TIDMGDG
RNS Number : 4829D
Green Dragon Gas Ltd
27 April 2017
27 April 2017
GREEN DRAGON GAS LTD
("Green Dragon Gas" or the "Company")
Audited results for the year ended 31 December 2016
Green Dragon Gas Ltd. (LSE: GDG), one of the largest independent
companies involved in the production and sale of Coal Bed Methane
(CBM) gas in China, is pleased to announce its audited financial
results for the year ended 31 December 2016.
Highlights
Financial: Continued cash generation but impacted by FX and
downstream
-- Revenue of US$ 29.1 million (2015: US$ 37.7 million) due to
an approximate 23% decrease in downstream sales and a 7% decline in
the RMB/USD exchange rate year on year
-- Net loss for the year of US$ 12.1 million (2015: Net profit
of US$ 0.1 million), attributable to the downstream business which
is held for sale and due to be sold shortly
-- The recurring upstream business generated net profit of US$
16.5 million (2015: net profit of US$ 18.6 million) at a constant
margin
-- Cash generated from operating activities during the year to
31 December 2016 of US$ 8.5 million (2015: US$ 12.4 million)
Operational: Significant operational progress across key
production blocks and exploration success
-- Total net gas sales increased by 5.6% to 3.41 bcf (2015: 3.23 bcf)
-- Gas sales from GDG operated wells on GSS block increased by 34% to 1.88 bcf (2015: 1.41 bcf)
-- Well head compressors installed at GSS, allowing wellhead
pressure to be taken to vacuum for the first time, resulting in an
increase in gas sales
-- Successful GGZ exploration block work programme resulting in
2P reserves growth of c.5mmboe with an NPV10 of US$ 373 million
-- Overall Development Plan for Chengzhuang Block (GCZ) approved
by China National Petroleum Company (CNPC) and Joint Management
Committee
Strategic: Significant support from Chinese government for CBM
and specifically GDG blocks and record reserve base
-- GDG blocks GCZ, GSS, GSN and GGZ specifically identified by
the Chinese Central Government as priority CBM projects within the
13(th) Five Year Plan, announced in Q1 2017
-- 11(th) consecutive increase in both 1P and 2P reserve volumes
o Total OGIIP increase of 6% to 27.1 Tcf (2015: 25.6 Tcf)
o Net increase in 1P of 6% to 184 bcf (2015: 173 bcf); NPV10 US$
1.3 billion
o Net increase in 2P of 2% to 559 bcf (2015: 549 bcf); NPV10 US$
4.3 billion
o Net increase in 3P of 0.3% to 2,386 bcf (2015: 2,379 bcf);
NPV10 US$ 17.8 billion
-- Reserve migration includes first-time booking of 2P and 3P
reserve volumes on Guizhou Block (GGZ) development asset
-- CNOOC audit successfully undertaken with a focus on the
supplementary agreements which are expected to be finalised in the
second quarter of 2017
Outlook: Continue de-risking balance sheet and drive development
programme and production cashflow
-- Refinance USD debt with RMB debt and focus on early redemption of the Nordic Bond
-- Conclude evolution to pure upstream business with sale of downstream operations
-- Progress Hong Kong listing alongside London to deliver shareholder value
-- Execute CNOOC Supplementary Agreements and submit the GSS ODP
-- Launch GSS LiFaBriC drilling programme to further increase sales volumes
Randeep S. Grewal, Founder and Chairman of Green Dragon Gas,
commented:
"The Company continues to make progress on its two commercial
production blocks, Chenzhuang (GCZ) and Shizhuang South (GSS). GSS
equity gas sales increased 34% in 2016 as wellhead compression
stabilised the gas flow through the existing infrastructure. In
2017 production will be further supplemented with the additional
infrastructure being built. In terms of new developments we made
significant progress on the GCZ Block with an additional 147
production wells to be drilled over the next two years.
"In the first half of 2017, we are focused on concluding the
debt refinancing discussions with a number of options available to
us, including mezzanine finance and reserve based financing. The
Company is currently evaluating the multiple term sheets on
hand.
"Government Policy was steadfast in its support for CBM
production which we expect to stay consistent. This Policy provides
for a cash subsidy of c. US $2 per mcf at the current exchange
rate. In addition, the Chinese central Government 13(th) Five Year
Plan specifically includes four of our eight blocks as key
strategic domestic production assets.
"Exploration progressed across the other six blocks with a focus
towards our southern China block in Guizhou (GGZ). Following
commercial production levels being attained, we have booked
reserves at GGZ for the first time with 2P and 3P reserves of 30
BCF (NPV10 US $373 million) and 106 BCF (NPV10 US $1,306 million)
respectively. We expect GGZ to certify Chinese Reserves during 2017
and progress onto developing the ODP.
"The CNOOC audit was successfully undertaken with the focus now
on the supplementary agreements which are expected to be concluded
in the second quarter of 2017. Once in place, the pace of activity
will accelerate to deliver increased sales to the group by
connecting the significant CNOOC drilled wellstock into
infrastructure.
"2016 was a year of stabilisation; I expect 2017 to be one of
conclusions and monetisation."
CHAIRMAN'S STATEMENT
2016 was a year of stabilisation and renewed focus on our core
operations. With unprecedented volatility in the global E&P
market it was important that GDG focused its attention to its core
value - the upstream assets.
We continue to optimise production on our commercial assets (GSS
and GCZ) and are pleased to have migrated another exploration block
into production. The undertaking of the CNOOC audit is significant,
as it will demonstrate the value to the Company's shareholders from
the 1,388 wells drilled by CNOOC. The approval of our first Overall
Development Plan on GCZ is a key milestone for a UK listed company
operating in China.
GDG's commitment to evolve into an upstream E&P was
implemented with the downstream assets being marketed for sale.
With these assets held for sale, my commentary will focus on the
upstream operations which better reflects our recurring
business.
The Company continues to make progress on its two Shanxi
commercial production blocks, Chenzhuang (GCZ) and Shizhuang South
(GSS). In both blocks the shallower Coal Seam 3 has been
commercially producing with significant additional potential from
the hundred-meter deeper Coal Seam 15.
On the GCZ Block, 2017 and 2018 will see significant activity
with the recently approved ODP, approving the drilling of an
additional 147 wells to complete the commercialization of the
block. Previous investment in the GCZ block was repaid within three
years and has been net cash flowing to the Company since September
2015. The upcoming drilling programme aims to expand commercial
operations over the remaining 75% of the block. GDG has an option
under the PSC for operator CNPC to carry the Company for its share
of capex.
Regarding our other commercially producing GSS block, net gas
sales increased 34% in 2016 as well head compression stabilised the
gas flow through the existing infrastructure. The current level of
gas sales will be further increased as the infrastructure
development is completed and additional producing wells are
connected. Additionally, following the CNOOC audit and the related
execution of the CNOOC Supplementary Agreements, we expect a
collective focus on connecting over a thousand existing drilled
wells to infrastructure and materially increasing sales.
Exploration progressed across the other six blocks with a focus
on our southern China block in Guizhou (GGZ). Following commercial
production levels being attained during the year on the GGZ block,
we concluded the year for the first time with 2P and 3P reserves of
30 BCF (NPV10 US $373 million) and 106 BCF (NPV10 US $1,306
million) respectively. We expect GGZ to certify Chinese Reserves
during 2017 and progress onto developing the ODP plan for approval
in 2018.
GDG established its downstream business in order to provide a
route to market for its gas where previously there were limited
options. With a number of entities developing downstream operations
within the Qinshui basin adjacent to our GSS block this optionality
is no longer needed. Consequently we have taken the decision to
focus on our core upstream assets with our downstream assets
non-core and held for sale. Upon completion of the sale, GDG's
evolution to a pure play upstream E&P company will be complete.
We expect the sale to be agreed within the first half 2017 and look
forward to updating the market in due course.
The audit by CNOOC of the GSS block was successfully undertaken
with a focus on the supplementary agreements which are expected to
be finalised in the second quarter 2017. Once these agreements have
been executed, we would expect an acceleration of the CNOOC built
infrastructure being brought on-line and the development of the GSS
ODP. Furthermore, this conclusion will also bring collective focus
on the other four cooperative blocks.
Government Policy was steadfast regarding its continuing support
for CBM development and production. This Policy provides for a cash
subsidy of approximately US $2 per mcf at the current exchange
rate. In developing the large asset base across 7,600 sqkm, with
over c.25 TCF of original gas in place, the Government's continued
support throughout the two decade development cycle has been a key
ingredient to the successful de-risking of CBM projects. The large
de-risked assets with mature technology are now ready for
significant commercial monetisation.
In conjunction with work on the ground, we are focused on
concluding the debt refinancing discussions with a number of
options available to us, including mezzanine finance and reserve
based financing. The Company is currently evaluating the multiple
term sheets on hand. These initiatives are at an advanced stage and
we expect to update the market in the next quarter.
While 2016 was a year of stabilisation, I expect 2017 to be one
of conclusions and monetisation.
Randeep S. Grewal
Chairman
For further information on the Company and its activities,
please refer to the website at www.greendragongas.com or
contact:
FTI Consulting
Edward Westropp/Elizabeth Burnham/ Toby Chidavaenzi
Tel: +44 20 3727 1000
Peel Hunt
Richard Crichton / Ross Allister
Tel: +44 20 7418 8900
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year Year
ended ended
31 December 31 December
Notes 2016 2015
US$'000 US$'000
----------------------------------------- -------- ------------- -------------
Revenue 3 29,143 37,715
----------------------------------------- -------- ------------- -------------
Cost of sales (16,393) (15,549)
----------------------------------------- -------- ------------- -------------
Gross profit 4 12,750 22,166
----------------------------------------- -------- ------------- -------------
Other income 1,711 373
----------------------------------------- -------- ------------- -------------
Selling and distribution costs (977) (1,639)
----------------------------------------- -------- ------------- -------------
Administrative expenses (8,901) (5,530)
----------------------------------------- -------- ------------- -------------
Profit from operations 5 4,583 15,370
----------------------------------------- -------- ------------- -------------
Finance income 6 356 424
----------------------------------------- -------- ------------- -------------
Finance costs 7 (17,207) (15,924)
----------------------------------------- -------- ------------- -------------
Loss before income tax (12,268) (130)
----------------------------------------- -------- ------------- -------------
Income tax credit 10 216 212
----------------------------------------- -------- ------------- -------------
(Loss)/profit for the year attributable
to owners of the company
Amounts that may be recycled to
profit or loss:
Other comprehensive expense, net (12,052) 82
of tax:
- Exchange differences on translating
foreign operations (40,963) (41,937)
----------------------------------------- -------- ------------- -------------
Total comprehensive expense for
the year attributable
to owners of the company (53,015) (41,855)
----------------------------------------- -------- ------------- -------------
Basic and diluted (loss)/earnings
per share 11 (0.077) 0.001
----------------------------------------- -------- ------------- -------------
All results for the year relate to continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at
31 December 31 December
2016 2015
Notes US$'000 US$'000
-------------------------------------------- --------- ------------- -------------
Assets
Non-current assets
Property, plant and equipment 272,583 271,996
Gas exploration and appraisal assets 1,034,117 1,043,859
Other intangible assets 2,210 2,957
Non-current prepaid expenses 192 213
Deferred tax asset 2,079 2,169
------------------------------------------------------- ------------- -------------
1,311,181 1,321,194
------------------------------------------------------ ------------- -------------
Current assets
-------------------------------------------- --------- ------------- -------------
Inventories 94 109
------------------------------------------------------- ------------- -------------
Trade and other receivables 22,911 22,478
------------------------------------------------------- ------------- -------------
Restricted cash 2,000 2,000
------------------------------------------------------- ------------- -------------
Cash and cash equivalents 7,324 26,866
------------------------------------------------------- ------------- -------------
32,329 51,453
------------------------------------------------------ ------------- -------------
Total assets 1,343,510 1,372,647
------------------------------------------------------- ------------- -------------
Liabilities
-------------------------------------------- --------- ------------- -------------
Current liabilities
-------------------------------------------- --------- ------------- -------------
Trade and other payables 13,883 15,413
------------------------------------------------------- ------------- -------------
Convertible notes 47,347 -
-------------------------------------------- --------- ------------- -------------
Bonds 88,795 -
-------------------------------------------- --------- ------------- -------------
Current tax liabilities - 13
------------------------------------------------------- ------------- -------------
150,025 15,426
------------------------------------------------------ ------------- -------------
Non-current liabilities
-------------------------------------------- --------- ------------- -------------
Convertible notes - 48,398
------------------------------------------------------- ------------- -------------
Bonds - 86,807
------------------------------------------------------- ------------- -------------
CUCBM provision 401,702 370,217
------------------------------------------------------- ------------- -------------
Deferred tax liability 144,831 154,352
------------------------------------------------------- ------------- -------------
Derivative financial liabilities 7,924 -
-------------------------------------------- --------- ------------- -------------
554,457 659,774
------------------------------------------------------ ------------- -------------
Total liabilities 704,482 675,200
------------------------------------------------------- ------------- -------------
Total net assets 639,028 697,447
------------------------------------------------------- ------------- -------------
Capital and reserves
-------------------------------------------- --------- ------------- -------------
Share capital 16 16
------------------------------------------------------- ------------- -------------
Share premium 808,981 808,981
------------------------------------------------------- ------------- -------------
Share redemption reserve (8,255) -
-------------------------------------------- --------- ------------- -------------
Convertible note equity reserve 2,851 3,756
------------------------------------------------------- ------------- -------------
Share-based payment reserve - 12,743
------------------------------------------------------- ------------- -------------
Foreign exchange reserve (18,947) 22,016
------------------------------------------------------- ------------- -------------
Retained deficit (145,618) (150,065)
------------------------------------------------------- ------------- -------------
Total equity attributable to owners of the
Parent 639,028 697,447
------------------------------------------------------- ------------- -------------
Total equity 639,028 697,447
------------------------------------------------------- ------------- -------------
The financial statements were authorised and approved by the
Board on 26 April 2017 and signed on their behalf by
Mr. Randeep S. Grewal
Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity
Attributable
Foreign to
Share Convertible Share-based exchange Retained owners
Share Share Buyback note Payment reserve deficit of
capital premium Option equity reserve US$'000 US$'000 the
US$'000 US$'000 reserve reserve US$'000 parent
US$'000 US$'000 US$'000
At 1 January
2015 16 808,981 - 3,756 12,743 63,953 (150,147) 739,302
Profit for
the year - - - - - - 82 82
Exchange
differences
on
translating
foreign
operations - - - - - (41,937) - (41,937)
--------------- --------- --------- --------- ------------- ------------- ----------- ---------- -------------
Total
comprehensive
expense for
the year - - - - - (41,937) 82 (41,855)
--------------- --------- --------- --------- ------------- ------------- ----------- ---------- -------------
At 31 December
2015 16 808,981 - 3,756 12,743 22,016 (150,065) 697,447
Loss for the
year - - - - - - (12,052) (12,052)
Exchange
differences
on
translating
foreign
operations - - - - - (40,963) - (40,963)
--------------- --------- --------- --------- ------------- ------------- ----------- ---------- -------------
Total
comprehensive
expense for
the year - - - - - (40,963) (12,052) (53,015)
Issue of share
buyback
option - - (8,255) - - - - (8,255)
Transfer on
expiry of
share options - - - - (12,743) - 12,743 -
Transfer on
amendment
of
convertible
notes - - - (3,756) - - 3,756 -
Amendment
of
convertible
notes - - - 2,851 - - - 2,851
--------------- --------- --------- --------- ------------- ------------- ----------- ---------- -------------
At 31 December
2016 16 808,981 (8,255) 2,851 - (18,947) (145,618) 639,028
--------------- --------- --------- --------- ------------- ------------- ----------- ---------- -------------
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended Year
31 December ended
2016 31 December
Notes US$'000 2015
US$'000
-------------------------------- -------- ------------- -------------
Operating activities
-------------------------------- -------- ------------- -------------
(Loss)/profit after tax (12,052) 82
-------------------------------- -------- ------------- -------------
Adjustments for:
Depreciation 5,154 4,172
Amortisation of intangible
assets 723 945
Loss on disposal of property,
plant and equipment 4 -
Finance income 6 (356) (797)
Other finance costs 7 16,691 15,924
Accelerated finance charge 516 -
Taxation (216) (212)
-------------------------------- -------- ------------- -------------
Cash generated from operating
activities before
changes in working capital 10,464 20,114
-------------------------------- -------- ------------- -------------
Movement in inventory
Movement in trade and
other receivables
Movement in trade and
other payables 15 3
-------------------------------- --------
(427) 1,600
-------------------------------- --------
(1,530) (9,265)
-------------------------------- -------- ------------- -------------
Net cash generated from
operations
-------------------------------- -------- ------------- -------------
Income tax
-------------------------------- -------- ------------- -------------
Net cash generated from
operating activities
-------------------------------- -------- ------------- -------------
Investing activities
-------------------------------- -------- ------------- -------------
Payments for purchase
of property, plant and
equipment (4,709) (259)
-------------------------------- -------- ------------- -------------
Proceed from disposal 748 -
of property, plant and
equipment
-------------------------------- -------- ------------- -------------
Payments for intangible
assets - gas station licence - (794)
-------------------------------- -------- ------------- -------------
Payments for long-term
prepaid expenses - 192
-------------------------------- -------- ------------- -------------
Share of GCZ property
plant and equipment purchases - (2,404)
-------------------------------- -------- ------------- -------------
Payments for exploration
activities (10,468) (42,319)
-------------------------------- -------- ------------- -------------
Interest received 25 121
-------------------------------- -------- ------------- -------------
Deposits paid to PetroChina - (2,000)
-------------------------------- -------- ------------- -------------
Net cash used in investing
activities (14,404) (47,463)
-------------------------------- -------- ------------- -------------
Financing activities
-------------------------------- -------- ------------- -------------
Interest paid (12,300) (12,300)
-------------------------------- -------- ------------- -------------
Net cash generated used
in financing activities (12,300) (12,300)
-------------------------------- -------- ------------- -------------
Net decrease in cash and
cash equivalents (18,215) (47,335)
-------------------------------- -------- ------------- -------------
Cash and cash equivalents
at beginning of year 26,866 80,037
-------------------------------- -------- ------------- -------------
8,651 32,702
Effect of foreign exchange
rate changes (1,327) (5,836)
-------------------------------- -------- ------------- -------------
Cash and cash equivalents
at end of year 7,324 26,866
-------------------------------- -------- ------------- -------------
BRIDGED NOTES TO THE FINANCIAL INFORMATION FOR THE YEARED 31
DECEMBER 2016
The financial information set out in this announcement does not
constitute the Company's statutory accounts for the year ended 31
December 2016 or 2015, but is derived from those accounts. The
Auditor has reported on those accounts; its reports were
unqualified, but did contain an emphasis of matter paragraph in
respect of going concern on which further details are available in
note 1.
1 Basis of preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union ("IFRS") that are effective for accounting periods
beginning on or after 1 January 2016. The principal accounting
policies adopted in the preparation of the consolidated financial
statements are set out below. The policies have been consistently
applied to all the years presented, unless otherwise stated.
Going concern
These financial statements have been prepared on a going concern
basis.
Included in current liabilities as at the 31 December 2016 are
two specific instruments;
- The Company has a US$50.0 million convertible loan note which
is due for repayment on 31 December 2020. On the 25 April 2017 an
extension to the one-time early redemption option was agreed with
the note holder such that and this is now exercisable at any time
in the period 26 June 2017, and would require early repayment of
the whole amount due no earlier than 30 May 2017. The option to
require early repayment is at the note holder's sole discretion.
Further details of the terms of the instrument are included in
notes 22 and 33.
- The Company has an US$88.0 million bond which is due for
repayment on 20 November 2017. The bond contains a number of
financial covenants that are measured by reference to EBITDA and
calculated at each reporting date. As announced on 2 September
2016, during 2016 the Company did not meet two of its financial
covenants. As yet this breach has not been formally waived, however
no default notice has been issued by the Bondholder Trustee, and
the Company has continued to make interest payments as they fall
due.
In considering the appropriateness of the going concern basis
the Board gave consideration to the following;
- The Company is currently actively engaged with a number of
banks in order to re-finance the US$88.0 bond and to provide
further funding to support future development. The Company has
received draft term sheets from banks indicating that they are
willing to progress lending to the Company. The Company expects
that the banks will complete their appropriate due diligence steps
and confirm financing in due course.
- The Company is in discussions with the Bond Trustee regarding
a request for waiver of the breached covenants and an amendment to
future covenant tests. The Company is confident that there is
sufficient Bondholder support for this request and furthermore are
confident that no default notice will be issued in the
meantime.
- The Company is confident that the US$50.0million noteholder
will continue to support the Company as it acts to refinance the
bond, such that the noteholder will not be motivated to act on
their early redemption option available to 26 June 2017.
- The Company has no significant contractual cashflow
obligations in relation to the planned development of the Company's
CBM assets, having flexibility over when to commit to further
development capital.
- As at the date of this report, the Company has sufficient
access to cash such that along with the expected operation cash
inflows, the Company expects, aside from the bond and note
instruments discussed above, to meet its liabilities as they fall
due for a period not less than one year.
However, as at the date of this report, there were no binding
re-financing agreements in place and therefore there can be no
certainty that re-financing will be successful, or that the US$50m
noteholder will continue to support the Company and not exercise
their right to early redemption, or that no default notice will be
issued in respect of the bond.
Notwithstanding the confidence that the Board has, the
Directors, in accordance with Financial Reporting Council guidance
in this area, conclude that at this time there is material
uncertainty that such finance can be procured and failure to do so
might cast significant doubt upon the Group's ability to continue
as a going concern and that the Group may therefore be unable to
realise their assets and discharge their liabilities in the normal
course of business. These Financial Statements do not include the
adjustments that would result if the Group was unable to continue
as a going concern.
2 Critical accounting estimates and judgements
The Group makes estimates and assumptions regarding the future.
Estimates and judgements are continually evaluated based on
historical experiences and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances. In the future, actual experience may deviate from
these estimates and assumptions. The estimates and assumptions that
have a significant risk or cause a material adjustment to the
carrying amounts of assets and liabilities within the period after
the year/period are as follows.
CUCBM Framework Agreement
Judgement has been exercised in the recognition of the Group's
share of the historic expenditure incurred by China United Coalbed
Methane Gas ("CUCBM") on the Group's blocks. Further to the
identification of drilling activities by third parties across
several of the Group's blocks, the Group entered into a Framework
Agreement signed with CUCBM on 31 March 2014. CUCBM undertook
significant historical exploration and infrastructure preparation
work within several licence areas and incurred significant gross
expenditure. Under the PSC, the Group had the right to enforce its
PSC interests in the asset but agreed to reimburse CUCBM for the
Group's share of the historic expenditure by allowing CUCBM to
recover its costs from ring fenced cash flows associated with the
relevant wells. A constructive obligation is considered to exist
given the nature of the transaction and the negotiation between the
parties. The amount to be reimbursed through future cash flows from
the relevant wells is considered sufficiently certain given the
extent of well development, the levels of in place infrastructure
and reserves associated with the wells, although settlement remains
dependent upon sufficient future production arising. Accordingly,
the Group recorded its estimated share of the assets and a
provision as at 31 December 2014. Subsequent to 2014 the Group has
continued to progress negotiations with CUCBM regarding agreement
over the reimbursable costs and has continued to make its best
estimate of the amount due to CUCBM, based on the terms within the
PSC and the Framework Agreement and has recorded its estimated
share of the assets and increase in provision in relation to
further expenditure which CUCBM has incurred on behalf of the Group
and any changes in estimated amount. The Group has exercised
judgement in considering the arrangement to create an obligation,
the amount of the obligation, and its assessment that there is a
reasonable expectation that the relevant wells will generate
sufficient cash flows.
The Group's arrangement with CUCBM represents a joint
arrangement as the Group shares joint control with CUCBM. As with
the PetroChina transaction, the Group accounts for the arrangement
as a joint operation and therefore has recognised its share of the
relevant assets and liabilities, which reflects the structure of
the arrangement and the joint control conferred by the PSC and the
Joint Management Committee.
Depreciation of the gas production assets
The Group has exercised judgement in depreciating its property,
plant and equipment associated with its gas assets which have
achieved commercial production. These assets have been depreciated
on a units of production basis. Judgement was required in
determining the reserves used in this calculation and the Group
considers the economics and well performance of each individual
fields to determine the suitable reserves basis. The Group
considers 2P (2015: 1P) reserves for Area 4 GSS block and 2P
reserves for the GCZ Block to be capable of extraction using the
assets and therefore an appropriate estimate of the respective
asset's life. It is noted that significant 3P reserves have been
estimated to exist and such reserves would significantly extend the
estimate useful life. However, 3P reserves are not included until
such time as they are transferred to 2P reserves as part of the
Group's independent reserves audit.
Determination of commercial production
Judgement has been exercised in determining whether the Group's
exploration assets have achieved technical feasibility and
commercial viability. The Group's definition of technically
feasible and commercially viable reserves ("commercial reserves")
for such purpose are those which are classified as proven and
probable reserves on an entitlement basis for which approval has
been obtained from the PRC Government in respect of the "overall
development programme" ("ODP") related to the relevant licence and
thus commercial production commenced as defined in the production
sharing agreements. In certain circumstances, delays obtaining the
overall development programme approval can be encountered. As a
result, the Group also considers factors such as the extent to
which infrastructure is in place to process the gas and the levels
of production. As such, in addition to the PetroChina operated GCZ
block which has been in production since 2013 (see Note 33
regarding the current status of ODP), the Group considers the Area
4 block of the GSS licence area to be in commercial production
since 2015 as technical feasibility and commercial viability has
been established despite the pending approval of the overall
development programme. The Group's remaining areas within the GSS
block will be assessed for commercial production once the Group has
reviewed production volumes being generated from the recently
completed processing facilities by China National Offshore Oil
Corporation ("CNOOC"). Therefore, commercial production period has
not yet commenced for the remaining blocks and licence areas under
the Group's accounting policy.
Transfer of exploration and appraisal assets and depreciation of
the gas production assets
The Group has exercised judgement in determining the relevant
assets transferred from exploration and evaluation intangible
assets to property, plant and equipment. In the prior year Area 4
of the GSS block was transferred from exploration and evaluation
intangible assets to property, plant and equipment. The costs
transferred included a portion of the fair value uplift on
acquisition of the Group's licence interests as a whole considered
attributable to Area 4, based on the relative OGIIP of the Area 4
block and the total licence areas. The property, plant and
equipment Area 4 has been depreciated on units of production basis.
Judgement was required in determining the reserves used in this
calculation and the Group considers 2P (2015:1P) reserves to be
capable of extraction using the assets and therefore an appropriate
estimate of the asset's life.
Impairment reviews
Exploration and appraisal costs are assessed for indicators of
impairment using the criteria detailed in note 2. The assessment by
the Board requires judgement and is dependent upon an assessment of
the rights to the Group's assets and renewal of such rights,
expected levels of expenditure, interpretation of exploration and
appraisal activity in the year and future intentions. No impairment
indicators were noted. These assessments are inherently judgemental
and require estimation and therefore may change over time resulting
in significant charges to the statement of comprehensive
income.
The Group tests its property, plant and equipment assets, which
include oil and gas development and production assets for
impairment when circumstances suggest that the carrying amount may
exceed its recoverable value and in accordance with the policy
detailed in note 2. This assessment involves judgement as to the
level of reserves that are capable of being extracted commercially
and which are technically viable with reference to the Group's
independent competent person's report, estimates of future gas
prices, operating costs, capital expenditure necessary to extract
those reserves and the discount rate to be applied to such revenues
and costs for the purpose of deriving a recoverable value. The
Group uses proven plus probable (2P) reserves in such impairment
tests.
3 Revenue and segment information
The Group's reportable segments are as set out below. The
operating results of each of these segments are regularly reviewed
by the Group's chief operating decision-makers in order to make
decisions about the allocation of resources and assess the
performance of each segment.
The financial statements of 2016 and 2015 did not include the
Group's share of CNOOC GSN transactions or operated GSS 1,388
wells' revenue, associated costs and resulting margins. The sales
revenues and volumes associated with the CNOOC operated areas of
GSS and GSN will be reported in due course as they are currently
being audited by independent auditors. The audit will complete the
sales revenue since inception of the sales from all wells operated
by CNOOC in GSS under the Framework Agreement. Under the Framework
Agreement, while the Company will record its share of revenue,
costs and resulting margins, the resulting cash flow will be offset
with the cost recovery account. The Group has not recorded any
estimated sales revenue from its interest in the CNOOC legacy wells
until such time as the independent audit of sales revenues and
associated volumes is concluded.
For the year ended 31 December 2016
Upstream Downstream Corporate Sub-total Eliminations Consolidated
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment Revenue:
Sales to
external
customers 9,923 12,725 - 22,648 - 22,648
Inter-segment
sales 12,395 - - 12,395 (12,395) -
Government
subsidies 6,495 - - 6,495 - 6,495
------------------ ---------- ----------- ---------- ---------- ------------- -------------
28,813 41,538
------------------ ---------- ----------- ---------- ---------- ------------- -------------
Depreciation (3,390) (1,742) (22) (5,154) - (5,154)
Amortisation - (723) - (723) - (723)
------------------ ---------- ----------- ---------- ---------- ------------- -------------
Profit/(loss)
from operations 16,428 (6,889) (4,956) 4,583 - 4,853
Financial
income 1 9 346 356 - 356
Finance costs 8 (336) (16,879) (17,207) - (17,207)
Income tax
credit 50 166 - 216 - 216
------------------ ---------- ----------- ---------- ---------- ------------- -------------
Profit/(loss)
for the year 16,487 (7,050) (21,489) (12,052) - (12,052)
------------------ ---------- ----------- ---------- ---------- ------------- -------------
Assets 1,413,005 37,637 759,973 2,210,615 (867,105) 1,343,510
------------------ ---------- ----------- ---------- ---------- ------------- -------------
Liabilities 897,022 61,382 535,390 1,493,795 (789,312) 704,482
PPE additions 21,864 2,706 - 24,570 - 24,570
------------------ ---------- ----------- ---------- ---------- ------------- -------------
Gas exploration
additions 47,683 - - 47,683 - 47,683
------------------ ---------- ----------- ---------- ---------- ------------- -------------
For the year ended 31 December 2015
Upstream Downstream Corporate Sub-total Eliminations Consolidated
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment Revenue:
Sales to external
customers 15,127 17,588 - 32,715 - 32,715
Inter-segment
sales 10,874 - 25 10,899 (10,899) -
Government subsidies 5,000 - - 5,000 - 5,000
---------------------- ---------- ----------- ---------- ---------- ------------- -------------
31,001 17,588 25 48,614 (10,899) 37,715
---------------------- ---------- ----------- ---------- ---------- ------------- -------------
Depreciation (3,495) (608) (69) (4,172) - (4,172)
Amortisation - (945) - (945) - (945)
---------------------- ---------- ----------- ---------- ---------- ------------- -------------
Profit/(loss)
from operations 18,473 (2,656) (447) 15,370 - 15,370
Financial income - 113 311 424 - 424
Finance costs - (469) (15,455) (15,924) - (15,924)
Income tax credit 123 89 - 212 - 212
---------------------- ---------- ----------- ---------- ---------- ------------- -------------
Profit/(loss)
for the year 18,596 (2,923) (15,591) 82 - 82
---------------------- ---------- ----------- ---------- ---------- ------------- -------------
Assets 1,338,275 23,844 857,023 2,199,142 (846,495) 1,372,647
---------------------- ---------- ----------- ---------- ---------- ------------- -------------
Liabilities 883,591 4,958 626,548 1,515,097 (859,897) 655,200
---------------------- ---------- ----------- ---------- ---------- ------------- -------------
4 Other income
Year ended Year
31 December ended
2016 31 December
US$'000 2015
US$'000
Value added tax refund 1,711 373
------------------------ ------------- -------------
1,711 373
------------------------ ------------- -------------
5 Profit from operations
Profit from operations is stated after charging/(crediting):
Year ended Year
31 December ended
2016 31 December
US$'000 2015
US$'000
Auditors' remuneration:
Fees payable to the Company's auditors
for the audit of the annual financial
statements 450 435
Fees payable to the Company's auditors
for the review of the interim results 81 40
Staff costs (note 8) 4,480 1,357
Depreciation of property, plant and
equipment 5,154 4,172
Operating lease expense (property) 1,472 370
Amortisation of intangible assets 723 945
---------------------------------------- ------------- -------------
6 Finance income
Year ended Year
31 December ended
2016 31 December
US$'000 2015
US$'000
Bank interest 25 121
Exchange gain - 303
Change in fair value of financial 331 -
derivative
----------------------------------- ------------- -------------
356 424
----------------------------------- ------------- -------------
7 Finance costs
Year ended Year
31 December ended
2016 31 December
US$'000 2015
US$'000
Convertible notes (coupon at 7% and
10% plus effective interest adjustments) 4,784 4,655
Bonds (coupon at 10% plus effective
interest adjustments) 10,788 10,535
Accelerated finance charge on amendment 516 -
of convertible notes
Exchange loss 1,119 734
------------------------------------------- ------------- -------------
17,207 15,924
------------------------------------------- ------------- -------------
8 Staff costs
Year ended Year ended
31 December 31 December
2016 2015
US$'000 US$'000
Staff costs (including Directors' emoluments)
comprise:
Wages and salaries 6,130 5,841
Employer's national social security contributions 816 1,134
Other benefits 1,440 1,181
--------------------------------------------------- ------------- -------------
8,386 8,156
Less: expenses capitalised as gas exploration
and appraisal assets (3,906) (6,799)
--------------------------------------------------- ------------- -------------
Total staff costs charged to profit or loss (note
5) 4,480 1,357
--------------------------------------------------- ------------- -------------
9 Share-based payments
Details of the Group's share options as follows:
Number of share options granted historically 3,408,750
Number of share options exercised historically (2,029,375)
-------------------------------------------------- ------------
Number of share options outstanding at 1 January
2015 1,379,375
-------------------------------------------------- ------------
Number of share options outstanding at 31 -
December 2015 and 31 December 2016
-------------------------------------------------- ------------
The share options granted under the Share Option Scheme are
equity-settled.
The share options do not confer any rights on the holders to
dividends or to vote at shareholders' meetings. The fair value of
the share options granted was calculated using the Black-Scholes
pricing model. The inputs into the model were as follows:
25 January 31 December 28 February 1 October
2011 2009 2008 2008
Share options granted on
Weighted average share price US$11.13 US$6.67 US$6.04 US$8.25
Weighted average exercise US$6.50 US$6.50 US$6.50 US$6.50
price
Expected volatility 35% 25% 39% 44%
Risk free rate 0.27% 2.76% 3.08% 4.06%
Expected dividend yield N/A N/A N/A N/A
------------------------------ ----------- ------------ ------------ ----------
The volatility assumption, measured at the standard deviation of
expected share price returns, was based on a statistical analysis
of daily share prices over the year prior to grant.
The 1,379,375 outstanding share options since 1 January 2012,
which had a weighted average exercise price of US$6.5 fully expired
on 31 December 2015. No new share options have been issued during
2016.
10 Taxation
Year ended Year ended
31 December 31 December
2016 2015
US$'000 US$'000
Current tax - PRC Enterprise
Tax
Tax charge/(credit) for
the current year 12 (25)
Deferred tax
Temporary timing differences (178) (9)
Previously unrecognised
deferred tax assets assessed
as recoverable at the end
of the year (50) (178)
Total tax credit (216) 212)
------------------------------- ------------ -------------------
Other comprehensive income includes a charge of US$Nil (2015:
US$Nil) in respect of deferred tax movements on exchange gains and
on the retranslation of foreign subsidiaries.
The reasons for the difference between the actual tax charge for
the year and the standard rate of corporation tax in the Cayman
Islands applied to the loss for the period are as follows:
Year ended Year
ended
31 December 31 December
2016 2015
US$'000 US$'000
Accounting loss before tax (12,268) (130)
Expected tax credit based
on the standard rate of
corporation tax in the PRC
of 25% (2015: 25%) (3,067) (32)
Effect of:
Different tax rates applied
in overseas jurisdictions 3,067 57
Temporary differences applied
in overseas jurisdictions (216) (237)
------------------------------- ------------------------ ------------
Income tax credit (216) (212)
------------------------------- ------------------------ ------------
Taxation for the Group's operations in the PRC is provided at
the applicable current tax rate of 25% (2015: 25%) on the estimated
assessable profits for the year.
11 Earnings and loss per share
The calculation of basic and diluted loss per share attributable
to owners of the Company is based on the following data:
Year ended Year ended
31 December 31 December
2016 2015
US$'000 US$'000
(Loss)/profit for the year
attributable to owners of
the Company used in basic
and diluted (loss)/earnings
per share (12,052) 82
----------------------------------- ------------ ------------
Year ended Year ended
31 December 31 December
2016 2015
Number Number
Weighted average number
of Ordinary Shares for basic
and diluted earnings per
share 156,072,289 56,072,289
Year ended Year ended
31 December 31 December
2016 2015
Basic and diluted (loss)/earnings
per share (US$) (0.077) 0.001
There have been no other transactions involving Ordinary Shares
or potential Ordinary Shares between the reporting date and the
date of approval of these financial statements.
12 Joint arrangements
The Group currently operates under six (2015: six) production
sharing contracts ("PSCs") for the exploration and development of
CBM gas in the PRC.
Background
On 8 January 2003, the Group entered into four PSCs with CUCBM
to explore, develop and produce coal bed methane in five blocks
comprising Shizhuang South ("GSS"), Chengzhuang ("GCZ"), Shizhuang
North ("GSN"), Qinyuan ("GQY") and Panxie East ("GPX"). GSS, GCZ,
GSN and GQY are located in Shanxi Province with Panxie East located
in Anhui Province.
In 2003 the Group also obtained the rights as foreign contractor
related to the Fengcheng ("GFC") PSC. This PSC, dated 13 August
1999, was originally entered between Saba Petroleum Inc. as foreign
contractor and CUCBM. Saba Petroleum Inc. was a related company of
the Group by way of the common controlling shareholder, Mr. Randeep
S. Grewal. The GFC block is located in Jiangxi Province.
Under the terms of these five PSCs the Group, as operator,
agreed to provide funds and apply its technology and managerial
experience and to cooperate with CUCBM to explore, develop and
produce coal bed methane from the licence areas. CUCBM as a
state-owned enterprise is eligible to apply for the exclusive
rights for the exploitation of coal bed methane in the areas as
defined in the contracts.
The PSCs provide that all costs incurred in the exploration
stage shall be borne by the Group. The terms of the PSCs require
the Group to cooperate with the state partner to submit the Overall
Development Plan to the relevant authorities. Upon approval of the
ODP by the Chinese authorities, the PSC operations are determined
to have entered the development stage. However, as detailed in note
3 in circumstances when the approval of ODP is delayed other
factors, including the substantive nature of operations and cash
generation, may be considered to determine whether the development
stage has been reached regardless of formal ODP approval. Where it
is determined that an asset is in the development stage based on
facts and circumstances then the associated investment balance is
reclassified from the exploration and appraisal category to the
property, plant and equipment category of fixed assets. The
responsibility for procuring approval of the ODP lies with the
State partner. Once formally in the development stage the cost
sharing mechanisms within the PSCs become effective and development
and operating costs are borne by the partners in accordance with
their respective equity interests in the relevant PSCs. Once
production commences the cost recovery mechanism within the PSCs
provides that the proceeds of production output (after deduction of
value-added tax and any royalty payable to the Chinese tax
authority) are allocated as follows:
-- firstly towards operating costs recovery in the proportion
above mentioned (the "Sharing Proportion");
-- secondly to exploration cost recovery solely by the Group; and
-- thirdly to development cost recovery (including deemed interest as appropriate).
Any unallocated revenue after cost recovery is allocated to the
partners in accordance with their equity participation in the PSC
after calculating a final royalty payable to the Chinese
Authorities. The final royalty is based on a sliding scale from 0%
to the maximum payable of 15% and calculated over total block
production.
The five PSCs each have a term of 30 years, with a production
period of not more than 20 consecutive years commencing on a date
determined by the Joint Management Committee but aligned with the
approval date of ODP. The JMC is established in accordance with the
PSC between the Group and CUCBM to oversee the operations in the
contracted area. Currently five of the six blocks covered by these
five production sharing contracts are formally in the exploration
stage based on the Chinese requirement for ODP approval before
transition to development. In 2015, the assets associated with area
4 within the GSS block were reclassified as property, plant and
equipment due to the substantive nature of the production
operations and associated cash generation from this area.
PSCs held with PetroChina (CNPC)
Chengzhuang block ("GCZ")
In August 2014, the Group finalised and signed the Cooperation
Agreement with PetroChina in respect of the GCZ block in accordance
with a memorandum of understanding previously entered in December
2013. GZC lies within the GSS licence area and prior to the
Cooperation agreement was governed by the GSS PSC. The Cooperation
Agreement reaffirms the rights of the Group contained in the PSC
over the GCZ block. The Cooperation agreement confirms the Group's
47% participating interest in the block and defines the term of the
agreement as running from March 2010 to March 2033.
The Cooperation Agreement confirmed the Group's contribution to
cumulative capital expenditure and its share of net revenue. The
Cooperation Agreement also confirmed the Group's entitlement to its
share of the downstream infrastructure assets in place, including
the gas gathering station, together with the Group's funding
obligation for those assets. The Group recorded US$10,900,000
within property, plant and equipment in respect of its 47% share in
these assets in 2014 based on the final agreement of the costs
associated with the downstream infrastructure. The Group also
elected to settle its obligation for all historic amounts due to
PetroChina through its share of future production.
In 2015 PetroChina achieved cost recovery in respect of its
historic investment in the GCZ block. Following cost recovery by
PetroChina the Group is receiving its proportion of revenue in cash
each month. As a result, the billing arrangements for GCZ have
moved to a full joint operations basis where the Group receives its
share of revenue on the conclusion of each month and is separately
cash-called for its share of opex and capex on a month-ahead basis.
Cash calls are reconciled to actual expenditure quarterly.
The following table summarises the Group's share of the capital
expenditure and net revenues arising from the GCZ block for the
current and prior year. Depreciation figures have been
excluded.
2016 2015
US$'000 US$'000
Capital expenditure - 2,404
Revenue 11,764 15,126
Total operational costs and expenses (4,998) (3,248)
-------------------------------------- -------- --------
Net Profit 6,766 11,878
-------------------------------------- -------- --------
Amount due from/(to) PetroChina
Balance as at 1 January 2015 1,774 (4,407)
Capital expenditure for GCZ block - (2,404)
Share of profit for GCZ block 6,766 11,878
Cash received (7,053) (3,293)
-------------------------------------- -------- --------
Balance as at 31 December 2015 1,487 1,774
-------------------------------------- -------- --------
The balance due from PetroChina is included within trade and
other receivables, is unsecured and interest free.
Baotian-Qingshan block ('GGZ')
In addition, Greka Guizhou E&P Ltd, a subsidiary of the
Company, is party to a PSC with PetroChina to explore for and
develop coal bed methane resources in Guizhou Province. The Group
is entitled to earn a 60% interest in GGZ by funding up to
US$8,000,000 in respect of an exploration pilot programme and has
provided a performance bond against this commitment in the amount
of US$2,000,000. At 31 December 2016, the cumulative investment
made by the Group in GGZ was US$28,267,000 (2015: US$30,287,000).
The decrease in the investment made was mainly due to the change in
exchange rate of RMB against USD.
PetroChina is a subsidiary of state-owned China National
Petroleum Corporation (CNPC), headquartered in Dongcheng District,
Beijing.
PSCs held with CUCBM (CNOOC)
Framework Agreement with CUCBM
On 31 March 2014, and following the identification of
unauthorised drilling activities across several of the Group's
blocks by CUCBM, the Group entered a Framework Agreement CUCBM the
purpose of which was to amend and clarify the rights of both the
Group and CUCBM in relation to the PSCs jointly held between the
parties. Under the terms of the Framework agreement, the Group's
percentage share in the relevant blocks were updated and confirmed
as follows:
PSC GDG CUCBM
share share
Shizhuang GDG share increasing to 70% on
South 60% 40% payment of US$13,000,000 to CUCBM
Shizhuang
North 50% 50%
Quinyuan
Area A 10% 90%
Quinyuan
Area B 60% 40%
Fengcheng 49%* 51%
Panxie
East 60%* 40%
----------- ------- ------- -----------------------------------
* Unchanged
The Framework Agreement reaffirmed the status of the PSC's.
Under the PSCs, the exploration costs were due to be incurred by
the Group, with the Group carrying the exploration risk and the
associated costs being recovered from future production.
Notwithstanding the terms of the PSC, CUCBM undertook significant
unauthorised exploration work within the licence area incurring
gross expenditure of US$611,300,000 related to the drilling of
wells and the establishment of certain infrastructure across the
PSC blocks.
Under the PSC, the Group had the legal right to enforce its
interest in the asset as if it had been incurred 100% by the Group
in the exploration phase and benefit accordingly from the costs
incurred by CUCBM. However, as part of the negotiation of the
Framework Agreement the Group agreed to reimburse CUCBM for what
otherwise would have represented the Group's share of the historic
expenditure by allowing CUCBM to recover its historic costs in kind
from an enhanced participation share (over and above CUCBMs equity
interest in the PSC) in ring fenced gas production from the
relevant wells. A constructive obligation related to the agreement
to reimburse CUCBM in kind is considered to exist given the nature
of the transaction and the substance of the negotiation between the
parties.
The amount to be reimbursed through future production from the
ring-fenced wells is considered sufficiently certain given the
status of well development, the extent of in-place infrastructure
and estimated reserves associated with the wells. Accordingly, the
Group has recorded its proportionate share of the assets in
accordance with its equity interest in the PSC. A provision
representing the estimated value of production from the ring-fenced
wells that the Group will forgo in order to settle its share of the
costs incurred has also been recorded.
Settlement remains dependent upon sufficient future production
arising from the ring-fenced wells.
The following table summarises the CUCBM provision which also
represents the Group's cumulative share of capital expenditure:
31 December 31 December
2016 2015
US$'000 US$'000
Opening balance 370,217 367,027
Additions in the year 57,076 23,012
FX gain (25,591) (19,822)
----------------------------------- ------------ ------------
Closing provision for amounts due
to CUCBM 401,702 370,217
----------------------------------- ------------ ------------
During the year, the Group has recorded its share of the assets
and an increase in the provision. The Group is currently in the
process of formalising a contractual agreement with CUCBM which
will confirm the amounts due to and from CUCBM. In advance of
entering into such agreement the Group continues to make its best
estimate of the provision due to CUCBM, based on the terms within
the PSC and the Framework Agreement.
The cumulative expenditure by CUCBM across the PSCs, which the
Group is reimbursing through future production, bears interest at
9%, which is expected to apply prospectively once an agreement with
CUCBM has been reached. No discounting of the provision applies
given the prospective interest bearing nature. No entries have been
made in relation to the interest as the Group remains in
discussions with CUCBM over accounting for the interest.
Under the original Shizhuang South PSC and as reaffirmed by the
Framework Agreement US$13,000,000 included within provisions (2015:
US$13,000,000) represent amounts payable to CUCBM in respect of
exploration costs incurred by CUCBM on GSS prior to the original
PSC between the parties. This amount is to be settled out of the
Group's share of future revenue from the Shizhuang South Block. The
balance is unsecured, interest-free and is not expected to be
repayable within the next 12 months. Discounting is considered
immaterial. On satisfaction of the payable to CUCBM, the Group's
interest in the GSS PSC will be revised to 70%. The obligation is
classified as a provision given the uncertain nature of its
timing.
Shizhuang North PSC
Under the terms of the Framework Agreement, the Group agreed to
reduce its interest in the GSN Block by 10% in return for CUCBM
providing the Group with a carried interest of US$100,000,000
related to exploration and development expenditure across the
block. The Group has incurred US$7,700,000 on the block which is
currently held as exploration asset. No gain in respect of the
committed future expenditure as compared to the 10% interest in the
Group's existing assets has been recognised under the Group's
accounting policy.
CUCBM is majority owned by China National Offshore Oil Corp and
is headquartered in Dongcheng District, Beijing.
13 Subsequent events
The Qinshui Basin Chengzhuang Cooperative CBM Block ("GCZ
Block") Overall Development Plan ("ODP") has been approved by the
Consultation Center of China National Petroleum Corporation and the
Joint Management Committee on 14 April 2017 for submission to
National Development and Reform Committee of the State Council for
further approval.
In relation to the convertible loan note, an agreement was made
with the note holder to extend the one-time early redemption option
to 26 June 2017, to require early repayment of the loan note no
earlier than 30 May 2017. The option to require early repayment is
at the note holder's sole discretion.
14 Annual report
The Company's Annual Report and copies of this announcement will
be available in due course on the Company's website at
www.greendragongas.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR XQLLLDZFZBBL
(END) Dow Jones Newswires
April 27, 2017 02:02 ET (06:02 GMT)
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