Aminex PLC Correction: Half Yearly Report -7-
28 August 2014 - 6:38PM
UK Regulatory
Segmental liabilities
USA - producing oil
and gas properties - (2,534) (2,380)
USA - producing liabilities
for assets held for (2,056) - -
sale
Africa - exploration
assets (2,935) (4,540) (5,425)
Europe - oilfield
goods and services (11) (9) (8)
Europe - Group activities (10,387) (8,775) (11,488)
Total liabilities (15,389) (15,858) (19,301)
------------ ------------ -------------
*Group activities
primarily comprise
salary and related
costs
**Group assets primarily
comprise cash and
working capital
Capital expenditure
USA - producing oil
and gas properties 11 199 245
Africa - producing
assets 75 72 1,960
Africa - exploration
assets 2,688 1,115 195
Europe - Group assets 5 9 9
------------ ------------ -------------
Total capital expenditure 2,779 1,395 2,409
------------ ------------ -------------
Other non-cash charges/(credits)
USA: depletion and
decommissioning charge - 429 939
USA: impairment provision
against producing
assets 250 966 9,304
Europe: impairment
provision against
producing assets 622 - -
Europe: depreciation
- Group assets 7 6 11
Share based payment
charge - 4 8
Gain on disposal of
producing assets - - (5)
Loss on disposal of
quoted financial investment - - 108
Interest expense on
financial liabilities
measured at amortised
cost 707 - 4,420
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(unaudited)
for the six months ended 30 June 2014
3. Finance income
Audited
Unaudited Unaudited year ended
6 months 6 months 31 December
ended ended 2013
30 June 30 June US$'000
2014 2013
US$'000 US$'000
Deposit interest income 7 - -
7 - -
------------ ------------ -------------
4. Finance costs
Audited
Unaudited Unaudited year ended
6 months 6 months 31 December
ended ended 2013
30 June 30 June US$'000
2014 2013 (restated)
US$'000 US$'000
(restated)
Bank charges - 1 -
Decommissioning provision
interest charge 10 1 3
Interest expense on
financial liabilities
measured at amortised
cost 1,422 1,705 4,420
1,432 1,707 4,423
------------ ------------- -------------
Included in finance costs for the period is an interest charge
of $1.422 million in respect of the $8 million corporate loan. The
charge for the current period comprises the remaining charge due on
the loan prior to modifications effective on 24 February 2014,
which were the extension of the loan repayment date and the
re-pricing of the warrants from EUR0.06 per warrant to GBP0.01 per
warrant granted to the lender. In compliance with IFRS 2, the
modifications of the loan terms and the warrant pricing have given
rise to an additional finance charge, including a further warrant
charge of $496,000, which will be charged on a effective interest
rate basis from the date of modification to the repayment date of
31 July 2015.
5. Tax
The Group has not provided any tax charge for the six month
periods ended 30 June 2014 and 30 June 2013 or for the year ended
31 December 2013. The Group's operating divisions have accumulated
losses which are expected to exceed profits earned by operating
entities for the foreseeable future.
6. Discontinued operation
During the period, the Company agreed to dispose of its wholly
owned subsidiary Aminex USA Inc., and shareholder approval was
received on 22 August 2014. The total consideration for the
disposal comprises US$150,000 cash and US$350,000 worth of shares
in Northcote Energy Ltd, ('Northcote') an AIM listed oil and gas
company, and a production payment of US$10 per barrel until a total
of US$4,500,000 has been recovered with first payments to commence
from 1 January 2015. The Directors have reviewed the timing of
anticipated production payments and are satisfied that the net
present value of US$2.9 million, using a discount factor of 10%,
represents the fair value of future expected production
payments.
The assets and liabilities of Aminex USA, Inc. have been
classified as held for sale as disposal was deemed to be highly
probable at the balance sheet date. Additionally, the results from
the US operation have been presented as a discontinued operation as
the entity to be disposed of represents a separate geographical
area of operation. The comparative condensed consolidated income
statements have been restated to show the discontinued operation
separately from continuing operations.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(unaudited)
for the six months ended 30 June 2014
6. Discontinued operation (continued)
Audited
Unaudited Unaudited year ended
6 months 6 months 31 December
ended ended 2013
30 June 30 June US$'000
2014 2013
US$'000 US$'000
(a) Results of discontinued
operation
Revenue 165 1,016 1,552
Expenses (690) (1,372) (2,602)
------------ ------------ -------------
Results from operating
activities (525) (356) (1,050)
Income tax - - -
Result from operating
activities, net of
tax (525) (356) (1,050)
Impairment provision
against discontinued (250) - -
operation
Impairment provision
against producing
asset - (966) (9,304)
Loss for the period
attributable to
equity holders of
the Company (775) (1,322) (10,354)
------------ ------------ -------------
Basic and diluted
loss per share (cents)
- discontinued operation (0.05) (0.16) (1.26)
------------ ------------ -------------
Audited
Unaudited Unaudited year ended
6 months 6 months 31 December
ended ended 2013
30 June 30 June US$'000
2014 2013
US$'000 US$'000
(b) Cash flows from/(used
in) discontinued operations
Net cash used in operating
activities (5) (69) (60)
Net cash used in investing 3,439 - -
activities
Net cash flow for
the period 3,434 (69) (60)
------------ ------------ -------------
Unaudited
6 months
ended
30 June
2014
US$'000
(c) Effect of discontinued
operation on the financial
position of the Group
Property, plant and
equipment (5,418)
Trade and other receivables (62)
Cash and cash equivalents (15)
Trade and other payables 46
Decommissioning provision 2,010
-------------------------
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