18th Oct 2007 07:01
Leni Gas & Oil PLC18 October 2007 FOR IMMEDIATE RELEASE 18 October 2007 LENI GAS & OIL PLC ("LENI GAS" OR THE "COMPANY") ANNUAL AUDITED RESULTS ANNNOUNCEMENT FOR THE YEAR TO 31 AUGUST 2007 CHAIRMAN'S STATEMENT The Board is pleased to report the results of Leni Gas and Oil Plc ("the Company") for the period from incorporation on 9 August 2006 to 31 August 2007. The Company was admitted to AIM in March 2007 and raised approximately £3.85million at a price of 3p per ordinary share. Since then, the Company has madesignificant progress towards creating a portfolio of quality hydrocarbon assets. Your company is currently focused on the acquisition of producing orpreviously explored assets in Africa, North America, South America, Australia,Asia and Western Europe. In May 2007, the Company announced that it had completed an agreement for theacquisition of a 20% interest in four oil and gas exploration blocks known asArea 4 located within Maltese waters between Libya and Malta, covering an areain excess of 5,000 km2 with water depths of around 400m ("Maltese Farm-In"). Under the terms of the agreement, the Company receives its entitlement to anassignment of a full 20% participating interest on signing the agreement. Inconsideration of this interest, the Company will contribute the costs towardsacquiring about 3,000 line kilometres of 2D seismic and a detailed 3D seismicprogramme up to a maximum of US$5 million. The offshore south of Malta is an under-explored petroleum province related toan extension of the offshore Libyan and Tunisian proven hydrocarbon provinces.Independent technical reports on the Malta acreage issued a best estimate gross prospective resource volume which included six new prospects had best estimateSTOIIP totalling 5.14BBstb and best estimate prospective oil resources of1.3BBstb. The seismic surveying vessel, MV Geomariner of Seabird Exploration, wascommissioned to undertake approximately 1,000 line kilometres of 2D seismic inArea 4 off-shore Malta. The seismic work was completed with a view to identify drillable prospects. The results are expected shortly. McDaniel & Associates Consultants Ltd ("McDaniel") who is one of the World'sleading petroleum consulting firms specialising in geological and petroleumengineering studies, was appointed in April 2007 to act as technical advisor and Competent Person to the Company. They are currently providing advice on workprogrammes on the Company's Maltese Farm-in and is also assisting the Companywith the assessment of new and future opportunities in the global oil and gas sector. A further fundraising was completed in August 2007 which raised approximately£3.34 million to assist funding the Maltese Farm-In and other new opportunitieswhich the Company may pursue in the next 12 months The Directors are excited about the prospects for the Company in the year aheadand would like to take this opportunity of thanking our shareholders for theirongoing support. David Lenigas Executive Chairman Group Income Statementfor the period ended 31 August 2007 Period 9 August 2006 to 31 August 2007 Notes £ 000'sTurnover - Administrative expenses (256)Share options expensed (167) -------------Group operating loss (423) ------------- Interest receivable 59Loss on ordinary activities before taxation (364) Income tax expense - -------------Loss on ordinary activities after taxation (364) ------------- Retained loss for the period ended 31 August 2007attributable to members of the parent Company (364) ------------- Loss per shareBasic 2 (0.14) pence All of the operations are considered to be continuing. There are no other recognised income and expenses other than those included inthe income statement Group Balance Sheetas at 31 August 2007 As at 31 August 2007 Note £ 000's £ 000'sASSETSNon-current assetsIntangible assets 745Tangible assets 1 --------- 746Current assetsCash and cash equivalents 5,753Trade and other receivables 324 ---------Total current assets 6,077 --------TOTAL ASSETS 6,823 LIABILITIESCurrent liabilitiesTrade and other payables 188 ---------TOTAL LIABILITIES (188) --------NET ASSETS 6,635 -------- EQUITYCalled-up share capital 193Share premium 6,639Share based payments reserve 167Retained earnings (364) --------TOTAL EQUITY 6,635 -------- Company Balance Sheetas at 31 August 2007 As at 31 August 2007 Notes £ 000's £ 000'sASSETSNon-current assetsInvestment in subsidiaries 1Tangible assets 1Trade and other receivables 748 -------- 750Current assetsCash and cash equivalents 5,753Trade and other receivables 324 --------Total Current Assets 6,077 --------TOTAL ASSETS 6,827 LIABILITIESCurrent LiabilitiesTrade and other payables 188 --------TOTAL LIABILITIES (188) --------NET ASSETS 6,639 -------- EQUITYCalled-up share capital 193Share premium 6,639Share based payments reserve 167Retained earnings (360) --------TOTAL EQUITY 6,639 -------- Group Cash Flow Statementfor the period ended 31 August 2007 Period ended 31 August 2007 Notes £ 000'sCash flows from operating activitiesOperating Loss (423)(Increase) in trade and other receivables (324)Increase in trade and other payables 188Share options expensed 167 -----------Net cash outflow from operating activities (392) ----------- Cash flows from investing activitiesInterest Received 59 -----------Net cash inflow from investing activities 59 ----------- Cash flows from investing activitiesPayments to acquire intangible assets (745)Payments to acquire tangible assets (1) -----------Net cash outflow from in investing activities (746) ----------- Cash flows from financing activitiesIssue of ordinary share capital 7,214Share issue costs (382) -----------Net cash inflow from financing activities 6,832 ----------- Net increase in cash and cash equivalents 5,753Cash and cash equivalents at beginning of period - -----------Cash and cash equivalents at end of period 5,753 ----------- Statement of Changes in Equityfor the period ended 31 August 2007 Called up Share Share based Retained Total share premium payment reserve earnings capital reserve £ 000's £ 000's £ 000's £ 000's £ 000'sGroupAs at 9 August 2006 - - - - -Share capitalissued 193 7,021 - - 7,214Cost of shareissue - (382) - - (382)Loss for theyear - - - (364) (364)Share basedpayments - - 167 - 167As at 31August 2007 193 6,639 167 (364) 6,635 CompanyAs at 9 August 2006 - - - - -Share capitalissued 193 7,021 - - 7,214Cost of shareissue - (382) - - (382)Loss for theyear - - - (360) (360)Share basedpayments - - 167 - 167As at 31August 2007 193 6,639 167 (360) 6,639 Notes 1. ACCOUNTING POLICIES Statement of compliance with IFRS The Group's financial statements have been prepared in accordance withInternational Financial Reporting Standards (IFRS). The Company's financialstatements have been prepared in accordance with IFRS as adopted by the EuropeanUnion and as applied in accordance with the provisions of the Companies Act1985. The principal accounting policies adopted by the Group and Company are setout below. Basis of preparation The consolidated financial statements have been prepared on the historical costbasis, except for the measurement to fair value of assets and financialinstruments as described in the accounting policies below, and on a goingconcern basis. The financial report is presented in Sterling and all values are rounded to thenearest thousand pounds (£'000) unless otherwise stated. 2. LOSS PER SHARE The Loss for the period attributed to shareholders is £0.364 million. This is divided by the weighted average number of Ordinary shares outstandingcalculated to be 251.9 million to give a basic loss per share of 0.14 pence. As inclusion of the potential Ordinary shares would result in a decrease in theloss per share they are considered to be anti-dilutive, as such, a dilutedearnings per share is not included. 3. FINANCIAL INFORMATION The above financial information comprises non-statutory accounts within themeaning of section 240 of the Companies Act 1985. The financial information forthe year ended 31 August 2007 has been extracted from published accounts for theyear ended August 2007 that have been delivered to the Registrar of Companiesand on which the report of the auditors was unqualified and did not containstatements under s237 (2) or (3) of the Companies Act 1985. 4. REPORT AND ACCOUNTS The Report and Accounts will be posted to shareholders by Friday 26th October atthe latest. Copies may be obtained during normal office hours from the Company'sregistered office, Level 5, 22 Arlington Street, London, SW1A 1RD or from thecompany's website, www.lenigas.com. By order of the Board Leni Gas & Oil plc 18 October 2007 For further information please contact:- For further information, please contact:Leni Gas & Oil PLCJeremy Edelman, DirectorTel +44 (0) 20 7016 5100Beaumont Cornish LimitedRoland CornishTel +44 (0) 20 7628 3396 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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