TIDMIOG
RNS Number : 6866N
Independent Oil & Gas PLC
26 September 2019
26 September 2019
Independent Oil and Gas plc
1H 2019 Interim Results
Independent Oil and Gas plc ("IOG" or the "Company") (AIM:
IOG.L), the AIM-listed development and production focused oil and
gas company with key interests in the Southern North Sea ("SNS"),
is pleased to present its unaudited interim results for the six
months ended 30 June 2019.
Operational Highlights
-- SNS Core Project expanded to include the 108 BCF 2C Contingent Resources at Goddard;
-- Engineering and design work for Phase 1 Southwark and Blythe platforms progressed following successful completion
of geotechnical surveys; and
-- Tendering processes initiated for Phase 1 platform and SURF scopes.
Corporate and Financial Highlights
-- Institutional equity fundraise; fully subscribed open offer and Board/management subscription, raising gross
aggregate proceeds of GBP18.9 million;
-- Conversion and restructuring of LOG debt;
-- Relationship Agreement signed with LOG;
-- Rejection of indicative proposal from Rockrose Energy;
-- Appointment of Esa Ikaheimonen as Senior Independent Non-Executive Director and Chair of Audit Committee; and
-- Appointment of Neil Hawkings as Independent Non-Executive Director and Chair of HSE and Technical Committee.
Post-Period End Highlights
-- Signing of definitive documents to farm out 50% of the Company's portfolio, excluding Harvey, to CalEnergy
Resources Limited ("Farm-out");
-- Successful raise of EUR100 million 5-year bond ("Bond") which sees the Company fully funded for Phase 1 of the
Core Project;
-- Drilling of Harvey appraisal well;
-- Signing of SPA to acquire the Thames Reception Facilities at Bacton Gas Terminal; and
-- Area of Mutual Interest ("AMI") agreement with CalEnergy Resources Limited.
Future Newsflow
-- Completion of Farm-out to CalEnergy Resources Limited;
-- FID and commencement of Core Project Phase 1 project execution;
-- Full Harvey appraisal well results; and
-- CalEnergy Resources Limited option to farm in to Harvey.
Andrew Hockey, CEO of IOG, said:
"In challenging circumstances, the IOG team has achieved a
series of very significant steps to unlock the value of our
portfolio during 1H19 and thereafter. Most notably we completed an
institutional fund raise in April 2019 which, along with a Board
and Management subscription and a fully subscribed open offer,
raised gross proceeds of GBP18.9 million. Other significant
highlights include the restructuring and conversion of existing
debt facilities, the successful defence from a possible hostile
takeover, contractor bid processes for Phase 1 platform and SURF
contracts and strengthening of the board with two high-quality new
non-executive directors in Esa Ikaheimonen and Neil Hawkings.
Post period end, we signed the farm-out agreement with CalEnergy
Resources Limited, signed an SPA to acquire the Thames Reception
Facilities at Bacton, and successfully raised a EUR100 million bond
to complete the balance of required Phase 1 funding. We have also
drilled the Harvey appraisal well in under two months with no HSE
incidents, confirming a 49ft gas column, and are currently
assessing the detailed well results to generate updated volume
estimates.
I am immensely proud of everything the team has achieved to date
this year. We continue to focus our efforts on ensuring that all
remaining Farm-out completion conditions, which consist of routine
consents and agreements with third parties, are met as soon as
possible. At completion we will be fully funded for the Phase 1
development execution phase and we remain as focused as ever on
delivering value for our shareholders."
Certain information communicated in this announcement was, prior
to its publication, inside information for the purposes of Article
7 of Regulation 596/2014.
Enquiries:
Independent Oil and Gas plc
Andrew Hockey (CEO) +44 (0) 20 3879
James Chance (CFO) 0510
finnCap Ltd
Christopher Raggett +44 (0) 20 7220
Anthony Adams 0500
Peel Hunt LLP
Richard Crichton +44 (0) 20 7418
David McKeown 8900
Vigo Communications
Patrick d'Ancona
Chris McMahon +44 (0) 20 7390
Simon Woods 0230
Notes
About Independent Oil and Gas
Subject to completion of the farm-out transaction announced on
26 July 2019, IOG will own and operate a 50% stake in substantial
low risk, high value gas reserves in the UK Southern North Sea. The
Company's Core Project targets a net 2P peak production rate of 69
MMCF/d (c. 12kBoe/d) from net 2P gas Reserves of 151 BCF(1) + 2C
gas Contingent Resources of 55 BCF(2), via an efficient hub
strategy. In addition to the independently verified 2P reserves at
Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent
Resources at Goddard, IOG also has independently verified best
estimate net unrisked prospective gas resources of 37 BCF(2) at
Goddard and is in the process of updating its management estimate
of gas resources at Harvey. Alongside this IOG continues to pursue
value accretive acquisitions to generate significant shareholder
returns.
(1)ERC Equipoise Competent Persons Report: October 2017,
adjusted by Management to account for updated project timing and
compression
(2)ERC Equipoise Goddard Competent Persons Report: October
2018
Further information can be found at
www.independentoilandgas.com
The Directors present their interim report of operations and
unaudited consolidated financial statements of Independent Oil and
Gas plc ("the Company") and its subsidiaries ("the Group") for the
six months ended 30 June 2019. All amounts are shown in Pounds
Sterling, unless otherwise stated.
This interim financial report is the responsibility of and has
been approved by the Directors. The Directors are responsible for
preparing the Interim Report which has not been audited by the
Company's auditors. In addition to the results for the first six
months of 2019 ("1H 2019"), comparative information is provided for
the six months ended 30 June 2018 ("1H 2018"). Comparative
information for the Group's financial position is also provided the
year ended 31 December 2018 ("FY 2018").
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with International Financial
Reporting Standards ("IFRSs") as adopted by the European Union.
Chief Executive Review
The first half of 2019 was a very significant period for the
Company as we continued to make strides towards Final Investment
Decision ("FID") on our two-phase gas development project ("Core
Project") in the Southern North Sea ("SNS"). The Core Project is
designed to deliver shareholder value through the production of
indigenous gas which will be fed to an import-reliant UK domestic
market safely and at a low unit cost, generating material cash
flows for the Group and its stakeholders.
At the beginning of the period, we expanded our Core Project to
include the Goddard discovery adding 2C Resources of 108 BCF to the
portfolio, resulting in a total of 410 BCF, comprised of 2P and 2C
reserves and resources across six discovered gas fields, excluding
Harvey. The integration of Goddard adds to what was already a very
strong investment case without the need for a significant increase
to the overall funding requirement.
Additionally, we also have the potential to further enhance the
Core Project through the appraisal and potential inclusion of the
Harvey field. In May 2019, we signed an agreement with Maersk
Drilling UK Ltd to contract the Maersk Resilient jack-up rig to
drill the high-impact appraisal well, which I am glad to report was
successfully and safely drilled post-period (August/September 2019)
to a total Measured Depth ("MD") of 7,537ft in the Permian Leman
sandstone reservoir. Initial analysis from the wireline data
demonstrated the presence of a 49 ft gas column at the top of the
reservoir. The comprehensive wireline dataset acquired in the well
is currently being analysed along with core data and integrated
into a revised technical assessment of reservoir gas quality,
volumes and deliverability, meeting the primary objectives of the
well. We plan to release the final results of these analyses in due
course.
In March, RockRose Energy plc ("RockRose") published an
indication of its interest to make a possible cash offer for the
entire share capital of the Company at a price of 20p per IOG
share. This indicative offer was rejected unequivocally by IOG's
Board of Directors with the view that the announcement released by
RockRose contained a number of statements with which the Board did
not agree. Furthermore, the offer was also deemed as opportunistic
in light of IOG's relatively low share price at the time and
materially undervalued the Company, its assets and the significant
upside potential. The rejection of RockRose's approach was given
the full support of the administrators of London Oil & Gas Ltd
("LOG"). Shortly after its possible cash offer of 20p, RockRose
approached LOG's joint administrator, Smith & Williamson LLP,
with an offer to acquire the entire debt due to LOG from IOG for
the sum of GBP40 million in cash, which was, in turn, rejected.
In April 2019, the Company completed a successful institutional
equity placing, subscription and open offer providing the Company
with aggregate gross proceeds of GBP18.9 million. These proceeds
contributed towards the cost of drilling the Harvey appraisal well,
ongoing Core Project costs and G&A. This was an important step
that was implemented at a challenging time for the Company to
provide it with the financial strength needed to remain firmly on
track and allow management to execute on its strategy on behalf of
our long-term shareholders and new institutional investors.
Post period-end, the Company completed a Sales and Purchase
Agreement ("SPA") with Perenco UK Ltd, Tullow Oil SK Limited and
Spirit Energy Resources Limited for the acquisition of the Thames
Reception Facilities at the Bacton Gas Terminal. This is a key step
in the process of securing the necessary infrastructural framework
for our Core Project as we progress towards FID.
Furthermore, I am delighted to report that, post period end, IOG
secured a farm-out agreement with CalEnergy Resources Ltd ("CER"),
a subsidiary of Berkshire Hathaway Energy Company, to farm out 50
per cent of its SNS assets (excluding Harvey), as well as the
Thames Pipeline and associated Thames Reception Facilities, for a
potential total of up to GBP165 million in the form of cash and
development carries. As part of the agreement, CER also holds an
option to acquire 50 per cent of the Harvey licence within three
months of completion of the Harvey appraisal well, initial results
of which were announced on 11 September 2019, for an additional
GBP20 million. In addition to the Farm-out, IOG and CER have signed
an Area of Mutual Interest agreement to allow for future
co-operation in further SNS business development activities on a
50:50 basis. The comprehensive farm-out transaction signed with
such a strong partner shows great confidence in our strategy and
management team and demonstrates the value of our SNS gas
portfolio.
Concurrent to announcing the Farm-out, we also announced our
intention to issue a Euro-denominated senior secured bond to
provide the full balance of IOG's Phase I funding requirements.
This was swiftly followed by the successful arrangement of a EUR
100 million 5-year senior secured bond issuance with a bullet
repayment structure and an interest rate, payable quarterly, of 9.5
per cent per annum over the three-month Euribor rate. The Company
also holds the option to issue additional amounts up to a maximum
aggregate of EUR 30 million on the same terms, subject to further
investor demand. It was agreed by both IOG and CER that completion
of the Farm-out would trigger Phase I FID and lead to the
submission of confirmation of full funding to the Oil & Gas
Authority ("OGA").
As the business progresses, we have also continued to review our
board composition and welcomed the high-calibre appointments of Esa
Ikaheimonen and Neil Hawkings during this half-year period. Both
directors have a tremendous amount of experience and expertise in
the upstream oil and gas industry and both have made an immediate
positive impact on the Company. Following the conclusion of our
successful fundraise in April, we also established a new
Relationship Agreement with LOG which saw Martin Ruscoe and Charles
Hendry step down from the Company's Board.
I would like to thank all our shareholders for their continued
support as well as the Board and management team for all their hard
work and commitment during a very busy period for the Company. We
are very excited by IOG's potential as we move towards completion
of the Farm-out and entering the execution phase on Phase I of our
Core Project in the upcoming period.
Andrew Hockey
Chief Executive Officer
26 September 2019
Operational Review
UK SNS Core Project Phase 1
Engineering design works continued with Perenco UK to understand
the scope requirements for the acceptance of Phase 1 gas into and
through the Bacton onshore Perenco processing plant. In addition,
commercial discussions continued with Perenco to define the terms
of potential processing agreements. Front end engineering and
design (FEED) work continued for the Southwark and Blythe
production platforms and pipelines, and tenders were issued to the
contractor market for these scopes. Planning for the Environmental
Impact Assessments (EIAs) and the Field Development Plan (FDP)
continued and both documents were submitted to BEIS and the OGA
respectively in the period.
Harvey
In May 2019, we signed an agreement with Maersk Drilling UK Ltd
to contract the Maersk Resilient jack-up rig to drill the
high-impact appraisal well, which was subsequently drilled
(August/September 2019) post period end safely and successfully
(with zero lost time incidents) to a total Measured Depth ("MD") of
7,537ft in the Permian Leman sandstone reservoir. Initial analysis
from the wireline data demonstrated the presence of a 49 ft gas
column at the top of the reservoir. The comprehensive wireline
dataset acquired in the well is currently being analysed along with
core data and integrated into a revised technical assessment of
reservoir gas quality, volumes and deliverability, meeting the
primary objectives of the well. We plan to release the final
results of these analyses in due course.
Goddard
Since award of the Goddard licence in the 30(th) Round late in
2018, work has continued on understanding the geological and
reservoir properties, and development concepts for the field. This
will culminate in the next period in a Conceptual Development
Report to be shared with the OGA as the first assessment part of
the FDP approval process.
Mark Hughes
Chief Operating Officer
26 September 2019
Financial Review
Income statement
The post-tax loss for the first six months of 2019 was GBP4.61
million, compared to GBP2.56 million for the first six months of
2018 and GBP5.64 million for full year 2018.
The current period loss includes an expense of GBP0.70 million
for net administration expenses (1H 2018 - GBP0.48 million),
impairment charges of GBPnil (1H 2018 - GBP0.15 million), project
and pre-acquisition expenses of GBP1.36 million (1H 2018 - GBP0.29
million), a net loss on settlement of creditors of GBPnil (1H 2018
- GBP0.11 million), an exchange loss of GBP0.01 million (1H 2018 -
GBP0.13 million) and finance expenses of GBP2.54 million (1H 2018 -
GBP1.40 million).
The exchange loss of GBP0.01 million for the current period (1H
2018 - GBP0.13 million) reflects fluctuations in exchange rates on
the valuation of non-GBP denominated creditors and provisions.
Finance expenses include GBP1.34 million (1H 2018 - GBP0.49
million) of loan and financing charges calculated on an effective
interest rate basis, plus GBP1.20 million (1H 2018 - GBP0.91
million) of accrued loan and other interest, net of capitalised
interest charged to development assets.
There was no impact on the income statement following the
adoption of IFRS16 (see below).
Statement of financial position
Oil and gas properties held as non-current assets of GBP45.89
million at 30 June 2019 (31 December 2018 - GBP43.88 million)
represents capital expenditures attributable to the Thames Pipeline
infrastructure, the Group's Blythe, Elgood, Southwark, Elland and
Nailsworth pre-development interests plus the appraisal assets of
Harvey, Goddard and Abbeydale. Current assets include GBP0.34
million UK VAT receivable (31 December 2018 - GBP0.31 million) and
GBP0.40 prepayments (31 December 2018 - GBP0.36 million). Included
within prepayments are loan finance costs incurred in advance of
predetermined loan and equity financing arrangements. Current
liabilities include an amount of GBP7.44 million due to LOG (31
December 2018 - GBP6.93 million) representing amounts due on loan
facilities within one year and GBP1.72 million owing to Oyster
Petroleum Holdings Limited (31 December 2018 - GBP1.71 million)
representing deferred consideration payable on approval of the
Southwark FDP. Other current liabilities include trade and other
creditors and accruals of GBP5.19 million (31 December 2018 -
GBP9.43 million) which includes the remaining deferred payment
amount owing to Transocean Drilling UK Limited in respect of the
Skipper well drilled in 2016. Non-current liabilities include
GBP27.54 million owing to LOG (31 December 2018 - GBP22.88 million)
representing amounts due on loan facilities net of prepaid
financing costs. Non-current deferred consideration provisions of
GBP4.45 million (31 December 2018 - GBP4.48 million) represent
discounted amounts payable on first gas in 2021 from both the
Blythe and Southwark fields. The decommissioning provision of
GBP5.66 million (31 December 2018 - GBP5.64 million) represents the
abandonment liabilities for both the Elland suspended well and the
Thames Pipeline offshore infrastructure.
IFRS16 Lease Accounting
The new IFRS 16 standard on leases came into effect on 1 January
2019. There was no impact on the Group balance sheet as at 30 June
2019 as the Group's current exposure to operating leases is minimal
and non-material. This standard will continue to be reviewed by
management in light of further exposure to lease liabilities.
Following adoption, right-of-use assets under operating leases
would be recorded in the balance sheet as property, plant and
equipment, with an appropriate DD&A charge being taken to the
income statement i.e. the income statement would now exclude lease
expenses.
Lease liabilities would be presented separately on the Group
balance sheet as both current and non-current liabilities; they do
not form part of finance debt and would not be included in net debt
under the terms of the Group's financing facilities.
In addition, the Group has no exposure to finance leases, as
would have previously been reported under IAS17.
Cash flow
After adjustment for non-cash items, cash used in operations for
the first six months of 2019 was GBP2.12 million (1H 2018 - GBP1.88
million). Cash used in investing activities, which include the
purchase and acquisition of oil and gas properties, amounted to
GBP5.58 million (1H 2018 - GBP5.30 million). This was principally
funded through net borrowings of GBP3.85 million (1H 2018 -
GBP11.60 million) and the issue of equity instruments, net of
costs, which realised net funds of GBP17.65 million (1H 2018 -
GBP0.03 million). The cash balance at the end of the period was
GBP14.51 million (31 December 2018 - GBP0.70 million).
Funding and liquidity
The Board has reviewed the Group's cash flow forecasts up until
December 2020 having regard to its current financial position and
operational objectives. The Board is satisfied that the Group will
have sufficient financial resources available to meet its
commitments based on the amount of available cash within the Group,
funding pursuant to the Farm-out and drawdowns from the Bond.
Accordingly, the Board continues to adopt the going concern basis
for the preparation of this financial information.
However, at the date of these financial statements the legally
binding agreements relating to the Farm-out have not yet been
completed, and as such the Bond proceeds are also not yet available
to the Company. Therefore, there can be no certainty that
additional funds will be forthcoming which indicates the existence
of material uncertainty which may cast significant doubt about the
Group and Company's ability to continue as a going concern and
therefore it may be unable to realise its assets and discharge its
liabilities in the normal course of business. The financial
statements do not include the adjustments that would result if the
Group and Company was unable to continue as a going concern.
Risks and uncertainties
The Group operates in the oil and gas industry, an environment
subject to a range of inherent risks and uncertainties. Being at an
early stage in the Group lifecycle, the prime risks to which the
Group is subject to are the access to sufficient funding to
continue its operations, the status and financing of its partners,
changes in cost and reserves estimates for its assets, operational
delays and failures, changes in forward commodity prices and the
successful development of its oil and gas reserves. Further details
can be found in the audited Financial Statements for the year ended
31 December 2018.
Key performance indicators
The Group's main business is the acquisition and exploitation of
oil and gas acreage. Non-financial performance is tracked through
the accumulation of licence interests and the successful discovery
and exploitation of oil and gas reserves.
James Chance
Chief Financial Officer
26 September 2019
Consolidated statement of comprehensive income for the six
months ended 30 June 2019
Unaudited Unaudited
1H 2019 1H 2018
GBP000 GBP000
Other administration expenses (703) (479)
Impairment of oil and gas properties - (151)
Project, pre-acquisition and exploration
expenses (1,356) (288)
Net loss on settlement of liabilities - (106)
Foreign exchange loss (12) (128)
_________ _________
Total administration expenses (2,071) (1,152)
_________ _________
Operating loss (2,071) (1,152)
Finance expenses (2,538) (1,403)
_________ _________
Loss for the period before tax (4,609) (2,555)
Taxation - -
_________ _________
Total comprehensive loss for the period
attributable to equity holders of the
parent (4,609) (2,555)
_________ _________
(2.2)
Loss for the period per ordinary share - basic p (2.1) p
(2.2)
Loss for the period per ordinary share - diluted p (2.1) p
________ _________
The loss for the period arose from continuing activities.
Consolidated statement of changes in equity for the six months
ended 30 June 2019
Share Share Share- based Accumulated Total
capital premium payment losses equity
reserve
Group GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January 2018 1,203 22,337 3,099 (31,405) (4,766)
Loss for the year - - - (5,644) (5,644)
______ _______ _______ ______ _______
Total comprehensive expense
attributable to owners
of the parent - - - (5,644) (5,644)
Transactions through
Equity
Issue of warrants - - 4,190 - 4,190
Issue of share options - - 378 - 378
Exercise of share options 66 - (1,359) 1,359 66
______ _______ _______ ______ _______
66 - 3,209 1,359 4,634
______ _______ _______ ______ _______
At 31 December 2018 (Audited) 1,269 22,337 6,308 (35,690) (5,776)
______ _______ _______ ______ _______
Loss for the period - - - (4,609) (4,609)
______ _______ ________ ______ _______
Total comprehensive expense
attributable to owners
of the parent - - - (4,609) (4,609)
Transactions through
Equity
Issue of shares 2,097 17,179 - - 19,276
Lapse of warrants - - (31) 31 -
Issue of share options - - 280 - 280
Exercise of share options 15 - (108) 108 15
______ _______ _______ ______ _______
2,112 17,179 141 139 19,571
_______ _______ _______ ______ _______
At 30 June 2019 (Unaudited) 3,381 39,516 6,449 (40,160) 9,186
______ _______ _______ ______ _______
Share capital
Amounts subscribed for share capital at nominal value.
Share premium
Amounts received on the issue of shares, more than the nominal
value of the shares, less issue costs.
Share-based payment reserve
Amounts reflecting fair value of options and warrants
issued.
Accumulated losses
Cumulative net losses recognised in the Statement of
Comprehensive Income net of amounts recognised directly in
equity.
Consolidated statement of financial position at 30 June 2019
Unaudited Audited
31 December
30 June 2019 2018
GBP000 GBP000
Non-current assets
Intangible assets: exploration & evaluation 3,476 2,352
Intangible assets: other 2 3
Property, plant and equipment: development
& production 42,410 41,527
Property, plant and equipment: other 45 41
45,933 43,923
------------- ------------
Current assets
Other receivables and prepayments 755 672
Cash and cash equivalents 14,505 702
15,260 1,374
Total assets 61,193 45,297
Current liabilities
Loans (7,436) (6,934)
Trade and other payables (6,915) (11,137)
(14,351) (18,071)
------------- ------------
Non-current liabilities
Loans (27,543) (22,884)
Provisions (10,113) (10,118)
(37,656) (33,002)
------------- ------------
Total liabilities (52,007) (51,073)
NET ASSETS / (LIABILITIES) 9,186 (5,776)
============= ============
Capital and reserves
Share capital 3,381 1,269
Share premium account 39,516 22,337
Share-based payment reserve 6,449 6,308
Accumulated losses (40,160) (35,690)
_________ _________
9,186 (5,776)
Total equity _________ _________
Consolidated cash flow statement for the six months ended 30
June 2019
Unaudited Unaudited
1H 2019 1H 2018
GBP000 GBP000
Loss after tax (4,609) (2,555)
Adjustments for:
Depreciation and amortisation 9 3
Exploration asset write off - 151
Loss on settlement of liabilities - 106
Share based payments 218 67
Movement in other receivables (82) (497)
Movement in trade and other payables (194) (610)
Interest received (11) (1)
Interest and financing fees 2,548 1,404
Foreign exchange loss 2 53
_________ _________
Net cash used in operating activities (2,119) (1,879)
Cash flows from investing activities
Purchase of intangible assets and property,
plant and equipment (5,586) (5,296)
Interest received 11 1
_________ _________
Net cash used in investing activities (5,575) (5,295)
Cash flows from financing activities
Proceeds from issue of equity instruments of
the Group (net of costs) 17,652 33
Cash received from loans (net of costs) 3,925 11,681
Interest and financing fees paid (80) (76)
_________ _________
Net cash generated from financing activities 21,497 11,638
Increase in cash and cash equivalents in the
period 13,803 4,464
Cash and cash equivalents at start of period 702 145
_________ _________
Cash and cash equivalents at end of period 14,505 4,609
_________ _________
Notes to the financial statements for the six months ended 30
June 2019
Notes
(i) Basis of preparation
The financial information contained in this announcement does
not constitute statutory financial statements within the meaning of
Section 435 of the Companies Act 2006. The financial information
for the six months ended 30 June 2019 is unaudited. It is prepared
in accordance with the same accounting policies as used for the
year ended 31 December 2018 and those which are anticipated to be
relevant to the financial statements for the year ended 31 December
2019. In the opinion of the directors the financial information for
this period fairly presents the financial position, results of
operations and cash flows for the period in compliance with
IFRS.
The comparatives for the full year ended 31 December 2018 are
not the Company's full statutory accounts for that year. A copy of
the statutory accounts for that year has been delivered to the
Registrar of Companies. The auditors' report on those accounts was
unqualified; however, did include a reference to a matter (a
material uncertainty relating to going concern) on which auditors
drew attention by way of emphasis without qualifying their report.
Their report did not contain a statement under section 498(2)-(3)
of the Companies Act 2006.
(ii) Loss per share
The calculation of loss per share is based upon the weighted
average number of ordinary shares in issue during the period of
204,866,723 (30 June 2018: 121,246,613). Diluted loss per share is
calculated based upon the weighted average number of ordinary
shares plus the weighted average number of ordinary shares that
would be issued upon conversion of potentially dilutive share
options and warrants into ordinary shares. As the result for both
periods presented was a loss, the calculation of the diluted LPS
was anti-dilutive and therefore the potential ordinary shares were
ignored for the purposes of calculating diluted LPS. The weighted
average number of ordinary shares on a diluted basis at 30 June
2019 is 388,027,521 (30 June 2018: 149,393,771).
(iii) Dividend
The Directors do not recommend payment of a dividend.
(iv) Post Balance Sheet Events
-- Signing of SPA to acquire the Thames Reception Facilities
-- Drilling of Harvey Appraisal Well
-- Signing of Farm-out of 50% of SNS Assets (excluding Harvey)
with CalEnergy Resources Limited
-- Signing of AMI Agreement with CalEnergy Resources Limited
-- EUR100 million Bond issue
INFORMATION & ADVISERS
Country of incorporation of parent company
United Kingdom
Legal form
Public limited company with share capital
Directors
Fiona MacAulay
Andrew Hockey
Mark Hughes
Esa Ikaheimonen
Neil Hawkings
General Counsel and Company Secretary
Robin Storey
Registered office
60 Gracechurch Street
London EC3V 0HR
Company registered number
07434350
Auditors
BDO LLP
55 Baker Street
London W1U 7EU
Legal advisers
Fieldfisher LLP
Riverbank House
2 Swan Lane
London EC4R 3TT
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END
IR EELFLKKFXBBD
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