TIDMANR
RNS Number : 0183O
Altona Energy PLC
04 February 2016
Embargoed until 7am 4 February 2016
Altona Energy plc
("Altona" or "the Company")
Interim Results
Altona (AIM: ANR) is pleased to announce its unaudited interim
results for the six months ended 31 December 2015.
Highlights
-- Concluded the renegotiation of the JV Agreement with Sino-Aus and Wintask
-- Amended JV Agreement reflects a proposed bankable feasibility
study into an Underground Coal Gasification project
-- Reduction of 55% in Company overheads, excluding one-off
costs, compared to the comparative period
-- Wintask completed first tranche contribution into JV Company
-- Sino-Aus subscribed for GBP0.5 million of Altona shares
Qinfu Zhang, Altona's Executive Chairman, commented, "2015 was a
very positive year for Altona; in the last 12 months we have
re-negotiated and formalised our arrangement with our joint venture
partners, significantly reduced Company overheads and also
strengthened the Board. In addition, Altona has now received the
subscription funds of GBP0.5 million from Sino-Aus and the JV
Company has received the first contribution of AUD$0.6 million from
Wintask. In 2016, we will commence operations at the Arckaringa
site in South Australia and we believe that Altona is at a new
starting point in its development."
For further information, please visit www.altonaenergy.com or
contact:
Altona Energy plc
Qinfu Zhang, Executive Chairman
Nicholas Lyth, Non-Executive Director +44 7769 906 686
Leander (Financial PR)
Christian Taylor- Wilkinson +44 7795 168 157
Northland Capital Partners Ltd (Nomad and
Broker)
Matthew Johnson / Gerry Beaney (Corporate
Finance)
John Howes / Abigail Wayne (Corporate Broking) +44 20 7382 1100
About Altona Energy
Altona is listed on the London Stock Exchange's AIM market. It
is focused on the evaluation and development of the Company's
Arckaringa Project to exploit the significant coal resources of
approximately 7.8 billion tonnes (non-JORC). The project area is
covered by three exploration licences covering 2,500 sq. kms in the
northern portion of the Permian Arckaringa Basin in South
Australia.
Chairman's Statement
The Company enters 2016 in a positive mood, after seeing
Sino-Aus Energy Group Limited ("Sino-Aus") fulfil its first
subscription commitment and Wintask Group Limited ("Wintask") make
its first contribution into the joint venture company in accordance
with the terms of the revised joint venture agreement (the "JV
Agreement").
These developments follow a six month period where various
important milestones were achieved. Firstly, on 10 July 2015, the
Company announced that it had successfully negotiated the renewal
for a further 12 months of its three exploration licences (Nos.
4511, 4512 and 4513) with the South Australian government. At the
same time the Company appointed Parsons Brinkerhoff to investigate
the potential of underground coal gasification ("UCG"), at the
Company's Arckaringa site in South Australia.
On 5 November, the Company announced a Deed of Variation,
relating to the original JV Agreement, had been signed by the Joint
Venture Partners, confirming the maximum total cash contribution of
AUD$33 million by Sino-Aus and Wintask into the joint venture
company, Arckaringa Coal Chemical Joint Venture Co Pty Ltd (the "JV
Company"). It also confirmed the subscription terms by Sino-Aus for
Altona ordinary shares, for the amount of GBP1.25 million in two
tranches; the first of which, for GBP0.5 million at a price of 0.5
pence per share, was completed on 25 January 2016.
Another important milestone was the agreement by the Joint
Venture Partners to use the latest technologies available to
investigate the feasibility of product extraction at Arckaringa
using UCG. The initial testing phase at the site will focus on the
viability of UCG. If UCG extraction is deemed not to be appropriate
then the Joint Venture Partners have the flexibility to explore
other extraction methods.
Financial Review
The financial loss of the Group for the six months ended 31
December 2015 was GBP356,000 (2014: GBP1,174,000). As reported in
our audited financial results this is the first period where the
full effect of our overhead reduction efforts is demonstrated. For
the six months under review, overheads were GBP369,000 (H1 2015:
GBP819,000, not including non-recurring charges of GBP355,000, as
noted below). The Directors will continue to control costs whilst
the joint venture progresses the Arckaringa project.
In the prior six month period ended 31 December 2014 the Group
had one-off charges totalling GBP355,000 comprising professional
fees incurred in the connection with the joint venture, totalling
GBP130,000, as well as a provision for GBP225,000 relating to a
settlement agreement with a former Director. The provision of
GBP225,000 was reversed between the interim period ended 31
December 2014 and the audited 30 June 2015 year end, after legal
advice was taken. As at 31 December 2015 no payment has been made
under the settlement agreement; further information is available in
note 5 to the interim statement.
Post Balance Sheet Events
Since the year end, the Company has benefitted from the receipt
of the first GBP500,000 of subscription funds from Sino-Aus, which
it will use for working capital purposes and it has also announced
the receipt, into the JV Company, of the initial contribution from
Wintask of AUD$0.6 million.
Outlook
Following the important progress made in 2015, the Company is
excited about the prospects for the coming year ahead. While the
board is unable to provide an accurate timetable of events for the
next six months, it hopes that by the end of Q1 it will be in a
position to update shareholders with a general plan for the initial
test drilling programme at Arckaringa. The board also believes that
its new joint venture arrangements represent the best opportunity
for Altona and its significant coal asset in Australia.
Consolidated Statement of Comprehensive Income
For the half year ended 31 December 2015
Notes Unaudited Unaudited Audited
Half-year Half-year Year
ended ended ended
31 Dec 2015 31 Dec 2014 30 June 2015
GBP'000 GBP'000 GBP'000
Total administrative expenses
and loss from operations (369) (1,174) (1,313)
Finance income 1 - 1
Loss before taxation (368) (1,174) (1,312)
Tax 3 12 - -
Loss for the financial period (356) (1,174) (1,312)
Other comprehensive income
Exchange differences on translating
foreign operations maybe subsequently
reclassified to profit or loss 110 (582) (1,341)
Total comprehensive (loss) attributable
to the equity holders of the
parent (246) (1,756) (2,653)
------------- ------------- --------------
Loss per share
- Basic and diluted 4 (0.04p) (0.15p) (0.17p)
Consolidated Statements of financial position
At 31 December 2015
Unaudited Unaudited Audited
31 Dec 2015 31 Dec 2014 30 June 2015
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 9,858 10,484 9,739
Other receivables 2 - 2
------------- ------------- --------------
Total Non-current assets 9,860 10,484 9,741
------------- ------------- --------------
Current assets
Trade and other receivables 59 237 122
Cash and cash equivalents 204 1,033 543
Total Current assets 263 1,270 665
------------- ------------- --------------
Total assets 10,123 11,754 10,406
------------- ------------- --------------
LIABILITIES
Current liabilities
Provisions 790 790 790
Trade and other payables 71 400 108
Total Current liabilities 861 1,190 898
------------- ------------- --------------
Total liabilities 861 1,190 898
------------- ------------- --------------
NET ASSETS 9,262 10,564 9,508
------------- ------------- --------------
Capital and reserve attributable
to the equity holders of the
Parent
Share capital 792 792 792
Share premium 17,778 17,778 17,778
(MORE TO FOLLOW) Dow Jones Newswires
February 04, 2016 02:00 ET (07:00 GMT)
Merger reserve 2,001 2,001 2,001
Foreign exchange reserve 88 737 (22)
Retained losses (11,397) (10,744) (11,041)
------------- ------------- --------------
TOTAL EQUITY 9,262 10,564 9,508
------------- ------------- --------------
Consolidated Statement of Cashflows
For the half year ended 31 December 2015
Unaudited Unaudited Audited
Half-year Half-year Year
ended ended ended
31 Dec 2015 31 Dec 2014 30 June 2015
GBP'000 GBP'000 GBP'000
Operating activities
Loss before taxation (356) (1,174) (1,312)
Finance income (1) - (1)
Share based payments - 31 (128)
(Increase)/ decrease in receivables (37) 38 113
(Decrease) / increase in payables
and provisions (12) 242 (47)
Cash used in operations (406) (863) (1,375)
Income tax benefit received 75 - 43
-------------------- ------------- --------------
Net cash outflow used in operating
activities (331) (863) (1,332)
Investing activities
Payments to acquire intangible fixed
assets - (20) (35)
Interest received 1 - 1
Net cash outflow from investing activities 1 (20) (34)
Decrease in cash and cash equivalents
in period/ year (330) (883) (1,366)
Cash and cash equivalents at beginning
of period / year 543 1,913 1,913
Effect of exchange rate changes on
cash and cash equivalents (9) 3 (4)
-------------------- ------------- --------------
Cash and cash equivalents at end of
period / year 204 1,033 543
-------------------- ------------- --------------
Consolidated Statement of Changes in Equity
For the half year ended 31 December 2015
Share Share Merger Foreign Retained Total shareholders'
capital premium reserve exchange losses equity
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 30 June
2014 792 17,778 2,001 1,319 (9,601) 12,289
------------------------ --------- --------- --------- ---------- --------- --------------------
Total comprehensive
loss for the period - - - (582) (1,174) (1,756)
Share based payments - - - - 31 31
Balance at 31 December
2014 792 17,778 2,001 737 (10,744) 10,564
------------------------ --------- --------- --------- ---------- --------- --------------------
Total comprehensive
loss for the period - - - (759) (138) (897)
Share based payments - - - - (159) (159)
Balance at 30 June
2015 792 17,778 2,001 (22) (11,041) 9,508
------------------------ --------- --------- --------- ---------- --------- --------------------
Total comprehensive
loss for the period - - - 110 (356) (246)
Balance at 31 December
2015 792 17,778 2,001 88 (11,397) 9,252
------------------------ --------- --------- --------- ---------- --------- --------------------
Notes to the Interim Report
For the half year ending 31 December 2015
1. GENERAL INFORMATION
Altona Energy Plc (the "Company") is a company registered in
England. The condensed consolidated interim financial statements of
the Company for the six months ended 31 December 2015 comprise the
result of the Company and its subsidiaries (together referred to as
the "Group") and have been prepared in accordance with the AIM
Rules for Companies. As permitted, the Company has chosen not to
adopt IAS 34 "Interim Financial Statement" in preparing these
interim financial statements.
The consolidated interim financial information for the period 1
July 2015 to 31 December 2015 is unaudited. In the opinion of the
Directors the condensed interim financial information for the
period presents fairly the financial position, and results from
operations and cash flows for the period in conformity with the
generally accepted accounting principles consistently applied. The
condensed interim financial information incorporates unaudited
comparative figures for the interim period 1 July 2014 to 31
December 2014 and extracts from the audited financial statements
for the year to 30 June 2015.
The financial information contained in this interim report does
not constitute statutory accounts as defined by section 435 of the
Companies Act 2006.
The comparatives for the full year ended 30 June 2015 are not
the Company's full statutory accounts for that year. A copy of the
statutory accounts for that year has been delivered to the
Registrar of Companies. The auditor's report on those financial
statements was unqualified but did include a reference to the
uncertainties surrounding going concern, to which the auditors drew
attention by way of emphasis of matter and did not contain a
statement under s498 (2) - (3) of Companies Act 2006. The interim
report has not been audited or reviewed by the Company's auditor.
The key risks and uncertainties and critical accountancy estimates
remain unchanged from 30 June 2015 and the accountancy policies
adopted are consistent with those used in the preparation of its
financial statements for the year ended 30 June 2015.
3. TAXATION
The Group has recognised a GBP12,000 tax credit (31 December
2014: GBPNil and 30 June 2015: GBPNil) in respect of the concession
for research and development tax credits available to the Group. No
current taxation has been provided due to losses in the period.
4. LOSS PER SHARE
The basic loss per share is derived by dividing the loss for the
period attributable to ordinary shareholders by the weighted
average number of shares in issue.
Unaudited Unaudited Audited
31 Dec 2015 31 Dec 2014 30 June 2015
Loss for the period (GBP'000) (356) (1,174) (1,312)
Weighted average number of shares
- expressed in millions 792 792 792
Basic loss per share - expressed
in pence (0.04p) (0.15p) (0.17p)
As the inclusion of the potential ordinary shares would result
in a decrease in the loss per share they are considered to be
anti-dilutive and, as such, the diluted loss per share calculation
is the same as the basic loss per share.
5. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
31 Dec 2015 31 Dec 2014 30 June 2015
GBP'000 GBP'000 GBP'000
Trade payables 41 145 78
Accruals and other payables 30 255 30
------------- ------------- --------------
71 400 108
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