TIDMSOLO
RNS Number : 8081J
Solo Oil Plc
14 September 2016
For Immediate Release
14 September 2016
Solo Oil plc
("Solo" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2016
Chairman's Statement
The Company has continued to advance its portfolio of oil and
gas investments in the first half of 2016 with several major
milestones occurring in that period; most significantly the signing
of a gas sales agreement for Kiliwani North in Tanzania in January
followed in April by first gas from the project, and the successful
testing of the Horse Hill oil discovery in the UK providing
considerable support to the concept of a commercial discovery.
Whilst market conditions remain somewhat volatile and uncertain the
Company has taken prudent measures to cut costs and to focus on the
existing core assets in Tanzania and the UK.
Highlights for the period include:
Tanzania
-- Gas Sales Agreement ("GSA") was executed with the Tanzanian
Petroleum Development Corporation ("TPDC") for a price of US$3.00
per mmBTU
-- First gas was achieved from Kiliwani North-1 ("KN-1") on 4 April 2016
-- Commissioning of the Song Songo Island Gas Plant was
completed and testing of the KN-1 well up to over 30 mmscfd was
undertaken
-- Solo increased its interest in KN-1 from 6.175% to 7.175% and
holds an option to increase its interest to up to 8.75% as project
performance milestones are achieved
-- Following the mid-year, first revenue from Kiliwani North was received in line with the GSA
-- A 12-month extension of the Ruvuma PSA was granted by TPDC
and endorsed by the Tanzanian Minister of Petroleum
-- Ruvuma PSA operator Aminex plc announced its intention to
drill two Ntorya appraisal wells starting in 2016 and that site
preparation for the first well, Ntorya-2, was underway
United Kingdom
-- Horse Hill-1 well ("HH-1") was tested with the Kimmeridge
Limestones produced at natural flow rates of over 460 and 900
barrels of oil per day gross ("bopd") from naturally fractured
intervals in the Lower and Upper Kimmeridge respectively
-- Pumped production, constrained by pump size, of up to a gross
320 bopd was obtained from the Portland Sandstone reservoir during
testing of that interval at HH-1 in March
-- The Company was formally awarded a 30% working interest in
PEDL 331 on the Isle of Wight and announced its intention, with
operator UK Oil and Gas Investments ("UKOG"), to pursue the
previously discovered Arreton-2 field as part of an initial work
program
-- The resources of the HH-1 Portland discovery were upgraded in
July by 200 percent in a reserves report by Xodus for UKOG
Corporate
-- On 7 April the Company raised a total of GBP0.8 million
before financing costs through the allotment of 320 million shares
in private placements at a price of 0.25p
-- Following the AGM on 10 August the Board was restructured
with the appointment of Dan Maling as Finance Director and the
retirement of Sandy Barblett as a non-executive director, to be
replaced by Don Strang the former Finance Director
Review of Investments for the period:
1. Tanzania, Kiliwani North (7.175% interest)
In 2014 Solo agreed with Aminex to acquire up to a 13% working
interest in the Kiliwani North Development Licence ("KNDL") on
Songo Songo Island. The Kiliwani North-1 ("KN-1") well was drilled
by Aminex and its partners in 2008 and discovered gas in a 60 metre
column in the Lower Cretaceous. Based on well test results Kiliwani
North-1 is expected to be flowed at a rate of up to 30 mmscfd once
on stream through a short tie-in pipeline to the Songo Songo Island
gas processing facility, and from there to the newly constructed
36-inch pipeline to Dar es Salaam.
Solo acquired an initial 6.5% interest in the KNDL project for
US$3.5 million in 2015 and subsequently announced its intention to
increase its stake to 10% through the acquisition of three
additional tranches of project equity linked to project milestones
at the Company's option. Solo's original stake of 6.5% was
subsequently reduced by way TPDC's back-in to the project for a 5%
interest which reduced Solo's holding to 6.175%. Back-in by the
State Company is viewed as a positive move since it aligns the KNDL
partnership with national objectives.
The condition precedent for further acquisition of project
equity by Solo was the signature of a gas sales agreement ("GSA")
which was achieved in January 2016. The subsequently agreed tranche
milestones were the commencement of gas production which was
achieved in April 2016, the receipt of first cash revenue and the
declaration of commercial (post-commissioning) gas production under
the take-or-pay arrangements of the GSA. The first of these
milestones has been reached and Solo has increased its direct
participation to 7.175%. Receipt of first revenue occurred in
August 2016 and the Company has elected not to increase equity in
KNDL to 8.425% in order to focus on investments in the Ruvuma PSC.
The Company retains the option to increase its KNDL stake by a
further 1.575% to 8.75% when commercial operations are officially
declared.
The GSA signed with TPDC for KN-1 gas contains payment
guarantees in US Dollars ("US$") and is linked to a price
escalation formula commencing at US$3.00 per million BTU ("mmBTU")
and rising from January 2016. The main contract phase is a
depletion contract with take-or-pay provisions for 85% of the daily
minimum quantity of gas to be supplied, initially set at a gross 20
mmscfd. Payment for gas during the commissioning phase is based on
the agreed tariff on an "as supplied" basis and no minimum quantity
is guaranteed under the contract. Commissioning of the Songo Songo
Island gas processing plant commenced in early April 2016 and was
essentially complete by end July.
Independently verified gas in place was confirmed by LR Senergy
in a CPR in May 2015. LR Senergy computed gross mean gas in place
of 44 bcf of which 28 bcf have been attributed as best estimate
contingent resources. These contingent resources will be converted
to reserves once the GSA comes into full force on commercial gas
production, which anticipated to be in the third or fourth quarter
of 2016.
2. Tanzania, Ruvuma Basin (25% interest)
Solo holds a 25% interest in the Ruvuma Petroleum Sharing
Agreement ("Ruvuma PSA") in the south-east of Tanzania covering an
area of approximately 3,447 square kilometres of which
approximately 90% lies onshore and the balance offshore. The Ruvuma
PSA is in a region of southern Tanzania where very substantial gas
discoveries have been made offshore in recent years and where gas
has also been discovered onshore and along the coastal islands at
Ntorya, Mnazi Bay and Songo Songo Island.
The Ntorya gas-condensate discovery, made in 2012 and operated
by Aminex plc ("Aminex"), represents the most immediate
commercialisation opportunity in the Ruvuma PSC. The Ntorya-1 well
was flow testing over a 3.5 metres zone at the top of the gross 25
metre gas bearing interval produced at a maximum gross flow rate of
20.1 million cubic feet per day ("mmscfd") and 139 barrels per day
("bpd") of 53 degree API condensate through a 1-inch choke. The
well is currently suspended as a discovery for subsequent
additional testing or production. An early production scheme
involving local use of the gas or its conversion to power is under
consideration.
Based on an infill 2D seismic programme around Ntorya-1 a
re-estimation of the discovered and prospective resources in the
Likonde-Ntorya area was made and subsequently audited by Senergy
(GB) Limited ("LR Senergy") who issued a Competent Person's Report
("CPR") in May 2015. LR Senergy estimated that Ntorya contains a
gross 158 bcf of proven gas in place, of which they attribute a
gross 70 bcf as best estimate contingent resources. Overall in the
Ruvuma PSA, LR Senergy estimate gross 4.17 trillion cubic feet
("tcf") of discovered and undiscovered gas in place. Contingent
resources are expected to be converted to reserves once a
commercial development and export scheme is approved.
The partners in the Ruvuma PSA are planning the drilling of two
appraisal well in order to firm up these resource volumes and to
commence gas sales negotiations. Two appraisal well locations have
been selected, Ntorya-2 and -3, and it is anticipated that the
first of these wells could be spudded before end 2016. At the time
of this report site preparation is well advanced at Ntorya-2
location.
In order to fund the drilling of the appraisal wells Solo is
again considering a farmout of a portion of its 25% interest in
return for a financial carry on the appraisal. Solo is currently
contacting potentially interested parties and hopes to finalise
arrangements prior to the spudding of Ntorya-2. The Company remains
open minded as to farmout arrangements and will consider offers on
their merits.
3. Horse Hill, Weald Basin, UK (6.5% interest)
In 2014 the Company acquired a 10% interest in a special purpose
company, Horse Hill Developments Limited ("HHDL"), which became the
operator and 65% interest holder in two Petroleum Exploration and
Development Licences, PEDL 137 and 246, in the northern Weald Basin
between Gatwick Airport and London.
The PEDL 137 licence covers 99.29 square kilometres (24,525
acres) to the north of Gatwick Airport in Surrey and contains the
Horse Hill discovery and several other exploration leads. PEDL 246
covers an area of 43.58 square kilometres (10,769 acres) and lies
immediately adjacent and to the east of PEDL 137.
The Horse Hill-1 ("HH-1") well commenced drilling operations in
September 2014 and reached total depth at 8,870 feet MD in November
2014. Evaluation of electric logs and other data collected from the
well resulted in the announcement on 24 October 2014 of a
conventional Upper Portlandian Sandstone oil discovery. Subsequent
analysis of the Kimmeridge, Oxfordian and Liassic sections in the
well indicated that there was also substantial in place oil in the
naturally fractured Kimmeridge Limestones and associated
mudstones.
Approval for the testing of all three oil bearing zones was
granted in late 2015 and the tests commenced in early February
2016. Tests lead to naturally flowing oil rates of the Kimmeridge
Limestones at a gross rate of 460 bopd from the Lower interval and
900 bopd from the upper interval. The Portland Sandstone was placed
on pump to stimulate flow and achieved a maximum gross stable rate
in excess of 320 bopd. These flow rates substantially exceeded the
expectations for the well and rank alongside some of the highest
rates ever achieved on test for any UK onshore well.
Following the testing of the Portland Sandstone, when higher
productivity and a lower than expected water cut were observed,
further analysis on the electric logs has led to a 200% increase in
the anticipated gross oil in place at this stratigraphic level.
Previous estimates of oil in place within the Portland Sandstone
were 7.7 mmbbls per square mile and were increased to 22.9 mmbbls.
Based on the original closure estimated by Xodus in 2015 this would
increase the overall oil in place within the Horse Hill Portlandian
discovery to 62.5 mmbbls.
The relevant licences have been extended to permit further work
and UKOG has indicated that it hopes to perform long term testing
on all three zones as part of a wider appraisal program that
includes 3D seismic and further drilling. Planning permission is
presently being sought for the next phase of testing which will
establish the parameters of any development scheme and the
commerciality of production from the various oil bearing
intervals.
4. PEDL 331, Isle of Wight, UK (30% interest)
An application was made jointly with UK Oil and Gas Investments
plc ("UKOG") and Angus Energy Limited (who subsequently sold this
interest to Doriemus plc ("Doriemus")) for a 200 square kilometre
onshore block in the south and central portion of the Isle of Wight
in the UK 14(th) Landward Licensing Round. Solo holds a 30%
interest in this joint venture.
The UK Oil and Gas Authority ("OGA") have now issued the
licence, PEDL 331, to the UKOG-Solo-Doriemus partnership. Based on
work by UKOG and confirmed by independent work by Solo Arreton-2,
originally drilled in 1974 but never tested, is now considered to
be an oil discovery on the Arreton Main Field. When taken together
with the adjacent prospects Xodus has calculated a P50 gross oil in
place estimate of 219 mmbbls in conventional reservoirs within the
Purbeck, Portland and Inferior Oolite limestone reservoirs at
Arreton. Arreton Main is considered by Xodus to contain most likely
(P50) contingent resource net to Solo's interest in PEDL 331 of 4.7
mmbbls.
UKOG will become operator of PEDL 331 and has commenced
discussions with the local planning authorities and expects to seek
regulatory consents to appraise the Arreton Main oil discovery in
the coming years.
5. Burj Africa, Nigeria, West Africa (20% interest)
Between 2013 and 2015 Solo made an investment various ventures
aimed at accessing known reserves in fields in Nigeria. These have
resulted in a 20% interest in Burj Petroleum Africa Limited ("Burj
Africa") a company which had applied for various undeveloped fields
in the 2014 Nigerian Marginal Fields Bid Round ("Marginal Fields
Round") along with joint venture partners Global Oil and Gas
("Global") and Truvent Consulting.
Two adjacent marginal fields have been applied for containing 10
wells previously drilled by an international major oil and gas
company. These fields are believed by Burj Africa and its partners
to contain gross proven, probable and possible recoverable oil
reserves of 59.3 mmbbls, approximately 13.5 mmbbls net to Burj
Africa after payment of royalties.
Award of these blocks and any subsequent operations continues to
be subject to Nigerian government approval. Recent developments in
the world oil markets and specific to Nigeria have significantly
delayed the issue of new licences under the envisaged Marginal
Fields Round. The Company continues to monitor developments in
Nigeria and looks forward to further news in due course.
6. Ontario, Canada (28.56% interest)
Solo holds an interest in 23,500 acres of petroleum leases in
southern Ontario which contain a number of Ordovician reefal
structures which contain variously oil, gas and condensate. The
operator, Reef Resources Inc., has been unable to raise the
necessary funds to continue the development of the Ausable gas
condensate field and no alternative has so far been found to unlock
the potential. Solo's management continues to seek ways to advance
or monetise the investment made in the Ausable and adjacent Airport
fields, and hopes to report progress in due course. No material
progress has however been achieved in 2016 year to date.
7. Morocco
In 2015 Solo acquired a small seed interest in the shares
Canadian listed oil and gas company, Maxim Resources, with a view
to acquiring an interest in a possible onshore gas production asset
in Morocco. This is a very early stage seed investment and will be
reported on more fully as the project takes shape.
Financial Results
During the year to date in order to fund its ongoing investments
the Company raised gross proceeds of GBP0.8 million in new equity
by way of the placing of 320 million new shares at 0.25p each.
The Company's operating loss for the period was GBP373,000 (30
June 2015: GBP372,000 loss). In addition, further charges of
GBP37,000 (30 June 2015: GBP679,000) relates to the provision for
potential losses on the financial instrument (the Equity Swap
Agreement) with YA Global Master SPV Ltd as announced on 24
September 2014 and GBP2,000 (30 June 2015: GBP49,000) for finance
charges.
Immediate Outlook
The Company has made significant advances in its investments in
Tanzania and the UK in the last reporting period and is now on
production and receiving revenue from its Kiliwani North
investment. The Ruvuma PSC which holds the Ntorya gas condensate
discovery has been extended and is targeted for early appraisal
drilling. The Horse Hill discovery has yielded exceptionally high
flow rates at all three productive levels and further long term
testing is now planned to design a commercial development.
Additionally, the Company has added prospective acreage including
the Arreton-2 discovery in a new onshore licence in the Isle of
Wight, providing further material prospectivity and oil production
potential for future years.
Short term focus will be maintained on the Tanzania and UK
portfolio whilst energy market volatility persists. The Company is
increasingly focussed on cost efficiency in its small head office
function and anticipates further reductions in costs in the second
half of the year.
Neil Ritson
Chairman
14 September 2016
Competent Person's statement:
The information contained in this document has been reviewed and
approved by Neil Ritson, Chairman for Solo Oil Plc. Mr Ritson is a
member of the Society of Petroleum Engineers, a Fellow of the
Geological Society, an Active Member of the American Association of
Petroleum Geologists and has over 38 years relevant experience in
the oil industry.
Glossary and Notes
2D seismic seismic data collected using
the two-dimensional common depth
point method
---------------------- -----------------------------------------
3D three-dimensional
---------------------- -----------------------------------------
AIM London Stock Exchange Alternative
Investment Market
---------------------- -----------------------------------------
API American Petroleum Institute
---------------------- -----------------------------------------
barrel or bbl 45 US gallons
---------------------- -----------------------------------------
bbls barrels of oil
---------------------- -----------------------------------------
bcf billion cubic feet
---------------------- -----------------------------------------
best estimate the most likely estimate of a
or P50 parameter based on all available
data, also often termed the P50
(or the value of a probability
distribution of outcomes at the
50% confidence level)
---------------------- -----------------------------------------
billion 10 to the power 9
---------------------- -----------------------------------------
bopd barrels of oil per day
---------------------- -----------------------------------------
contingent resources those quantities of petroleum
estimated, at a given date, to
be potentially recoverable from
known accumulations, but the
associated projects are not yet
considered mature enough for
commercial development due to
one or more contingencies
---------------------- -----------------------------------------
CPR Competent Persons Report
---------------------- -----------------------------------------
discovery a petroleum accumulation for
which one or several exploratory
wells have established through
testing, sampling and/or logging
the existence of a significant
quantity of potentially moveable
hydrocarbons
---------------------- -----------------------------------------
electric logs tools used within the wellbore
to measure the rock and fluid
properties of the surrounding
formations
---------------------- -----------------------------------------
GIIP gas initially in place
---------------------- -----------------------------------------
GSA gas sales agreement
---------------------- -----------------------------------------
HH-1 Horse Hill-1 well
---------------------- -----------------------------------------
HHDL Horse Hill Developments Limited
---------------------- -----------------------------------------
KN-1 Kiliwani North-1 well
---------------------- -----------------------------------------
KNDL Kiliwani North Development Licence
---------------------- -----------------------------------------
m thousand (ten to the power 3)
---------------------- -----------------------------------------
mm million (ten to the power 6)
---------------------- -----------------------------------------
mmbbls million barrels of oil
---------------------- -----------------------------------------
mmscf million standard cubic feet of
gas
---------------------- -----------------------------------------
mmscfd million standard cubic feet of
gas per day
---------------------- -----------------------------------------
OGA UK Oil and Gas Authority (formally
the Department of Energy and
Climate Change)
---------------------- -----------------------------------------
oil in place stock tank oil initially in place,
or STOIIP those quantities of oil that
are estimated to be in known
reservoirs prior to production
commencing
---------------------- -----------------------------------------
pay reservoir or portion of a reservoir
formation that contains economically
producible hydrocarbons. The
overall interval in which pay
sections occur is the gross pay;
the portion of the gross pay
that meets specific criteria
such as minimum porosity, permeability
and hydrocarbon saturation are
termed net pay
---------------------- -----------------------------------------
PEDL Petroleum Exploration and Development
License
---------------------- -----------------------------------------
permeability the capability of a porous rock
or sediment to permit the flow
of fluids through the pore space
---------------------- -----------------------------------------
petrophysics the study of the physical and
chemical properties of rock formations
and their interactions with fluids
---------------------- -----------------------------------------
play a set of known or postulated
oil or gas accumulations sharing
similar geologic properties
---------------------- -----------------------------------------
porosity the percentage of void space
in a rock formation
---------------------- -----------------------------------------
prospective resources those quantities of petroleum
which are estimated, at a given
date, to be potentially recovered
from undiscovered accumulations
---------------------- -----------------------------------------
proven reserves those quantities of petroleum,
which, by analysis of geoscience
and engineering data, can be
estimated with reasonable certainty
to be commercially recoverable
(1P), from a given date forward,
from known reservoirs and under
defined economic conditions,
operating methods, and government
regulations
---------------------- -----------------------------------------
probable reserves those additional reserves which
analysis of geoscience and engineering
data indicate are less likely
to be recovered than Proved Reserves
but more certain to be recovered
than Possible Reserves. It is
equally likely that actual remaining
quantities recovered will be
greater than or less than the
sum of the estimated Proved plus
Probable Reserves (2P)
---------------------- -----------------------------------------
possible reserves those additional reserves which
analysis of geoscience and engineering
data suggest are less likely
to be recoverable than Probable
Reserves. The total quantities
ultimately recovered from the
project have a low probability
to exceed the sum of Proved plus
Probable plus Possible (3P) Reserves,
which is equivalent to the high
estimate scenario
---------------------- -----------------------------------------
PSA petroleum sharing agreement
---------------------- -----------------------------------------
PRMS Petroleum Resources Management
System
---------------------- -----------------------------------------
reserves those quantities of petroleum
anticipated to be commercially
recovered by application of development
projects to known accumulations
from a given date forward under
defined conditions
---------------------- -----------------------------------------
reservoir a subsurface rock formation containing
an individual natural accumulation
of moveable petroleum
---------------------- -----------------------------------------
SPE Society of Petroleum Engineers
---------------------- -----------------------------------------
tcf trillion cubic feet
---------------------- -----------------------------------------
trillion 10 to the power 12
---------------------- -----------------------------------------
unconventional widely accepted to mean those
reservoir hydrocarbon reservoirs that are
tight; that is have low permeability
---------------------- -----------------------------------------
The estimates provided in this statement are based on the
Petroleum Resources Management System ("PRMS") published by the
("SPE") and are reported consistent with the SPE's 2011 guidelines.
All definitions used in the announcement have the meaning given to
them in the PRMS.
For further information:
Solo Oil plc
Neil Ritson/Daniel
Maling +44 (0) 20 3794 9230
Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Pascal Keane /Jerry
Keen +44 (0) 20 7408 4090
Cassiopeia Services
Investor and Media
Relations
Stefania Barbaglio +44 (0) 79 4969 0338
CONDENSED INTERIM INCOME STATEMENT
Six months Six months Year ended
ended ended
Notes 30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
GBP 000's GBP 000's GBP 000's
Revenue - - -
Gross profit - - -
Administrative expenses (373) (372) (906)
------------ ------------ ------------
Operating (loss) (373) (372) (906)
Impairment charge - - (875)
Finance costs (2) (49) (386)
Finance revenue - - -
Provision for losses on
financial instrument (37) (679) (606)
------------ ------------ ------------
(Loss) on ordinary activities
before taxation (412) (1,100) (2,773)
Income tax (expense) - - -
------------ ------------ ------------
Retained (Loss) for the
period attributable to
equity holders of the
Company (412) (1,100) (2,773)
------------ ------------ ------------
Loss per share (pence)
Basic and diluted 2 (0.01) (0.02) (0.04)
------------ ------------ ------------
CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME
Six months Six months Year ended
ended ended
Notes 30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
GBP 000's GBP 000's GBP 000's
Loss for the period (412) (1,100) (2,773)
Decrease in value of Available
for sale assets (14) (41) (78)
Total comprehensive income (426) (1,141) (2,851)
------------ ------------ ------------
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
As at As at As at
Notes 30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
GBP 000's GBP 000's GBP 000's
Non-current assets
Intangible assets 11,783 11,515 11,392
Available for sale assets 1,203 1,809 1,192
Total non-current assets 12,986 13,324 12,584
Current assets
Trade and other receivables 3 791 1,123 523
Derivative financial instrument - - -
Cash and cash equivalents 362 1,344 824
------------ ------------ ------------
Total current assets 1,153 2,467 1,347
------------ ------------ ------------
Total assets 14,139 15,791 13,931
------------ ------------ ------------
Current liabilities
Trade and other payables (183) (176) (234)
Derivative financial instrument (351) (189) (314)
Borrowings - (477) (112)
Total liabilities (534) (842) (660)
------------ ------------ ------------
Net assets 13,605 14,949 13,271
============ ============ ============
Equity
Share capital 588 556 556
Deferred share capital 1,831 1,831 1,831
Share premium reserve 25,805 25,062 25,077
Share-based payments 884 936 884
AFS reserve (96) (45) (82)
Retained loss (15,407) (13,391) (14,995)
------------ ------------ ------------
Total equity attributable
to equity holders of the
parent 13,605 14,949 13,271
============ ============ ============
CONDENSED INTERIM STATEMENT OF CASH FLOWS
Six months Six months Year ended
ended ended
30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
GBP 000's GBP 000's GBP 000's
Cash outflow from operating
activities
Operating loss (373) (372) (906)
Adjustments for:
Share-based payments - - -
(Increase)/decrease in
receivables (268) (149) 451
(Decrease)/increase in
payables (51) (4) 54
Foreign exchange loss (9) 8 6
------------ ------------ ------------
Net cash (outflow) from
operating activities (701) (517) (395)
------------ ------------ ------------
Cash flows from investing
activities
Interest received - - -
Payments to acquire intangible
assets (391) (2,472) (2,649)
Payment to acquire derivative
financial instrument - - (110)
Payments to acquire available
for sale investment (8) (133) (132)
Net cash outflow from
investing activities (399) (2,605) (2,891)
------------ ------------ ------------
Cash flows from financing
activities
Repayments of borrowings (122) (396) (754)
Proceeds from borrowings - 336 336
Finance costs - (49) (62)
Proceeds on issuing of
ordinary shares 800 2,700 2,700
Cost of issue of ordinary
shares (40) (146) (131)
------------ ------------ ------------
Net cash inflow from
financing activities 638 2,445 2,089
------------ ------------ ------------
Net (decrease)/increase
in cash and cash equivalents (462) (677) (1,197)
Cash and cash equivalents
at beginning of period 824 2,021 2,021
Cash and cash equivalents
at end of period 362 1,344 824
============ ============ ============
CONDENSED STATEMENT OF CHANGES IN EQUITY
Share capital Deferred Share premium Share based AFS Accumulated Total
share capital payments reserve losses
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
Balance at 31
December
2014 501 1,831 22,360 936 (4) (12,291) 13,333
Loss for the
period - - - - - (2,773) (2,773)
Decrease in value
of
Available for
sale
assets - - - - (78) - (78)
-------------- --------------- -------------- ------------ --------- ------------ ---------
Total
comprehensive
income - - - - (78) (2,773) (2,851)
Share issue 55 - 2,848 - - - 2,903
Cost of share
issue - - (131) - - - (131)
Share-based
payment
charge - - - 17 - - 17
Share options
expired - - - (69) - 69 -
-------------- --------------- -------------- ------------ --------- ------------ ---------
Total
contributions
by and
distributions
to
owners of the
Company 55 - 2,717 (52) - 69 2,789
-------------- --------------- -------------- ------------ --------- ------------ ---------
Balance at 31
December
2015 556 1,831 25,077 884 (82) (14,995) 13,271
Loss for the
period - - - - - (412) (412)
Decrease in value
of
Available for
sale
assets - - - - (14) - (14)
-------------- --------------- -------------- ------------ --------- ------------ ---------
Total
comprehensive
income - - - - (14) (412) (426)
Share capital
issued 32 - 768 - - - 800
Cost of share
issue - - (40) - - - (40)
Total
contributions
by and
distributions
to
owners of the
Company 32 - 728 - - - 760
Balance at 30 June
2016 588 1,831 25,805 884 (96) (15,407) 13,605
-------------- --------------- -------------- ------------ --------- ------------ ---------
NOTES TO CONDENSED INTERIM FINANCIAL INFORMATION
1 BASIS OF PREPARATION
The financial information has been prepared under the historical
cost convention and on a going concern basis and in accordance with
International Financial Reporting Standards and IFRIC
interpretations adopted for use in the European Union ("IFRS") and
those parts of the Companies Act 2006 applicable to companies
reporting under IFRS.
The condensed interim financial information for the period ended
30 June 2016 has not been audited or reviewed in accordance with
the International Standard on Review Engagements 2410 issued by the
Auditing Practices Board. The figures were prepared using
applicable accounting policies and practices consistent with those
adopted in the statutory accounts for the period ended 31 December
2015. The figures for the period ended 31 December 2015 have been
extracted from these accounts, which have been delivered to the
Registrar of Companies, and contained an unqualified audit
report.
The condensed interim financial information contained in this
document does not constitute statutory accounts. In the opinion of
the directors the financial information for this period fairly
presents the financial position, result of operations and cash
flows for this period.
This Interim Financial Report was approved by the Board of
Directors on 14 September 2016.
Statement of compliance
These condensed company interim financial statements have been
prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union with the
exception of International Accounting Standard ('IAS') 34 - Interim
Financial Reporting. Accordingly the interim financial statements
do not include all of the information or disclosures required in
the annual financial statements and should be read in conjunction
with the Company's 2015 annual financial statements.
2 LOSS PER ORDINARY SHARE
The calculation of earnings per share is based on the loss after
taxation divided by the weighted average number of share in issue
during the period:
Six months to Six months to Year ended
30 June 2016 30 June 2015 31 December 2015
(Unaudited) (Unaudited) (Audited)
Net loss after taxation (GBP 000's) (412) (1,100) (2,773)
Weighted average number of ordinary shares used in calculating
basic earnings per share (millions) 5,780.4 5,292.9 5,417.2
Basic loss per share (pence) (0.01) (0.02) (0.04)
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, a diluted loss per share is not
included.
3 TRADE AND OTHER RECEIVABLES
Six months to Six months to Year ended
30 June 2016 30 June 2015 31 December 2015
Current trade and other receivables (Unaudited) (Unaudited) (Audited)
Loan to HHDL 658 360 369
Prepayments 22 96 66
Other debtors 111 667 88
-------------- -------------- -----------------
Total 791 1,123 523
-------------- -------------- -----------------
4 EVENTS AFTER THE REPORTING DATE.
There are no events after the end of the reporting date to
disclose.
5 A copy of this interim statement is available on the Company's
website www.solooil.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUGWBUPQURC
(END) Dow Jones Newswires
September 14, 2016 04:33 ET (08:33 GMT)
Scirocco Energy (LSE:SCIR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Scirocco Energy (LSE:SCIR)
Historical Stock Chart
From Apr 2023 to Apr 2024
