TIDMMXO
RNS Number : 0646C
MX Oil PLC
27 September 2018
27 September 2018
"MX Oil" or the "Company"
Half-yearly report for the six months to 30 June 2018
MX Oil plc, an AIM quoted oil and gas investing company, is
pleased to announce its unaudited half-year results for the six
months to 30 June 2018.
Highlights
-- Oil is being produced at a stable rate from two wells in the
Aje Field, part of OML 113, in which the Company has an
investment
-- An updated CPR has been prepared showing a significant increase in reserves
-- The renewal of the OML 113 licence for another 20 years has
been approved by the Minister of Petroleum Resources
-- The plan for the next phase of the Aje Field expansion is being developed
Chairman's statement
Introduction
During the first six months of 2018, MX Oil plc has continued to
pursue its strategy as an oil and gas investing company. Currently,
the Company is principally focused on developing its investment in
Nigeria. During the first six months of 2018, the Company made a
total comprehensive loss of GBP1,147,000 (2017: GBP800,000).
Review of activities
During the first six months of 2018, the Company has continued
to make good progress with regard to its investment in OML 113. The
two wells in the Aje Field within the OML 113 licence area have
continued to produce, at a relatively stable rate of around 3,300
bopd (165 bopd net to MX Oil).
As part of the oil production process, new data about the
underlying reservoir and related geology has been collected.
Consequently, the partners in the licence commissioned the
preparation of an updated Competent Person's Report ("CPR") in
order to take into account this new data and to provide a more
accurate update of the future potential of the field.
In February 2018, the Company announced that it had raised
GBP500,000 to assist with the further development of the Aje
project.
In May 2018, the details of the revised CPR were announced. The
revised CPR is an update to the CPR prepared previously in July
2014 and incorporates all the developments and new data generated
by the project since that date. The level of reserves reported in
this latest CPR represents a significant increase compared to the
previous report and highlights the future potential of the Aje
Field.
In August 2018, the Company announced that it had received
consent from the Minister of Petroleum Resources for the renewal of
the OML 113 licence for another term of 20 years. The renewal is
subject to the satisfaction of certain conditions, including a
commitment to develop the gas potential of the licence.
Outlook
Now that the Company has received the updated CPR, work is
currently underway on modelling the potential for new oil wells in
both the Turonian and Cenomanian. Subject to the outcome of this
modelling work, the Company expects to see further development
drilling in 2019.
N Lee
Non-Executive Chairman
For further information please visit www.mxoil.co.uk or
contact:
MX Oil PLC
Stefan Olivier, CEO +44 20 7710 9618
Cairn Financial Advisers LLP
(Nominated Adviser)
Jo Turner/James Caithie +44 20 7213 0880
Cornhill Capital
(Broker)
Daniel Gee +44 20 7710 9612
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2018
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2018 2017 2017
Notes GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 968 377 1,727
Operating costs (1,422) - (2,565)
Administrative expenses (693) (656) (1,495)
Operating loss (1,147) (279) (2,333)
Other gains and losses 2 - - 27
Finance costs - (521) (1,129)
Loss on ordinary activities
before taxation (1,147) (800) (3,435)
Taxation - - -
Loss for the period (1,147) (800) (3,435)
-------------------------------------- ----------------- ------------- ------------- -------------
Other Comprehensive income:
Exchange translation movement 150 - (746)
-------------------------------------- ----------------- ------------- ------------- -------------
Total comprehensive loss for
the period (997) (800) (4,181)
-------------------------------------- ----------------- ------------- ------------- -------------
Basic and diluted loss per
share 3
From continuing and total operations (0.07)p (0.06)p (0.24)p
-------------------------------------- ----------------- ------------- ------------- -------------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2018
Reserve Reserve Exchange
Share Share for options for warrants translation Retained Total
capital premium granted issued reserve deficit equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
At 1 January 2017 8,336 25,460 172 783 - (22,497) 12,254
Loss for the year - - - - - (3,435) (3,435)
Exchange translation
movement - - - - (746) - (746)
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
Total comprehensive
expense for the
year - - - - (746) (3,435) (4,181)
Issue of new shares 53 6,522 - - - - 6,575
Share issue costs - (449) - - - - (449)
At 31 December 2017 8,389 31,533 172 783 (746) (25,932) 14,199
Loss for the period - - - - - (1,147) (1,147)
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
Exchange translation
movement - - - - 150 - 150
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
Total comprehensive
expense for the
period - - - - 150 (1,147) (997)
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
Issue of new shares 10 490 - - - - 500
Share issue costs - (60) - - - - (60)
At 30 June 2018 8,399 31,963 172 783 (596) (27,079) 13,642
--------------------- ---------- -------- ------------ ------------- ------------ -------- -------
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
--------------------------------------- -------------- -------------- --------------
NON-CURRENT ASSETS
Development costs 15,561 16,461 14,984
Investment in subsidiaries - - -
15,561 16,461 14,984
--------------------------------------- -------------- -------------- --------------
CURRENT ASSETS
Investments held for trading 200 - 179
Trade and other receivables 31 69 35
Cash and cash equivalents 94 24 50
325 93 264
--------------------------------------- -------------- -------------- --------------
CURRENT LIABILITIES
Trade and other payables 2,244 549 1,049
2,244 549 1,049
--------------------------------------- -------------- -------------- --------------
NET CURRENT LIABILITIES (1,919) (456) (785)
NET ASSETS 13,642 16,005 14,199
---------------------------------------- -------------- -------------- --------------
EQUITY
Ordinary share capital 8,399 8,369 8,389
Share premium 31,963 29,978 31,533
Reserve for options granted 172 172 172
Reserve for warrants issued 783 783 783
Exchange translation reserve (596) - (746)
---------------------------------------- -------------- -------------- --------------
Retained deficit (27,079) (23,297) (25,932)
---------------------------------------- -------------- -------------- --------------
Equity attributable to owners of
the Company and total equity 13,642 16,005 14,199
---------------------------------------- -------------- -------------- --------------
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2017
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
-------------------------------------------- ---------- ---------- -------------
OPERATING ACTIVITIES
Loss for the period (1,147) (800) (3,435)
Adjustments for:
Profit on disposal of investments - - (7)
Finance costs - 521 1,129
Foreign exchange adjustments - (21) (35)
Operating cashflow before working
capital changes (1,147) (300) (2,348)
Decrease in receivables 4 130 164
Increase/(decrease) in trade and
other payables 882 (1,586) (1,072)
--------------------------------------------- ---------- ---------- -------------
Net cash outflow from operating activities (261) (1,756) (3,256)
--------------------------------------------- ---------- ---------- -------------
INVESTMENT ACTIVITIES
Proceeds on disposal of investments 4 - 303
Purchase of investments (25) - (475)
Development costs (104) (2,000) (1,113)
Net cash outflow from investment
activities (125) (2,000) (1,285)
--------------------------------------------- ---------- ---------- -------------
FINANCING ACTIVITIES
Issue of ordinary share capital 500 5,000 6,575
Share issue costs (60) (449) (449)
Net proceeds from short term borrowings - - 1,710
Repayment of short term borrowings - (584) (2,919)
Finance costs paid - (521) (504)
Net cash inflow from financing activities 440 3,446 4,413
--------------------------------------------- ---------- ---------- -------------
Net increase/(decrease) in cash and
cash equivalents from continuing
and total operations 54 (310) (128)
Exchange translation difference (10) - (156)
Cash and cash equivalents at beginning
of period 50 334 334
Cash and cash equivalents at end
of period 94 24 50
--------------------------------------------- ---------- ---------- -------------
NOTES TO THE HALF-YEARLY REPORT
1. The financial information set out in this interim report does
not constitute statutory accounts as defined in section 434 of the
Companies Act 2006. The group's statutory financial statements for
the period ended 31 December 2017, prepared under International
Financial Reporting Standards (IFRS), have been filed with the
Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
The interim financial information has been prepared in
accordance with the recognition and measurement principles of
International Financial Reporting Standards (IFRS) and on the same
basis and using the same accounting policies as used in the
financial statements for the year ended 31 December 2017. The
interim financial statements have not been audited or reviewed in
accordance with the International Standard on Review Engagement
2410 issued by the Auditing Practices Board.
The financial statements have been prepared on a going concern
basis under the historical cost convention. The Directors believe
that the going concern basis is appropriate for the preparation of
the financial statements as the Company is in a position to meet
all its liabilities as they fall due.
2. Other gains and losses
Six months
Six months Year ended
ended ended
30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------------------------- ------------------------ ------------------------ -------------------
Net gain on disposal of investments - - 7
Refund of FX margin deposit previously
written off - - 20
- - 27
------------------------ ---------------------------------------------------------------- -------------------
3. Earnings per share
The basic loss per share is calculated by dividing the loss
attributable to equity shareholders by the weighted average number
of shares in issue.
Six months Six months Year ended
ended ended
30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
--------------------------------------------- -------------------- ----------------------- --------------------
Weighted average number of shares
in the period 1,743,172,868 1,389,760,115 1,439,477,518
--------------------------------------------- -------------------- ----------------------- --------------------
Loss from continuing and total operations (GBP1,147,000) (GBP800,000) (GBP3,435,000)
Basic and diluted loss per share:
From continuing and total operations (0.07)p (0.06)p (0.24)p
4. No interim dividend will be paid.
5. Copies of the interim report can be obtained from: The
Company Secretary, MX Oil plc, 17(th) Floor, 110 Bishopsgate,
London, EC2N 4AY and are available to view and download from the
Company's website: www.mxoil.com.
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END
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