EastSiberian Plc (TSXV: ESB) Reports Financial Results for the
Second Quarter 2013 and Agreement to Extend Farm-in Agreement
ST. HELIER, JERSEY, Jan. 28,
2013 /CNW/ - EastSiberian Plc, formerly PetroKamchatka Plc,
("EastSiberian" or the "Corporation") a Jersey company, reports its
unaudited financial results for its second quarter of fiscal year
2013. EastSiberian has filed its Condensed Interim Consolidated
Financial Statements for the six months ended November 30, 2012 and its Management's Discussion
and Analysis ("MD&A") on www.sedar.com and on its website at
www.eastsiberianplc.com.
Selected financial information as at and for the
three and six months ended November 30,
2012 and 2011 are set out below and should be read in
conjunction with EastSiberian's condensed consolidated interim
financial statements for the three and six months ended
November 30, 2012 and 2011, its
MD&A for the six months ended November
30, 2012 and its May 31, 2012
audited Consolidated Financial Statements.
SELECTED FINANCIAL INFORMATION
The unaudited consolidated financial information
of EastSiberian includes the Corporation, its subsidiaries and its
proportionate share of the accounts of its joint interest
entities.
All financial information is stated in
United States dollars.
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Three months ended
November 30, |
Six months ended
November 30, |
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2012 |
2011 |
2012 |
2011 |
|
Expenses |
$ |
440,507 |
$ |
2,966,793 |
$ |
957,755 |
$ |
4,392,046 |
|
Net loss and
comprehensive loss |
$ |
(440,507) |
$ |
(1,517,820) |
$ |
(957,755) |
$ |
(3,167,243) |
|
Net loss per share -
basic and diluted |
$ |
(0.09) |
$ |
(0.61) |
$ |
(0.20) |
$ |
(0.90) |
|
Cash flow from (used in)
operating activities |
$ |
(591,337) |
$ |
(1,452,484) |
$ |
(1,772,277) |
$ |
(2,500,429) |
|
Cash flow from (used in)
investing activities |
$ |
- |
$ |
(30,915) |
$ |
1,595,945 |
$ |
(30,915) |
|
Foreign exchange gain
(loss) on cash held in foreign currencies |
$ |
- |
$ |
(41,009) |
$ |
3,305 |
$ |
(57,107) |
|
Increase (decrease) in cash and cash
equivalents |
$ |
(591,337) |
$ |
(1,483,399) |
$ |
(176,332) |
$ |
(2,531,341) |
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As
at |
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November
30,
2012 |
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May 31,
2012 |
|
Total assets |
$ |
1,154,877 |
$ |
3,775,498 |
|
Total
liabilities |
$ |
1,421,114 |
$ |
3,083,980 |
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Shareholders'
equity |
$ |
(266,237) |
$ |
691,518 |
|
Number of common
shares outstanding |
|
4,903,998 |
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4,903,998 |
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EastSiberian reported a net loss for the three
and six months ended November 30,
2012 of $440,507 ($0.09 per share) and $957,755 ($0.20 per
share) respectively, compared to a net loss of $2,966,793 ($0.61
per share) and $4,392,046
($0.90) respectively, for the three
and six months ended November 30,
2011. The loss for the three months ended November 30, 2012, consisted of general and
administrative expenses of $448,390,
finance income of $10,483 and income
taxes of $2,600, whereas the loss for
the second quarter of fiscal year 2012 consisted of operating
expense recovery of $79,579, general
and administrative expenses of $692,245, share-based compensation of
$8,664, depreciation of $550,764, impairment of $1,824,760, finance costs of $39,015 and income tax recovery of $69,076.. For the six months ended
November 30, 2012, net loss consisted
of general and administrative expenses of $984,103, finance income of $115,815 and income taxes of $89,467. The net loss for the period November 30, 2011, consisted of operating
expenses of $109,828, general and
administrative expenses of $1,518,437, share based compensation of
$32,064, depreciation of $945,433, impairment of $1,824,760, finance costs of $30,603 and income tax recovery of $69,076.
For the three and six months ended November 30, 2012, cash used in operating
activities was $591,337 and
$1,772,277 respectively. Cash
from investing activities for the three and six months ended
November 30, 2012, was $nil and
$1,595,945 respectively. Cash used in
operating activities for the three and six months ended
November 30, 2011, were $1,452,484 and $2,500,429 respectively. Cash used in
investing activities were $30,915 and
$30,915 respectively, for the three
and six months ended November 30,
2011.
At November 30,
2012, the Corporation had negative working capital of
$266,237 compared to working capital
of $691,518 at May 31, 2012. At November 30, 2012, current liabilities consisted
of $471,875 owing to directors and
officers who have agreed to accept common shares of the Corporation
at $0.50 per share in lieu of
cash.
Farm-in Agreement Extension
The Corporation also announces signing of an Addendum to the
previously announced Farm-in Agreement with East Siberian Resources
Ltd. that extends the farm-in funding target date from December 31, 2012 to March
31, 2013. All other terms and conditions of the Farm-in
Agreement remain unchanged. The extension will provide additional
time to complete the initial fund raise of a minimum of
$15 million, which will be used to
complete the first phase of work program of the farm-in
agreement.
About EastSiberian Plc
EastSiberian Plc is an international junior oil exploration company
incorporated in the Bailiwick of Jersey with properties located in
the Russian Federation. For
further information, please visit the EastSiberian Plc website at
www.eastsiberianplc.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Advisory Regarding Forward-Looking
Statements
This press release together with the audited
consolidated financial statements and MD&A referred to therein
contains certain forward-looking statements and forward-looking
information (collectively referred to herein as "forward-looking
statements"). Forward-looking statements are based on the
PetroKamchatka's current beliefs as well as assumptions made by,
and information currently available to, PetroKamchatka concerning
business prospects, strategies, regulatory developments, the
ability to obtain equipment in a timely manner to carry out
development activities, the ability to get oil to market, and the
ability to obtain financing on acceptable terms Although
management of EastSiberian considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect. Undue reliance should not be placed on
forward-looking statements, which are inherently uncertain, are
based on estimates and assumptions, and are subject to known and
unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or
circumstances contemplated by the forward-looking statements will
not occur. There can be no assurance that the plans,
intentions or expectations upon which forward-looking statements
are based will in fact be realized. Actual results will
differ, and the difference may be material and adverse to either
PetroKamchatka and/or its security holders. The
forward-looking statements contained in this press release are made
as of the date hereof and PetroKamchatka does not undertakes any
obligation to update publicly or to revise any of the included
forward-looking statements, except as required by applicable
law. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.
SOURCE EastSiberian Plc