Acquired post the year end, Wessex (through wholly owned
subsidiary HALO BV), holds a 15% interest in Service Contract SC54A
in the NW Palawan Basin, offshore Philippines. The partners are
NIDO Petroleum Ltd (operator, 42.4%, recently acquired by Bangchat
Petroleum), Kairiki Energy (30.1%) and TG World (BV) Corp.
(12.5%).
SC54A, a c.880 sq.km licence block, is located over the
shallower area of sector SC54, where water depths are generally
less than 120 metres. The Company sees the potential to exploit the
proven oil potential of the Nido Limestone pinnacle reef play by
using low cost development concepts. The entire block is covered by
3D seismic data and contains a number of exploration prospects and
leads as well as three oil discoveries.
On 5 September 2014, the operator announced that SC54A had been
extended for a period of three years from 5 August 2014 to allow
the partners to evaluate the results of the discoveries made and
determine future plans. On the expiration of this period, the
partners can decide to move into the next exploration phase, which
would require one well to be drilled in 2018.
The Directors believe there is potential to increase HALO's
interest in SC54A.
Consolidated Income Statement
for the year ended 30 June 2014
2014 2013
GBP GBP
Revenue - -
Administrative expenses (1,856,244) (1,877,722)
Operating loss (1,856,244) (1,877,722)
Finance income 6,314 114,654
Share of losses of joint ventures (5,023,059) (1,626,446)
Loss before taxation (6,872,989) (3,389,514)
Taxation - -
Loss for the financial year (6,872,989) (3,389,514)
Attributable to:
Equity shareholders of the Company (6,872,989) (3,389,514)
Loss per share
Basic and diluted loss per share
(pence) (0.95) (0.47)
Consolidated Statement of Comprehensive Income
for the year ended 30 June 2014
2014 2013
GBP GBP
Loss for the financial year (6,872,989) (3,389,514)
Other comprehensive income - -
Other comprehensive income for the
financial year, net of tax - -
Total comprehensive loss for the
financial year (6,872,989) (3,389,514)
Consolidated Balance Sheet
as at 30 June 2014
2014 2013
Assets GBP GBP
Non-current assets
Property, plant and equipment - 729
Intangible assets - 564,854
Investments in joint ventures 3,467,422 6,991,574
3,467,422 7,557,157
Current assets
Trade and other receivables 47,318 30,984
Cash and cash equivalents 1,905,416 4,442,258
1,952,734 4,473,242
Total assets 5,420,156 12,030,399
Equity and liabilities
Capital and reserves attributable
to the Company's equity shareholders
Share capital 724,343 724,343
Share premium account 16,800,122 16,800,122
Share-based payments reserve 1,078,182 844,228
Retained earnings (13,265,432) (6,392,443)
Total equity 5,337,215 11,976,250
Current liabilities
Trade and other payables 82,941 54,149
Total liabilities 82,941 54,149
Total equity and liabilities 5,420,156 12,030,399
Parent Company Balance Sheet
as at 30 June 2014
2014 2013
GBP GBP
Fixed assets
Intangible assets - 564,854
Tangible fixed assets - 729
Investments 3,487,422 8,682,840
3,487,422 9,248,423
Current assets
Debtors 63,607 30,984
Cash at bank 1,901,572 4,438,317
1,965,179 4,469,301
Creditors: amounts falling due within
one year (81,441) (86,364)
Net current assets 1,883,738 4,382,937
Net assets 5,371,160 13,631,360
Capital and reserves
Called up share capital 724,343 724,343
Share premium account 16,800,122 16,800,122
Share-based payment reserve 1,078,182 844,228
Profit and loss account (13,231,487) (4,737,333)
Shareholders ' funds 5,371,160 13,631,360
Consolidated Statement of Changes in Equity
for the year ended 30 June 2014
Share Share-based
Share premium Retained payment
capital account earnings reserve Total
GBP GBP GBP GBP GBP
Balance at 1 July 2013 724,343 16,800,122 (6,392,443) 844,228 11,976,250
For the financial year
ended 30 June 2014
Loss for the year - - (6,872,989) - (6,872,989)
Total comprehensive
income - - (6,872,989) - (6,872,989)
Share option expense - - - 233,954 233,954
Balance at 30 June 2014 724,343 16,800,122 (13,265,432) 1,078,182 5,337,215
========= =========== ============= ============ ============
Balance at 1 July 2012 724,343 16,800,122 (3,002,929) 483,987 15,005,523
For the financial year
ended 30 June 2013
Loss for the year - - (3,389,514) - (3,389,514)
Total comprehensive
income - - (3,389,514) - (3,389,514)
Share option expense - - - 360,241 360,241
Balance at 30 June 2013 724,343 16,800,122 (6,392,443) 844,228 11,976,250
========= =========== ============= ============ ============
Consolidated Statement of Cash Flows
for the year ended 30 June 2014
2014 2013
GBP GBP
Cash flow from operating activities (858,599) (828,318)
Cash flow from investing activities
Purchase of intangible assets (26,409) (215,407)
Investments in joint ventures (1,498,907) (4,933,468)
Interest received 6,314 114,654
Net cash used in investing activities (1,519,002) (5,034,221)
Net (decrease) in cash and cash
equivalents (2,377,601) (5,862,539)
Impact of foreign exchange on cash
balances (159,241) 63,680
Cash and cash equivalents at beginning
of
financial year 4,442,258 10,241,117
Cash and cash equivalents at end
of financial year 1,905,416 4,442,258
Notes to the Consolidated Financial Statements
for the year ended 30 June 2014
1. Basis of Preparation
This announcement has been prepared in accordance with
International Financial Reporting Standards ("IFRS") but in itself
does not contain sufficient information to comply with IFRS.
Details of the accounting policies are set out in the annual report
for the year ended 30 June 2014.
2. Loss Per Share
Basic loss per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the year.
Given the Group's reported loss for the year share options are
not taken into account when determining the weighted average number
of ordinary shares in issue during the year and therefore the basic
and diluted earnings per share are the same.
Basic and diluted loss per share
2014 2013
Pence Pence
Loss per share from continuing operations (0.95) (0.47)
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