TIDMKEA
RNS Number : 9167V
Kea Petroleum PLC
03 November 2014
For Immediate Release 3 November 2014
Kea Petroleum plc
("Kea" or the "Group")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MAY 2014
Kea Petroleum plc (AIM: KEA), the oil and gas exploration
company focused on New Zealand, is pleased to announce its
Preliminary Results for the year ended 31 May 2014.
Highlights
-- Revenue increased to GBP2,087,000 (2013: GBP829,000) as a
result of sales of hydrocarbons associated with the production from
both Puka 1 and Puka 2
-- Farm-out agreement signed with MEO Australia in April 2014
-- Exciting potential for the new limestone prospect, Shannon
-- In discussion with potential industry partners to farm out Mauku
-- Management team strengthened following the appointment of Ian
Brown as Managing Director, former Chief Operating Officer of New
Zealand Energy Corp
-- Net loss of GBP4.86 million (2013: net loss of GBP8.41 million)
Kea's Chairman, Ian Gowrie-Smith, said:
"It has been a challenging period for Kea but the Board remains
confident of an exciting year ahead. The philosophy and strategy of
the Company has been to balance our exploration portfolio between
cheaper lower risk, lower reward wells and the high risk, high
reward plays. Our goal is to try and maximise the return to our
shareholders by mitigating risks through farm-ins and farm-outs as
well as bringing the best possible talent on board to assess
opportunities and to manage our operations.
"As to the future, we can't afford not to drill the new Shannon
structure: it's too exciting and too prospective, and MEO and
ourselves are finalising drill target and funding discussions. It's
worth shareholders supporting because success here would lead to a
whole new and different chapter for the Company."
This release has been approved by non-executive director Peter
Mikkelsen FGS, AAPG, who has consented to the inclusion of the
technical information in this release in the form and context in
which it appears.
For further information please contact:
Kea Petroleum plc Tel: +44 (0)20 7340 9970
David Lees, Executive Director
WH Ireland Limited (NOMAD) Tel: +44 (0)20 7220 1666
James Joyce
James Bavister
Buchanan Tel: +44 (0)20 7466 5000
Mark Court
Sophie Cowles
Notes to Editors:
Kea Petroleum is an AIM listed oil and gas company with
interests in three petroleum exploration permits in the Taranaki
Basin of New Zealand. Kea listed on the London AIM market in
February 2010.
CHAIRMAN'S STATEMENT
Dear Shareholders,
In the February Chairman's Statement I said that it had been
challenging times and that has certainly continued to be the case.
The recent failure of Puka-3 to be a commercial discovery was a
great blow to the company and I know to all shareholders. It was
particularly frustrating in view of the progress the company had
made in all other respects in the intervening period. Production
problems were fixed and production subsequently has been at a
stable level; management had been streamlined; a farm-out partner
for Puka, MEO New Zealand Limited ("MEO") was found on favourable
terms and funding obtained to enable the drilling of Puka-3 and all
operations to continue.
Puka
Unfortunately, the discovery that the oil /water contact at the
Puka field was 30 metres higher than expected has likely reduced
the total potential reserves significantly and we are currently
reviewing the remaining Mt Messenger prospects within the permit.
It would be fair to say that the experience of all the current
players in the Taranaki Basin, who are endeavouring to make
commercial sense out of Mt Messenger plays, has been a struggle.
However there is a silver lining to all this.
As a result of all the drilling and 2D and 3D seismic we have
carried out on the permit and particularly the Douglas well,
together with the 3D, MEO and ourselves have become excited about
the prospect of a newly mapped structure, called Shannon, directly
underneath the Puka field. The Shannon structure is a not a sand
reservoir like the Mt Messenger in Puka. Instead it is limestone
and is the same as in the Waihapa oil field immediately west of
Puka, that has produced 23.6 million barrels of oil ("MMbbl") to
date. Fractured limestone reservoirs such as Waihapa have the
characteristics of very high flow rates. Wells brought into
production at Waihapa have had initial flow rates from between
1,000 barrels of oil per day ("bopd") to 10,000bopd. Current
analysis indicates that the Shannon structure is approximately half
the size of Waihapa and has a P(50) of 10MMbbl, far greater than
expectations of the Mt Messenger reservoir.
Kea drilled the Douglas well some two years ago into the
limestone, but never completed testing it. Douglas intersected oil
shows in the top 15 metres of the limestone, which may indicate a
potential oil column just before it punctured a huge volume of
underlying water. Recent structural interpretation suggests the
limestone intersected there is some 350 metres low, compared to the
crest of the structure under the Puka production site.
As previously advised, Kea was particularly pleased to have
entered into a farm-out agreement with MEO. This farm-out agreement
has meant a great deal to the company, as it incorporated not only
the drilling of Puka-3 but also work over of Puka-2 well and
installation of permanent pipework at the well site. Additionally,
we have found access to MEO's pool of talent useful in helping to
define both the Puka Mt Messenger field as well as the Shannon
prospect.
Mauku
On 10 October 2014, New Zealand Petroleum & Minerals
(NZP&M), the government oil and gas regulatory agency, approved
a new committed stage of the work programme in respect of Petroleum
Exploration Permit 381204. The permit is located part on shore and
part off shore in North Taranaki.
Kea drilled Mauku-1 on PEP381204 during Q2 2013. Mauku-1
intersected good quality Mangahewa "C" sands (161m net thickness)
in a sub-thrust target. However, the sands were water wet.
Remapping of the seismic data, using 123km of new pre-stack
depth migration 2D post Mauku-1, shows the well was drilled
significantly down-dip of a 20 km(2) structural closure at
Mangahewa level and shows a larger closure at mid-Cretaceous
Taniwha formation level. The new work programme, comprising 15km of
2D land-based seismic reflection data, will extend the data
coverage over the 20 km(2) structural closure at Mangahewa level.
This will help to define a better well location. Kea is in
discussion with potential industry partners to farm-out the Mauku
prospect.
We are pleased to have come to an agreement with NZP&M that
eliminates the need to commit to, and finance, the drilling of
Mauku-2 during the coming 12 months and replaces it with a
relatively inexpensive seismic programme.
Mercury
The Company continues to have discussion with NZP&M
regarding the ongoing commitments and work programme on this
permit.
Management
During the year Richard Parkes left the company after working
out his 6 months' notice.
We were very fortunate that Ian Brown, former Chief Operating
Officer of New Zealand Energy Corp. ("NZEC"), a New Zealand
resident, was able to pick up the role of MD and the transition has
gone smoothly. NZEC is Kea's immediate neighbour to the Puka permit
and Ian's experience, as well as local connections, in dealing with
the challenges of Mt Messenger deposits and Puka in particular, has
proved invaluable.
Our Finance Director, Peter Wright, has agreed to extend his
initial two year stay in New Zealand in order to ensure that the
Company has continuity at managerial level.
Funding
Despite the stock market's negative initial reaction to the
financial funding arrangements that we have with Darwin, the
company has been well served by them. Funding through the
traditional placings and rights issues remains closed, essentially
for the whole sector. Ironically, the comfort that Kea is funded
from this relationship with Darwin, despite its dilutive downside,
appears to be a bigger positive than the fear of how companies such
as ours might otherwise get funding in the future.
The Past and the Future
Undoubtedly being an investor in oil and gas exploration and
production is risky and challenging. The recent failure of Puka-3
was a bitter and unexpected blow, to the company, our farm-in
partner, to myself and the larger shareholders and in particular,
to the legions of shareholders and share traders who risked
alongside us hoping and expecting success.
However, the philosophy and strategy of Kea has been to balance
our exploration portfolio between cheaper lower risk, lower reward
wells and the high risk, high reward plays. It is only in targeted,
high reward success that shareholders can hope to get the kind of
return they deserve for the risks associated with owning small,
speculative oil and gas explorers. Since listing in 2010, Kea has
been involved in the drilling of 9 wells (8 as operator), has
acquired 146km of onshore 2D seismic data, 100km(2) of offshore 3D
seismic data, 50km(2) of onshore 3D seismic data, reprocessed over
1,800km of old 2D seismic data and constructed a production station
on the Puka site capable of handling up to 800 bopd.
Our goal is to try and maximise the return to our shareholders
by mitigating risks through farm-ins and farm-outs, as well as
bringing the best possible talent on board to assess opportunities
and to manage our operations. I feel Kea has succeeded in doing
both and has been consistent in pursuit of its strategy.
Looking back, Kea has been involved in the farm-out of three of
our wells covering both high and lower reward prospects.
-- Beluga-1 exploration well, with a target of 500 billion cubic
feet ("Bcf") of gas and 20MMbbl of condensate, in which Kea
retained 100% interest in the permit and offloaded 100% of the
cost;
-- Mauku-1 exploration well with target of 485Bcf gas and
27MMbbl of condensate, in which Kea retained 100% interest in the
permit and offloaded 50% of the cost;
-- Puka-3 appraisal well, targeting thicker Mt Messenger sands,
in which Kea retained a 70% interest in the permit and offloaded
80% of the cost.
Although the above wells were unfortunately unsuccessful, we
have to be careful in defining the words "failure" and
"unsuccessful", because each well teaches us an enormous amount
about the prospectivity of further drilling. In the case of Beluga,
it downgraded the future potential of that licence and area. In the
case of Mauku, it has been the opposite in that it has provided us
with a sign post to where we are more likely to make a discovery.
In the case of Puka-3, whilst it has diminished the reserve
potential of the Puka field, it has also highlighted the remaining
Mt Messenger targets. Finally, in the case of Douglas-1, along with
the 3D seismic, we now have a sign post to a whole new, potentially
large deposit, the Shannon prospect, derisked from a pure
exploration play.
In terms of management skills in identifying probable locations
for hydrocarbon accumulations, I can't fault the talent we have and
my special thanks to the current and past team.
As to the future, we can't afford not to drill the new Shannon
structure: it's too exciting and too prospective, and MEO and
ourselves are finalising drill target and funding discussions. It's
worth shareholders supporting this effort, because success here
would lead to a whole new and different chapter for the
company.
Ian Gowrie-Smith
Chairman
31 October 2014
OPERATIONAL REVIEW
Over the past year Kea has continued with its exploration
program on the Company's New Zealand Petroleum Exploration Permits
(PEPs) and has also continued testing of two wells located at the
Puka well site in Taranaki. The Puka-1 and -2 discoveries continue
to provide cash flow for Kea as the company transitions from being
purely exploration focused to being a business based on both
exploration and production.
The major activities for the year were:
-- Installation of gas generators on Puka site to utilise gas for onsite power
-- Farm-out of PEP51153 licence to MEO New Zealand Pty Ltd
-- Replacement of downhole pump in Puka-2
-- Reprocessing of offshore 3D seismic for Mercury area
-- Installation of permanent pipework at Puka site and drilling of Puka-3 (subsequent events)
These activities are discussed in more detail below by licence
area.
PEP51153
PEP51153 is located onshore in Taranaki, New Zealand and
contains the Puka discoveries and the suspended Douglas well.
Puka-1 was been completed in Mt Messenger Formation reservoir
sands, and was first flow tested in August 2012. Analysis of the
initial flow and downhole data confirmed that the discovery was of
commercial size. Flow testing has continued under natural reservoir
pressure. Following an initial period of decline, flow appears to
have stabilised at a rate of about 55bopd. However it is expected
that at some unknown future time, reservoir pressures will drop to
a point where artificial lift will be required to continue oil
production.
Puka-2 testing commenced in late March 2013, and has continued
with a short break while a replacement downhole pump was installed.
Over 47,000bbl's and 388 Million Cubic Feet of Gas (MMCF) have been
produced on test to May 31 2014 from Puka-1 and Puka-2. Oil
production has been consistent at around the 110bopd since
production at Puka-2 was brought back online in June 2014.
Temporary rental production facilities at Puka have been
replaced with permanent equipment to reduce operating costs.
Significant savings have been made by replacing the diesel
generators with gas fired generators.
The majority of gas produced to date has been flared, however a
study of gas utilisation options, including a gas pipeline to a
nearby processing station, as well as electricity generation onsite
for sale into the grid has been commissioned. This work is being
carried out by a Wellington based energy consulting company.
Puka-3 was spudded from the Puka well site pad on 22 July 2014.
The well reached total depth (TD) of 2,200m on 13 August 2014, and
a comprehensive logging programme was carried out by Schlumberger,
with final results not available to management until 16 August
2014. At that point, the decision was made to plug and abandon the
well.
The high quality Puka 3D seismic survey data, recorded in
December 2012, has been further reprocessed by MEO, with subsequent
improved imaging of the main hydrocarbon reservoir horizons. The
data continues to be used as one of the key data sets that guides
the location of future drilling targets.
PEP 381204
Following the drilling of Mauku-1, post well studies have been
undertaken. These include remapping of the seismic data, and 123km
new PSDM data that shows the well was drilled significantly down
dip of a 20 km(2) structural closure a Mangahewa level, and a
larger closure at mid-Cretaceous Taniwha Formation level.
Management have estimated the recoverable resource potential in
this part of the permit is in the 63 to 700Bcf range, with a P(50)
estimate of 215Bcf. The associated condensate resource potential is
3.8 to 42 MMbbl, with a P(50) of 12.9 MMbbl. A larger resource at
multi-Trillion cubic foot size could be present at Taniwha
level.
To advance further exploration in this permit, including
drilling a well into the updip structure north of Mauku-1, Kea has
entered into confidentiality agreements with various potential
farm-in partners.
PEP52333
Interpretation of the high quality 3D seismic data acquired over
the permit in the previous year has been interpreted by the Kea
geology and geophysics team in Wellington.
One of the prospects, Mercury, that is being worked up to a
drill ready target is a large 3-way dip and fault closed prospect.
The reservoir comprises a relict early Miocene proximal basin-floor
sandstone, with onshore correlative sands. There is a proven
hydrocarbon source present, and there were live oil and gas shows
in the Miocene sections of offset wells.
Management have estimated an original oil in place prospective
resource potential of 108 - 688 MMbbl (P(90) - P(10) ). The company
is actively promoting the opportunity to interested farm-in
participants.
Ian Brown
Managing Director - New Zealand
31 October 2014
FINANCIAL REVIEW
The Group's loss for the year was GBP3,819,000 of which
GBP1,571,000 comprised the write-offs of the exploration permit
PEP52333. This represents a decrease of GBP5,532,000 over the
previous losses. Cash balances as at 31 May 2014 were GBP823,000.
Net administrative expense for the year decreased by GBP870,000.
The Company embarked on numerous cost-cutting measures throughout
the period under review. This has seen combined employee and Board
levels drop from 17 to 10 with associated savings over the period.
The costs of the London office continue to be offset by the
sub-letting of the office space. Operational cost saving was
achieved with the installation of gas generators on the Puka site
to replace diesel generators, the in-house servicing of the wax
cutting unit and prudent site management to reduce well downtime.
The installation of the permanent pipework in July 2014 has further
reduced the monthly operational costs.
During the year the company impaired exploration and evaluation
expenditure by an amount of GBP1,571,000 which were for all costs
in licences PEP52333, PEP381204 and PEP51155 as the latter was
relinquished during the period and at year end there was no
certainty regarding further exploration in either PEP52333 or
PEP381204. No impairment was made against PEP 51153 (Puka) as a
result of the prospectivity of the deeper Shannon play. A depletion
charge, of GBP281,000, based on the Depletion policy in note i was
charged against Production & Development and included in the
cost of sales calculation. The company also allocated an amount of
GBP649,000 to Production and development assets (note 7B) and
GBP632,000 to Plant & Equipment.
Revenue for the period increased by GBP1,258,000 to GBP2,087,000
as a result of sales of hydrocarbons associated with production
from both Puka 1 and Puka 2.
In January 2014 the Company entered into the first of three
deals concluded with Darwin Strategic Limited ("Darwin") for the
issue of GBP1,200,000 of Convertible Loan Notes and an Equity
Financing Facility of up to GBP5,000,000. Under this deal the
following shares were issued:
-- January 2,823,529 shares;
-- February 39,204,437 shares;
-- April 10,240,785 shares;
-- May 11,805,463 shares.
In May 2014 the Company entered into a further agreement with
Darwin for GBP2,000,000 of Convertible Loan notes. Under the May
deal GBP400,000 of the January CLN's fell away and the EFF
agreement was cancelled.
Under the new deal the following shares were issued:
-- May 3,589,743 shares.
In total the Company issued 67,663,957 shares to Darwin in the
period in settlement of Convertible loan notes and fees and
received GBP720,000 under the first agreement and a further
GBP900,000 under the new agreement in funding for the year under
review.
In addition in May 2,295,908 shares were issued to Directors at
1.95p in lieu of salary of GBP44,770 that had been on hold since
October 2013, 3,680,198 shares were issued to Gresham Limited in
settlement of an outstanding invoice of GBP69,923 and 4,000,000
shares were issued to Ardel Trust for the benefit of Ian Brown
under the Overseas Employee Share Benefit Trust scheme.
The exchange movement for the year showed a loss of GBP1,044,000
arising primarily on the company's NZD balances and assets. The
year end exchange rate of NZ$1.9714/GBP was significantly higher
than the rate at the start of the year (NZ$1.8946/GBP), averaging
around NZ$1.9571/GBP through the year.
In December 2013 the company agreed a bank facility, based on
sales and stock delivered, in order to allow better management of
cashflows from the sale of hydrocarbons. During the period under
review the company used this facility three times. Kea is currently
assessing this facility to ensure that it is providing a suitable
level of cover.
Peter Wright
Finance Director
31 October 2014
KEA PETROLEUM PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 May 2014
Year ended Year ended
31 May 31 May
2014 2013
GBP'000 GBP'000
Notes
Revenue 2,087 829
Cost of sales (1,756) 82
----------- -----------
Gross profit 331 911
Administration expenses (2,213) (3,083)
-----------
Operating loss before exploration costs
written off (1,882) (2,172)
Exploration costs written off (1,571) (7,197)
----------- -----------
Operating Loss (3,453) (9,369)
Finance Income 4 14 38
Finance Cost 4 (420) -
Foreign Exchange gains / (losses) 40 (20)
-----------
Loss before taxation 2 (3,819) (9,351)
Taxation 5 - -
----------- -----------
Loss for the year (3,819) (9,351)
===========
Other comprehensive income:
Exchange differences on translating foreign
operation (1,044) 943
----------- -----------
Total comprehensive loss for the year (4,863) (8,408)
=========== ===========
Loss per share
Basic and diluted (pence per share) 6 (0.54)p (1.59)p
===========
The loss for the year and total comprehensive loss for the year
are 100% attributable to equity
shareholders of the parent undertaking.
KEA PETROLEUM PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 May 2014 Company Registration: 7023751
31 May 31 May
2014 2013
GBP'000 GBP'000
Notes
Current Assets
Cash and cash equivalents 823 2,788
Trading Stock and WIP 9 244 89
Trade and other receivables 10 330 1,045
---------
1,397 3,922
--------- ---------
Non-Current Assets
Property, plant & equipment 8 1,254 771
Production & Development Assets 7 7,021 6,997
Intangible Oil & gas exploration assets 7 9,794 12,063
---------
18,069 19,831
--------- ---------
Total Assets 19,466 23,753
========= =========
Current Liabilities
Trade and other payables 11 936 2,846
12 /
Borrowings 17 515 -
Derivative Financial Instruments 12 434 -
---------
Total liabilities 1,885 2,846
--------- ---------
Shareholders' Equity
Issued capital 13 7,751 6,974
Share premium 13 29,828 29,353
Merger reserve 14 125 125
Share option reserve 15 3,054 2,689
Warrants Reserve 14 135 135
Translation reserve (139) 905
Investment in Own Shares 15 (1,637) (1,557)
Retained earnings (21,536) (17,717)
--------- ---------
Total equity 17,581 20,907
---------
Total Equity and Liabilities 19,466 23,753
========= =========
The financial statements were approved by the Board of Directors
on 31 October 2014
Peter Wright
Finance Director
KEA PETROLEUM PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 May 2014
Share Share Investment Merger Share Translation Warrants Retained Total
capital premium in Own Reserve option reserve Reserve earnings equity
Shares reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 01 June
2012 5,094 16,787 - 125 2,069 (38) - (8,366) 15,671
Issue of
shares 1,880 12,566 - - - - 135 - 14,581
Investment
in own shares - - (1,557) - - - - (1,557)
Equity settled
share options - - - - 620 - - - 620
Transactions
with owners 1,880 12,566 (1,557) - 620 - 135 - 13,644
Loss for
the period - - - - - - - (9,351) (9,351)
Other
comprehensive
income:
Exchange
differences
on
translation
of foreign
operations - - - - - 943 - 943
-------- -------- ----------- -------- ---------- -------------- ----------- ------------ ------------
Total
comprehensive
loss for
the year - - - - - 943 - (9,351) (8,408)
-------- -------- ----------- -------- ---------- -------------- ----------- ------------ ------------
At 31 May
2013 6,974 29,353 (1,557) 125 2,689 905 135 (17,717) 20,907
-------- -------- ----------- -------- ---------- -------------- ----------- ------------ ------------
Issue of
shares 777 475 - - - - - - 1,252
Investment
in own shares - - (80) - - - - - (80)
Equity settled
share options - - - - 365 - - - 365
Transactions
with owners 777 475 (80) - 365 - - - 1,537
Loss for
the period - - - - - - - (3,819) (3,819)
Other
comprehensive
income:
Exchange
differences
on
translation
of foreign
operations - - - - - (1,044) - - (1,044)
-------- -------- ----------- -------- ---------- -------------- ----------- ------------ ------------
Total
comprehensive
loss for
the year - - - - - (1,044) (3,819) (4,863)
-------- -------- ----------- -------- ---------- -------------- ----------- ------------ ------------
At 31 May
2014 7,751 29,828 (1,637) 125 3,054 (139) 135 (21,536) 17,581
-------- -------- ----------- -------- ---------- -------------- ----------- ------------ ------------
KEA PETROLEUM PLC
CONSOLIDATED STATEMENT OF CASHFLOWS
For the year ended 31 May 2014
Year ended Year ended
31 May 31 May
2014 2013
GBP'000 GBP'000
Net cash outflow from operating activities (2,852) (1,502)
Cash flows from investing activities
Interest received 7 38
Expenditure on oil and gas exploration
assets (49) (8,025)
Expenditure on Production and development
assets (649) (6,997)
Purchase of property, plant and equipment (628) (169)
-----------
Net cash used in investing activities (1,319) (15,153)
Cash flows from financing activities
Proceeds from share issues 1,252 14,581
Debt liability 949 -
Investment in Own Shares (80) (1,557)
-----------
Net cash generated from financing activities 2,121 13,024
-----------
Net decrease in cash and cash equivalents (2,050) (3,631)
Cash and cash equivalents at beginning
of year 2,788 6,692
Foreign exchange differences - net 85 (273)
-----------
Cash and cash equivalents at balance
sheet date 823 2,788
=========== ===========
Reconciliation of cash flows from operating
activities with loss for the year
Loss for the year (3,819) (9,351)
Movements in Working Capital
Trade and other receivables 715 (302)
Trade and other payables (1,910) 274
Depreciation 107 98
Stock and WIP (155) -
Derecognition of unsuccessful expenditure 1,571 7,197
Depletion on development & production 281 -
assets
Interest received (7) (38)
Share option expense 365 620
Net cash outflow from operating activities (2,852) (1,502)
=========== ===========
KEA PETROLEUM PLC
For the year ended 31 May 2014
BASIS OF PREPARATION AND ADOPTION OF INTERNATIONAL FINANCIAL
REPORTING STANDARDS (IFRS)
The Group financial statements consolidate those of the Company
and of its subsidiary undertakings; the Group financial statements
have been prepared in accordance with IFRS and International
Financial Reporting Interpretations Committee (IFRIC)
interpretations as adopted by the European Union at 31 May 2014.
The accounting policies and presentation followed in the
preparation of these final results have been consistently applied
to all periods in these financial statements.
Audit Information
The financial information set out in this preliminary
announcement does not constitute statutory accounts as defined in
Section 435 of the Companies Act 2006. The consolidated statement
of financial position at 31 May 2014 and the consolidated statement
of comprehensive income, consolidated statement of changes in
equity and consolidated cash flow statement and associated notes
for the year then ended have been extracted from the Group's
statutory financial statements for the year ended 31 May 2014 upon
which the auditor's opinion is unqualified, except for an emphasis
of matter paragraph regarding going concern which is further
explained below, and does not include any statement under Section
498 (2) or (3) of the Companies Act 2006.
Going concern
The Group has incurred a loss of GBP3,819,000 for the year ended
31 May 2014. In common with other junior exploration companies, the
Group is reliant on raising further funds periodically through
equity finance, including share options and warrants, or possibly
debt facilities to achieve its long term objectives.
The directors have prepared operating cashflow forecasts and
projections which assume a minimum level of expenditure to conform
with the requirements of the Group's exploration licences for the
12 months from the date of signing these financial statements,
which show a funding shortfall in 2015. The directors are in
discussions with a potential investor to secure additional funding
that would cover the shortfall, but an agreement has not yet been
signed. If the Group is unable to secure this funding and cannot
find alternative sources of financial support, the Group may cease
to be a going concern. In these circumstances adjustments may be
required to reflect the position that assets may not be realised at
the amounts currently disclosed in the Statement of Financial
Position, and additional liabilities may be incurred. In addition,
the Group's operating cashflow forecasts and projections include
certain assumptions in relation to the level of future production
and consequent revenues from the Puka Wells, which can vary due to
possible fluctuations in both the oil price and foreign exchange
rates.
The directors have concluded that the combination of these
circumstances represents a material uncertainty that may cast
significant doubt upon the Group's ability to continue as a going
concern. Nevertheless after making enquiries, and considering the
uncertainties described above, the directors have an expectation
that the Group will have access to adequate resources to continue
in operational existence for the foreseeable future and for these
reasons, they continue to adopt the going concern basis in
preparing the annual report and Group financial statements.
Notes to the financial statements
1. Revenue and segmental reporting
In the opinion of the Directors, the Group's single operating
segment is the exploration for hydrocarbons, comprising oil and
gas. An operating segment is a component of an entity that engages
in business activities from which it may earn revenues and incur
expenses and whose results are regularly reviewed by the Board of
Directors. The Board of Directors reviews operating results by
reference to the core principle of geographic location. The Group
currently has oil and gas exploration in one market, New Zealand,
and it has a head office and associated corporate expenses in the
UK.
Revenue of GBP2,087,000 (2013:GBP829,000) has been earned
through the sale of oil to Shell Todd Oil Services Limited, in New
Zealand, during the period.
The following table provides a breakdown of the Group's capital
expenditure based on the area of
operation:
2014 2013
GBP'000 GBP'000
New Zealand 1,174 9,121
========
The following table provides a breakdown of the Groups total
segment non current assets based on
the area of operation:
2014 2013
GBP'000 GBP'000
New Zealand 18,067 19,827
United Kingdom 2 4
-------- --------
18,069 19,831
======== ========
2. Loss before taxation
2014 2013
Loss before taxation has been arrived at after GBP'000 GBP'000
charging / (crediting):
Foreign exchange differences 40 20
Depreciation of property, plant and equipment 107 98
Employee benefits expense:
Employee costs (Note 3) 1,022 1,459
Operating leases rentals:
Land and buildings 210 143
Audit and non-audit services:
Fees payable to the Company's auditor for
the audit of the Group accounts 42 34
Fees payable to the Company's auditor and
its associates for other services:
The audit of the Company's subsidiaries, pursuant
to legislation 18 15
Tax services 9 10
Other Consultancy - 7
JSOP Planning - 67
Revenue from sub-letting part of Group head
office in London (114) (92)
======== ========
3. Employee numbers and costs
2014 2013
GBP'000 GBP'000
Employee costs (including directors):
Wages and salaries 716 1,106
Social security costs 281 313
Pension costs - defined contribution plans 25 40
-------- --------
1,022 1,459
======== ========
The average number of employees (including
directors) during the year was as follows:
Management 7 8
Administration 4 5
Exploration and Mining 4 4
-------- --------
15 17
======== ========
GBP'000 GBP'000
Remuneration of key management personnel:
Emoluments 534 604
Post employment benefits 12 12
--------
546 616
======== ========
Included in the figure of GBP546,000 are costs of GBP325,000
(2013: GBP230,000) relating to time spent by the CEO and other
employees that have been capitalised against specific
projects.
The total directors' emoluments for the year were GBP522,000
(2013:GBP750,000). In addition directors' total pension
contributions for the year were GBP12,000 (2013: GBP12,000). The
emoluments of the highest paid director were GBP257,000 (2013:
GBP303,000).
4. Net Finance Expense / Income
2014 2013
GBP'000 GBP'000
Interest income 7 38
Change in revaluation of derivative liability 7 -
-------- --------
Investment revenues 14 38
Interest expense (166) -
Derivative liability transaction costs (54) -
Revaluation Expense (35) -
Deferred facility early payment charge (165) -
-------- --------
Finance costs (420) -
-------- --------
Net finance (Expense) / Income (406) 38
======== ========
5. Taxation
There is no income tax expense due to losses incurred in the
year. The tax assessed for the year differs from the standard rate
of corporation tax as applied in the respective trading domains
where the Group operates.
2014 2013
GBP'000 GBP'000
Loss for the year before tax (3,819) (9,351)
Loss for year multiplied by the standard rate
of corporation tax applicable in the UK, 22.67%
(2013: 23.837%) (865) (2,229)
Effects of:
Expenses not deductible for tax purposes 194 472
Losses utilised - 262
Foreign exchange arising on consolidation (367) -
Differences in rates of taxation (208) (255)
Unprovided deferred tax adjustment for prior
year - 225
Accelerated Capital Allowances - 1
Unrelieved tax losses and other deductions
raised in the year - UK - 83
Tax losses for future utilisation - NZ 1,246 1,441
--------
Tax (charge) / credit for the year - -
======== ========
Deferred tax 2014 2013
GBP'000 GBP'000
Deferred tax assets:
Short term temporary differences - -
Tax losses available for offset against future
taxable profits (3,211) (5,337)
Deferred tax liabilities:
Temporary differences on capitalised exploration
expenditure 3,211 5,337
-------- --------
Net deferred tax asset recognised - -
======== ========
The group has tax losses unrecognised carried forward in the UK
of GBP1,472,000 (2013: GBP800,000) and New Zealand of GBP13,318,000
(2013: GBP10,843,000). The movement in relation to New Zealand
includes the prior year adjustment in relation to the unrecognised
tax losses and the impact of movement in foreign exchange
rates.
The Group has a deferred tax asset of GBP4,024,000 (2013:
GBP3,220,000) which is unrecognised. Deferred tax assets are
recognised for all deductible differences, carry forward on unused
tax credits and unused tax losses, to the extent that the
likelihood of sufficient future taxable profits being generated
within the Group satisfies the definition of "probable". The
benefit of unused tax losses has been recognised to the extent that
the Group has deferred tax liabilities.
6. Loss per share
Year ended Year ended
31 May 31 May
2014 2013
GBP'000 GBP'000
Loss for the year attributable to equity shareholders (3,819) (9,351)
Pence per Pence per
share share
Basic and diluted loss per share (0.54)p (1.59)p
Number of Number of
shares shares
Issued ordinary shares at start of the year 697,442,407 509,355,000
Ordinary shares issued in the year 77,640,063 188,087,407
------------ ------------
Issued ordinary shares at end of the year 775,082,470 697,442,407
============ ============
Weighted average number of shares in issue
for the year. 711,684,429 586,363,514
============ ============
The diluted loss per share does not differ from the basic loss
per share as the exercise of share options would have the effect of
reducing the loss per share and is therefore not dilutive. The
weighted average number of shares used in calculating the basic
earnings per share has been adjusted to remove the shares in issue
held by the Employee Benefit Trusts.
7. Oil and gas exploration assets
A. Intangible Exploration and evaluation expenses GBP'000
capitalised
Cost
Net book value at 31 May 2012 10,108
Additions 2013 15,022
Transferred to Development & Production (6,997)
Exchange Differences on translation 1,127
Write off / Impairment of unsuccessful expenditure (7,197)
-------------
Net book value At 31 May 2013 12,063
Additions 2014 49
Transferred to Stock (153)
Exchange Differences on translation (594)
Write off / Impairment of unsuccessful expenditure (1,571)
-------------
Net book value at 31 May 2014 9,794
=============
The write-off/impairment of unsuccessful expenditure relates to
a full provision against all expenditure previously capitalised in
relation to the Mauku-1 well (permit PEP382104), permit PEP51155
and permit PEP52333. The write-off of all expenditure relating to
PEP51155 was due to the permit being relinquished during the
period. All costs associated with PEP381204 and PEP52333 have been
impaired, as at year end there was no certainty further exploration
operations will be carried out in these permits.
B. Intangible Development & Production Assets
Capitalised
Cost
Opening Balance at 01 June 2012 -
Additions 2013 6,997
------
Opening Balance At 01 June 2013 6,997
Additions 2014 649
Exchange Differences on translation (344)
Depletion Charge (281)
------
Net book value at 31 May 2014 7,021
======
All of the Group's operating expenses and other assets and
liabilities are derived from the exploration
and evaluation of hydrocarbon resources, unless stated otherwise
in these financial statements.
8. Property, plant and equipment
Property,
plant
& equipment
Cost GBP'000
Opening Balance at 01 June 2012 826
Additions 169
At 31 May 2013 995
Additions 628
Exchange Differences on translation (38)
-------------
At 31 May 2014 1,585
Depreciation
Opening Balance at 01 June 2012 126
Charge for the year 98
At 31 May 2013 224
Charge for the year 107
At 31 May 2014 331
Net Book Value at 31 May 2013 771
-------------
Net Book Value at 31 May 2014 1,254
=============
9. Stock
2014 2013
GBP'000 GBP'000
Trading Stock 92 84
Stock on hand - Consumables 152 5
-------- --------
244 89
======== ========
10. Trade and other receivables
2014 2013
GBP'000 GBP'000
Other receivables 109 346
Value added taxes 64 539
Prepayments 157 160
-------- --------
330 1,045
======== ========
There were no financial assets overdue for
receipt.
11. Trade and other payables
2014 2013
GBP'000 GBP'000
Trade payables 577 2,519
Social security and other taxes 34 39
Accrued expenses and other payables 325 288
-------- --------
936 2,846
======== ========
12. Borrowings and derivative financial instruments
2014 2013
GBP'000 GBP'000
Borrowings
Convertible Loan Note (Note 17) 825 -
Deferred facility fees (310) -
-------- --------
515 -
-------- --------
Derivative Financial Instruments
Warrants Financial Liability (Note 17) 146 -
Derivative liability (Note 17) 288 -
-------- --------
434 -
-------- --------
13. Share capital
Shares Nominal Premium Total
Value (1.0p) net of costs
GBP'000 GBP'000 GBP'000
Opening Balance 31 May
2013 697,442,407 6,974 29,353 36,327
Shares Issued - Jan 2014 2,823,529 28 27 55
Shares Issued - 06 Feb
2014 19,204,437 192 9 201
Shares Issued 28 Feb
2014 20,000,000 200 - 200
Shares Issued - 09 Apr
2014 10,240,785 103 224 327
Shares Issued - 22 May
2014 11,805,463 118 86 204
Shares Issued - 23 May
2014 3,589,743 36 34 70
Shares Issued - 27 May
2014 9,976,106 100 95 195
Warrants exercised - - - -
-------------- --------------- ------------- ------------
31 May 2014 775,082,470 7,751 29,828 37,579
============== =============== ============= ============
The market price of the ordinary shares at 31 May 2014 was 1.68p
and the range during the year was 0.9p to 5.62p.
Warrants Number of warrants
At 01 June 2013 23,607,141
Granted during the year 20,101,266
Exercised during the -
year
Lapsed during the year (2,000,000)
-------------------
At 31 May 2014 41,708,407
===================
Date of grant Latest exercise Warrant Number of warrants
date price
31/05/2013 31/05/2015 10.00p 21,607,141
16/01/2014 10/01/2017 2.6563p 12,000,000
23/05/2014 01/06/2019 2.46875p 8,101,266
-------------------
41,708,407
===================
Of the warrants issued at 31 May 2014, 423,731 were held by
members of the concert party or by related parties.
14. Other reserves
Merger Reserve Warrant Reserve Total
GBP'000 GBP'000 GBP'000
Balance 01 June 2012 125 - 125
Movement in year - 135 135
--------------- ---------------- --------
Balance 31 May 2013 125 135 260
Movement in year - - -
--------------- ---------------- --------
At 31 May 2014 125 135 260
=============== ================ ========
In October 2009, the Company acquired the entire issued share
capital of the recently incorporated KPHL by way of a share for
share exchange with the then shareholders of KPHL. The difference
between the nominal value of the shares issued by Kea Petroleum to
the shareholders of KPHL and the nominal value of the shares of
KPHL taken in exchange has been credited to a merger reserve on
consolidation.
In January and May of this year the Company issued warrants to
Darwin as part of an equity fund raise. The shares were issued at a
25% and a 21% premium to market price respectively and a
reclassification was made from Deferred Facility Fees to Warrants
liability to represent fair value for the warrants issued.
15. Share based payments
The Group has an unapproved share option plan for the benefit of
employees, as well as the JSOP and the OESBT. Details of the number
of share options and the weighted average exercise price (WAEP)
outstanding during the period are as follows:
2014 WAEP 2013 WAEP
Number Pence Number pence
Outstanding at the beginning
of the year 38,000,000 8.84 42,000,000 9.14
Granted during the year - - - -
Forfeited during the year (10,000,000) - (4,000,000) -
------------- ------------
Outstanding at the balance
sheet date 28,000,000 8.84 38,000,000 8.84
------------- ------------
Exercisable at the balance 28,000,000 - - -
sheet date
The fair value of options granted has been arrived at using a
Binomial model. The assumptions inherent in the use of this model
are as follows:
-- The option life is assumed to be at the end of the allowed
period.
-- No variables change during the life of the option (e.g.
dividend yield).
-- Expected volatility was determined by calculating the
weighted average share price movement of 4 comparable companies.
Expected life was based on the contractual life of the options,
adjusted, based on management's best estimate, for the effects of
exercise restrictions and behavioural considerations.
Date Vesting Life in Exercise Risk-free Share Volatility Fair Number
of grant period (Yrs) years from price rate price of share value outstanding
grant date (pence) at grant price (pence)
(pence)
15/02/10 Min 3 years 10 8.0 2.95% 9.15 85% 6.49 20,000,000
07/01/11 Min 3 years 10 12.0 2.44% 14.5 85% 10.46 8,000,000
OESBT / JSOP Model
No shares were subscribed for under the JSOP during the
year.
For the purposes of the OESBT, the employee benefit trust which
has subscribed for 4,000,000 new shares in the Company at a price
of 2.0p per share, being the closing mid-market price on 22 May
2014, which has been funded by a loan from the Company.
Name Date Vesting Exercise Risk Share Volatility Fair Number
of Grant period price free price of share value of awards
- years rate at grant price
OESBT
- tranche1 28/2/13 1 0.1038 0.91% 0.105 60% 0.053 2,000,000
OESBT
- tranche2 28/2/13 2 0.1038 0.91% 0.105 60% 0.057 2,000,000
OESBT
- tranche3 28/2/13 3 0.1038 0.91% 0.105 60% 0.060 2,000,000
OESBT
- tranche
4 27/5/14 1 0.02 2.72% 0.0183 90% 0.008 1,333,333
OESBT
- tranche
5 27/5/14 2 0.02 2.72% 0.0183 90% 0.010 1,333,333
OESBT
- tranche
6 27/5/14 3 0.02 2.72% 0.0183 90% 0.012 1,333,333
JSOP
- tranche
1 28/2/13 1 0.1038 0.91% 0.105 60% 0.037 2,333,333
JSOP
- tranche
2 28/2/13 2 0.1038 0.91% 0.105 60% 0.037 2,333,333
JSOP
- tranche
3 28/2/13 3 0.1038 0.91% 0.105 60% 0.037 2,333,333
The Group recognised total expenses of GBP365,139
(2013:GBP619,125) related to equity-settled share based payment
transactions during the year. A corresponding credit has been made
to the share option reserve. Further details of share based
payments are set out in the Remuneration Report.
Share Option Investment Total
Reserve in own shares
GBP'000 GBP'000 GBP'000
Balance 01 June 2012 2,069 - 2,069
Movement in year 620 (1,557) (937)
------------- --------------- --------
Balance 31 May 2013 2,689 (1,557) 1,132
Movement in year 365 (80) 285
------------- --------------- --------
At 31 May 2014 3,054 (1,637) 1,417
============= =============== ========
16. Financial instruments and risk management
Risk management
The Group manages its capital to ensure that entities within the
Group will be able to continue as a going concern whilst maximising
the return to stakeholders through the effective management of
liquid resources raised through share issues. The principal risks
faced by the Group resulting from financial instruments are
liquidity risk, foreign currency risk and, to a certain extent,
interest rate risk. The directors review and agree policies for
managing each of these risks and they are summarised below.
Capital risk management
The Group's objectives when managing capital are to safeguard
the Group's ability to continue as a going concern in order to
provide returns for shareholders and benefits for other members.
The Group will also seek to minimise the cost of capital and
attempt to optimise the capital structure. Currently no dividends
are paid to shareholders and capital for further development of the
Group's products is achieved by share issues and by the exercise of
outstanding warrants (note 12). Warrants are issued, at times, as
part of the equity fund raisings as an incentive for investors to
take part in a capital issue.
The current share price is under 0.5p and the Directors are not
sure what level of share price would support the exercise of
warrants either at 5p or at 10p. The Group does not carry
significant debt.
Categories of financial instrument
2014 2013
GBP'000 GBP'000
Loans and receivables
* Cash and cash equivalents 823 2,788
- -
* Trade receivables
-------- --------
823 2,788
======== ========
Financial liabilities at amortised cost
* Payables 756 2,519
515 -
* Convertible loan liability - debt portion (Note 17)
-------- --------
1,271 2,519
======== ========
Financial Liabilities at fair value
146 -
* Warrants Financial liability (Note 17)
288 -
* Derivative financial instruments (Note 17)
======== ========
434 -
======== ========
Foreign currency risk
The cash balances carried within the Group comprise the
following foreign currency holdings:
2014 2013
GBP'000 GBP'000
NZ dollars 649 2,019
US Dollars 12 77
AUS Dollars - 14
-------- --------
661 2,110
======== ========
The Group operates within the UK and New Zealand. All
transactions are denominated in Sterling, NZ Dollars or US dollars.
As such the Company is exposed to transaction foreign exchange
risk. The mix of currencies and terms of trade are such that the
directors believe that the Company's exposure is minimal and
consequently they do not specifically seek to hedge that exposure.
Funds are periodically transferred overseas to meet local costs
when required.
The table below demonstrates the sensitivity of the Group's
consolidated loss before tax to reasonably possible changes in the
value of the US dollar and the NZ Dollar with respect to Sterling,
all other variables held constant. The sensitivity analysis
includes only the US dollar and NZ Dollar because the effect of
other currencies is not significant. The sensitivities reflect only
those changes in consolidated loss before tax that arise from
translation of the value of US dollar and NZ dollars denominated
financial assets and liabilities.
Change in Effect on Change in Effect on
value of USD loss before value of NZD loss before
vs. GBP tax and equity vs. GBP tax and equity
% GBP'000 % GBP'000
2014 10 1 15 98
2013 10 8 20 404
Interest rate risk
The Group finances its operations through equity fundraising and
therefore does not carry significant borrowings. Interest rate risk
is therefore considered to be immaterial. The Group's cash balances
and short term deposits are held at floating interest rates based
on LIBOR and are reviewed to ensure maximum benefit is obtained
from these resources. Risk is additionally reduced by ensuring two
or more banks are used for deposits.
Liquidity risk
The Group is dependent on equity fundraising through private
placing which the directors regard as the most cost effective
method of fundraising. The directors monitor cash flow on a daily
basis and at monthly board meetings in the context of their
expectations for the business to ensure sufficient liquidity is
available to meet foreseeable needs.
Credit risks
The Group does not have any perceived credit risks on its trade
and other receivables.
17. Convertible Loan notes
In January 2014 the Company entered into an agreement with
Darwin Strategic Limited ("Darwin") whereby Darwin was able to
conditionally subscribe to a total of GBP1.2 million worth of
convertible loan notes (Agreement A) in 6 tranches of GBP200,000
for which Darwin were subject to pay GBP180,000 for each. Each
tranche expires 18 months from date of the Agreement A. Agreement A
was terminated in May 2014, by which point Darwin had subscribed to
4 tranches of notes totalling GBP800,000. This resulted in a loss
of GBP163,000 being recognised in the income statement. A new
agreement (Agreement B) replaced Agreement A and allowed Darwin to
conditionally subscribe for an additional GBP2.0 million in
Convertible loan notes in tranches of GBP1.0million, GBP550,000 and
GBP450,000, all subject to a 10% discount. Each of the tranches
under Agreement B expire 12 months from the date of this
agreement.
At 31 May the value of the convertible loan notes were analysed
as follows:
2014 Inception
GBP'000 GBP'000
Convertible Loan Notes
* Debt Host liability 824 824
* Deferred Facility Fees (310) (310)
1 -
* Interest Charged
-------- ----------
515 514
======== ==========
Derivative Liability
* Derivative liability at inception (439) (439)
(64) -
* Fair value movements
215 -
* Exercise or lapse of options
-------- ----------
(288) (439)
======== ==========
Warrants
* Warrant liability at inception (219) (219)
39 -
* Fair value movements
34 -
* Lapse of options
-------- ----------
(146) (219)
======== ==========
The table below represents the assumptions used in determining
the fair value of the convertible loan notes issued under Agreement
B and the warrants issued under Agreements A & B.
2014 Inception
GBP'000 GBP'000
Derivative liability term 1 1
Share Price - pence sterling 1.68 1.90
Risk-free rate (%) 0.36 0.40
Expected volatility (%) 90 90
Agreement A Agreement B
2014 Inception 2014 Inception
Warrants term 2.6 3 5 5
Share Price - pence
sterling 1.68 1.93 1.68 1.90
Risk-free rate (%) 0.94 0.82 1.79 1.79
Expected volatility
(%) 90 90 90 90
18. Capital commitments
As at signing date the Group had no capital expenditure
commitments. The terms of the petroleum exploration permits which
the Group holds require it to carry out certain exploration
activities within specified time frames. The actual costs of these
activities are dependent on a number of factors including the scope
of the work and whether farm-out or similar arrangements are
entered into with other parties. Estimated commitments for the
minimum exploration work program obligations are as follows:
Within 1 year
-- GBP750,000 15km seismic commitment on PEP381204;
-- GBP250,000 7km seismic commitment and other work on PEP51153
19. Subsidiary companies consolidated in these accounts and
associates
Country of incorporation % interest in Principal activity
ordinary shares
at 31 May 2014
Kea Petroleum Holdings New Zealand 100 Oil and gas exploration
Limited
Kea Exploration Limited New Zealand 100 Oil and gas exploration
Kea Oil and Gas Limited New Zealand 100 Oil and gas exploration
Kea Offshore Taranaki New Zealand 100 Oil and gas exploration
Ltd
Kea Petroleum Limited New Zealand 100 Oil and gas exploration
20. Operating lease commitments
At the balance sheet date, non-cancellable outstanding operating
lease rentals are payable as follows:
2014 2013
GBP'000 GBP'000
Land and buildings:
One year 159 157
Two to five years 106 61
-------- --------
265 218
======== ========
The UK lease is on the property at 5-8 The Sanctuary in London
and rental and service charge are payable in advance on a quarterly
basis. The lease expires in July 2016. The NZ leases are on
properties in Wellington and New Plymouth. The Wellington lease
expires in Jan 2016. The New Plymouth lease expires in Feb 2019,
with the option of a break in Feb 2015.
21. Contingent liabilities
The Group is defending claims brought against Kea Petroleum
Holdings Limited and two operating subsidiaries by NRG Drilling
Limited. Kea has taken legal advice and accordingly considers that
it has strong defences to the claims and will vigorously defend
them. An unfavourable outcome to the litigation could have a
material adverse effect on the Company's financial position.
22. Related party transactions
During the period Ventutec Limited, a company in which DJ Lees
is a director, charged an amount of GBP331 (2013: GBP5,035) for web
based services. The balance outstanding at year end was GBP278.
23. Events after the balance sheet date
In June 2014 the Company paid NZ$1,000,000 to the Joint Venture
agreed with MEO.
In June 2014 the replacement pump was installed in Puka-2 and
production restarted.
In June 2014 at a general meeting the Company was granted
authority to issue 393,770,617 shares
In June 2014 the Company issued 40,638,392 shares to Darwin
under the Convertible Loan Note ("CLN") agreement.
In July 2014 the Company issued 35,747,309 shares to Darwin
under the CLN agreement.
In July 2014 the Company issued a further 38,401,396 shares to
Darwin under the CLN agreement.
In August 2014 the Company, along with MEO, plugged and
abandoned the Puka-3 well after finding non-commercial quantities
of oil.
In September 2014 the Company issued 50,000,000 shares to Darwin
under the CLN agreement.
In October 2014 a change of work conditions on licence area
PEP381204 was granted and Section A of licence PEP51153 was
surrendered.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DDBDBLDGBGSD
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