TIDMWBN
RNS Number : 2254O
Woburn Energy PLC
17 September 2013
FOR IMMEDIATE RELEASE
17 September 2013
Woburn Energy Plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
Woburn Energy Plc ("Woburn" or "the Company"; stock code: WBN)
announces its unaudited interim results for the six months ended 30
June 2013.
CHAIRMAN'S STATEMENT
The six months ended 30 June, 2013 (the "Period") was one of
further progress for the Company as the final payments from the
disposal of the Company's interests in Colombia were received.
Following the settlement of all outstanding management fees, other
administrative costs owed by Woburn to PetroMagdalena, Woburn's
expenses including the costs of the disposal, and repayment in full
of the outstanding Cetus loan, the Company has significant cash
resources to pursue new investment opportunities in accordance with
its investing policy and to provide working capital for the
day-to-day business of the Company.
The Company is now classified as an investing company under the
AIM Rules. The Company's investing policy is to make investments in
the oil and gas sector and the Directors are focusing on Europe,
the Middle East, Africa and Asia. Investments may be made in
exploration, development or producing assets. As reported
previously, the Company is reviewing a number of potential
opportunities to acquire an interest in suitable projects and has
been pre-qualified for participating in the forthcoming licensing
bid round in Myanmar. The Company has acquired relevant technical
data for technical and commercial due diligence and, following the
period end, submitted a licence bid for consideration by Myanmar
Department of Energy, prior to the bid deadline of 23 August 2013.
In addition, the Company is currently reviewing other central Asian
investment opportunities.
During the period ended 30 June 2013, the Board has also been
supported by Dr Syed Abedi and he has subsequently been appointed
to the Board as Non-Executive Chairman on 21 August. Dr Abedi has
over 45 years international oil industry experience. In 1972 he
joined Royal Dutch Shell International Oil Company as a senior
geophysicist where he worked in various senior technical and
managerial roles for more than 26 years. Subsequent to taking early
retirement from Shell Dr Abedi cofounded three independent oil
companies. The geographical scope of his career has spanned Europe,
the Far East, the Middle East and North and West Africa. During
this period, Dr Abedi established his reputation internationally as
an exploration and production expert through publications, chairing
international conferences and giving international seminars.
As an investing company under the AIM Rules, Woburn should have
implemented its investing policy or concluded a reverse takeover by
21 June 2013. As the Company has not yet completed such an
investment, the Company's shares have been suspended from trading
on AIM. The Company has a further six months until 21 December 2013
to conclude a transaction before the shares are cancelled from
trading on AIM. The Board is making every effort to ensure a
transaction is completed before this deadline.
Dr Syed Abedi
Chairman
For further information, please contact:
Woburn Energy Plc Tel: +44 (0) 20 7380
4600
Kamran Ahmed www.woburnenergy.com
Beaumont Cornish Limited (Nominated Adviser) Tel: +44 (0)20 7628 3396
Michael Cornish
A copy of this announcement is available from the Company's
website, www.woburnenergy.com
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2013
Half-year ended Half-year ended
Notes 30 June 2013 30 June 2012
(Unaudited) (Unaudited)
$ $
Continuing operations:
Revenue - -
Operating expenses - -
____________ ____________
Gross loss - -
Administrative expenses (195,088) (501,570)
____________ ____________
Group operating loss (195,088) (501,570)
____________ ____________
Loss before taxation (195,088) (501,570)
Taxation 4 - -
____________ ____________
Loss for the period from continuing
operations (195,088) (501,570)
Discontinued operations:
(Loss)/profit for the period
from discontinued operations 5 (393,904) 6,843,003
____________ ____________
(Loss)/profit for the period (588,992) 6,341,433
____________ ____________
TOTAL COMPREHENSIVE (LOSS)/PROFIT
FOR THE PERIOD (588,992) 6,341,433
____________ ____________
Total comprehensive income
attributable to:
Equity owners of the Parent
Company (588,992) 2,988,362
Minority interest - 3,353,071
____________ ____________
(588,992) 6,341,433
____________ ____________
Loss per share (cents): Continuing
operations 3
Basic (0.08) (0.22)
Diluted (0.08) (0.22)
___________ ___________
(Loss)/earnings per share
(cents): Discontinued and
continuing operations
Basic (0.25) 1.29
Diluted (0.25) 1.29
___________ ___________
UNAUDITED CONSOLIDATED STATEMENT OF FINACIAL POSITION
AS AT 30 JUNE 2013
30 June 2013 31 December 2012
(Unaudited) (Audited)
$ $
ASSETS
Current assets
Receivables on sale of Colombian
assets - 13,120,000
Other receivables 39,681 70,189
Cash and cash equivalents 2,889,259 73,901
____________ ____________
2,928,940 13,264,090
____________ ____________
Total Assets 2,928,940 13,264,090
____________ ____________
LIABILITIES
Current liabilities
Trade and other payables (86,222) (4,826,154)
___________ ____________
(86,222) (4,826,154)
____________ ____________
Non-current liabilities
Provision for decommissioning - -
____________ ____________
Total Liabilities (86,222) (4,826,154)
____________ ____________
Net Assets 2,842,718 8,437,936
____________ ____________
EQUITY
Capital and reserves
Share capital 13,596,651 13,596,651
Share premium 17,815,055 17,815,055
Retained losses (28,568,988) (27,979,996)
____________ ____________
Shareholders' Funds 2,842,718 3,431,710
Minority interests - 5,006,226
____________ ____________
2,842,718 8,437,936
____________ ____________
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2013
Total
Retained Shareholders' Minority
Share Capital Share Premium Losses Equity Interest Total Equity
$ $ $ $ $ $
As at 1 January 2013 13,596,651 17,815,055 (27,979,996) 3,431,710 5,006,226 8,437,936
Total
comprehensive
income for
the period - - (588,992) (588,992) (5,006,226) (5,595,218)
-------------- -------------- ------------- ----------------- ------------ -------------
Balance at 30
June 2013 13,596,651 17,815,055 (28,568,988) 2,842,718 - 2,842,718
============== ============== ============= ================= ============ =============
As at 1 January 2012 13,596,651 17,815,055 (31,213,320) 198,386 1,243,310 1,441,696
Total
comprehensive
income for
the period - - 2,988,362 2,988,362 3,353,071 6,341,433
Balance at 30
June 2012 13,596,651 17,815,055 (28,224,958) 3,186,748 4,596,381 7,783,129
============== ============== ============= ================= ============ =============
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2013
Half-year ended Half-year ended
30 June 2013 30 June 2012
(Unaudited) (Unaudited)
$ $
Cash flows from operating activities
Group operating loss from continuing
operations (195,088) (501,570)
Group operating loss from discontinued
operations - (136,422)
___________ ___________
Operating loss before changes in
working capital (195,088) (637,992)
Increase in receivables (19,286) (1,715,332)
(Decrease)/increase in trade and
other payables (1,007,408) 1,809,437
Increase in provision for decommissioning - 17,836
___________ ___________
Net cash used in operating activities (1,221,782) (526,051)
___________ ____________
Investing activities
Disposal of LQRC business (note
5) 4,037,140 -
___________ ____________
Net cash from investing activities 4,037,140 -
___________ ____________
Increase/(decrease) in cash and
cash equivalents 2,815,358 (526,051)
Cash and cash equivalents at beginning
of period 73,901 824,993
___________ ___________
Cash and cash equivalents at end
of period 2,889,259 298,942
___________ ___________
NOTES TO THE UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2013
1. Basis of preparation
Woburn Energy Plc ('the Company') is domiciled in England. The
condensed consolidated half-year accounts of the Company for the
six months ended 30 June, 2013 comprise the accounts of the Company
and its subsidiaries (together referred to as 'the Group').
The condensed half-year accounts for the six months ended 30
June, 2013 are unaudited. In the opinion of the Directors, the
condensed half-year accounts for the period present fairly the
financial position, and results from operations and cash flows for
the period. The condensed half-year accounts include unaudited
comparative figures for the half year ended 30 June, 2012.
The financial information contained in this half-year report
does not constitute statutory accounts as defined by section 434 of
the Companies Act 2006.
Where shown, the comparatives for the year ended 31 December,
2012 are not the Company's full statutory accounts for that year
but have been extracted from the statutory accounts for that year
which have been delivered to the Registrar of Companies. The
auditors' report on those accounts, which was unqualified, and did
not contain a statement under section 498 (2) - (3) of the
Companies Act 2006.
The half-yearly financial report was approved by the Directors
on 16 September, 2013 and is available on the Company's website
www.woburnenergy.com.
Accounting policies
The condensed half-year accounts have been prepared using
accounting policies based on International Financial Reporting
Standards (IFRS and IFRIC interpretations) issued by the
International Accounting Standards Board ("IASB") as adopted for
use in the European Union, including IAS 34 'Interim Financial
Reporting' and on the historical cost basis. The condensed
half-year accounts have been prepared using the accounting policies
which are expected to be applied in the Group's next statutory
financial statements for the year ending 31 December, 2013. The
same accounting policies, presentation and methods of computation
were applied in the Group's latest audited financial statements for
the year ended 31 December, 2012.
The Group's financial risk management objectives and policies
are consistent with those disclosed in the 2012 annual report.
2. Going concern
After the sale of the Colombian assets, disposal of Las Quinchas
Associate Resource Corporation ("LQRC") and settlement of
operator's billings and the Cetus loan, the Directors believe that
the Group has sufficient cash to fund its activities and to
continue its operations and for the Group to continue to meet its
liabilities as they fall due for the foreseeable future, being at
least 12 months. The accounts have, therefore, been prepared on the
going concern basis.
NOTES TO THE UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2013
3. (Loss)/earnings per share
Half-year Half-year
ended ended
30 June 2013 30 June 2012
$ $
Loss attributable to equity shareholders
- Continuing (195,088) (1,276,020)
Profit/(loss) attributable to equity
shareholders - Continuing and Discontinued (588,992) 2,988,362
Weighted average number of shares in
issue 232,160,407 232,160,407
___________ ___________
Cents Cents
Basic loss per share - Continuing (0.08) (0.22)
Basic (loss)/earnings per share - Continuing
and Discontinued (0.25) 1.29
Basic (loss)/earnings per share - Discontinued (0.17) 1.51
___________ ___________
4. Taxation
No tax is payable on the continuing operations of Woburn Energy
Plc for the period to 30 June 2013 as there are adequate tax losses
available from previous years.
5. Discontinued operations
After the sale of LQRC Columbian assets, the Group disposed of
its 51 per cent interest in LQRC in June 2013 for a total cash
consideration of $4,037,914, net of expenses and settlement of loan
of $1,243,993 due to LQRC. The net assets of LQRC disposed were
$4,431,818 which resulted in a loss of $393,904. The net cash
inflow on this disposal is $4,037,140, which comprised the above
cash consideration (net of expenses) less cash and cash equivalents
sold of GBP774.
The (loss)/profit from discontinued operations is analysed
below:
Half-year Half-year
ended ended
30 June 2013 30 June 2012
$ $
Operating expenses - (53,551)
Administrative expenses - (82,871)
___________ ___________
Operating loss - (136,422)
Interest payable - (754,000)
___________ ___________
Loss before tax - (890,422)
Taxation - (145,000)
___________ ___________
Loss for period - (1,035,422)
Profit on sale of LQRC Colombian assets - 7,878,425
Loss on disposal of LQRC (393,904) -
___________ ___________
(Loss)/profit from discontinued operations (393,904) 6,843,003
___________ ___________
NOTES TO THE UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2013
6. Control
The Group is controlled by Cetus Investment Resources Inc.,
which owns 86.15% of the Company. Cetus Investment Resources Inc.,
is a wholly-owned subsidiary of Zaver Petroleum International Inc.,
which is itself a wholly-owned subsidiary of United Paramount
Holding Corporation.
7. Material events subsequent to the end of the period
There have been no significant events since 30 June, 2013 to the
date of issuing the half year accounts.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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