28th Apr 2010 07:00
PETROCELTIC INTERNATIONAL PLC
RESULTS FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2009
Petroceltic International plc ("Petroceltic" or "the Company") the independent oil & gas exploration company focussed on the Middle East-North Africa (MENA) and Mediterranean region today announces its results for the 12 month period ended 31 December 2009.
Highlights:
·; Successful completion of a five well drilling campaign in Algeria
·; Major new gas condensate discovery on the Ain Tsila Ridge tested at commercial gas flow rates up to 34 mmscfd
·; Total gas resource in place discovered in the Isarene permit area now estimated at up to 11 TCF
·; Strong cash position and investor base following successful share placings in 2009 and 2010
·; Further appraisal drilling planned to commence in Algeria before end 2010
·; Drilling in the Italian Adriatic Sea planned in the second half of 2010 to appraise the Elsa oil discovery
·; Fully carried exploration drilling to commence on the Ksar Hadada permit in Tunisia before mid 2010
·; Additional high impact exploration and production opportunities under review in the MENA and Mediterranean region.
·; Operating loss increased to US$6.1 million (2008 US$3.7 million), primarily due to higher administrative expenses resulting from increased exploration and appraisal activity across the groups assets.
Andrew Bostock, Chairman of Petroceltic commented:
"2009 was an active and highly successful year for Petroceltic. The Company executed a major operated drilling programme in Algeria, delivering a world class gas condensate discovery and reinforcing its reputation as a first class E&P organisation. The Company is now well positioned to add further value across the portfolio, with a strong balance sheet and an active and funded drilling programme planned for 2010 which will encompass all of the countries in which we operate; Algeria, Italy and Tunisia."
Press Enquiries to:
Brian O'Cathain/ Alan McGettigan, Petroceltic International Tel: +353 (1) 421 8300
Philip Dennis /Klara Kaczmarek, Pelham Bell Pottinger Tel: +44 20 7337 1516
Joe Murray / Joe Heron, Murray Consultants Tel: +353 (1) 4980300
Hugh McCutcheon / John Frain, Davy Tel: +353 (1) 679 6363
Notes to Editors:
Dr. Dermot Corcoran, Head of Exploration, Petroceltic International plc, is the qualified person who has reviewed and approved the technical information contained in this announcement. Dr. Corcoran has a B.Sc in Geology, a M.Sc. in Geophysics, and a Masters degree in Business Administration, all from the National University of Ireland, Galway. He also holds a Ph.D in Geology from Trinity College, Dublin. Dr. Corcoran has over 20 years experience in oil & gas exploration and production, and has previously worked at ExxonMobil, the Petrofina Group, and Statoil. Definitions in this press release are consistent with Society of Petroleum Engineers/ World Petroleum Council guidelines.
Glossary of Terms
|
|
Bcf bcm boe bopd mmbo mmscf tcf tcfe PSC |
Billion cubic feet (1 cubic foot = 0.028 m3) Billion cubic meters Barrels of oil equivalent. (5.6 Million cubic feet of gas = 1 boe). Barrels of oil per day (1 barrel = 159 litres). Million barrels of oil Million standard cubic feet per day Trillion cubic feet Trillion cubic feet equivalents Production sharing contract |
Chairman and Chief Executive's Statement
2009 was an active and highly successful year for Petroceltic. The Company successfully executed a major operated drilling programme, delivering a world class gas condensate discovery and reinforcing its reputation as a first class E&P organisation. The Company is now well positioned to add value across the portfolio, with an active and funded appraisal and exploration programme across all three of its areas of focus, Italy, Algeria & Tunisia.
Algerian drilling programme yields major discovery
In Algeria, Petroceltic's five well drilling programme resulted in the discovery of the world class Ain Tsila gas condensate field, which was flow tested at commercial gas flow rates up to 34mmscfd. Data from the three wells drilled on the field to date suggest the presence of a single extensive and continuous gas accumulation. When taken with the three smaller discoveries already made, the potential gas resource in place in the Isarene Permit area is now estimated at up to 11 trillion cubic feet. The delineation of the discovery areas has now been agreed with the Algerian authorities and a two year appraisal period, ending in April 2012, has also been agreed.
The ten month drilling programme commenced in May 2009 and was executed as planned with field operations completed without incident. This is a tribute to the experience, dedication and safety awareness of our Algerian team.
More Petroceltic-operated drilling programmes planned
The Company is now looking to build on its success.
In Algeria, the Company plans to commence an appraisal programme in the fourth quarter of 2010. Consisting of at least three wells, the objective is to further delineate the hydrocarbon volumes on the block, to determine the most likely recovery factors in respect of those hydrocarbons and optimise the development plans for the fields.
In Italy, Petroceltic plans an appraisal well on the Elsa field located in its Central Adriatic B.R268.RG Permit in the third quarter of 2010. The objective is to appraise the 1992 oil discovery well by drilling and testing an Elsa-2 well adjacent to it. Independent reports have attributed gross contingent recoverable resources to Elsa of up to 170 million barrels.
In Tunisia, the Company plans an exploration programme on the Ksar Hadada Permit in the third quarter of 2010. This programme will consist of two wells designed to test the Sidi Toui and Oryx prospects located in the Southern end of the permit. The Company's exploration operations in Tunisia are fully carried as a result of a farm-out agreement with a subsidiary of PetroAsian Energy Holdings Limited, a Hong Kong listed company.
Strong Cash Position and Investor Base
Cash and cash equivalents at year end were US$33.7m and the Company had no bank debt. This followed the successful share placing completed in June 2009, which raised gross proceeds of US$43.4 million for the Company. Since year end, a further share placing has raised additional gross funds of US$120.5 million, ensuring that the Company is healthily positioned to execute its forward drilling programme.
Coupled with the successful placing in January of this year of a 15.7% holding in the Company, formerly held by Iberdrola S.A., the Board considers that the placings have resulted in a considerable strengthening of the Company's investor base with many 'Blue-Chip' institutions now occupying prominent positions on the Company's shareholder register.
Revenue from the Kinsale gas fields in 2009 decreased to US$210k (2008: US$962k), as a result of lower gas prices and lower production. The Company's loss for the year increased to US$6.1m (2008: US$3.7m) due to increased administrative expenses, primarily as a result of the widening in scope of the Company's operations in all of its areas of activity.
A Revitalised Board
John Craven stepped down from the Board in March 2009 after serving for some five years as Chief Executive. He was replaced as Chief Executive by Brian O'Cathain, previously the Company's Executive Chairman, with Andrew Bostock, formerly the senior non-executive director, appointed as non-executive Chairman.
Further Board changes have taken place since year end with the resignation of Christian Schaffalitzky and Pablo Fuentes-Cantillana as non-executive directors. Both Christian and Pablo have made valuable contributions to the Company during their tenure and they depart with the Board's gratitude and thanks. Their positions have been filled with the appointment of Dr. Robert Arnott as a non-executive director. Rob is a geologist and energy economist with over 25 years experience of working in the oil and gas industry.
Exciting Outlook
In 2009 Petroceltic focused on delivering the Algerian drilling programme and high-grading the Italian and Tunisian opportunities. We are now poised for another exciting year of delivery. Well advanced and funded drilling programmes for 2010/11 are moving the work programme from the exploration phase towards appraisal and development and this is likely to result in the Company being in a position to book its first commercial reserves in the near future.
Going forward we will continue to complement our organic growth programme by pursuing both corporate and asset acquisition opportunities. In particular we are looking for assets with early production potential coupled with exploration upside. The Company will remain vigilant for and ready to exploit any such opportunities which our team and balance sheet may allow us to take advantage of.
We would like to thank Petroceltic's shareholders for the strong support which they have shown for the Company during the last twelve months. We are optimistic that this support will be rewarded with further growth in shareholder value in the forthcoming year. We would also like to thank Petroceltic's staff and contractors, our partners and other stakeholders for all their hard work and loyal support in bringing the Company to this promising stage in its development. We look forward to a year of further growth and progress across all of our assets.
On behalf of the Board of Directors,
Andrew Bostock Brian O'Cathain
Chairman Chief Executive
26 April 2010
Operational Review
Algeria
Illizi Basin, Isarene PSC (Blocks 228/229A) Petroceltic 75% Interest, Sonatrach 25% Interest
Petroceltic was awarded the Isarene Production Sharing Contract ("PSC") in April 2005 with a minimum commitment of 600km of 2D seismic and one exploration well on the permit in the First Exploration Period (2005 to 2008) and 100km of 2D seismic and one exploration well in the Second Exploration Period (2008 to 2010). Both exploration wells were to target the Cambro-Ordovician formation. Under the terms of the PSC and on completion of the agreed minimum work programmes, Petroceltic was permitted to apply for an Appraisal Extension Period of two years to further evaluate any potentially commercial hydrocarbon discoveries made during the exploration period.
Petroceltic has exceeded the minimum work programme and to date has shot 892 square kilometres of 3D seismic and 178 kilometres of 2D seismic and has reprocessed an additional 5,000 kilometres of existing 2D seismic. In the same period, the Company has drilled seven exploration wells, six to the Cambro-Ordovician formation (circa 2,200 metres) and one to the shallower Devonian formation (circa 1,000 metres). All of these wells found gas and 5 of the 7 flowed gas at potentially commercial rates.
Following results from the First Exploration Period, the Company focused on four prospective areas in the Second Period namely; Isarene North East ("INE"), Isarene North West ("INW"), Hassi Tab Tab and Ain Tsila, where the 3D seismic data redefined the Company's understanding of the structure. The 2009 drilling programme targeted three of these areas, while the fourth area, Hassi Tab Tab, was previously drilled and tested by Petroceltic in 2006.
Highlights:
·; Successful execution of five well drilling and testing program during 2009/2010
·; 260 rig operation days involving 950,000 man hours in the field without a time losing incident
·; Major Ordovician gas-condensate discovery made (Ain Tsila)
·; Confirmation of major Gas Initially In Place ("GIIP") resource (2.65-5.55-10.34 TCF) with big appraisal step-outs
·; 2-year appraisal extension to the PSC secured - with delineation areas and work programs for four discoveries approved by Sonatrach
·; Substantial investments in place with respect to 3D Seismic, suspended potential future production wells and local civil works infrastructure
Between May 2009 and January 2010, Petroceltic completed a five well drilling programme on the Isarene PSC. The drilling programme was managed from a newly established Petroceltic base in Hassi Messoud. A rig contract was awarded to KCA Deutag for the use of their Nomad class drilling rig T-212. The T-212 was a new rig mobilised from Germany and assembled and commissioned in Hassi Messoud and at the well site. A contract was awarded to Sahara Well Construction Services ("Sahara") for the provision of all wellsite services, including wireline evaluation, testing, cementing and fracture stimulation services. Sahara is a joint venture between Schlumberger, the leading oilfield services provider and L'Enterprise National de Forage ("Enafor"), the Algerian National Enterprise for Drilling. Enafor is a subsidiary of Sonatrach, the Algerian State Oil and Gas Company. The programme lasted 260 days and logged almost one million man hours in the field without a lost time incident.
The drilling programme included three wells on the re-mapped Ain Tsila structure targeting the Ordovician formation and two exploration wells on the INW / INE structures with the Devonian F2 formation being the primary target.
The three wells on the Ain Tsila structure logged gas condensate in the target Ordovician formation with a gross gas column in excess of eighty metres at all three locations. All three wells recorded Ordovician formation pressures in the same pressure regime, indicating that the three wells are drilled into the same gas accumulation. These initial results, when taken with data from the five previous wells drilled on the structure, indicate that the gas is contained within one large structural accumulation. The wells on the smaller INW and INE structures also logged gas in the target Devonian F2 formation.
The gas initially in place ("GIIP") estimate for all four structures is between 2.7 and 10.9 trillion cubic feet (TCF) or between 510 and 2,115 million when measured in barrels of oil equivalent (boe). Over ninety percent of the discovered Gross Hydrocarbons in Place in the Isarene Permit are in the Ordovician sandstones in the Ain Tsila structure.
In the Illizi Basin, Ordovician sandstones are the most important reservoirs in terms of hydrocarbon volumes. The key to commercial success is to use the 3D data in order to identify areas of high quality reservoir in conjunction with open fractures. The Isarene 3D model has already revealed some interesting geological detail at the Ordovician level, highlighting ancient glacial channels and areas of potentially open fracture patterns. We are integrating our new well data into our 3D model and continue to build our understanding of the reservoir. We will use this information to target future appraisal and development well locations.
The flow rates from the wells varied from 4.0 to 33.8 million standard cubic feet per day (mmscfd). The three Ain Tsila wells (AT-1, AT-2 and AT-3) were stimulated post-drilling by hydraulic fracture stimulation ("fraccing"). Fraccing is the process of pumping fluids into a closed wellbore with powerful hydraulicpumps to create enough downhole pressure to hydraulically crack or fracture the formation, causing a vertical fracture to open. A mixture of sand-sized man-made particles ("proppant") mixed with fracturing fluids is injected into the fracture, thereby creating a plane of high-permeability through which gas and oil can flow. The proppant remains in place once the hydraulic pressure is removed and therefore keeps open the fracture and enhances flow into the wellbore. The planned fraccing at AT-3 was not completed due to the presence of high in-situ rock stresses that were not anticipated in the well design. Consequently, the pressures required to fracture stimulate at AT-3 exceeded the pressure rating of the wellhead.
On completion of the 2009 drilling programme, the Company submitted the required Discovery Reports for each well to Sonatrach and formally applied for a two year Appraisal Extension to the Isarene PSC-to run from April 2010 to April 2012. A delineation work programme has been agreed for each discovery area and the Appraisal Extension application has been approved by Sonatrach with a signed Addendum to the PSC.
Italy
During 2009, Petroceltic continued to grow and mature its substantial portfolio of exploration assets in Italy. These assets are held through its wholly owned Italian subsidiary Petroceltic Italia Srl. (name changed from Petroceltic Elsa Srl. during 2009). The current portfolio consists of three permits (all operated) in the western Po Valley and two permits (one operated) in the central Adriatic area. The portfolio also contains 12 offshore Exclusive Applications (11 operated) in the Central Adriatic, Gulf of Taranto and Sicily Channel areas and one onshore Exclusive Application (operated) in the Po Valley. In addition, four recent applications have been made in the Sicily Channel and the Central Adriatic.
Highlights:
·; Obtained operatorship and increased equity position to 70% in BR268RG (Elsa) Permit
·; Competent Person's Report by TRACS indicates a Best Estimate Gross Contingent Resources of 95 MMbbls oil for the Elsa-1 Discovery
·; Submission of EIA and completion of pre-drill site survey for the Elsa-2 well
·; Invitation to tender for rig and related services for the Elsa-2 well submitted to a number of Drilling Contractors
·; Farm-in/investment proposals under consideration
·; Purchase of 1100 kms of 2D seismic data over Central Adriatic Blocks
·; Expanded portfolio in Sicily Channel play with three additional applications
B.R268R.G Permit (Elsa Discovery) - Petroceltic 70% Interest
Petroceltic assumed operatorship of the B.R268.RG Permit (the Elsa Discovery) on 28th January 2010 following the acquisition of a 30% interest from Vega Oil S.p.A. ("Vega"), a wholly owned subsidiary of Cygam Energy Inc., increasing the Company's total interest in the Elsa discovery to 70% (working interest (WI) 70%; paying interest (PI) 100% in 1st well, pro-rata thereafter). The substantial resource potential of the permit has recently been confirmed by the Competent Person's Report ("CPR") from TRACS International Consultancy Ltd. ("TRACS" a subsidiary of AGR Petroleum) which assigns Gross Contingent Resources of 34-95-187 MMbbls Oil (Low-Best-High case estimate) to the Elsa Discovery and Gross Prospective Resources of 27-54-107 MMbbls Oil to the adjacent Elsa West Prospect.
Petroceltic now plans to appraise the Elsa discovery well by drilling and testing an Elsa-2 well close to the existing discovery well, Elsa-1, in which 65m oil column was logged in 1992. An environmental impact assessment (EIA) for the Elsa-2 well was submitted to the Italian Ministry for the Environment in August 2009 and the pre-drill site survey for the Elsa-2 location was completed in early March 2010. A review of scoping development plan scenarios indicates that both fixed platform and floating development options are economically viable for Elsa. Drilling operations are planned to commence in September 2010, subject to receiving all necessary regulatory approvals. Situated in 30m of water depth, some 7km offshore in the Central Adriatic region of Italy, the well will be drilled by a zero discharge jack-up rig using water-based fluids. The Elsa-two well design work is complete and the procurement of long lead items has commenced. A number of suitable rigs with acceptable contract windows have been identified and discussions with these rig operators are ongoing with a view to contracting a rig in the near future.
The Company may seek to share risk in the drilling of the Elsa appraisal well through a partial farm-out to industry partners or to a mezzanine finance investor. A number of offers are currently undergoing consideration by the Company.
Central Adriatic Area Permit Applications - Petroceltic 100% Interest
The Company has continued to progress the evaluation of the 10 Exclusive Permit Applications in the Central Adriatic offshore area during 2009. Central to this evaluation has been the integration of the 1100 kms of 2D seismic data recently purchased from ENI. Preliminary interpretation of this data indicates that a substantial prospect inventory is present in the proven play fairway along the Apulian Carbonate Platform margin, in water depths of between 30 and 150 metres. Petroceltic has recently applied for an additional permit in the Central Adriatic area.
Po Valley Permits - Petroceltic 47.5% (Carisio); 50% (Vercelli); 100% (Case Sparse)
Petroceltic Italia Srl. operates three permits in the western Po valley area - Carisio (47.5%), Vercelli (50%) and Case Sparse (100%). Significantly, ENI remains as partner in both the Carisio (47.5%) and Vercelli (50%) permits as these permits were not included as part of their recent divestment program for the Po Valley. During 2009 the main focus of activity has been the reprocessing of 2D seismic data across the Carisio Permit with a view to improving the imaging of the sub-thrust Rovasenda (Triassic oil) Prospect. Early results indicate that significant improvement can be achieved, in this structurally complex terrain, by reprocessing the existing 2D seismic data. This prospect remains a potential drilling candidate for 2011, subject to the final reprocessing results. The prospect is analogous to the neighbouring Triassic Villafortuna oil field though reservoir depth at Rovasenda is considerably shallower (circa 4 kms) than at Villafortuna (>6 kms). In the success case Rovasenda may be developed via the Villafortuna facilities. Current volumetric estimates indicate an unrisked Stock Tank Oil Initially In Place ("STOIIP") volume of 680 MMbbls with prospective recoverable resources of 270 MMbbls.
Sicily Channel Area - Petroceltic 37.5% (Licata Exclusive Permit Application)
In addition to its 37.5% interest in the Licata Exclusive Permit Application, Petroceltic applied for three new permits in the Sicily Channel area during 2009. Competition for acreage in this area has increased substantially in recent years as a result of the successful drilling by ENI of the Argo and Cassepio Pliocene gas discoveries in the Sicily Channel in 2008. These discoveries, in conjunction with the Panda Gas Field, are reported as imminent candidates for development by ENI. All three applications made by Petroceltic are the subject of competing offers from other oil and gas companies and discussions are underway with competitors with a view to agreeing equity positions and a way forward.
Tunisia
Ksar Hadada Permit - Petroceltic 27.03% Interest
Highlights:
·; Farm-down of interest to 27.03% while retaining operatorship
·; Acquisition and processing of 103 kms 2D seismic during Q4 2009
·; Almost 40,000 man hours in the field without a time losing incident
·; Advance planning for two wells with CTF06 Rig secured for Q2 2010 spud date
In Q2 2009, Petroceltic (27.03% WI and 0.0% PI during 2010 work programme) jointly with Independent Resources successfully farmed out an interest in the Ksar Hadada block in Tunisia to a subsidiary of PetroAsian Energy Holdings Ltd, a company listed in Hong Kong. PetroAsian will finance, up to a cap of US$14.5m, all of the Company's work commitments in the current programme including the new seismic acquisition and the drilling of two wells. Post-farm out Petroceltic retains a 27.03% interest and operatorship of the permit.
In Q3 2009, the Company established a dedicated team in Tunis to provide operational support for the planned programme. The Company acquired 103kms of new 2D seismic in Q4 2009, with processing and interpretation completed in January 2010. Seismic acquisition was achieved by CGG-Veritas, without a lost time incident, over a six day period between the 19th to 24th November 2009 using 24 hour operational set-up. Following interpretation of the seismic, well locations for two Ordovician prospects were selected and approved by the partners during February 2010. A vertical wellbore (Oryx-1) will be drilled to evaluate both Ordovician reservoir units at the Oryx prospect with a 400m deviated drainhole (ST-4) planned to evaluate the upper Ordovician reservoir unit at the Sidi Toui NW prospect.
Contracts have now been placed for long lead items and a contract for drilling rig services has been entered into by Petroceltic with Compagnie Tunisienne de Forage ("CTF"), the drilling subsidiary of Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), the National Oil Company of Tunisia, for the CTF-06 Rig. Drilling is expected to commence in Q2 2010 and operations are expected to continue for an estimated 12 weeks.
New Ventures
During the year the Company has screened a number of new venture possibilities, ranging from new exploration licences in our area of focus to potential acquisitions of other companies, both listed and private, and also of existing producing assets. We continue to look at options to acquire participation in high impact opportunities in our existing countries of interest, and in other parts of our area of focus in North Africa, the Middle East and the Mediterranean region. We are looking to leverage our existing strengths as a low cost but professional operator in onshore and shallow water offshore exploration and production. We expect to add some new licences and opportunities to add value to our existing portfolio in 2010.
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2009
|
|
|
2009 |
2008 |
|
|
|
US$'000 |
US$'000 |
|
Continuing Operations |
|
|
|
|
Revenue |
|
210 |
962 |
|
|
|
|
|
|
Administrative expenses |
|
(5,522) |
(3,476) |
|
Amortisation and depreciation |
|
(156) |
(228) |
|
Exploration costs written off |
|
(1,321) |
(699) |
|
Cost of share based payments |
|
(1,183) |
(1,371) |
|
Results from operating activities |
|
(7,972) |
(4,812) |
|
|
|
|
|
|
Finance income |
|
1,856 |
1,117 |
|
|
|
|
|
|
Loss before tax |
|
(6,116) |
(3,695) |
|
|
|
|
|
|
Income tax expense |
|
- |
- |
|
|
|
|
|
|
Loss for the year- all attributable to equity holders of the Company |
(6,116) |
(3,695) |
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
Net change in fair value of available-for-sale assets |
|
107 |
(458) |
|
Income tax on other comprehensive income |
|
(24) |
92 |
|
|
|
|
|
|
Other comprehensive income for the year, net of income tax |
|
83 |
(366) |
|
|
|
|
|
|
Total comprehensive income for the period - all attributable to equity holders of the company |
|
(6,033) |
(4,061) |
|
|
|
|
|
|
Basic loss per share (cents) |
|
(0.51) |
(0.44) |
|
Diluted loss per share (cents) |
|
(0.51) |
(0.44) |
|
|
Share capital |
Share premium |
Capital conversion reserve fund |
Share based payment reserve |
Fair value reserve |
Retained earnings |
Total equity |
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2008 |
26,191 |
113,079 |
51 |
9,220 |
562 |
(78,290) |
70,813 |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period |
|
|
|
|
|
|
|
|
Loss for the financial year |
- |
- |
- |
- |
- |
(3,695) |
(3,695) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
Gain/(loss) on available-for-sale assets net of tax |
- |
- |
- |
- |
(366) |
- |
(366) |
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
||
|
Contributions by and distributions to owners |
|
|
|
|
|
|
|
|
Shares issued |
4,262 |
49,552 |
- |
- |
- |
- |
53,814 |
|
Share based payment charge |
- |
- |
- |
1,371 |
- |
- |
1,371 |
|
Effect of Share Options exercised or lapsed |
109 |
- |
- |
(434) |
- |
434 |
109 |
|
Total transactions with owners |
4,371 |
49,552 |
- |
937 |
- |
434 |
55,294 |
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2008 & 1 January 2009 |
30,562 |
162,631 |
51 |
10,157 |
195 |
(81,551) |
122,045 |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period |
|
|
|
|
|
|
|
|
Loss for the financial year |
- |
- |
- |
- |
- |
(6,116) |
(6,116) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
Gain/(loss) on available-for-sale assets net of tax |
- |
- |
- |
- |
83 |
- |
83 |
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
||
|
Contributions by and distributions to owners |
|
|
|
|
|
|
|
|
Shares issued |
7,148 |
34,392 |
- |
- |
- |
- |
41,540 |
|
Share based payment charge |
- |
- |
- |
1,285 |
- |
- |
1,285 |
|
Effect of Share Options exercised or lapsed |
- |
- |
- |
(3,764) |
- |
3,764 |
- |
|
Total transactions with owners |
7,148 |
34,392 |
- |
(2,479) |
- |
3,764 |
42,825 |
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2009 |
37,710 |
197,023 |
51 |
7,678 |
278 |
(83,903) |
158,837 |
Consolidated Statement of Financial Position
As at 31 December 2009
|
|
|
2009 |
2008 |
|
|
|
US$'000 |
US$'000 |
|
|
|
|
|
|
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Intangible assets |
|
156,724 |
78,326 |
|
Property plant and equipment |
|
28 |
42 |
|
Other investments |
|
407 |
300 |
|
Total non-current assets |
|
157,159 |
78,668 |
|
|
|
|
|
|
Trade and other receivables |
|
1,037 |
1,139 |
|
Cash and cash equivalents |
|
33,727 |
43,429 |
|
Total current assets |
|
34,764 |
44,568 |
|
|
|
|
|
|
Total assets |
|
191,923 |
123,236 |
|
|
|
|
|
|
Equity |
|
|
|
|
Share capital |
|
37,710 |
30,562 |
|
Share premium |
|
197,023 |
162,631 |
|
Capital conversion reserve fund |
|
51 |
51 |
|
Share based payment reserve |
|
7,678 |
10,157 |
|
Fair value reserve |
|
278 |
195 |
|
Retained deficit |
|
(83,903) |
(81,551) |
|
Total equity |
|
158,837 |
122,045 |
|
|
|
|
|
|
Liabilities- current |
|
|
|
|
Trade and other payables |
|
31,514 |
1,143 |
|
|
|
|
|
|
Liabilities- non current |
|
|
|
|
Deferred tax |
|
72 |
48 |
|
Decommissioning provision |
|
1,500 |
- |
|
|
|
|
|
|
Total liabilities |
|
33,086 |
1,191 |
|
|
|
|
|
|
Total equity and liabilities |
|
191,923 |
123,236 |
Consolidated Statement of Cash Flows
For the year ended 31 December 2009
|
|
|
2009 |
2008 |
|
|
|
US$'000 |
US$'000 |
|
Cash flows from operating activities |
|
|
|
|
Loss before tax |
|
(6,116) |
(3,695) |
|
Adjustments for: |
|
|
|
|
Finance income |
|
(1,856) |
(1,117) |
|
Amortisation & depreciation |
|
156 |
228 |
|
Exploration costs written off |
|
1,321 |
699 |
|
Cost of share based payments |
|
1,183 |
1,371 |
|
Cash from operations before changes in working capital |
|
(5,312) |
(2,514) |
|
|
|
|
|
|
Decrease/(increase) in trade and other receivables |
|
102 |
(507) |
|
Increase/(decrease) in trade and other payables |
|
23,041 |
(247) |
|
Increase in provisions |
|
1,500 |
- |
|
Net cash from operating activities |
|
19,331 |
(3,268) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Expenditure on intangible assets |
|
(79,861) |
(31,749) |
|
Expenditure on tangible assets |
|
- |
(56) |
|
Interest received |
|
760 |
983 |
|
Amounts due to investing party |
|
7,330 |
- |
|
Net cash used in investing activities |
|
(71,771) |
(30,822) |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from the issue of new shares |
|
43,414 |
55,000 |
|
Payment of transaction costs |
|
(1,772) |
(1,078) |
|
Net cash used in financing activities |
|
41,642 |
53,922 |
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
|
(10,798) |
19,832 |
|
Effect of foreign exchange fluctuation on cash and cash equivalents |
|
1,096 |
134 |
|
Cash and cash equivalents at start of year |
|
43,429 |
23,463 |
|
Cash and cash equivalents at end of year |
|
33,727 |
43,429 |
Related Shares:
PCI.L