Circle Oil PLC 2012 Interim Results -5-
September 04 2012 - 1:00AM
UK Regulatory
The gain on the fair value of the conversion option (relating to
the convertible loan) arose as a result of the convertible loan
being amended and extended on 24 May 2012 at which time the
embedded derivative lapsed and the value was written-off to the
Income Statement for the six months ended 30 June 2012.
7. Finance costs
6 months 6 months Year ended
to to 31 December
30 June 30 June 2011
2012 2011
Interest payable: US$000 US$000 US$000
Convertible loan 3,256 2,511 5,239
Capitalised to exploration and
evaluation assets (93) (26) (114)
Unwinding of discount on decommissioning
provision 21 - 20
3,184 2,485 5,145
========= ========= =============
Interest payable relating to the convertible loan includes
interest paid of US$893,000 (H1 2011: US$893,000) and an effective
interest expense (non-cash) of US$2.34 million (H1 2011: US$1.62
million) plus amortisation of transaction costs of US$28,000 (H1
2011: US$28,000).
8. Reconciliation of operating profit to net cash generated by operations
6 months 6 months Year ended
to to 31 December
30 June 30 June 2011
2012 2011
US$000 US$000 US$000
Profit before taxation 13,346 8,704 25,647
Finance revenue (1,789) (2,909) (10,823)
Finance costs 3,184 2,485 5,145
(Decrease)/increase in trade
and other payables (2,731) (152) 3,054
Increase in trade and other receivables (1,957) (10,078) (18,198)
Decrease in inventory 19 40 109
Impairment of exploration costs 109 50 163
Foreign exchange (gain)/loss (95) 40 1
Depreciation 4,079 3,536 6,526
Net cash generated by operations 14,165 1,716 11,624
========= ========= =============
9. Interim Report
Copies of the Interim Report are available by download from the
Company's web-site at www.circleoil.net
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Professor Chris Green, CEO
Brendan McMorrow, CFO
Investec (+44 20 7597 5970)
Chris Sim
Neil Elliot
Liberum Capital Limited (+44 20 3100 2222)
Simon Atkinson
Tim Graham
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Kate Lehane
Murray Consultants (+353 1 498 0300)
Joe Murray
Joe Heron
Notes to Editors
Circle Oil Plc (AIM: COP) is an international oil & gas
exploration, development and production Company with an expanding
portfolio of assets in Morocco, Tunisia, Oman and Egypt with a
combination of low-risk near-term production and significant
exploration upside potential. The Company listed on AIM in October
2004.
Internationally, the Company has continued to expand its
portfolio over the past two years and now has assets in the Rharb
Basin, Morocco; the Ras Marmour Permit in southern Tunisia; the
Mahdia Permit offshore Tunisia; the Grombalia Permit in northern
Tunisia and the Zeit Bay area of Egypt. Circle also has the largest
licence holding of any company in Oman. In addition to its
prospective Block 52 offshore, Circle also has an ongoing
exploration programme in Block 49 onshore.
Circle's strategy is to locate and secure additional licences in
prospective hydrocarbon provinces and through targeted investment
programmes, monetise the value in those assets for the benefit of
shareholders. This could be achieved through farm-outs to selected
partners who would then invest in and continue the development of
the asset into production, or Circle may itself opt to use its own
expertise to appraise reserves and bring assets into production,
generating sustained cash flow for further investment.
Further information on Circle is available on its website at
www.circleoil.net
This information is provided by RNS
The company news service from the London Stock Exchange
END
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