
| Goodwill (note 4) | 489 |
+--------------------------------------------------------+---------------+
The assets and liabilities acquired are set out below:
+-------------------------------+--------------+------------+---------------+
| | Book | Fair value | Fair |
| | Value | Adjustment | Value |
| | GBP | GBP | GBP |
+-------------------------------+--------------+------------+---------------+
| Intangible assets | - | 1,750,000 | 1,750,000 |
+-------------------------------+--------------+------------+---------------+
| Receivables | 500 | - | 500 |
+-------------------------------+--------------+------------+---------------+
| Deferred income tax | - | (489,000) | (489,000) |
| liabilities | | | |
+-------------------------------+--------------+------------+---------------+
| | 500 | 1,261,000 | 1,261,500 |
+-------------------------------+--------------+------------+---------------+
The goodwill is attributable to the deferred taxation arising on the differences
between the fair values attributed to the net assets acquired and the taxation
base of the net assets acquired.
The fair value of the shares was based on the closing mid market prices at the
time of issue.
The Directors do not believe that the final element of deferred consideration is
probable and it has therefore been excluded from the total purchase
consideration.
14. Post Balance Sheet Events
(a) SeaEnergy Renewables Limited - Exclusivity Agreements
In February 2009 the Company's marine renewables subsidiary, SeaEnergy
Renewables Limited ("SeaEnergy"), together with its co-venturers, entered into
Exclusivity Agreements with The Crown Estate in relation to the proposed
development of two offshore wind farm sites. Under those agreements SeaEnergy
and its co-venturers were awarded preferred bidder status in respect of two
proposed wind farm sites offshore Scotland. The Combined SeaEnergy interest in
both projects is approximately 456 Mw.
The awards are subject to a Strategic Environmental Assessment ("SEA"),
currently being pursued by the Scottish Government. The grant of any lease to
allow construction of a wind farm will be subject to a favourable SEA outcome,
site specific environmental impact assessment and statutory consents.
SeaEnergy expects that a 24 month data gathering period over the sites will be
required ahead of planning consents being filed. Moving forward, the Joint
Ventures will concentrate on early investigations of the proposed sites, and
will engage in extensive stakeholder consultation.
As recognition of the SeaEnergy team's success in this process the Company has
agreed to sell up to a further 8% of the issued shares of SeaEnergy to the
SeaEnergy management team. This transaction will be finalised when a valuation
has been agreed with Her Majesty's Revenue & Customs. Following this transaction
Ramco's stake in SeaEnergy will be reduced to 80%.
(b) Mesopotamia Petroleum Company Limited - Joint Venture
In February 2009 the Company's associate Mesopotamia Petroleum Company Limited
("MPC") signed a joint venture agreement with the Iraqi Drilling Company
("IDC"), the Iraqi state-owned drilling company.
The joint venture, which will be majority Iraqi owned (51% IDC, 49% MPC), will
be known as Iraqi Oil Services Company LLC ("IOSCO") and has been created for
the purpose of drilling a large number of new wells and thereby significantly
increasing oil and gas production in the Republic of Iraq.
IOSCO's main objectives will be to provide integrated drilling operations in
Iraq for the state-owned oil companies, together with any international
companies which are awarded licences in any forthcoming licensing rounds. The JV
will deliver a wide range of oil services. The parties to the joint venture
intend to invest a total of $400 million to enable IOSCO to purchase and operate
12 new drilling rigs and for provision of logistical support and working capital
in order to deliver state-of-the-art performance in its operations. Furthermore,
IOSCO is committed to playing a leading role in developing local Iraqi expertise
and resources in all aspects of the joint venture including integrated drilling
technology.
MPC has appointed London-based investment bank, JPMorgan Cazenove, as its
financial adviser and placement agent in connection with a major equity
fund-raising to support MPC's contribution to the joint venture's drilling
operations.
(c) Placing of new shares
In April 2009 the Company raised approximately GBP1.65m before expenses by way
of a placing of 3,579,232 new ordinary shares of 10p each at a price of 46p
each. The net proceeds of the Placing will be used by the Company to further the
development of SeaEnergy Renewables Limited and for general working capital
purposes.
(d) Exercise of warrants
In May 2009, following the exercise of 600,000 warrants, the Company allotted
and issued 600,000 new ordinary shares of 10p each. In June 2009, following the
exercise of a further 2,400,000 warrants, the Company allotted and issued
2,400,000 new ordinary shares of 10p each. The exercise of the warrants, which
were granted in August 2005 at a price of 34p per share, resulted in the Company
receiving GBP1.0 million as proceeds of these exercises.
15.Contingent Liability
Under the terms of its JV agreement with IDC, if the Company's Associate, MPC,
fails to raise its share of the initial joint venture funding then MPC will be
required to pay a penalty of US $2.2 million. Ramco and another MPC shareholder
have jointly and severally guaranteed this amount.
16.Annual Report and Financial Statements
The Annual Report and Financial Statements will be posted to shareholders
shortly and will be available from the Company's website www.ramco-plc.com and
from Britannia House, Endeavour Drive, Arnhall Business Park, Westhill,
Aberdeenshire AB32 6UF.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR QVLFBKQBFBBL
Ramco Energy (LSE:ROS)
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から 5 2024 まで 6 2024
Ramco Energy (LSE:ROS)
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から 6 2023 まで 6 2024
