21st Dec 2006 07:01
Rift Oil PLC21 December 2006 For Immediate Release 21 December 2006 Rift Oil PLC ("Rift" or the "Company") Interim Results for the six months ended 30 September 2006 Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets inPapua New Guinea, is pleased to announce its interim results for the six monthsended 30 September 2006. Summary of key points: • Successful application notified by Government of Papua New Guinea for PPL261, 50/50 venture with Austral Pacific • Strengthening of Board with appointment of Dr David Bennett as a non-executive director • Awaiting processing results from 54km of seismic data • Also awaiting study defining commercialisation strategy for gas discovery at Douglas 1 well (PPL 235) Ian Gowrie-Smith, Chairman, commented: "We have continued to make substantial progress since the publication of ourannual report in September. The awaited data will enable us to fully define andestablish the way forward for PPL 235 whilst also review the future involvementand strategy for the Coral Sea Rig." For further information please contact: Rift Oil PLC 020 73409970David Lees, Finance Director Buchanan Communications 020 7466 5000Tim AndersonIsabel Podda Chairman's Statement We have continued to make substantial progress during the brief period since Iwrote my last report to shareholders in the Annual Report on 26 September 2006.Having completed significant new work in PPL 235 by drilling the Douglas welland acquiring seismic data, we now will spend time analysing and using thatinformation to define our way forward in that Licence. We have received notification from the Government of Papua New Guinea that ourapplication for PPL 261 (with Austral Pacific 50/50) was successful. Prior to Christmas we expect the processing results of 54km of new seismic data.This will be used to define appraisal well targets on the Douglas field and alsoto more tightly define the Puk Puk target, which is a separate structure toDouglas within PPL 235. The study, targeted at defining the commercialisation strategy for the gasdiscovered by the Douglas 1 well on PPL235, is also being completed prior toChristmas; we are working closely with consultants to ensure that this study isthorough and conclusive. Once this is available we will review the futureinvolvement and strategy for the Coral Sea Rig which we own with Austral (65%/35%). We recently announced that we have strengthened the Board of Directors byrecruiting Dr David Bennett. In addition to being the former CEO of AustralPacific, David has over 25 years experience in oil and gas, mostly in PNG andNew Zealand. His assistance in defining and activating the future of Rift hasalready been felt and we look forward to working with him in the future. IAN GOWRIE-SMITH Chairman 21 December 2006 Consolidated Profit and Loss Account For the six months ended 30 September 2006 Note Six months Six months 31 March ended30 ended 30 September September 2006 2005 2006 (unaudited) (unaudited) (audited) As restated As restated £'000 £'000 £'000 Turnover - - -Administrative expensesCharge from employee Share option valuation (2) (2) (5)Other administration expenses (72) (70) (261)Total administration expenses (74) (72) (266)Operating loss (74) (72) (266)Bank interest receivable 26 36 59Loss on ordinary activities before taxation (48) (36) (207)Tax on loss on ordinary activities - - (83)Loss after taxation for the period (48) (36) (290)Loss per share 3 (0.013)p (0.100)p (0.097)p There were no recognised gains or losses other than the loss for the financialperiod. Consolidated Balance Sheet As at 30 September 2006 30 September 30 September 31 March 2006 2005 2006 (unaudited) (unaudited) (audited) As restatedAs restated £'000 £'000 £'000Fixed assetsIntangible assets 9,251 7,721 7,133Tangible assets 1,313 - 1,318 10,564 7,721 8,451Current assetsDebtors 4 22 4Cash at bank and in hand 670 1,077 852 674 1,099 856 Creditors: amounts falling due within one year (102) (23) (188)Net current assets 572 1,076 668Net assets 11 ,136 8,797 9,119 Capital and reservesCalled up share capital 1,392 360 360Shares to be issued 2 2 573Share option reserve 9 2 5Share premium account 10,186 8,582 8,582Profit and loss account (451) (147) (401)Shareholders' funds 11 ,136 8,797 9,119 Consolidated Cash Flow Statement For the six months ended 30 September 2006 Note Six months Six months ended ended 30 September 30 September 31 March 2006 2005 2006 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Net cash (outflow)/inflow from operating activities 4 (159) 1 (87)Returns on investments and servicing of financeInterest received 26 36 59Taxation - - (3)Capital expenditurePurchase of intangible fixed assets (2,112 ) (17) (747) Net cash (outflow)/inflow before financing (2,245) 20 (778)FinancingIssue of ordinary share capital 2,063 - -Received for share to be issued - - 573Net cash inflow/(outflow) from financing 2,063 - 573Increase in cash 5 (182) 20 (205) Notes to the Interim Results For the six months ended 30 September 2006 1 BASIS OF PREPARATION The interim unaudited financial statements have been prepared in accordance withapplicable accounting standards and under the historical cost convention. Theprincipal accounting policies of the Group have remained unchanged from thoseset out in the Group's 2006 Annual Report and financial statements, other thanadoption of FRS 20 "share based payments" which applied for the first in thisperiod. The impact of this was to increase administration expenses by £2,318 andthe comparatives have been restated. The financial information herein does not constitute the statutory accounts asdefined in section 240(5) of the Companies Act 1985. The Report and Accounts forthe year ended 31 March 2006, on which the auditors' report was unqualified,have been filed with the Registrar of Companies. Copies of the Interim Report will be available to the public from the Company'sregistered office at 17 Hanover Square, London, W1S 1HU. 2 DIVIDENDS The Directors have not declared a dividend for the six months ended 30 September2006. 3 LOSS PER SHARE The calculation for the basic loss per share is based upon the loss attributableto ordinary shareholders divided by the weighted average number of shares inissue during the year. Reconciliation of the loss and weighted average number of shares used in thecalculations are set out below: Six months Six months ended ended 30 September 30 September 31 March 2006 2005 2006 (unaudited) (unaudited) (audited) As restated As restated £'000 £'000 £'000Basic loss per shareLoss on ordinary activities before tax (£'000) (48) (36) (290)Weighted average number of shares ('000) 356,612 36,040 299,132Amount of loss per share (pence) (0.013)p (0.100)p (0.097)p 4 NET CASH OUTFLOW FROM OPERATING ACTIVITIES Six months Six months ended ended 30 September 30 September 31 March 2006 2005 2006 (unaudited) (unaudited) (audited) As restated As restated £'000 £'000 £'000Operating loss (74) (72) (266)Increase in employee share option valuation 2 2 5Decrease/(increase) in debtors - 89 107(Decrease)/increase in creditors (87) (18) 67Net cash inflow/(outflow) from operating activities (159) 1 (87) 5 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Six months Six months ended ended 30 September 30 September 31 March 2006 2005 2006 (unaudited) (unaudited) (audited) £'000 £'000 £'000 (Decrease)/increase in cash in the period (182) 20 (205)Net funds at beginning of period 852 1,057 1,057Net funds at end of period 670 1,077 85 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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