TIDMNTOG
RNS Number : 4234B
Nostra Terra Oil & Gas Company PLC
02 June 2023
2 June 2023
Nostra Terra Oil and Gas Company Plc
("Nostra Terra" or "the Company")
2022 Audited Annual Results
Notice of AGM
Nostra Terra (AIM: NTOG), the oil & gas exploration and
production company with a portfolio of development and production
assets in Texas, USA, is pleased to announce its final results for
the year ended 31 December 2022 (the "Results"). A copy of the
Results, along with a Notice of AGM, is being posted to
Shareholders and is available on the Company's website,
www.ntog.co.uk . The AGM will be held at at the offices of Druces
LLP at Salisbury House, London Wall, London EC2M 5PS at 11.00 a.m.
on 30 June 2023. Extracts from the Results are set out below.
This announcement contains information for the purposes of
Article 7 of the EU Regulation 596/2014.
For further information, contact:
Nostra Terra Oil and Gas Company
plc
Matt Lofgran, CEO Email: +1 480 993 8933
Beaumont Cornish Limited
(Nominated Adviser)
James Biddle/ Roland Cornish Tel: +44 (0) 20 7628 3396
Novum Securities Limited (Broker)
Jon Belliss Tel: +44 (0) 207 399 9425
Extracts of the Results are set out below:
Chairman's Report
2022 - Good progress in line with strategy
I am pleased to present Nostra Terra Oil & Gas Company PLC's
annual report for the year ending 31 December 2022.
The past year saw the start, but sadly not the end, of the
Russian invasion of Ukraine. The sanctions and boycotts on Russian
oil and the end of most covid-related restrictions on travel and
work meant high oil prices in early 2022 and for much of the year.
However, the continuing Chinese lockdowns served to act as
something of a damper on the global demand for goods, in turn
reducing demand and hence the price of hydrocarbons. At the end of
2022, the WTI spot benchmark stood at around $79.
As planned, Nostra Terra took advantage of the generally strong
oil prices during the year to consolidate production and to invest
further into our existing acreage. Strong cash flows meant that we
were able to drill both the Fouke #2 (East Texas) and the Grant
East #1 (Permian Basin) wells without diluting existing
shareholders. The Fouke well has been a good producer, though the
Grant East well suffered from completion problems.
Also, in line with our strategy for 2022, further workovers on
existing wells took place during the year. These have supported our
production volumes and our revenues.
All in all, 2022 provided the Company with the highest
production and revenues since it was founded.
Toward the close of the year, this was a contributing factor to
the increase in the borrowing base of the senior facility provided
to Nostra Terra by WAFD from $3,350,000 to $4,350,000, though
increases in interest rates globally also led to an increase in the
interest rate associated with this facility.
After the year-end, and at the time of writing, we await the
outcome of the Texas Railroad Commission's Field Allowable Hearing
on the Fouke Wells in the Pine Mills Field, East Texas. Our request
to allow production at significantly higher daily rates from these
wells was unopposed; success would mean we can continue to benefit
from the full achievable flow rates of these prolific wells.
In March 2023, we replaced Jeffrey Henry LLP with MAH, Chartered
Accountants as the Company's auditors. Jeffrey Henry LLP no longer
had sufficient capacity to service Nostra Terra and a number of
others of its clients' needs and so had to withdraw from providing
audit services to several companies.
As always, Nostra Terra continues to actively seek out and
assess new opportunities both in the US and further afield. Thank
you for your continuing support throughout the last year.
Dr Stephen Staley
Non-Executive Chairman
1 June 2023
Chief Executive Officer's Report
2022 was a record year of production and revenue for Nostra
Terra, while keeping costs relatively flat, resulting in a
significant increase in gross profit. The Company remained focused
on growth without any dilution to shareholders.
At the beginning of the year, we brought on a new well in Pine
Mills (32.5% working interest). Following this, the Company drilled
a new well on the newly acquired Grant East Lease (100% working
interest). Both of these were funded from existing resources.
Revenues for the year were $4,021,000, an increase of 76% from
$2,282,000 in 2021, reflecting a combination of a 19% increase in
production sales and an improving commodity price environment
(average $91.17 per barrel sold in 2022 compared to $61.45 in
2021). Gross profit before non-cash items (depreciation, depletion,
and amortization) was $2,242,000, vastly improved from a gross loss
of $574,000 in 2021.
The Board continues to focus on its stated aim of increasing
cashflow and reserves for the year ended 2023.
United States
All of Nostra Terra's operations in the US target conventional
reservoirs (i.e., not shale), typically with lower lifting costs
and longer-life reserves than unconventional ones.
Area 2022 Production Percentage of
(Barrels sold) Portfolio by
sales
East Texas 37,341 84.4%
---------------- --------------
West Texas 3,681 8.4%
---------------- --------------
South Texas 3,076 7.2%
---------------- --------------
East Texas (33- 100% WI)
Nostra Terra's core asset is the Pine Mills field (100% WI)
providing stable production. In 2022 production from the area
accounted for 84% of the Company's sales (50-75% WI). Production
remained stable throughout the year from the core producing wells,
while the Company's focus was on growing production in the new
farmout area.
At the beginning of 2022, the Fouke 2 (32.5% WI) well was
drilled and put into production. The well was then tested and
flowed at a rate of 145 bopd over a 24-hour period with a 0%
watercut and placed into continuous production. This production
rate exceeded that of the offset Fouke 1 well by 77% because the
Fouke 1 had been limited by field rules ("allowable") to 82 bopd
per well. As a result of the past performance of the Fouke 1 and
the test rate of the Fouke 2, the operator requested a substantial
increase in the field allowable rate so that both wells can be
produced at higher and more efficient rates. The hearing took place
in April of 2023 and a decision is expected to be handed down
during Q3 2023. Until a decision by the Texas Railroad Commission
is made the operator continues to produce both wells above the
current allowable cap, to obtain sufficient technical information
to support the increased field allowable.
West Texas (50 - 100% WI)
In 2022 production from the area accounted for 8.4% of the
Company's sales (50-75% WI). In April 2022, the Company announced
the Grant East lease acquisition (100% WI) and preparations to
drill. Drilling took place in May 2022. The well encountered 24
feet of gross reservoir section in the Upper Clear Fork and 108
feet of gross reservoir section in the Lower Clear Fork, which
compares favourably with the NTOG-operated wells on an adjoining
lease. However, during the completion operations the fracture
stimulation propagated out of zone and intersected a deeper water
bearing horizon that produced at high water rates, rendering the
well uneconomic to produce. The Company has completed a technical
study of the completion operations and this information will be
used in future operations to improve the completion results. The
well was funded from existing resources, thus avoiding dilution to
shareholders.
South Texas (100% WI)
In 2020 the Company acquired the Caballos Creek asset,
comprising two leases. There are no current plans for expansion in
this area. Production from this area accounted for 7.2% of Company
sales.
Senior Lending Facility
In December 2022, the Company completed a redetermination of its
Senior Lending Facility, resulting in a significant increase in the
Borrowing Base. The Borrowing Base was increased from $2,350,000 at
the end of 2021 to US$4,350,000 based upon a combination of
increased production volumes, reserves, pricing and subsequent
cashflows. The size of the Facility and Borrowing Base will
continue to be reassessed at least twice yearly. The interest rate
ending December 2022 was 6.5%
The Facility is not restricted to any geographical region.
Nostra Terra can deploy funds from the Facility for operational
purposes and acquisitions in its current areas of operation or in
other areas of the world, should the opportunity arise.
Outlook
The Company enjoyed a record year for revenue and cashflow. Two
wells were drilled during the year using existing resources, while
debt levels were reduced. The Company plans to continue to pursue
opportunities both within and outside the existing asset portfolio
where we believe value can be created for shareholders.
We're grateful for the support of our shareholders throughout
the year. On behalf of the entire team at Nostra Terra, we thank
you and look forward to continued success in the future.
Matt Lofgran
Chief Executive Officer
1 June 2023
Consolidated Income Statement
For the year ended 31 December 2022
2022 2021
Notes $'000 $'000
Continuing operations
REVENUE 4,021 2,282
COST OF SALES
Production costs (1,779) (1,708)
Exploration - -
Well impairment (897) -
Depletion, depreciation, amortisation (539) (400)
-------- ---------
Total cost of sales (3,215) (2,108)
GROSS PROFIT 806 174
Share based payment (156) (68)
Administrative expenses (1,074) (908)
Foreign exchange gain/(loss) 26 (130)
OPERATING LOSS 7 (398) (932)
Finance costs 5 (199) (175)
Other income/(charges) 6 51 19
-------- ---------
LOSS BEFORE TAX (546) (1,088)
Income tax 8 - -
LOSS FOR THE YEAR (546) (1,088)
ATTRIBUTABLE TO:
Owners of the company (546) (1,088)
EARNINGS PER SHARE
-------- ---------
Continued operations
Basic & diluted (cents per share) 10 (0.07) (0.16)
The accompanying accounting policies and notes are an integral
part of these financial statements
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2022
2022 2021
$'000 $'000
LOSS FOR THE PERIOD (546) (1,088)
OTHER COMPREHENSIVE INCOME:
Currency translation differences - -
Total comprehensive income for the year (546) (1,088)
------------------------------------------------------- ----- -------
TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE TO:
Owners of the company (546) (1,088)
The accompanying accounting policies and notes are an integral
part of these financial statements
Consolidated Statement of Financial Position
As at 31 December 2022
2022 2021
Notes $'000 $'000
--------------------------------------------------- ------ --------- ---------
ASSETS
NON-CURRENT ASSETS
Intangible assets 11 2,224 2,014
Property, plant and equipment, Oil and gas assets 12 1,308 918
Total non-current assets 3,532 2,932
CURRENT ASSETS
Trade and other receivables 15 558 348
Deposits and prepayments 66 16
Other assets - -
Cash and cash equivalents 16 132 45
Total current assets 756 409
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 17 1,051 948
Borrowings 18 94 518
Lease liabilities 13 - -
Total current liabilities 1,145 1,466
NET CURRENT LIABILITIES (389) (1,057)
NON-CURRENT LIABILITIES
Decommissioning liabilities 17 340 302
Borrowings 18 3,886 2,459
Lease liabilities 13 - -
Total non-current liabilities 4,226 2,761
NET LIABILITIES (1,083) (886)
========= =========
EQUITY
Share capital 19 8,142 8,087
Share premium 22,115 21,976
Share based payment reserve 423 306
Translation reserve (676) (676)
Retained losses (31,087) (30,579)
--------- ---------
Total equity (1,083) (886)
========= =========
The financial statements were approved and authorised for issue
by the Board of Directors on 1 June 2023 and were signed on its
behalf by:
M B Lofgran
Director
Company registration number: 05338258
The accompanying accounting policies and notes are an integral
part of these financial statements
Company Statement of Financial Position
As at 31 December 2022
2022 2021
Notes $'000 $'000
--------------------------------------------------- ------ --------- ---------
ASSETS
NON-CURRENT ASSETS
Fixed asset investments 14 - -
Intangible assets 11 305 345
Property, plant and equipment, Oil and gas assets 12 144 112
Total non-current assets 449 457
CURRENT ASSETS
Trade and other receivables 15 22 9
Cash and cash equivalents 16 17 16
Total current assets 39 25
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 17 2,842 1,262
Borrowings 18 94 518
Total current liabilities 2,936 1,780
NET CURRENT LIABILITIES (2,897) (1,755)
NON-CURRENT LIABILITIES
Decommissioning liabilities 17 22 13
Borrowings 18 130 396
--------- ---------
Total non-current liabilities 152 409
NET LIABILITIES (2,600) (1,707)
========= =========
EQUITY
Share capital 19 8,142 8,087
Share premium 22,115 21,976
Share based payment reserve 423 306
Translation reserve (676) (676)
Retained losses (32,604) (31,400)
--------- ---------
Total equity (2,600) (1,707)
========= =========
The parent company's loss for the financial year was $ 1,242,000
(20 21 : $ 1,3 10 , 000).
The financial statements were approved and authorised for issue
by the Board of Directors on 1 June 2023 and were signed on its
behalf by:
M B Lofgran
Director
Company registration number: 05338258
The accompanying accounting policies and notes are an integral
part of these financial statements
Consolidated Statement of Changes in Equity
For the year ended 31 December 2022
Share Deferred Share Share Translation Retained Total
capital shares premium option reserve losses
reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000
-------------------- -------- -------- -------- -------- ----------- -------- -------
As at 1
January 2021 1,369 6,549 21,508 142 (676) (29,491) (599)
-------------------- -------- -------- -------- -------- ----------- -------- -------
Loss for
the year - - - - - (1,088) (1,088)
-------------------- -------- -------- -------- -------- ----------- -------- -------
Total comprehensive
loss for
the year - - - - - (1,088) (1,088)
-------------------- -------- -------- -------- -------- ----------- -------- -------
Shares issued 169 - 529 - - - 698
Cost of shares
issued - - (61) - - - (61)
Exercise - - - - - - -
of warrants
Share based
payments - - - 164 - - 164
-------------------- -------- -------- -------- -------- ----------- -------- -------
As at 31
December
2021 1,538 6,549 21,976 306 (676) (30,579) (886)
-------------------- -------- -------- -------- -------- ----------- -------- -------
Loss for
the year - - - - - (546) (546)
-------------------- -------- -------- -------- -------- ----------- -------- -------
Total comprehensive
loss for
the year - - - - - (546) (546)
-------------------- -------- -------- -------- -------- ----------- -------- -------
Shares issued 55 - 139 - - - 194
Cost of shares - - - - - - -
issued
Expired options
& warrants - - - (38) - 38 -
Share based
payments - - - 155 - - 155
-------------------- -------- -------- -------- -------- ----------- -------- -------
As at 31
December
2022 1,593 6,549 22,115 423 (676) (31,087) (1,083)
-------------------- -------- -------- -------- -------- ----------- -------- -------
The accompanying accounting policies and notes are an integral
part of these financial statements .
Share capital is the amount subscribed for shares at nominal
value.
Share premium represents the excess of the amount subscribed for
share capital over the nominal value of those shares net of share
issue expenses. Share issue expenses in the year comprise costs
incurred in respect of the issue of new shares.
Share based payment reserve i s a reserve used to recognize the
cost and equity associated with the fair value of issues of share
options and warrants.
Translation reserves arose due to the adoption of US dollars as
the presentational currency at the start of a prior accounting
period.
Retained loss represents the cumulative losses of the company
attributable to owners of the company.
Company Statement of Changes in Equity
For the year ended 31 December 2022
Share Deferred Share Share Translation Retained Total
capital shares premium option reserve losses
reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000
-------------------- -------- -------- -------- -------- ----------- -------- -------
As at 1 January
2021 1,369 6,549 21,508 142 (676) (30,090) (1,198)
-------------------- -------- -------- -------- -------- ----------- -------- -------
Loss for the
year - - - - - (1,310) (1,310)
Total comprehensive
loss for the
year - - - - - (1,310) (1,310)
-------------------- -------- -------- -------- -------- ----------- -------- -------
Shares issued 169 - 529 - - - 698
Cost of shares
issued - - (61) - - - (61)
Exercise of - - - - - - -
warrants
Share based
payments - - - 164 - - 164
-------------------- -------- -------- -------- -------- ----------- -------- -------
As at 31
December 2021 1,538 6,549 21,976 306 (676) (31,400) (1,707)
-------------------- -------- -------- -------- -------- ----------- -------- -------
Loss for the
year - - - - - (1,242) (1,242)
Total comprehensive
loss for the
year - - - - - (1,242) (1,242)
-------------------- -------- -------- -------- -------- ----------- -------- -------
Shares issued 55 - 139 - - - 194
Cost of shares - - - - - - -
issued
Expired options
& warrants - - - (38) - 38 -
Share based
payments - - - 155 - - 155
-------------------- -------- -------- -------- -------- ----------- -------- -------
As at 31
December 2022 1,593 6,549 22,115 423 (676) (32,604) (2,600)
-------------------- -------- -------- -------- -------- ----------- -------- -------
The accompanying accounting policies and notes are an integral
part of these financial statements .
Share capital is the amount subscribed for shares at nominal
value.
Share premium represents the excess of the amount subscribed for
share capital over the nominal value of those shares net of share
issue expenses. Share issue expenses in the year comprise costs
incurred in respect of the issue of new shares.
Share based payment reserve i s a reserve used to recognize the
cost and equity associated with the fair value of issues of share
options and warrants.
Translation reserves arose due to the adoption of US dollars as
the presentational currency at the start of a prior accounting
period.
Retained loss represents the cumulative losses of the company
attributable to owners of the company.
Consolidated and Company Statement of Cash Flows
For the year ended 31 December 2022
GROUP COMPANY
------------------ ------------------
2022 2021 2022 2021
$ ' 000 $ ' 000 $ ' 000 $ ' 000
-------- -------- -------- --------
LOSS FOR THE YEAR (546) (1,088) (1,242) (1,310)
ADJUSTMENTS FOR:
Depreciation 299 208 18 13
Amortisation 202 173 40 40
Depletion 38 38 8 -
Well impairment 897 - - -
Foreign exchange 26 - 28 -
Share based payments 156 68 156 68
Other income (51) (21) - -
Operating cash flows 1,021 (622) (992) (1,189)
Decrease/(increase) in receivables (211) 66 (13) 98
(Increase)/decrease in other - -
assets - -
(Decrease)/increase in payables 105 285 1,543 852
(Increase)/decrease in deposits
& prepayments (50) 26 - -
Interest paid 199 175 26 110
Net cash generated / (used)
in operating activities 846 (70) 564 (129)
------------------------------------ -------- -------- -------- --------
Cash flows from investing
activities:
Purchase of plant and equipment (719) (346) (50) (49)
Purchase of intangibles (1,318) (160) - -
Disposals 40 - - -
Increase in decommissioning
liabilities 38 36 9 9
Net cash used in investing
activities (1,959) (470) (41) (40)
------------------------------------ -------- -------- -------- --------
Cash flows from financing
activities
Shares issued 194 794 194 794
Costs of shares issued - (61) - (61)
Net borrowing 1,003 (29) (690) (452)
Finance costs (199) (175) (26) (110)
Lease payments (16) (16) - -
Net cash from / (used) in
financing activities 982 513 (522) 171
------------------------------------ -------- -------- -------- --------
Net (decrease)/increase in
cash and cash equivalents 87 (27) 1 2
Cash and cash equivalents at
the beginning of the year 45 72 16 14
Cash and cash equivalents
at the end of the year 132 45 17 16
------------------------------------ -------- -------- -------- --------
The accompanying accounting policies and notes are an integral
part of these financial statements .
Notes to the Financial Statements
For the year ended 31 December 2022
General Information
Nostra Terra Oil and Gas Company plc (Nostra Terra) is a company
incorporated in England and Wales and quoted on the AIM market of
the London Stock Exchange. The address of the registered office is
disclosed on the company information page of this annual report.
The principal activity of the group is described in the directors'
report.
1. Summary of significant accounting policies
The financial statements are presented in United States Dollars,
rounded to the nearest $'000, as that is the currency of the
primary environment in which the Group operates.
The principal accounting policies applied in the preparation of
these financial statements are set out below. These policies have
been consistently applied to all the years presented, unless
otherwise stated.
Basis of preparation
These financial statements have been prepared in accordance with
UK adopted International Financial Reporting Standards and IFRIC
interpretations issued by the International Accounting Standards
Board (IASB) (IFRS) and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS.
The financial statements have been prepared under the historical
cost convention.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the accounting policies. The areas involving a higher
degree of judgement or complexity, or areas where assumptions and
estimates are significant to the financial statements, are
disclosed in note 2.
Going concern
The financial statements have been prepared on the assumption
that the group is a going concern. When assessing the foreseeable
future, the directors have looked at a period of 12 months from the
date of approval of this report.
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out in the Chief Executive Officer's report and Directors'
report. In addition, note 20 to the financial statements includes
the group's objectives, policies and processes for managing its
capital, its financial risk management objectives and its exposures
to credit risk and liquidity risk.
The Group's forecasts and projections, taking account of
reasonable possible changes in trading performance, show that the
group should be able to operate within the level of its current
cash resources , however a material uncertainty exists in relation
to the Group's ability to repay its liabilities as they become due.
We note that as at the balance sheet date, the group has net
current liabilities of $389k and net liabilities of $1,083k.
After making enquiries, the directors have a reasonable
expectation that the company and group have adequate resources to
continue in operational existence for the foreseeable future. T hey
continue to adopt the going concern basis in preparing the annual
report and financial statements , however as noted above a material
uncertainty exists which may cast significant doubt on the Group's
ability to continue operating as a going concern.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
1. Summary of significant accounting policies (continued)
New standards, amendments and interpretations adopted by the
Group and Company
The following IFRS or IFRIC interpretations were effective for
the first time for the financial year beginning 1 January 2022.
Their adoption has not had any material impact on the disclosures
or on the amounts reported in these financial statements:
Standards /interpretations Application
--------------------------- ---------------------------------------
Amendments to IFRS
9, IAS 39, IFRS 7, Interest rate benchmark reform
IFRS 4 and IFRS 16
IFRS 3 amendments Business Combinations
IAS 16 amendments Property, Plant and Equipment
IAS 37 Amendments Provisions, Contingent Liabilities and
Contingent Assets
N/A Annual Improvements to IFRS Standards
2018-2020 Cycle
New standards, amendments and interpretations not yet
adopted
Standards /interpretations Application
--------------------------- -----------------------------------------------
IAS 1 amendments Presentation of Financial Statements:
Classification of Liabilities as Current
or Non-Current and Non-Current Liabilities
with Covenants Date: Effective 1 January
2024
IAS 1 amendments Presentation of Financial Statements
and IFRS Practice Statement 2: Disclosure
of Accounting Policies:
Effective 1 January 2023
IAS 8 amendments Changes in Accounting Estimates and
Errors: Definition of Accounting estimates:
Effective 1 January 2023
IAS 12 amendments Deferred Tax related to Assets and Liabilities
arising from a Single Transaction: Effective
1 January 2023
IFRS 16 amendments Lease Liability in a Sale and Leaseback:
Effective 1 January 2024
IFRS 17 Insurance Contracts: Effective 01 January
2023
There are no IFRS's or IFRIC interpretations that are not yet
effective that would be expected to have a material impact on the
Company or Group.
Basis of consolidation
Where the company has the power, either directly or indirectly,
to govern the financial and operating policies of another entity or
business so as to obtain benefits from its activities, it is
classified as a subsidiary. The consolidated financial statements
present the results of the company and its subsidiaries ("the
Group") as if they formed a single entity. Intercompany
transactions and balances between group companies are therefore
eliminated in full.
The consolidated financial statements incorporate the results of
business combinations using the purchase method. In the statement
of financial position, the acquiree's identifiable assets,
liabilities and contingent liabilities are initially recognised at
their fair values at the acquisition date. The results of acquired
operations are included in the consolidated statement of
comprehensive income from the date on which control is obtained.
They are deconsolidated from the date control ceases.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
1. Summary of significant accounting policies (continued)
Subsidiaries
The purchase method of accounting is used to account for the
acquisition of subsidiaries by the group. The cost of an
acquisition is measured as the fair value of the assets given,
equity instruments issued and liabilities incurred or assumed at
the date of exchange, plus costs directly attributable to the
acquisition. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition date,
irrespective of the extent of any minority interest. The excess of
the cost of acquisition over the fair value of the group's share of
the identifiable net assets acquired is recorded as goodwill. If
the cost of acquisition is less than the fair value of the net
assets of the subsidiary acquired, the difference is recognised
directly in the income statement.
Inter-company transactions, balances and unrealised gains on
transactions between group companies are eliminated. Unrealised
losses are also eliminated but considered an impairment indicator
of the asset transferred. Accounting policies of subsidiaries have
been changed where necessary to ensure consistency with the
policies adopted by the group.
Goodwill
Goodwill represents the excess of the cost of an acquisition
over the fair value of the group's share of the net identifiable
assets of the acquired subsidiary or associate at the date of
acquisition. Goodwill on acquisitions of subsidiaries is included
in 'intangible assets'. Separately recognised goodwill is tested
annually for impairment and carried at cost less accumulated
impairment losses. Impairment losses on goodwill are not reversed.
Gains and losses on the disposal of an entity include the carrying
amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose
of impairment testing. The allocation is made to those
cash-generating units or groups of cash-generating units that are
expected to benefit from the business combination in which the
goodwill arose. The group allocates goodwill to each business
segment in each country in which it operates.
Impairment of non-financial assets
Assets that have an indefinite useful life, for example
goodwill, are not subject to amortisation and are tested annually
for impairment. Assets that are subject to amortisation are
reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset's
carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset's fair value less costs to sell
and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately
identifiable cash flows (cash-generating units). Non-financial
assets other than goodwill that suffered impairment are reviewed
for possible reversal of the impairment at each reporting date.
Where an impairment loss subsequently reverses, the carrying
amount of the asset (cash-generating unit) is increased to the
revised estimated of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised
for the asset (cash-generating unit) in prior years. A reversal of
an impairment loss is recognised as income immediately, unless the
relevant asset is carried art a revalued amount in which case the
reversal of impairment loss is treated a revaluation increase.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
1. Summary of significant accounting policies (continued)
Property, plant and equipment
Tangible non-current assets are stated at historical cost less
depreciation. Historical cost includes expenditure that is directly
attributable to the acquisition of the items.
Subsequent costs are included in the asset's carrying amount or
recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item
will flow to the group and the cost of the item can be measured
reliably. The carrying amount of the replaced part is derecognised.
All other repairs and maintenance are charged to the income
statement during the financial year in which they are incurred.
Depreciation is provided at the following annual rates in order to
write off each asset over its estimated useful life:
Plant and machinery - over 7 years
The assets' residual values and useful economic lives are
reviewed, and adjusted if appropriate, at each statement of
financial position date. An asset's carrying amount is written down
immediately to its recoverable amount if the asset's carrying
amount is greater than its estimated recoverable value. Gains and
losses on disposals are determined by comparing the proceeds with
the carrying amount and are recognised within other (losses) or
gains in the income statement. When revalued assets are sold, the
amounts included in other reserves are transferred to retained
earnings.
Investments
Investments are stated at cost less provision for any impairment
value.
Cash and cash equivalents
Included in the statement of financial position comprise cash at
bank and in hand and other short-term highly liquid investments
with original maturities of three months or less.
For the purposes of the statement of cash flows, cash and cash
equivalents consist of cash and cash equivalents as defined above,
net of outstanding bank overdrafts.
Trade receivables
Trade receivables are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest method, less provision for impairment. A provision for
impairment is established when there is objective evidence that the
group will not be able to collect all amounts due according to the
original terms of the receivables. Significant financial
difficulties of the debtor, probability that the debtor will enter
bankruptcy or financial reorganisation, and default or delinquency
in payments are considered indicators that the trade receivable is
impaired.
Trade payables
Trade payables are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest method.
Borrowings
Borrowings are recognised initially at fair value, net of
transaction costs incurred. Borrowings are subsequently stated at
amortised cost; any difference between the proceeds (net of
transaction costs) and the redemption value is recognised in the
income statement over the year of the borrowings using the
effective interest method.
Borrowings are classified as current liabilities unless the
group has an unconditional right to defer settlement of the
liability for at least 12 months after the balance sheet date.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
1. Summary of significant accounting policies (continued)
Functional currency translation
(i) Functional and presentation currency
Items included in the financial statements of the group are
measured using the currency of the primary economic environment in
which the entity operates (the functional currency), which is
mainly United States Dollars (US$). The financial statements are
presented in United States Dollars (US$), which is the group's
presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the
presentational currency using exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and
liabilities denominated in foreign currencies are recognised in the
income statement.
(iii) Group Companies
All consolidated entities are presented in US$ and so no
translation is required on consolidation.
Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax. The tax currently payable is based on the taxable
profit for the year. Taxable profit differed from net profit as
reported in the income statement because it excludes items of
income or expense that are taxable or deductible in other years and
it further excludes items that are never taxable or deductible. The
entity's liability for current tax is calculated using tax rates
that have been enacted or substantively enacted by the statement of
financial position date.
Deferred tax
Deferred tax is recognised on differences between the carrying
amounts of assets and liabilities in the financial statements and
the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the statement of financial
position liability method. Deferred tax liabilities are generally
recognised for all taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible
temporary differences can be utilised. Such assets and liabilities
are not recognised if the temporary arises from goodwill or from
the initial recognition) other than in a business combination) of
other assets and liabilities in a transaction that affects neither
the taxable profit nor the accounting profit.
The carrying amount of deferred tax is reviewed at each
statement of financial position date and reduced to the extent that
it is no longer probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled or the asset
realised. Deferred tax is charged or credited directly to equity;
in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a
legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Company intends to settle
its current tax assets and liabilities on a net basis.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
1. Summary of significant accounting policies (continued)
Financial instruments
Financial assets and financial liabilities are initially
classified as measured at amortised cost, fair value through other
comprehensive income, or fair value through profit and loss when
the group becomes a party to the contractual provisions of the
instrument. Financial assets are derecognised when the contractual
rights to the cash flows expire, or the group no longer retains the
significant risks or rewards of ownership of the financial asset.
Financial liabilities are derecognised when the obligation is
discharged, cancelled or expires.
Financial assets are classified dependent on the group's
business model for managing the financial and the cash flow
characteristics of the asset. Financial liabilities are classified
and measured at amortised cost except for trading liabilities, or
where designated at original recognition to achieve more relevant
presentation. The group classifies its financial assets and
liabilities into the following categories:
Financial assets at amortised cost
The group's financial assets at amortised cost comprise trade
and other receivables. These represent debt instruments with fixed
or determinable payments that represent principal or interest and
where the intention is to hold to collect these contractual cash
flows. They are initially recognised at fair value, included in
current and non-current assets, depending on the nature of the
transaction, and are subsequently measured at amortised cost using
the effective interest method less any provision for
impairment.
Impairment of trade and other receivables
In accordance with IFRS 9 an expected loss provisioning model is
used to calculate an impairment provision. We have implemented the
IFRS 9 simplified approach to measuring expected credit losses
arising from trade and other receivables, being a lifetime expected
credit loss. This is calculated based on an evaluation of our
historic experience plus an adjustment based on our judgement of
whether this historic experience is likely reflective of our view
of the future at the balance sheet date. In the previous year the
incurred loss model is used to calculate the impairment
provision.
Financial liabilities at amortised cost
Financial liabilities at amortised cost comprise finance lease
obligations and trade and other payables. They are classified as
current and non-current liabilities depending on the nature of the
transaction, are subsequently measured at amortised cost using the
effective interest method.
Financial assets at fair value through profit and loss
The group holds a derivative against the price of oil held for
operation purposes. These are recognised and measured at fair value
using the most recent available market price with gains and losses
recognised immediately in the profit and loss.
The fair value measurement of the group's financial and non-
financial assets and liabilities utilises market observable inputs
and data as far as possible. Inputs used in determining fair value
measurements are categorised into different levels based on how
observable the inputs used in the valuation technique utilised are
(the 'fair value hierarchy').
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
1. Summary of significant accounting policies (continued)
Financial assets at fair value through profit and loss
(continued)
Level 1 Quoted prices in active markets
Level 2 Observable direct or indirect inputs other than Level 1 inputs
Level 3 Inputs that are not based on observable market data
The group measures financial instruments relating to platform
holdings at fair value using Level 1.
The company provides financial guarantees to licensed banks for
credit facilities extended to a subsidiary company. The fair value
of such financial guarantees is not expected to be significantly
different as the probability of the subsidiary company defaulting
on the credit lines is remote.
Oil and gas assets
The group applies the successful efforts method of accounting
for oil and gas assets and has adopted IFRS 6 Exploration for and
evaluation of mineral resources.
Exploration and evaluation ("E&E") assets
Under the successful efforts method of accounting, all licence
acquisition, exploration and appraisal costs are initially
capitalised in well, field or specific exploration cost centres as
appropriate, pending determination. Expenditure incurred during the
various exploration and appraisal phases is then written off unless
commercial reserves have been established or the determination
process has not been completed.
Pre-licence costs
Costs incurred prior to having obtained the legal rights to
explore an area are expensed directly to the income statement as
they are incurred.
Exploration and evaluation ("E&E") costs
Costs of E&E are initially capitalised as E&E assets.
Payments to acquire the legal right to explore, together with the
directly related costs of technical services and studies, seismic
acquisition, exploratory drilling and testing are capitalised as
intangible E&E assets.
Tangible assets used in E&E activities (such as the group's
drilling rigs, seismic equipment and other property, plant and
equipment used by the company's exploration function) are
classified as property, plant and equipment. However, to the extent
that such a tangible asset is consumed in developing an intangible
E&E asset, the amount reflecting that consumption is recorded
as part of the cost of the intangible asset. Such intangible costs
include directly attributable overheads, including the depreciation
of property, plant and equipment utilised in E&E activities,
together with the cost of other materials consumed during the
exploration and evaluation phases.
E&E costs are not amortised prior to the conclusion of
appraisal activities.
Treatment of E&E assets at conclusion of appraisal
activities
Intangible E&E assets relating to each exploration
licence/prospect are carried forward until the existence (or
otherwise) of commercial reserves has been determined, subject to
certain limitations including review for indications of impairment.
If commercial reserves are discovered the carrying value, after any
impairment loss of the relevant E&E assets, is then
reclassified as development and production assets. If, however,
commercial reserves are not found, the capitalised costs are
charged to expense after conclusion of appraisal activities.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
1. Summary of significant accounting policies (continued)
Development and production assets
Development and production assets are accumulated generally on a
field-by-field basis and represent the cost of developing the
commercial reserves discovered and bringing them into production,
together with the E&E expenditures incurred in finding
commercial reserves transferred from intangible E&E assets as
outlined above.
The cost of development and production assets also includes the
cost of acquisitions and purchases of such assets, directly
attributable overheads and the cost of recognising provisions for
future restoration and decommissioning.
Decommission ing liability
Where a material liability for the removal of production
facilities and site restoration at the end of the productive life
of the assets exist, a provision for decommissioning liability is
recognised. The amount recognised is the present value of estimated
future expenditure determined in accordance with local conditions
and requirements. An intangible asset of an amount equivalent to
the provision is recognised and depreciated on a unit production
basis. Changes in estimates are recognised prospectively, with
corresponding adjustments to the provision and the associated
intangible asset. Period changes in the present value arising from
discounting are included in depletion, depreciation and
amortisation cost in cost of sales.
Commercial reserves
Commercial reserves are proven and probable oil and gas
reserves, which are defined as the estimated quantities of crude
oil, natural gas and natural gas liquids which geological,
geophysical and engineering data demonstrate with a specified
degree of certainty to be recoverable in future years from known
reservoirs and which are considered commercially producible.
Depletion, amortisation and impairment of oil and gas assets
All expenditure carried within each field is amortised from the
commencement of production on a unit of production basis, which is
the ratio of oil and gas production in the period to the estimated
quantities of commercial reserves at the end of the period plus the
production in the period, on a field-by-field basis. Costs used in
the unit of production calculation comprise the net book value of
capitalised costs plus the estimated future field development costs
to access the related commercial reserves. Changes in the estimates
of commercial reserves or future field development costs are dealt
with prospectively.
Where there has been a change in economic conditions that
indicates a possible impairment in an oil and gas asset, the
recoverability of the net book value relating to that field is
assessed by comparison with the estimated discounted future cash
flows based on management's expectations of future oil and gas
prices and future costs. Any impairment identified is charged to
the income statement as additional depletion and amortisation.
Where conditions giving rise to impairment subsequently reverse,
the effect of the impairment charge is also reversed as a credit to
the income statement, net of any depreciation that would have been
charged since the impairment.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
1. Summary of significant accounting policies (continued)
Depletion, amortisation and impairment of oil and gas assets
All expenditure carried within each field is amortised from the
commencement of production on a unit of production basis, which is
the ratio of oil and gas production in the period to the estimated
quantities of commercial reserves at the end of the period plus the
production in the period, on a field-by-field basis. Costs used in
the unit of production calculation comprise the net book value of
capitalised costs plus the estimated future field development costs
to access the related commercial reserves. Changes in the estimates
of commercial reserves or future field development costs are dealt
with prospectively.
Where there has been a change in economic conditions that
indicates a possible impairment in an oil and gas asset, the
recoverability of the net book value relating to that field is
assessed by comparison with the estimated discounted future cash
flows based on management's expectations of future oil and gas
prices and future costs. Any impairment identified is charged to
the income statement as additional depletion and amortisation.
Where conditions giving rise to impairment subsequently reverse,
the effect of the impairment charge is also reversed as a credit to
the income statement, net of any depreciation that would have been
charged since the impairment.
Share-based compensation
The fair value of the employee and suppliers' services received
in exchange for the grant of the options is recognised as an
expense. The total amount to be expensed over the vesting year is
determined by reference to the fair value of the options granted,
excluding the impact of any non-market vesting conditions (for
example, profitability and sales growth targets).
Non-market vesting conditions are included in assumptions about
the number of options that are expected to vest. At each statement
of financial position date, the entity revises its estimates of the
number of options that are expected to vest. It recognises the
impact of the revision to original estimates, if any, in the income
statement, with a corresponding adjustment to equity. The proceeds
received net of any directly attributable transaction costs are
credited to share capital (nominal value) and share premium when
the options are exercised.
The fair value of share-based payments recognised in the
statement of comprehensive income is measured by use of the Black
Scholes model, which takes into account conditions attached to the
vesting and exercise of the equity instruments. The expected life
used in the model is adjusted; based on management's best estimate,
for the effects of non-transferability, exercise restrictions and
behavioural considerations. The share price volatility percentage
factor used in the calculation is based on management's best
estimate of future share price behaviour and is selected based on
past experience, future expectations and benchmarks against peer
companies in the industry.
The Group does not operate any cash-settled share-based payments
and as such are not affected by the amendments to IFRS 2 -
Share-based payments.
Revenue recognition
Revenue comprises the fair value of the consideration received
or receivable in relation to the proceeds by the prospects which
the company has a working interest in. Revenue is shown net of
value-added tax, returns, rebates and discounts and after
eliminating sales within the group. Revenue is recognised when the
oil and gas produced is despatched and received by the customers.
The directors consider this the point when the Company's
performance obligation is satisfied.
The directors consider that revenue generation is exclusively
for oil production in the US and so no further segmentation is
required.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
1. Summary of significant accounting policies (continued)
Leased assets
The Group as a lessee
A lease is defined as 'a contract, or part of a contract, that
conveys the right to use an asset (the underlying asset) for a
period of time in exchange for consideration'.
To apply this definition the Group assesses whether the contract
meets three key evaluations which are whether:
-- the contract contains an identified asset, which is either
explicitly identified in the contract or implicitly specified by
being identified at the time the asset is made available to the
Group
-- the Group has the right to obtain substantially all of the
economic benefits from use of the identified asset throughout the
period of use, considering its rights within the defined scope of
the contract
-- the Group has the right to direct the use of the identified
asset throughout the period of use. The Group assess whether it has
the right to direct 'how and for what purpose' the asset is used
throughout the period of use.
Measurement and recognition of leases as a lessee
At lease commencement date, the Group recognises a right-of-use
asset and a lease liability on the balance sheet. The right-of-use
asset is measured at cost, which is made up of the initial
measurement of the lease liability, any initial direct costs
incurred by the Group, an estimate of any costs to dismantle and
remove the asset at the end of the lease, and any lease payments
made in advance of the lease commencement date (net of any
incentives received).
The Group depreciates the right-of-use assets on a straight-line
basis from the lease commencement date to the earlier of the end of
the useful life of the right-of-use asset or the end of the lease
term. The Group also assesses the right-of-use asset for impairment
when such indicators exist.
At the commencement date, the Group measures the lease liability
at the present value of the lease payments unpaid at that date,
discounted using the interest rate implicit in the lease if that
rate is readily available or the Group's incremental borrowing
rate.
Lease payments included in the measurement of the lease
liability are made up of fixed payments (including in substance
fixed), variable payments based on an index or rate, amounts
expected to be payable under a residual value guarantee and
payments arising from options reasonably certain to be
exercised.
Subsequent to initial measurement, the liability will be reduced
for payments made and increased for interest. It is remeasured to
reflect any reassessment or modification, or if there are changes
in in-substance fixed payments.
When the lease liability is remeasured, the corresponding
adjustment is reflected in the right-of-use asset, or profit and
loss if the right-of-use asset is already reduced to zero.
The Group has elected to account for short-term leases and
leases of low-value assets using the practical expedients. Instead
of recognising a right-of-use asset and lease liability, the
payments in relation to these are recognised as an expense in
profit or loss on a straight-line basis over the lease term.
On the statement of financial position, right-of-use assets have
been included in property, plant and equipment and lease
liabilities have been included in trade and other payables.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
1. Summary of significant accounting policies (continued)
2. Critical accounting estimates and judgements
The preparation of consolidated financial statements requires
the group to make estimates and assumptions that affect the
application of policies and reported amounts. Estimates and
judgments are continually evaluated and are based on historical
experience and other factors including expectations of future
events that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates. The estimates and
assumptions which have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities are
discussed below:
Impairment of property, plant and equipment
Property, plant and equipment are reviewed for impairment if
events or changes in circumstances indicate that the carrying
amount may not be recoverable. When a review for impairment is
conducted, the recoverable amount is determined based on value in
use calculations prepared on the basis of management's assumptions
and estimates.
Recoverability of exploration and evaluation costs
E&E assets are assessed for impairment when circumstances
suggest that the carrying amount may exceed its recoverable value
including decommissioning costs. This assessment involves judgment
as to (i) the likely future commerciality of the asset and when
such commerciality should be determined, and (ii) future revenues
and costs pertaining to the asset in question, and the discount
rate to be applied to such revenues and costs for the purpose of
deriving a recoverable value.
Share-based payments
Note 1 sets out the group's accounting policy on share-based
payments, specifically in relation to the share options and
warrants that the company has granted. The key assumptions
underlying the fair value of such share-based payments are
discussed in note 23. The fair value amounts used by the group have
been derived by external consultants using standard recognised
valuation techniques.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
3. Segmental analysis
In the opinion of the directors, the group has one class of
business, being the exploitation of hydrocarbon resources.
The group's primary reporting format is determined by
geographical segment according to the location of the hydrocarbon
assets. The group's reportable segments under IFRS 8 in the year
are as follows:
United Kingdom - being the location of the head office.
US Mid-Continent properties at year end included the
following:
-- East Texas: 100% working interest in the Pine Mills oilfield
-- East Texas: 32.5% working interest in the Cypress farmout area of Pine Mills
-- West Texas: 50- 100 % working interest leases located in the Permian Basin
-- South Texas: 100% working interest in the Caballos Creek oilfield
The chief operating decision maker's internal report for the
year ended 31 December 20 22 is based on the location of the oil
properties as disclosed in the below table:
SEGMENTAL RESULTS US mid-continent 2022 Head office Total
$'000 2022 2022
$'000 $'000
-------------------------------------------------------------------- ----------------------- ------------- --------
Revenue 4,021 - 4,021
Operating profit (loss) before depreciation, well impairment,
share-based payment charges,
restructuring costs and gain (loss) on sale of assets and foreign
exchange: 2,217 (1,087) 1,130
Depreciation of tangibles (299) - (299)
Amortisation of intangibles (202) - (202)
Exploration - - -
Well impairment (897) - (897)
Share based payments - (156) (156)
-------------------------------------------------------------------- ----------------------- ------------- --------
Realised exchange loss (2) 28 26
Operating profit/ (loss) 817 (1,215) (398)
-------------------------------------------------------------------- ----------------------- ------------- --------
Finance expense (172) (27) (199)
Other income (expense) 51 - 51
-------------------------------------------------------------------- ----------------------- ------------- --------
Profit/ (loss) before taxation 696 (1,242) (546)
-------------------------------------------------------------------- ----------------------- ------------- --------
SEGMENTAL ASSETS
Property, plant and equipment 1,308 - 1,308
Intangible assets 2,224 - 2,224
Cash and cash equivalents 115 17 132
Trade and other receivables 602 22 624
4,249 39 4,288
-------------------------------------------------------------------- ----------------------- ------------- --------
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
3. Segmental analysis (continued)
The chief operating decision maker's internal report for the
year ended 31 December 20 21 is based on the location of the oil
properties as disclosed in the below table (restated) :
SEGMENTAL RESULTS US mid-continent 2021 Head office Total
$ ' 000 2021 2021
$ ' 000 $ ' 000
------------------------------------------------------------------ ----------------------- ------------- ----------
Revenue 2,282 - 2,282
Operating profit (loss) before depreciation, well impairment,
share-based payment charges,
restructuring costs and gain (loss) on sale of assets and
foreign exchange: 616 (970) (354)
Depreciation of tangibles (209) - (209)
Amortisation of intangibles (173) - (173)
Exploration - - -
Well impairment - - -
Share based payments - (68) (68)
------------------------------------------------------------------ ----------------------- ------------- ----------
Realised exchange loss (2) (128) (130)
Operating profit/ (loss) 232 (1,166) (934)
------------------------------------------------------------------ ----------------------- ------------- ----------
Finance expense (65) (110) (175)
Other income (expense) - 21 21
------------------------------------------------------------------ ----------------------- ------------- ----------
Profit/ (loss) before taxation 167 (1,255) (1,088)
------------------------------------------------------------------ ----------------------- ------------- ----------
SEGMENTAL ASSETS
Property, plant and equipment 2,014 - 2,014
Intangible assets 918 - 918
Cash and cash equivalents 9 36 45
Trade and other receivables 355 9 364
3,296 45 3,341
------------------------------------------------------------------ ----------------------- ------------- ----------
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
4. Employees and Directors
2022 2021
$'000 $'000
------ ------
Directors' fees 127 110
Directors' remuneration 275 219
Social security costs 14 19
------ ------
416 348
2022 2021
Number Number
------- -------
The average monthly number of employees
(including directors)
during the year was as follows:
Directors 4 3
Directors' remuneration
Other than the directors, the group had no other employees.
Total remuneration paid to directors during the year was as listed
above.
The director's emoluments and other benefits for the year ended
31 December 2022 is as follows:
2022 2021
$'000 $'000
------ ------
M B Lofgran 275 219
====== ======
5. Finance expense
2022 2021
$'000 $'000
------ ------
Finance expense 199 175
====== ======
Finance expense relates to interest charged on borrowings.
Further details for which can be found in note 18.
6. Other income
2022 2021
$'000 $'000
------ ------
Other income/ (charge) 51 19
51 19
Other income relates to sundry income received from operating
oil wells in addition to the oil sales .
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
7. Operating loss
Restated
2022 2021
$'000 $'000
------- ---------
The operating loss the year ended 31 December
is stated after
after charging/ (crediting)
Depreciation of property, plant and equipment 299 209
Amortisation of intangibles 202 173
Well impairment 897 -
The analysis of administrative expenses
in the consolidated income statement by
nature of expense:
Directors' remuneration 275 219
Depreciation on ROU asset - 16
Social security costs 14 19
Directors' fees 127 110
Travelling and entertainment 23 35
Accountancy fees 81 44
Legal and professional fees 218 183
Auditors' remuneration 27 6
Bad debt costs - -
Other expenses 309 276
------- ---------
1,074 908
8. Income tax
The income tax charge for the year was as follows:
2022 2021
$'000 $'000
------ --------
Current tax - -
Corporation tax - -
Overseas corporation tax - -
TOTAL - -
Loss before tax (546) (1,088)
Loss on ordinary activities before taxation
multiplied by the
standard rate of UK corporation tax of
19% (2021:19%) (104) (207)
Effects of:
Non-deductible expenses 30 -
Other tax adjustments 74 207
Foreign tax - -
------ --------
CURRENT TAX CHARGE - -
====== ========
At 31 December 202 2 , the Company had an estimated excess
management expenses to carry forward of $ 5 ,942,883 (2021:
$5,552,821). The deferred tax asset at 19% (2021: 19%) on these tax
losses of $1,1 29 ,000 (202 1 : $1,0 55 , 000 ) has not been
recognised due to the uncertainty of recovery. The current US
corporate tax rate is 21%.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
9. Loss of Parent Company
As permitted by Section 408 of the Companies Act 2006, the
income statement of the parent company is not presented as part of
these financial statements. The parent company's loss for the
financial year was $1,242,000 (20 21 : $ 1,3 10 , 000 ).
10. Earnings per share
The calculation of earnings per ordinary share is based on
earnings after tax and the weighted average number of ordinary
shares in issue during the year. For diluted earnings per share,
the weighted average number of ordinary shares in issue is adjusted
to assume conversion of all dilutive potential ordinary shares. The
group had two classes of dilutive potential ordinary shares, being
those share options granted to employees and suppliers where the
exercise price is less than the average market price of the group's
ordinary shares during the year, and warrants granted to directors
and one former adviser.
Details of the adjusted earnings per share are set out
below:
2022 2021
GROUP
------------ ------------
Loss attributable to ordinary shareholders
($'000) (546) (1,088)
Weighted average number of shares 732,742,452 692,287,657
------------ ------------
CONTINUED OPERATIONS:
BASIC AND DILUTED EPS - LOSS (cents) (0.07) (0.16)
The diluted loss per share is the same as the basic loss per
share as the loss for the year has an antidilutive e ffect.
Restated
2022 2021
$'000 $'000
------- ---------
Gross profit/(loss) before depreciation,
depletion, amortisation and impairment 2,242 574
EPS on gross profit before depreciation,
depletion, amortisation and impairment
(cents) 0.30 0.08
RECONCILIATION FROM GROSS LOSS TO GROSS
PROFIT BEFORE DEPLETION, DEPRECIATION,
AMORTISATION AND IMPAIRMENT
Gross profit/(loss) 806 174
ADD BACK:
Exploration - -
Well impairment 897 -
Depletion, depreciation and amortisation 539 400
Gross profit before depletion, depreciation,
amortisation and impairment 2,242 574
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
11. Intangible assets
GROUP Exploration Development
& evaluation & production
Licences assets assets Total
$'000 $'000 $'000 $'000
--------- -------------- -------------- -------
COST
At 1 January 2021 524 1,939 2,823 5,286
Additions - 10 150 160
Disposals - - - -
--------- -------------- -------------- -------
At 31 December 2021 524 1,949 2,973 5,446
Additions - - 1,319 1,319
Disposals - (10) - (10)
--------- -------------- -------------- -------
524 1,939 4,292 6,755
At 31 December 2022
PROVISON
At 1 January 2021 524 1,939 796 3,259
Charge for the year - - 173 173
Impairment - - - -
Disposals - - - -
--------- -------------- -------------- -------
At 31 December 2021 524 1,939 969 3,432
Charge for the year - - 202 202
Impairment - - 897 897
Disposals - - - -
--------- -------------- -------------- -------
524 1,939 2,068 4,531
At 31 December 2022
CARRYING VALUE
At 31 December 2022 - - 2,224 2,224
--------- -------------- -------------- -------
At 31 December 2021 - 10 2,004 2,014
The G roup assesses at each reporting date whether there is an
indication that the intangible assets may be impaired, by
considering the net present value of discounted cash flows
forecasts. If an indication exists an impairment review is carried
out by reference to available engineering information. At the year
-end, $ 897,000 (20 21 : $ nil ) was provided for the well at Grant
East #1 .
Amortisation, impairment charges and any profit or loss on
disposal of the capitalised intangible costs is included within
cost of sales in the consolidated income statement.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
11. Intangible assets (continued)
COMPANY Development
& production
assets Total
$'000 $'000
-------------- -------
COST
At 1 January 2021 398 398
Additions - -
Disposals - -
-------------- -------
At 31 December 2021 398 398
Additions - -
Disposals - -
-------------- -------
398 398
At 31 December 2022
PROVISON
At 1 January 2021 13 13
Charge for the year 40 40
Impairment - -
Disposals - -
-------------- -------
At 31 December 2021 53 53
Charge for the year 40 40
Impairment - -
Disposals - -
-------------- -------
93 93
At 31 December 2022
CARRYING VALUE
At 31 December 2022 305 305
-------------- -------
At 31 December 2021 345 345
The Company assesses at each reporting date whether there is an
indication that the intangible assets may be impaired, by
considering the net present value of discounted cash flows
forecasts. If an indication exists an impairment review is carried
out by reference to available engineering information. At the year
-end, $ nil (20 21 : $ nil ) was provided.
Amortisation, impairment charges and any profit or loss on
disposal of the capitalised intangible costs is included within
cost of sales in the consolidated income statement.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
12. Property, plant and equipment
GROUP Office space -
right of use Plant & equipment - oil and gas assets Total
$'000 $'000 $'000
--------------- --------------------------------------- -------
COST
At 1 January 2021 48 1,222 1,270
Additions - 346 346
Adjustment on translation to IFRS 16 - - -
Disposals - - -
--------------- --------------------------------------- -------
At 31 December 2021 48 1,568 1,616
Additions - 719 719
Disposals - (30) (30)
--------------- --------------------------------------- -------
48 2,257 2,305
At 31 December 2022
DEPRECIATION
At 1 January 2021 32 458 490
Charge for the year 16 192 208
Disposals - - -
--------------- --------------------------------------- -------
At 31 December 2021 48 650 698
Charge for the year - 299 299
Disposals - - -
--------------- --------------------------------------- -------
At 31 December 2022 48 949 997
CARRYING VALUE
At 31 December 2022 - 1,308 1,308
--------------- --------------------------------------- -------
At 31 December 2021 - 918 918
Depreciation charges are included within cost of sales in the
Consolidated Income Statement.
In addition, the directors are of the opinion that no impairment
should be provided.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
12. Property, plant and equipment (continued)
COMPANY Plant & equipment - oil and gas assets Total
$'000 $'000
--------------------------------------- -------
COST
At 1 January 2021 79 79
Additions 49 49
Adjustment on translation to IFRS 16 - -
Disposals - -
--------------------------------------- -------
At 31 December 2021 128 128
Additions 50 50
Disposals - -
--------------------------------------- -------
178 178
At 31 December 2022
DEPRECIATION
At 1 January 2021 3 3
Charge for the year 13 13
Disposals - -
--------------------------------------- -------
At 31 December 2021 16 16
Charge for the year 18 18
Disposals - -
--------------------------------------- -------
34 34
At 31 December 2022
CARRYING VALUE
At 31 December 2022 144 144
--------------------------------------- -------
At 31 December 2021 112 112
Depreciation charges are included within cost of sales in the
Consolidated Income Statement.
In addition, the directors are of the opinion that no impairment
should be provided.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
13. Leases
Lease liabilities are presented in the statement of financial
position as follows:
2022 2021
$'000 $'000
------ ------
Current - within 1 year - -
Non-current - within 1 - 2 years - -
- -
The Group has a lease for the office space in Dallas, Texas,
USA. The lease is reflected on the balance sheet as a right-of-use
asset and a lease liability. The Group classifies its right-of-use
assets in a consistent manner to its property, plant and equipment
(see Note 12). The lease term ended on 31 December 2021. The
company has entered into a new short term lease effective from 1
January 2022. Included within the interest expense is $ nil (202 1
: $1k) which relates to the unwinding on the lease liability. The
Group does not hold any other office leases.
14. Fixed Asset Investments
COMPANY Investment in subsidiaries Loans to subsidiaries Total
$'000 $'000 $'000
--------------------------- ---------------------- ---------
COST
At 1 January 2021 1 15,434 15,435
Additions - - -
Reductions - - -
At 31 December 2021 1 15,434 15,435
Additions
Disposals
--------------------------- ---------------------- ---------
1 15,434 15,435
At 31 December 2022
PROVISON
At 1 January 2021 1 (15,434) (15,435)
Charge for the year - - -
Reductions - - -
At 31 December 2021 1 (15,434) (15,435)
Charge for the year
1 (15,434) (15,435)
At 31 December 2022
CARRYING VALUE
At 31 December 2022 - - -
At 31 December 2021 - - -
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
14. Fixed Asset Investments (continued)
In the opinion of the directors, the aggregate value of the
company's investment in subsidiary undertakings is not less than
the amount included in the statement of financial position.
Historically, loans to participating interests are reported as
in increase in the Company's investment in the joint venture, but
have been provided for. As the Group acquired 100% shareholding in
the joint venture in 2017 this balance had been transferred to loan
to subs idiaries .
The details of the subsidiaries held at 31 December 2022 are as
set out below:
Shareholding Country of incorporation Nature of business
------------- ------------------------- ----------------------
New Horizon Energy 1 LLC (NHE) 100% USA Oil & gas exploration
Buccaneer Operating, LLC (Buccaneer) 100% USA Oil & gas exploration
15. Trade and other receivables
GROUP COMPANY
-------------- --------------
2022 2021 2022 2021
$'000 $'000 $'000 $'000
------ ------ ------ ------
CURRENT
Trade and other receivables 52 271 - -
Other taxes and receivables 506 77 22 9
------ ------ ------ ------
558 348 22 9
The directors consider the carrying value of the receivables to
approximate their fair value .
16. Cash and cash equivalents
GROUP COMPANY
-------------- --------------
2022 2021 2022 2021
$'000 $'000 $'000 $'000
------ ------ ------ ------
Bank current accounts 132 45 17 16
====== ====== ====== ======
17. Trade and other payables
GROUP COMPANY
-------------- --------------
2022 2021 2022 2021
$'000 $'000 $'000 $'000
------ ------ ------ ------
CURRENT
Trade payables 777 783 2,771 1,243
Accruals and deferred income 273 146 70 -
Other taxes payables 1 19 1 19
------ ------ ------ ------
1,051 948 2,842 1,262
------ ------ ------ ------
Decommissioning liability 340 302 22 13
====== ====== ====== ======
Trade payables and accruals principally comprise amounts
outstanding for trade purchases and on-going expenses. The
directors consider that the carrying amount of trade and other
payables approximates their fair value.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
17. Trade and other payables (continued)
Trade payables and accruals principally comprise amounts
outstanding for trade purchases and on-going expenses. The
directors consider that the carrying amount of trade and other
payables approximates their fair value.
Included in trade payables is the d ecommissioning liability ,
this has been calculated at a discount rate of 10% and an inflation
factor of 3%. This is comparable to the Group's options at the time
of the well in-servic e dates .
18. Financial liabilities - borrowing
GROUP COMPANY
-------------- --------------
Maturity of the borrowings is as follows: 2022 2021 2022 2021
$'000 $'000 $'000 $'000
------ ------ ------ ------
Repayable within one year
Bank loan - 202 - 202
Other loans 94 316 94 316
Repayable after one year
Bank loan 3,756 2,459 - 396
Other loans 130 - 130 -
------ ------ ------ ------
3,980 2,977 224 914
Borrowings include a facility where the loans are secured
against the group's interest in its assets. At the year end the
outstanding balance was $ 3,756k (20 21 : $ 2, 459 k ). Interest is
currently charge d for any day per annum at 6.50 %. In September
2021 the facility was extended by three years to 29 January 2025
and the nominal facility size was increased to $10 million. The
Borrowing Base has been increased to US$4,350,000 based on improved
production and cashflow during 2022. The size of the Facility and
Borrowing Base will be reassessed at least twice yearly. The Board
anticipates the Facility and Borrowing Base will increase as the
Company's production and reserves increase.
Borrowings also include an unsecured loan with a balance at year
- end of $ Nil (20 21 : $ 202 k). Interest is charged at 12% per
annum and loan is fully repayable within the year.
The group also has a loan agreement in place with related
parties, with a total outstanding balance as at the year- end of $
224k (2 0 21 : $ 316k ). Further details can be found in Note
22.
19. Share capital
Number Class Nominal 2022 2021
value $'000 $'000
------------------------------------------ ---------- --------- -------- --------
746 million (2021: 703 million restated) Ordinary 0.1 1,593 1,538
4,110 million (2021: 4,110 million) Deferred 0.098p 6,549 6,549
During the year there were a number of share issues:
-- 1 April 2022 - 2 4 ,000,000 new ordinary shares issued at
0.35p per share in respect of exercise of warrants .
-- 1 June 2022 - 19 ,000,000 new ordinary shares issued at 0.35p
per share in respect of exercise of warrants .
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
20. Risk and sensitivity analysis
The group's activities expose it to a variety of financial
risks: interest rate risk, liquidity risk, foreign currency risk,
capital risk and credit risk. The group's activities also expose it
to non-financial risks: market, legal and environment risk. The
group's overall risk management programme focuses on
unpredictability and seeks to minimise the potential adverse
effects on the group's financial performance. The board, on a
regular basis, reviews key risks and, where appropriate, actions
are taken to mitigate the key risks identified.
Capital risk
The group's objectives when managing capital are to safeguard
the ability to continue as a going concern in order to provide
returns for shareholders and benefits to other stakeholders and to
maintain an optimal capital structure to reduce the cost of
capital.
Market risk
The group also faces risks in conducting operations in US
mid-continent, which include but are not limited to:
-- Fluctuations in the global economy could disrupt the group's
ability to operate its business in the US Mid-Continent and could
discourage foreign and local investment and spending, which could
adversely affect its production.
Environmental risk
The group faces environmental risks in conducting operations in
the US Mid-Continent which include but are not limited to:
-- If the group is found not to be in compliance with applicable
laws or regulations, it could be exposed to additional costs, which
might hinder the group's ability to operate its business.
Credit risk
The group's principal financial assets are bank balances and
cash, trade and other receivables. The group's credit risk is
primarily attributable to its trade receivables. The amounts
presented in the balance sheet are net of allowances for doubtful
receivables. An allowance for impairment is made where there is an
identified loss which, based on previous experience, is evidence of
a reduction in the recoverability of the cash flows.
Volatility of crude oil prices
A material part of the group's revenue will be derived from the
sale of oil that it expects to produce. A substantial or extended
decline in prices for crude oil and refined products could
adversely affect the group's revenues, cash flows, profitability
and ability to finance its planned capital expenditure. West Texas
Intermediate ("WTI") oil prices ranged from $ 73.17 to $ 120.93 in
20 22 and $47.20 to $85.39 in 20 21 . The group had no hedging
activity during 202 2 .
Interest rate risk
The group does not hedge this risk. At 31 December 2022, t he
group ha d borrowings of $ 3,980 (20 21 : $ 2,977k ) , with total
interest for the year of $ 199k (20 21: $175k). A 100-basis point
change in the rates will increase finance costs by $ 38 k.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
20. Risk and sensitivity analysis (continued)
Liquidity risk
The group expects to fund its exploration and development
programme, as well as its administrative and operating expenses
throughout 20 22 , principally using existing working capital and
expected proceeds from the sale of future crude oil production. The
group had a bank balance of approximately $ 132,000 at 31 December
20 22 (2021: $45,000) .
Cash flow risk
The group expects to have sufficient working capital to continue
operations and to remain cash flow positive through 2022. This will
be continuously monitored and reviewed by the directors through the
inclusion of regular cash flow forecasts in management reports.
21. Financial commitments
Capital commitments
The group had no material capital commitments at the
year-end.
22. Related party transactions
Group
No related party transactions other than those highlighted
below.
Company
At the year end, the Company owed its subsidiaries $2,246,000
(2021: $72 7 ,000) in respect of intercompany loans that are
unsecured and interest-free.
The Company has the following loans outstanding with related
parties:
Discovery Energy Ltd
Discovery Energy Ltd previously h a d a common director with the
Company , E Ainsworth. At the year end, the balance outstanding
owed to Discover Energy Limited was $224k (2021: $316 k ) .
Interest charged in the year was $17k (2021: $ 2 7k ) . The loan is
unsecured, bears interest at the rate of 8 % per annum.
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
23. Share-based payments
The group has a share-ownership compensation scheme for senior
executives of the group whereby senior executives may be granted
options to purchase ordinary shares in company. The group has
previously issued warrants to senior executives as a welcome
incentive and to third parties as consideration for their services.
A share - based payment charge of $ 155,000 (2021: $68,287) for
share options was expensed during the year .
Date Restated Granted Exercised Expired At 31.12.22 Exercise Exercise/
of grant At 31.12.21 price vesting date
pence
From To
----------- ------------- -------- ------------- -------------- ------------ --------- --------- ---------
Warrants
07/02/17 750,000 - - (750,000) - 2.55 06/02/17 06/02/22
08/04/20 73,611,000 - - - 73,611,000 0.60 08/04/20 08/04/23
02/09/20 3,000,000 - - (3,000,000) - 0.60 02/09/20 02/09/22
25/09/20 196,000,000 - (43,000,000) (153,000,000) - 0.35 25/09/20 25/09/22
08/01/21 108,000,000 - 108,000,000 0.85 08/01/21 08/01/23
Options
29/10/14 675,000 - - - 675,000 0.4 29/10/14 28/10/24
21/07/17 2,666,666 - - (2,666,666) - 3 21/07/17 21/07/22
21/07/17 2,666,667 - - (2,666,667) - 4.5 21/07/17 21/07/22
21/07/17 2,666,667 - - (2,666,667) - 6 21/07/17 21/07/22
04/06/18 9,500,000 - - - 9,500,000 5 04/06/18 03/06/25
29/09/20 5,000,000 - - - 5,000,000 0.5 29/09/20 29/09/27
29/09/20 5,000,000 - - - 5,000,000 0.75 29/09/20 29/09/27
29/09/20 5,000,000 - - - 5,000,000 1 29/09/20 29/09/27
29/09/20 733,333 - - - 733,333 0.5 29/09/20 29/09/27
29/09/20 733,333 - - - 733,333 0.75 29/09/20 29/09/27
29/09/20 733,334 - - - 733,334 1 29/09/20 29/09/27
29/09/20 1,666,666 - - - 1,666,666 0.5 29/09/20 29/09/27
29/09/20 1,666,667 - - - 1,666,667 0.75 29/09/20 29/09/27
29/09/20 1,666,667 - - - 1,666,667 1 29/09/20 29/09/27
29/09/20 1,333,333 - - - 1,333,333 0.5 29/09/20 29/09/27
29/09/20 1,333,333 - - - 1,333,333 0.75 29/09/20 29/09/27
29/09/20 1,333,334 - - - 1,333,334 1 29/09/20 29/09/27
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
23. Share-based payments (continued)
The total number of options and warrants outstanding at 31
December 20 22 and 31 December 20 21 are as follows:
Total at 31 December 202 2 : 217,986,000
Total at 31 December 202 1 : 425,736,000 (restated)
The number of options and warrants outstanding to the directors
at the year-end were as follows:
Director Warrants Options Total Warrants
& Options
------------
2022 2021 2022 2021 2022 2021
------------ ----------- ----------- ------------ ------------ ----------- ------------
37 , 6
M Lofgran 16,000,000 16,000,000 21,6 00,000 27 ,600,000 00,000 43 ,600,000
S Staley 2,000,000 2,000,000 5,000,000 5,000,000 7 ,000,000 7,000,000
J Stafford - - 5,500,000 5,500,000 5,500,000 5,500,000
------------ ----------- ----------- ------------ ------------ ----------- ------------
Total 18,000,000 1,800,000 38,100,000 38,100,000 50,100,000 56,100,000
The estimated fair value of the warrants issued in previous
years was calculated by applying the Black-Scholes option pricing
model. Volatility is based on historic share prices of the Company.
The assumptions used in the calculation were as follows (the
warrants issued on 8 April 2020 were to subscribers of shares in a
fundraising and are not considered to be share based payments)
:
Warrants 23 June 2015 7 Feb 2017 02 Sep 2020 25 Sep 2020 8 Jan 2021
----------------------------------------- ------------- ----------- ------------ ------------ -----------
Share price at grant date 1.60p 2.5 3 p 0.23p 0.3p 0.53p
Exercise price 8.77p 2.55p 0.6p 0.35p 0.85p
Option life in years 5 years 5 years 2 years 2 years 2 years
Risk free rate 1% 1% 1% 1% 0.5%
Expected volatility 50% 50% 50% 50% 50%
Expected dividend yield 0% 0% 0% 0% 0%
Fair value of option/warrant 0.24p 1. 08 p 0.01p 0.07p 0.07p
Weighted average remaining life (years) - - - - -
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
23. Share-based payments (continued)
Options 28 Oc t 2014 21 July 2017 21 July 2017 21 July 2017 4 June 2018 - Service
provider s
---------------------------- ------------- ------------- ------------- ------------- ----------------------------
Share price at grant date 2.65p 1.55p 1.55p 1.55p 2.50p
Exercise price 0.4p 3p 4.5p 6 p 5.p
Option life in years 10 years 5 years 5 years 5 years 2 years
Risk free rate 1% 1% 1% 1% 1%
Expected volatility 50% 50% 50% 50% 50%
Expected dividend yield 0% 0% 0% 0% 0%
Fair value of
option/warrant 0.13p 0.52p 0. 35 p 0. 25 p 0. 87 p
Weighted average remaining 1.83 - - - -
life (years)
Options 4 June 2018 - Directors 29 Sep 2020 29 Sep 2020 29 Sep 2020
----------------------------------------- ------------------------ ------------ ------------ ------------
Share price at grant date 2.50p 0.38p 0.38p 0.38p
Exercise price 5.p 0.5 p 0.75p 1 p
Option life in years 7 years 7 years 7 years 7 years
Risk free rate 1% 1% 1% 1%
Expected volatility 50% 50% 50% 50%
Expected dividend yield 0% 0% 0% 0%
Fair value of option/warrant 1. 85 p 0. 1 6p 0.50p 0.26p
Weighted average remaining life (years) 2.43 4.75 4.75 4.75
Notes to the Financial Statements (continued)
For the year ended 31 December 2022
24. Contingent l iabilities and g uarantees
The G roup has no contingent liabilities in respect of legal
claims arising from the ordinary course of business and it is not
anticipated that any material liabilities will arise from
contingent liabilities other than those provided for.
25. Ultimate c ontrolling p arty
The company is quoted on the AIM market of the London Stock
Exchange. At the date of the annual report there was no one
controlling party.
26. Events after the reporting period
There were no significant events.
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END
FR NKDBKDBKBAAK
(END) Dow Jones Newswires
June 02, 2023 02:00 ET (06:00 GMT)
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