TIDMPMG
RNS Number : 6607I
Parkmead Group (The) PLC
27 March 2015
27 March 2015
The Parkmead Group plc
("Parkmead", "the Company" or "the Group")
Interim Results for the six-month period ended 31 December
2014
Parkmead, the UK and Netherlands focused oil and gas group, is
pleased to report its interim results for the six-month period
ended 31 December 2014.
HIGHLIGHTS
Successful exploration leading to trebling of gas production
-- New gas field discovered onshore in the Netherlands at Diever West
-- Diever-2 well flowed at 29 million cubic feet per day gross
(approximately 5,000 barrels of oil equivalent per day) and is
expected to be tied into existing production facilities in Q4 2015
via a fast-track development
-- Further production enhancement work planned in 2015 on
Parkmead's low operating cost Netherlands portfolio, including a
new well at the Geesbrug gas field to maximise gas production
-- Net gas production in the Netherlands forecast to more than
treble by the end of 2015, acting as a natural hedge to the current
low oil price environment
-- Awarded six new oil and gas licences in the UKCS 28th
Licensing Round, covering a total of nine offshore blocks
-- Awards include significant new acreage and proven oil fields
within the vicinity of the Parkmead operated Perth Dolphin
Lowlander (PDL) oil hub development
-- UKCS 28th Licensing Round awards grow Parkmead's total number
of oil and gas blocks across the UK and Netherlands to 61, with 48
of these operated by the Group
Significant progress on valuable development projects
-- Entered into a Heads of Agreement outlining the structure of
a joint development of the Perth, Dolphin and Lowlander fields
after detailed technical analysis and development planning
-- The PDL project has been fully appraised with a combined
total of 13 wells drilled and now has expected recoverable reserves
of approximately 80 million barrels of oil, double the initial
recoverable reserves of a standalone Perth development
-- Platypus gas field advancing well, with Field Development
Plan (FDP) submission expected in Q4 2015
Reserves and resources increasing
-- Considerable 2P reserves of 26.0 million barrels of oil equivalent at December 2014
-- Contingent resources increased by 142% to 40.0 million
barrels of oil equivalent (16.5 million barrels of oil equivalent
at December 2013)
Well positioned for further acquisitions
-- Six acquisitions, at both asset and corporate level, have
already been completed since repositioning Parkmead as a new
independent oil and gas company
-- Parkmead is well capitalised with over US$60 million of cash resources at end 2014
-- The Parkmead team is evaluating further acquisition
opportunities to take advantage of the current low oil price
environment
Financial strength
-- Total assets grew by 34% to GBP109.6 million at 31 December 2014 (2013: GBP81.5 million)
-- Revenue increased to GBP10.1 million (2013: GBP9.9 million)
-- Strong cash position of GBP39.4 million (US$ 61.5 million) as at 31 December 2014
Tom Cross, Executive Chairman of Parkmeadcommented:
"I am pleased to report significant progress in the period to 31
December 2014. Parkmead discovered a new onshore gas field at
Diever West, in the Netherlands, which delivered excellent
production flow rates, providing an additional near-term cash flow
opportunity to the Group. Parkmead expects to treble the Group's
net gas production in the Netherlands through a low-cost work
programme during 2015. This will act as a natural hedge to the low
oil price environment.
Parkmead's new licence awards in the 28th Round were an
outstanding result for our Company, with nine new offshore oil and
gas blocks awarded to the Group. We were delighted with the awards
located close to our large PDL development, as they have the
potential to add significant value to the project. Contingent
resources have increased by 142%.
Parkmead is well positioned to take advantage of the lower oil
price environment and the opportunities that are arising from this.
We have significant cash resources, and a growing low-cost gas
portfolio. The Group will continue with its licensing and
acquisition-led growth strategy, securing opportunities that
maximise value for our shareholders".
The Parkmead Group plc 01224 622200
Tom Cross, Executive Chairman
Ryan Stroulger, Finance Director
Charles Stanley Securities 020 7149 6000
Nominated Adviser & Broker
Marc Milmo/Karri Vuori/Carl Holmes
Instinctif Partners Limited 020 7457 2020
David Simonson / Anca Spiridon
Review of Activities
Parkmead has delivered considerable growth at its oil and gas
operations in the UK and the Netherlands, continuing to build a
high quality portfolio of assets across the entire asset life
cycle.
In September 2014, a new onshore gas field was discovered at
Diever West in the Netherlands, as part of the Group's exploration
programme. The Diever-2 well was drilled on behalf of the
co-venturers by Vermilion Energy using the Explorer TB2100S
drilling rig. The well reached a Total Depth (TD) of 7,457 feet,
and gas was discovered in a good quality Rotliegendes age sandstone
reservoir. The well discovered a significant 157 foot gas column,
with both net pay and porosity values that exceeded pre-drill
expectations. The well was flow tested at 29 million cubic feet per
day (approximately 5,000 barrels of oil equivalent per day), and is
expected to be tied into existing facilities in Q4 2015 under a
fast-track development programme. Parkmead's gas assets in the
Netherlands continue to provide a robust revenue stream and net
cash flows to the Company. A number of enhanced production
opportunities are available across Parkmead's existing Netherlands
portfolio which the Company intends to capitalise on, with the aim
of significantly increasing our net gas production. These include a
new low-cost onshore infill well at Geesbrug. The new production
from Diever West and the additional Geesbrug well are forecast to
more than treble Parkmead's net gas production in the Netherlands
by the end of 2015. This will act as a natural hedge against low
and volatile oil prices.
In November 2014, Parkmead was awarded six new licences covering
a total of nine offshore blocks in the UK 28th Licensing Round.
These new licences contain opportunities across the Central and
Southern North Sea areas and will all be operated by Parkmead. The
awards, which include new exploration prospects as well as proven
discoveries, build upon Parkmead securing eight new licences
covering a total of 30 offshore blocks in the UK 27th Licensing
Round awards. The latest licence awards take Parkmead's total
number of oil and gas blocks across the UK and the Netherlands to
61, with 48 of those operated by the Group. These new licences
complement Parkmead's strong existing asset base of oil and gas
production, exciting exploration prospects and the major PDL oil
development.
Three of the new licence awards significantly increase
Parkmead's asset base in the vicinity of the Company's large PDL
oil hub development project. Blocks 20/3c & 20/4a are located
in the Outer Moray Firth Basin, approximately 20km east of the
Buzzard field and south west of the Perth field. The blocks contain
two sizeable existing Buzzard sandstone oil discoveries, Polecat
and Marten. Polecat was discovered in 2005 and appraised in 2010.
The 2010 appraisal well was flow tested at 4,373 barrels of oil per
day. The Marten discovery was made in 1984, encountering three oil
bearing sandstones of Upper Buzzard age. Block 14/25a is situated
adjacent to the Perth oil field, and detailed mapping and seismic
interpretation indicates that the block contains a possible
extension to the Perth field (named Perth West). An additional
prospect has been identified on the block at Lower Cretaceous Scapa
level. Blocks 15/11 & 15/16f were also awarded to Parkmead in
the 28th Licensing Round, and are situated approximately 12km north
of the Perth field and close to the large Tartan and Piper oil
fields. Two exciting oil prospects, Fynn and Penny, have been
identified in the Upper Jurassic Piper Formation on the blocks.
These new, strategically positioned awards have the potential to
add significant value to the PDL project.
Two further licences were awarded to the Group in the Central
North Sea at Block 30/17e and Block 16/22d. Block 30/17e lies
adjacent to Parkmead's blocks that contain the Skerryvore prospect
in the Central Graben area of the North Sea. Parkmead's extensive
mapping and seismic analysis indicates that the Skerryvore Chalk
prospect extends into Block 30/17e. A site survey has now been
completed offshore, providing detailed technical information on the
Skerryvore location, ahead of the prospect being drilled. The
Skerryvore prospect has the potential to contain up to 122 million
barrels of recoverable oil on a most likely, P50 basis. Block
16/22d provides Parkmead with two new exploration prospects, which
lie approximately 10km north east of the world-class Britannia and
Alba fields. The two prospects identified on the block are situated
across geological horizons, one at Palaeocene level which overlies
the other prospect at Devonian level.
The sixth new licence awarded to Parkmead lies in the Southern
North Sea, where the Company already has considerable gas
interests. This licence, located in Blocks 42/19 & 42/20b, is
adjacent to Parkmead's existing licence containing the Farne
prospect. The major prospect on the new licence is an extension of
the Farne prospect.
Parkmead's experienced geoscience team has already begun various
work programmes across these licences, with development analysis
and detailed mapping work underway. Parkmead will continue to
invest heavily in licensing round applications, both in the UK and
overseas, and views this as a key component in the Group's strategy
to build an attractive and balanced portfolio that offers major
exploration upside.
Parkmead has also applied for certain licences within the
Southern Gas Basin and West of Shetland region in the 28th Round.
The remaining 28th Round awards are expected to be announced at a
later date, after further assessment of these specific areas by the
UK Government.
In November 2014, the workover to replace the two Electric
Submersible Pumps (ESPs) on the P4 well at the Athena oil field was
completed successfully using the Ocean Princess drilling rig.
Production at the P4 well came back on stream in late November, and
has performed steadily after clean-up operations were completed and
the rig left the site. Strong production uptime was maintained
during the workover process, and field shut-down time was limited
to ten days. The workover reduced the technical risk associated
with the Athena field, with stable production now extracted from
three fully operational wells instead of two.
Considerable progress was made during the year towards a joint
development of the Perth, Dolphin and Lowlander fields. The PDL
project is one of the largest undeveloped oil projects in the North
Sea. During 2014, a joint development study was carried out to
assess the potential of a joint development of the Lowlander field
with Perth. The analysis indicated that a joint project of the two
fields could significantly increase the value of the Perth project.
This marks an important milestone for Parkmead.
In addition, our experienced subsurface team carried out
detailed technical work on the Dolphin oil discovery during the
year. This successful work confirmed that Dolphin will also be
included in the wider Perth project, providing a further increase
in the oil reserves of the project. The development of the three
fields as a single project creates significant economies of scale,
by using the same dedicated production facilities, whilst providing
a new long-term hub for future projects in the area. The three
fields are fully appraised, with a combined total of 13 wells
drilled, and contain oil in place of over 400 million barrels. It
is expected that recoverable reserves from the PDL oil hub
development will be over 80 million barrels of oil, this is
approximately double the initial recoverable reserves of Perth as a
standalone project.
A Heads of Agreement was signed in August 2014 to enable the
future joint development of the PDL fields. The agreement provides
the framework needed to bring the enlarged project together, and
outlines partner cooperation with regards to equity alignment and
the future work programme. Parkmead's partners in the PDL project
are Faroe Petroleum plc and Atlantic Petroleum plc. Parkmead, as
the Perth-Dolphin operator, continues to work closely with its PDL
project partners to maximise oil reserves and financial returns
from PDL, and the wider regional area.
Financial Results
During the six month period to 31 December 2014, the Group
generated revenues of GBP10.1 million, an increase from GBP9.9
million in the same period in 2013. The Group recorded a post-tax
loss (excluding impairment) of GBP2.0 million. Including the
non-cash impairment charge of GBP12.9 million recorded in the
period, which relates to the impact on the Athena field of the
collapse in global oil prices, the Group generated a loss of
GBP14.9 million (2013: GBP2.6 million profit). The higher cost of
sales during the period reflected Parkmead's increased working
interest in the Athena oil field, acquired through the purchase of
an additional 20 per cent. interest in Athena from EWE VERTRIEB
GmbH in April 2014. The significant reduction in global oil prices
has, as expected, impacted the Group's revenue during the six month
period ended 31 December 2014. During this time, the price of oil
has fallen from near US$110 per barrel, to seven year lows of
approximately US$50 per barrel. This has severely impacted the
revenues and cash flows of oil and gas producers globally. Parkmead
and its co-venturers have sought to reduce operating costs across
its producing asset portfolio to reflect the substantially altered
macro environment.
The Group's cash and cash equivalents stood at GBP39.4 million
at 31 December 2014, reflecting the strength of the Company's
balance sheet. Total assets increased by 34 per cent. to GBP109.6
million at 31 December 2014 (GBP81.5 million at 31 December 2013).
Net assets rose by 48 per cent. to GBP82.8 million at 31 December
2014 (GBP55.9 million at 31 December 2013). Parkmead is therefore
well positioned to withstand the current market conditions, and
indeed views the current macro environment as an opportunity for
further growth. This is as a result of experienced portfolio
management and a keen focus on capital discipline.
Investments
The Group's largest investment is in Faroe Petroleum plc (LSE
AIM: FPM.L). As at 31 December 2014 this investment was carried at
a value of GBP2.4 million.
Outlook
Parkmead has delivered significant growth in its asset base in
the six month period to 31 December 2014. This was achieved through
successful exploration drilling and new licence awards, all within
our core areas of the UK North Sea and the Netherlands.
The Company is in a strong position, both operationally and in
terms of our balance sheet, at a challenging time in the global oil
and gas industry. The Board of Directors has positioned Parkmead to
take advantage of the lower oil price environment and view this as
a good opportunity to continue the Group's strong growth
trajectory. Our acquisition-led growth strategy has resulted in six
deals for Parkmead since repositioning the business as an
independent oil and gas company in 2011, and we intend to build on
this excellent track record. As we look forward into 2015 and
beyond, we will continue to keep shareholders informed of our
progress across our exploration, appraisal, development and
production activities. The Board is pleased with the Group's
progress, and believes that Parkmead's proven management team is
well positioned to drive the business forward and to build upon the
achievements already made to date.
Tom Cross
Executive Chairman
27 March 2015
Notes:
1. Dr Colin Percival, Parkmead's Technical Director, who holds a
First Class Honours Degree in Geology and a Ph.D in Sedimentology
and has over 30 years of experience in the oil and gas industry,
has reviewed and approved the technical information contained in
this announcement. Reserves and contingent resource estimates are
stated as at 31 December 2014 and these include deals signed during
the year that subsequently completed post financial year-end.
Parkmead's evaluation of reserves and resources was prepared in
accordance with the 2007 Petroleum Resources Management System
prepared by the Oil and Gas Reserves Committee of the Society of
Petroleum Engineers and reviewed and jointly sponsored by the World
Petroleum Council, the American Association of Petroleum Geologists
and the Society of Petroleum Evaluation Engineers.
Group statement of profit
or loss
for the six months ended 31 December 2014
Twelve
Six months Six months months
to 31 to 31 to 30
December December June
2014 2013 2014
Notes (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 10,118 9,945 24,656
Cost of sales (16,871) (8,666) (21,426)
Impairment of property,
plant and equipment 2 (12,905) - -
----------------------------------------------------- -------- ------------ ------------ ---------
Gross (loss)/profit (19,658) 1,279 3,230
Exploration and evaluation
expenses (57) (83) (507)
Administrative credit/(expenses) 3 2,282 (2,254) (5,668)
Gain on bargain purchase 4 - 5,003 5,003
----------------------------------------------------- -------- ------------ ------------ ---------
Operating (loss)/profit (17,433) 3,945 2,058
Finance income 1,487 31 835
Finance costs (1,072) (922) (1,856)
(Loss)/profit before
taxation (17,018) 3,054 1,037
Taxation 2,091 (412) 200
----------------------------------------------------- -------- ------------ ------------ ---------
(Loss)/profit for the period
attributable to the equity
holders of the Parent (14,927) 2,642 1,237
--------------------------------------------------------------- ------------ ------------ ---------
(Loss)/profit per share (pence)
Continuing operations
Basic 5 (19.59) 3.88 1.62
Diluted (19.59) 3.79 1.59
Group statement of profit or loss and other comprehensive
income
for the six months ended 31 December 2014
Twelve
Six months Six months months
to 31 to 31 to 30
December December June
2014 2013 2014
(unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
Loss/(profit) for the
period (14,927) 2,642 1,237
----------------------------------------------------- -------- ------------ ------------ -----------
Other comprehensive income
Items that will not be
reclassified subsequently
to profit or loss
Gains arising on repayment
of employee share based
loans 271 - -
----------------------------------------------------- -------- ------------ ------------ -----------
271 - -
Items that may be reclassified
subsequently to profit
or loss
Fair value gain/(loss)
on available-for-sale
financial assets (2,468) 224 428
----------------------------------------------------- -------- ------------ ------------ -----------
(2,468) 224 428
Income tax relating to
components of other comprehensive
income - - -
Other comprehensive income/(loss)
for the period, net of
tax (2,197) 224 1,665
Total comprehensive income/(loss)
for the period attributable
to the equity holders
of the Parent (17,124) 2,866 1,665
----------------------------------------------------- -------- ------------ ------------ -----------
Group statement of financial position
as at 31 December 2014
At 31 At 31 At 30
December December June
2014 2013 2014
(unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment:
development & production 25,491 25,338 29,902
Property, plant and equipment:
other 156 146 181
Goodwill 2,174 2,174 2,174
Other intangible assets - 6 -
Exploration and evaluation
assets 33,858 30,412 31,225
Available-for-sale financial
assets 2,352 4,617 4,821
Deferred tax assets 2,942 555 1,235
Total non-current assets 66,973 63,248 69,538
--------------------------------- ------------ ------------ ---------
Current assets
Inventories - 64 -
Trade and other receivables 3,159 5,532 11,560
Current tax asset 111 - -
Cash and cash equivalents 39,394 12,702 46,346
Total current assets 42,664 18,298 57,906
--------------------------------- ------------ ------------ ---------
Total assets 109,637 81,546 127,444
--------------------------------- ------------ ------------ ---------
Current liabilities
Trade and other payables (6,995) (10,564) (7,973)
Interest-bearing loans and
borrowings (542) (1,737) (2,071)
Current tax liabilities - (292) (361)
Other provisions (128) (167) (107)
Total current liabilities (7,665) (12,760) (10,512)
--------------------------------- ------------ ------------ ---------
Non-current liabilities
Interest-bearing loans and
borrowings (4,181) (5,938) (4,178)
Other liabilities (699) (2,051) (2,140)
Deferred tax liabilities (1,541) (1,593) (1,593)
Decommissioning provisions (12,770) (3,327) (9,305)
--------------------------------- ------------ ------------ ---------
Total non-current liabilities (19,191) (12,909) (17,216)
--------------------------------- ------------ ------------ ---------
Total liabilities (26,856) (25,669) (27,728)
--------------------------------- ------------ ------------ ---------
Net assets 82,781 55,877 99,716
--------------------------------- ------------ ------------ ---------
Equity attributable to equity
holders
Called up share capital 19,365 19,085 19,365
Share premium 74,967 30,448 74,967
Merger reserve 27,187 27,187 27,187
Revaluation reserve (3,672) (1,408) (1,204)
Retained deficit (35,066) (19,435) (20,599)
--------------------------------- ------------ ------------ ---------
Total Equity 82,781 55,877 99,716
--------------------------------- ------------ ------------ ---------
Group statement of changes in equity
for the six months ended 31 December 2014
Share Share Merger Revaluation Retained Total
capital premium reserve reserve earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July
2013 18,970 30,448 12,631 (1,632) (23,074) 37,343
Profit for
the period - - - - 2,642 2,642
Fair value
gain on available-for-sale
financial
assets - - - 224 - 224
----------------------------- --------- --------- --------- ------------ ---------- ---------
Total comprehensive
income for
the period - - - 224 2,642 2,866
Issue of
new ordinary
shares on
acquisition
of subsidiary 115 - 14,556 - - 14,671
Share-based
payments - - - - 997 997
----------------------------- --------- --------- --------- ------------ ---------- ---------
At 31 December
2013 19,085 30,448 27,187 (1,408) (19,435) 55,877
----------------------------- --------- --------- --------- ------------ ---------- ---------
Loss for
the period - - - - (1,405) (1,405)
Fair value
gain on available-for-sale
financial
assets - - - 204 - 204
----------------------------- --------- --------- --------- ------------ ---------- ---------
Total comprehensive
income for
the period - - - 204 (1,405) (1,201)
Issue of
new ordinary
shares 276 43,883 - - - 44,159
Issue of
new ordinary
shares on
asset acquisition 4 636 - - - 640
Share-based
payments - - - - 241 241
----------------------------- --------- --------- --------- ------------ ---------- ---------
At 30 June
2014 19,365 74,967 27,187 (1,204) (20,599) 99,716
----------------------------- --------- --------- --------- ------------ ---------- ---------
Loss for
the period - - - - (14,927) (14,927)
Fair value
loss on available-for-sale
financial
assets - - - (2,468) - (2,468)
Gains arising
on repayment
of employee
share based
loan - - - - 271 271
----------------------------- --------- --------- --------- ------------ ---------- ---------
Total comprehensive
income for
the period - - - (2,468) (14,656) (17,124)
Share-based
payments - - - - 189 189
----------------------------- --------- --------- --------- ------------ ---------- ---------
At 31 December
2014 19,365 74,967 27,187 (3,672) (35,066) 82,781
----------------------------- --------- --------- --------- ------------ ---------- ---------
Group statement of cashflows
for the six months ended 31 December
2014
Twelve
Six months Six months months
to 31 to 31 to 30
December December June
2014 2013 2014
(unaudited) (unaudited)
Notes GBP'000 GBP'000 GBP'000
Cashflows from operating
activities
Continuing activities 6 4,977 6,840 7,014
Taxation paid (139) (303) (303)
----------------------------------- ------ ------------ ------------ --------
Net cash generated by operating
activities 4,838 6,537 6,711
----------------------------------- ------ ------------ ------------ --------
Cash flow from investing
activities
Interest received 92 31 129
Acquisition of subsidiary,
net of cash - 1,052 1,052
Acquisition of exploration
and evaluation assets (2,685) (4,563) (5,677)
Acquisition of property,
plant and equipment: development
& production (8,634) (245) (4,022)
Acquisition of property,
plant and equipment: other (25) (27) (111)
Repayment of employee share
based loans 271 - -
Net cash (used in) investing
activities (10,981) (3,752) (8,629)
----------------------------------- ------ ------------ ------------ --------
Cash flow from financing
activities
Issue of ordinary shares - - 39,546
Interest paid (679) (1,422) (1,503)
Repayments of loans and
borrowings (130) (1,930) (3,048)
Net cash (used in)/generated
by financing activities (809) (3,352) 34,995
----------------------------------- ------ ------------ ------------ --------
Net (decrease)/increase
in cash and cash equivalents (6,952) (567) 33,077
----------------------------------- ------ ------------ ------------ --------
Cash and cash equivalents
at beginning of period 46,346 13,269 13,269
----------------------------------- ------ ------------ ------------ --------
Cash and cash equivalents
at end of period 39,394 12,702 46,346
----------------------------------- ------ ------------ ------------ --------
Notes to the Interim financial statements
1 Accounting policies
Basis of preparation
The interim financial information in this report has been
prepared using accounting policies consistent with International
Financial Reporting Standards (IFRS) as adopted by the European
Union and IFRS Interpretations Committee (IFRIC) interpretations.
IFRS is subject to amendment and interpretation by the
International Accounting Standards Board (IASB) and IFRIC and there
is an ongoing process of review and endorsement by the European
Commission. The financial information has been prepared on the
basis of IFRS that the Directors expect to be adopted by the
European Union and applicable as at 30 June 2015.
The Group has chosen not to adopt IAS34 - Interim Financial
Statements, in preparing these financial statements.
Non-statutory accounts
The financial information set out in this interim report does
not constitute the Group's statutory accounts.
The financial information for the year ended 30 June 2014 has
been extracted from the audited statutory accounts. The statutory
accounts for the year ended 30 June 2014 have been delivered to the
Registrar of Companies. The auditors reported on those accounts;
their report was unqualified, did not contain a statement under
either Section 498 (2) or Section 498 (3) of the Companies Act 2006
and did not include references to any matters to which the auditor
drew attention by way of emphasis.
The financial information for the 6 months ended 31 December
2014 and 31 December 2013 is unaudited.
2 Impairment of property, plant and equipment
An impairment charge of GBP12,905,000 was recorded in respect of
the Athena producing asset in accordance with IAS 36 "Impairment of
assets". The impairment reflected the difference between the
carrying book value and the estimated future economic value in use
as a result of the global collapse in crude oil prices.
3 Administrative expenses
Administration expenses include a credit in respect of a
non-cash revaluation of share appreciation rights (SAR's) totalling
GBP3,120,790. The SAR's are settled by cash and are therefore
revalued with the movement in share price. The valuation was
impacted by the decline in share price between 30 June 2014 and 31
December 2014.
4 Gain on bargain purchase
The prior year comparative includes a gain on bargain purchase
of GBP5,003,000 in respect of the acquisition of the Lochard Energy
Group plc on 26 July 2013. Full details of this business
combination were disclosed in the 2014 Annual Report.
5 (Loss)/profit per share
(Loss)/profit per share attributable to equity holders of the
Company arise from continuing and discontinued operations as
follows:
Twelve
Six months Six months months
to 31 to 31 to 30
December December June
2014 2013 2014
(unaudited) (unaudited)
(Loss)/profit per 1.5p ordinary
share from continuing operations
(pence)
Basic (19.59) 3.88 1.62
Diluted (19.59) 3.79 1.59
------------------------------------ ------------ ------------ --------
Notes to the Interim financial statements
The calculations were based on the following information:
Twelve
Six months Six months months
to 31 to 31 to 30
December December June
2014 2013 2014
(unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
(Loss)/profit attributable
to ordinary shareholders
Continuing operations (14,927) 2,642 1,237
Total (14,927) 2,642 1,237
---------------------------- ------------ ------------ -----------
Weighted average number
of shares in issue
Basic weighted average
number of shares 76,215,704 68,037,912 76,215,704
Number of dilutive shares
under option 1,434,731 1,657,376 1,434,731
---------------------------- ------------ ------------ -----------
Weighted average number
of shares for the purpose
of dilutive earnings per
share 77,650,435 69,695,288 77,650,435
---------------------------- ------------ ------------ -----------
Profit/(loss) per share is calculated by dividing the
profit/loss for the period by the weighted average number of
ordinary shares outstanding during the period.
Diluted loss per share
Profit/(loss) per share requires presentation of diluted loss
per share when a company could be called upon to issue shares that
would decrease net profit or increase net loss per share. For a
loss making company with outstanding share options, net loss per
share would only be decreased by the exercise of share options.
6 Notes to the statement of cashflows
Reconciliation of operating profit/(loss) to net cash from
continuing operations
Twelve
Six months Six months months
to 31 to 31 to 30
December December June
2014 2013 2014
(unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
Operating (loss) / profit (17,433) 3,945 2,058
Depreciation 3,169 4,000 9,036
Amortisation and exploration
write-off 51 - 322
Impairment of property,
plant and equipment 12,905 - -
Gain on bargain purchase - (5,003) (5,003)
Provision for share based
payments (2,932) 236 2,489
Decrease in inventories - 597 -
Decrease/(increase) in
receivables 8,401 1,979 (3,315)
Increase in payables 795 950 1,334
Increase in other provisions 21 136 93
------------------------------- ------------ ------------ --------
Net cash flow from operations 4,977 6,840 7,014
------------------------------- ------------ ------------ --------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QDLBLEXFLBBD
Parkmead (LSE:PMG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Parkmead (LSE:PMG)
Historical Stock Chart
From Apr 2023 to Apr 2024