27th Jan 2006 10:09
Gold Oil PLC27 January 2006 FOR IMMEDIATE RELEASE 27 January 2006 GOLD OIL PLC (the "Company") INTERIM ANNOUNCEMENT CHAIRMAN'S STATEMENT OVERVIEW At the date of the balance sheet the Company had net current assets of£3,201,000, of which £3,076,000 was in cash. FINANCIAL OVERVIEW For the six months to 31 October 2005, a loss of £251,000 has been incurred bythe Company, which on a weighted average equates to a loss of 0.07p per share.No dividend is being declared. CASH FLOW AND FUNDING As stated above, the Company effectively had £3,076,000 cash at 31 October 2005for acquisitions and routine expenses. OUTLOOK A licence for Block XI, renamed Block XXI, has been confirmed by PeruPetro andthus the company is ordering equipment to allow the first well to commence inApril 2006. The Board is actively pursuing further opportunities and acquisitions and hopeto report favourable developments in the near future. Contact: Michael Burchell, Chairman, Gold Oil PLC on 01372 361772Roland Cornish, Beaumont Cornish Limited on 020 7628 3396 GOLD OIL PLC Profit and Loss Account For the Six Months to 31 October 2005 Note 6 Months 8 April 2004 8 April 2004 to 31 October 2004 to to Unaudited 31 October 30 April 2005 2005 Audited Unaudited £'000 £'000 £'000 Turnover - - - Administrationexpenses (334) (383) (113) Operating Loss (334) (383) (113) Interestreceived 83 9 1 Loss onordinaryactivitiesbeforetaxation (251) (374) (112) Taxation - - - Loss onordinaryactivitiesafter taxation (251) (374) (112) Dividends - - - Deficit forthe period (251) (374) £(112) Loss pershare: Basic 2 (0.07p) (0.18p) (0.05p)Diluted (0.07p) (0.15p) (0.05p) The Company's turnover and operating loss arise from continuing operations. There were no recognised gains or losses other than those recognised in theprofit and loss account above. GOLD OIL PLC Balance Sheet as at 31 October 2005 Note 6 Months 8 April 2004 8 April 2004 to 31 October 2004 to to Unaudited 31 October 30 April 2005 2005 Unaudited £'000 £'000 £'000FIXED ASSETSEquipment 25 25 4Investment inNorthernPetroleum 150 - -ExplorationLimited 175 25 4 CURRENT ASSETSDebtors 194 39 7Cash at bankand in hand 3,076 3,632 302 3,270 3,671 309CREDITORS:amountsfalling duewithin oneyear (69) (116) (8) Net currentassets 3,201 3,555 301 Total assetsless currentliabilities 3,376 3,580 305 CAPITAL ANDRESERVES Called upshare capital 3 87 86 59 Share premiumaccount 3,906 3,868 358 Profit andloss account (617) (374) (112) Equityshareholders'funds £3,376 £3,580 £305 GOLD OIL PLC Cash Flow Statement for the Six Months to 31 October 2005 Note 6 Months 8 April 2004 8 April 2004 to to to 31 October 2004 31 October 2005 30 April 2005 Unaudited Audited Unaudited £'000 £'000 £'000 Cash outflow fromoperating 4 (527) (306) (112)activities Return oninvestmentand servicing of 83 9 1finance Purchase of fixedassets (1) (25) (4) Net investment inNorthernPetroleumExploration (150) - -Limited Management ofliquid - (1,800) -resources Financing - Issueofshares net of 39 3,954 417expenses Cash(decrease)/increa £(556) £1,832 £302se in the period Reconciliation of movements in shareholders' funds £'000 £'000 £'000 Loss for the period (251) (374) (112) New share capital subscribed, net of expenses 39 3,954 417 Exchange movement on overseas net assets 8 - - (204) 3,580 305 Opening shareholders' funds 3,580 - - Closing shareholders' funds £3,376 £3,580 £305 GOLD OIL PLC NOTES TO THE INTERIM REPORT 1. Accounting Policies The interim report has been prepared using accounting policies consistent withthose set out in the company's Annual Report and Accounts for the period ended30 April 2005. They have been prepared on a going concern basis. The interim report for the six months to 31 October 2005 was approved by theBoard on 26 January 2006. 2. Loss per Share 6 Months to 8 April 2004 to 8 April 2004 to 31 October 2005 30 April 2005 31 October 2004 Pence Pence Pence Earnings per ordinaryshares - basic (0.07p) (0.18p) (0.05p)- diluted (0.07p) (0.15p) (0.05p) The loss per ordinary share is based on the Company's loss for the period of£251,000 (30 April 2005 - £374,000;31 October 2004 - £112,000) and a weightedaverage number of shares in issue of 347,766,033 (30 April 2005 - 212,791,361;31 October 2004 236,750,000). The potentially dilutive warrants issued were 16,450,723 ( 30 April 2005 -39,305,624; 31 October 2004 - Nil). 3. Called up Share Capital On 29 June 2005 and 28 September 2005, 3,750,000 and 100,000 ordinary shareswere issued respectively for 1 pence each on the exercise of warrants. 4. Reconciliation of operating loss to net cash outflow from operatingactivities 6 Months to 8 April 2004 to 8 April 2004 to 31 October 2005 30 April 2005 31 October 2004 £'000 £'000 £'000 Operating loss (334) (383) (113) Depreciation 1 - -Exchange rate movement onoverseas assets 8 - -(Increase) in debtors (155) (39) (7)(Decrease)/Increase increditors (47) 116 8 Net cash outflow fromoperating activities £(527) £(306) £(112) GOLD OIL PLC NOTES TO THE INTERIM REPORT 5. Financial information The information for the year ended 30 April 2005 has been extracted from theaudited accounts for that period which have been delivered to the Registrar ofCompanies and received an unqualified audit opinion. The unaudited results forthe six months have been prepared on a basis consistent with the accountingpolicies disclosed in the Company's 2005 accounts and do not constitutestatutory accounts within the meaning of Section 240 of the Companies Act 1985. 6. Accounts Copies of the Interim Report are available for collection at the offices of theCompany, Finsgate, 5-7 Cranwood Street, London EC1V 9EE during normal officehours. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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