TIDMNTOG
RNS Number : 9323D
Nostra Terra Oil & Gas Company PLC
01 July 2019
1 July 2019
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
2018 Audited Annual Results
Nostra Terra Oil and Gas (AIM: NTOG), the oil & gas
exploration and production company with a portfolio of assets in
the USA and Egypt, is pleased to announce its final results for the
year ended 31 December 2018.
Nostra Terra is in the process of sending out hard copies of the
Annual Report to its shareholders today and this is now available
to download on the Company's website: www.ntog.co.uk.
Highlights during the period:
-- Revenue for the period increased 56% to $2,267,000 (2017: $1,453,000)
-- Production for the period increased 22% at 37,384 barrels of
oil equivalent (boe) (2017: 30,703 boe)
-- Gross profit before exploration, impairment, depreciation,
depletion and amortisation was up by 423% to $942,000 (2017:
$180,000)
-- Two new vertical wells drilled and put into production in the Permian Basin
o First well beat expectations reaching 100% payback in year
one
o 2(nd) well met expectations
-- Successful workovers at Pine Mills to increase production
-- Proven Reserves (1P) increased by 18% to 746,030 boe (2017:
646,280 boe) with Proven & Probable Reserves (2P) of 2429,660
boe
-- 276% increase in net 2P (Proved & Probable) reserves to
2,429,660 barrels of oil, up from 646,280 barrels of oil (1P at
Pine Mills and Permian Basin from 2017)
-- Total Proved & Probable Future Net Income ("FNI") estimated at $58.65 million
-- Net Present Value at 9% discount ("NPV9") estimated at $23.93 million
-- Mesquite Asset acquisition in the Permian Basin
o Increased Permian Basin acreage by 308%
-- $5,000,000 Senior Lending Facility, with 4.75% interest rate
with initial borrowing base of $1,200,000 increased to $1,950,000
at 31 December 2018, with a variable rate of the greater of 4.25%
and WSS Rate plus 25 basis points
-- Net Proved reserves of 764,030 barrels of oil (1P)
o Increase primarily due to drilling and development of existing
Permian Basin assets during H1 2018
o Total Proved FNI estimated at $14.96 million
o Total Proved NPV9 estimated at $7.54 million
-- Net Probable reserves of approximately 1,665,630 barrels of oil
o Increase attributable entirely to Mesquite
o Total Probable FNI estimated at $43.69 million
o Total Probable NPV9 estimated at $16.39 million
-- Cost of Sales as a percent of revenue decreased by 15%
-- Lifting costs per barrel decreased to $32.06 per barrel (2017: $38.72 per barrel)
Post year end highlights
-- Twin well (Permian Basin) reached 100% payback in year one
-- Engineered Economics for Mesquite
-- Additional leasing expanded footprint at Mesquite
-- East Ghazalat, hearing held in London, in May, with
conclusion anticipated during the second half of 2019
-- Placing raised additional GBP1,150,000 cornerstoned by institutional investor
-- Initiation of Research by Shard Capital Partners LLP
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, visit contact:
Nostra Terra Oil and Gas Company
plc
Matt Lofgran, CEO Tel: +1 480 993 8933
Strand Hanson Limited
(Nominated & Financial Adviser and
Joint Broker)
Rory Murphy / Ritchie Balmer / Jack
Botros Tel: +44 (0) 20 7409 3494
Shard Capital Stockbrokers (Joint
Broker)
Damon Heath / Erik Woolgar
Tel: +44 (0) 207 186 9952
Lionsgate Communications (Public
Relations)
Jonathan Charles Tel: +44 (0) 203 697 1209
Chairman's Report
During 2018, the price of oil continued its overall upward
trend, underpinning the recovery of the oil industry with an
average price much higher than 2017, and although it dipped towards
the end of the year, it has since recovered.
Nostra Terra was well positioned to benefit from this increase
in the oil price. The Company's production from the Pine Mill's
field in Texas has been stable to growing, having achieved rates
well in excess of those on acquisition in 2017. This is currently
the core cash flow asset for Nostra Terra and the stability, and
potential to increase production, is not only a testament to the
Company's field operations but also the original acquisition
itself.
In 2018, Nostra Terra successfully drilled two wells in the
Permian Basin which had the benefit of diversifying and adding to
the Company's production base and revenue stream. The results from
both these wells was in line with expectations.
It is worth reflecting on the above achievements as it
represents the successful execution of Nostra Terra's strategy
through organic growth and acquisition to establish long-term
revenue streams which contribute positively to the broader
activities of the Company.
This success led to considering how greater growth rates could
be achieved, which resulted in a pause in drilling activity in the
latter half of 2018. The conclusion to this was the acquisition of
the Mesquite asset in the Permian Basin. Following technical work
undertaken by Trey Resources Inc., it was determined that a
successful Mesquite well has the potential to add initial estimated
production of 265 barrels of oil per day and would be immediately
transformative for Nostra Terra. In addition, the wider Mesquite
play and well locations that are in the Company's inventory would
allow for potential multiples of this to be achieved with further
follow up drilling.
In Egypt, the Company's interest in the East Ghazalat field is
the subject of an arbitration process which is expected to be
concluded in the second half of 2019.
The lifeblood of any producing oil company is its reserves as
this represents the latent barrels which could be produced in the
future. I am pleased to report that in early 2019 Nostra Terra
increased its proven and probable reserves to 2,429,660 barrels of
oil, a 276% increase, with a net present value using a 9% discount
rate of $24 million, which bodes well for the future. This increase
was not solely due to the addition of Mesquite resources but also
an overall increase in the existing producing assets, more than
offsetting production.
In the early part of 2018, Nostra Terra concluded a $5 million
Senior Lending Facility with Washington Federal Bank, at an initial
interest rate of 4.75% and a starting borrowing base of $1.2
million. This then increased to $1,950,000, with a rate of 5.75%.
This facility has provided financial flexibility allowing the
Company to achieve the success that it has had during 2018 both
through drilling and the acquisition of the Mesquite asset.
Nostra Terra now has the enviable challenge, which successful
growing companies face, of funding and managing growth. Having a
solid foundation of producing assets and a proven track record
provides multiple options. A sign of this transformation is that
funding is not now sought to cover overheads and the cost of the
management team but directly into growing the Company and seeking
material step changes in value, cash flow and profit.
The future of Nostra Terra has never looked brighter. We have
continued to deliver on our strategy to build secure, long-term,
profitable production. From this solid foundation, our intention is
to build on this further with material organic growth from the
Mesquite asset, whilst being ever vigilant for other opportunities
consistent with the Company's strategy.
I would like to thank our shareholders for their continued
support and look forward to reporting more progress in future.
Ewen Ainsworth
(Non-Executive Chairman)
28 June 2019
Chief Executive Officer's Report
Our goal in 2018 was to build a firm foundation based on
producing assets that generate positive cashflow to support the
plc, while adding new assets that allowed us the ability to take
much larger, more meaningful steps in adding production and
reserves. We continue to build the foundation and during the year
acquired a new asset, the Mesquite Asset, which provides a
significant opportunity.
Revenues for the year were $2,267,000 an increase of 56% from
2017. Revenue less production costs for the year were $942,000, and
with the addition of the positive contribution of $227,000 from
hedging, operations provided a total of $1,169,000 towards
investment and administrative and finance expenses. This
demonstrates the underlying cash generation and strength of the
production led strategy that Nostra Terra has been pursuing and
successfully implemented. The Company didn't undertake any placings
during the year to raise additional funds, however, warrants were
exercised, raising an additional GBP635,700 early in the year.
Production and operations continued to perform
strongly with highlights being:
-- 22% increase in production to 37,384 bopd
-- 15% reduction in cost of sales per barrel
-- 17% reduction in lifting costs to $32.06
Continued growth in production rates is anticipated as workovers
continue, which combined with managed operated costs provides a
favourable environment for net cashflows from operations. With
recent acquisitions and prudent operational management, we believe
we can deliver a step change in materiality and multiples of
current production and revenues.
United States
Pine Mills - Texas (100% Working Interest)
In the Pine Mills oil field during the second half of 2018, our
operations team reactivated previously shut-in wells and performed
workovers on several others. This intervention led to an increase
in production (briefly >150 bopd from just four wells) which in
turn has required an upgrade of facilities to handle the additional
fluid volumes. This work is largely complete and we anticipate Pine
Mills continuing to be a significant contributor to net cash flow
in the short to medium term.
Permian Basin - Texas (50 - 75% Working Interest)
In prior years, we made three different acquisitions in the
Permian Basin. These were leases that had existing, albeit nominal
rates of, production. The reason for the acquisitions was to gain
upside through additional drilling locations on the leases, in a
proven oil field, and during a lower oil price environment. In
2018, we brought two new wells into production. The first well paid
out in under one year, meaning production rates were strong enough
to generate a return of all our well costs in a rapid manner. The
second well is performing to expectations. We have numerous other
potential drilling locations that we keep in inventory to
potentially drill in the future.
Mesquite - Permian Basin Texas (100% Working Interest)
In October 2018, we acquired the Mesquite Asset in the Permian
Basin. The field is proven to produce from multiple stacked-pay
reservoirs with long-established producing vertical wells that were
drilled on 40 acre spacing. In recent years operators have
successfully drilled wells with tighter spacing.
On this basis, the Mesquite Prospect has the potential to be
developed with 35-70 vertical well locations dependent on spacing.
Nostra Terra believes the Mesquite Prospect has much greater
development potential if drilled horizontally. The target
formations at the Mesquite Prospect are "tight", meaning the
oil-bearing rock formations are of low permeability. As such, they
have characteristics that make them ideal targets for horizontal
drilling and have delivered substantial oil production in other
nearby areas of the Permian Basin. This combination of multiple
stacked pay targets and the potential uplift provided by drilling
horizontally supports our view that the Company can provide
multiples in terms of production and revenues from this
acquisition.
Egypt
East Ghazalat - Western Desert (50% Working Interest)
This is a producing asset where Nostra Terra owns a non-operated
interest in the asset. The asset has scope for increased production
through workovers of existing wells, drilling new exploration and
development wells, and development of the South Dabaa gas
discovery. There is a dispute regarding the Joint Operating
Agreement that is currently going through an arbitration process
held at the London Court of International Arbitration. A hearing
was held in May, with conclusion anticipated during the second half
of 2019.
Senior Lending Facility
At the beginning of 2018, Nostra Terra secured a new $5 million
Senior Lending Facility. The initial borrowing base was $1.2
million at a 4.75% interest rate, later increased to $1.95 million
at the end of 2018 with a variable rate of the greater of 4.25% and
WSS Rate plus 25 basis points. This flexible facility provides an
attractive opportunity to use non-dilutive funds to grow the
Company. During Q1 2019, we raised an additional GBP1,150,000,
without a discount to the prevailing bid of Nostra Terra's share
price, allowing us to bring a new institutional investor to the
Company. I'm very pleased to welcome them as a shareholder as we
begin to drill the Mesquite Asset. Shard Capital Partners were
brought on as a new broker to the Company and managed the placing.
In addition, Shard Capital initiated coverage in May 2019. We
believe all these steps are very positive for a Company of our
size.
Outlook
Nostra Terra is positioned for strong growth potential, in
particular with the new Mesquite Asset. Our focus for 2019 is to
get the initial wells drilled and producing on this asset, while
also looking for further opportunities to expand our portfolio. We
believe this can be the catalyst to deliver multiples in production
and revenues for our shareholders.
As always, I want to thank our shareholders for their support
and look forward to updating shareholders throughout the year.
Matt Lofgran
Chief Executive Officer
28 June 2019
Consolidated Income Statement for the year ended 31 December
2018
2018 2017
$000 $000
Revenue 2,267 1,453
Cost of sales
Production costs (1,325) (1,273)
Exploration (298) (5)
Well impairment (32) -
Depletion, depreciation,
amortisation (238) (146)
================================ ========= =========
Total cost of sales (1,893) (1,424)
================================ ========= =========
GROSS PROFIT 374 29
================================ ========= =========
Share based payment (42) (60)
Administrative expenses (1,324) (1,213)
Gain (loss) on sale 38 67
Foreign exchange gain (loss) 17 (50)
================================ ========= =========
OPERATING LOSS (937) (1,227)
================================ ========= =========
Finance expense (207) (258)
Other income 214 -
-------------------------------- --------- ---------
LOSS BEFORE TAX (930) (1,485)
Tax (expense) recovery - -
LOSS FOR THE YEAR ATTRIBUTABLE
TO: (930) (1,485)
Owners of the company (930) (1,485)
Earnings per share expressed
in pence per share:
Continued operations
================================ ========= =========
Basic and diluted (USD) (0.0065) (0.0130)
================================ ========= =========
Consolidated Statement of Comprehensive Income for the year
ended 31 December 2018
2018 2017
$000 $000
=================================== ====== ========
LOSS FOR THE YEAR (930) (1,485)
OTHER COMPREHENSIVE INCOME:
Currency translation differences - -
Total comprehensive income
for the year (930) (1,485)
=================================== ====== ========
Total comprehensive income
attributable to:
Owners of the company (930) (1,485)
Consolidated Statement of Changes in Equity for the year ended
31 December 2018
Share Deferred Share Share Translation Retained Total
capital shares premium options reserves losses $000
$000 $000 $000 reserve $000 $000
$000
=============== ========= ========= ========= ========= ============ ========= ========
As at 1
January
2017 156 6,549 18,409 18 (676) (24,072) 384
Shares issued 36 - 696 - - - 732
Loss after
tax for
the year - - - - - (1,485) (1,485)
Share based
payments - - - 60 - - 60
=============== ========= ========= ========= ========= ============ ========= ========
As at 31
December
2017 192 6,549 19,105 78 (676) (25,557) (309)
Shares issued 29 - 873 - - - 902
Loss after
tax for
the year - - - - - (930) (930)
Share based
payments - - - 42 - - 42
=============== ========= ========= ========= ========= ============ ========= ========
As at 31
December
2018 221 6,549 19,978 120 (676) (26,487) (295)
Share capital is the amount subscribed for shares at nominal
value.
Retained loss represents the cumulative losses of the group
attributable to owners of the company.
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 on the London Stock
Exchange's AIM market.
Translation reserves arose due to the adoption of US dollars as
the presentational currency at the start of the accounting period.
Further information on the adjustment can be found in Note 1.
Share option reserve is a reserve used to recognise the cost and
equity associated with the fair value of issues of options and
warrants.
Company Statement of Changes in Equity for the year ended 31
December 2018
Share Deferred Share Share Translation Retained Total
capital shares premium options reserves losses $000
$000 $000 $000 reserve $000 $000
$000
============== ========= ========= ========= ========= ============ ========= ========
As at
1 January
2017 156 6,549 18,409 18 (676) (24,933) (875)
Shares
issued 36 - 696 - - - 732
Loss after
tax for
the year - - - - - (1,167) (1,167)
Share
based
payments - - - 60 - - 60
============== ========= ========= ========= ========= ============ ========= ========
As at
31 December
2017 192 6,549 19,105 78 (676) (26,100) (852)
Shares
issued 29 - 873 - - - 902
Loss after
tax for
the year - - - - - (1,125) (1,125)
Share
based
payments - - - 42 - - 42
============== ========= ========= ========= ========= ============ ========= ========
As at
31 December
2018 221 6,549 19,978 120 (676) (27,225) (1033)
============== ========= ========= ========= ========= ============ ========= ========
Share capital is the amount subscribed for shares at nominal
value.
Retained loss represents the cumulative losses of the company
attributable to
owners of the company.
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.
Translation reserves arose due to the adoption of US dollars as
the presentational currency at the start of the accounting period.
Further information on the adjustment can be found in Note 1.
Consolidated Statement of Financial Position for the year ended
31 December 2018
2018 2017
$000 $000
================================= ====== ========
ASSETS
NON-CURRENT ASSETS
Other Intangibles 1,873 1,411
Property, Plant, and Equipment,
Oil and Gas Assets 536 358
================================= ====== ========
2,409 1,769
================================= ====== ========
CURRENT ASSETS
Trade and other receivables 402 190
Deposits and prepayments 96 330
Other assets 263 -
Cash and cash equivalents 72 138
================================= ====== ========
833 658
================================= ====== ========
LIABILITIES
CURRENT LIABILITES
Trade and other payables 642 827
Borrowings 723 1,740
--------------------------------- ------ --------
1,365 2,567
================================= ====== ========
NET CURRENT ASSETS (532) (1,909)
================================= ====== ========
NON-CURRENT LIABILITIES
Decommissioning liabilities 217 169
Other loans 1,955 -
================================= ====== ========
NET ASSETS (295) (309)
--------------------------------- ------ --------
2018 2017
$000 $000
EQUITY AND RESERVES
Share capital 6,770 6,741
Share premium 19,978 19,105
Translation reserves (676) (676)
Share option reserve 120 78
Retained losses (26,487) (25,557)
---------------------- --------- ---------
(295) (309)
====================== ========= =========
The financial statements were approved and authorised for issue
by the Board of Directors on 28 June 2019 and were signed on its
behalf by:
M B Lofgran
Director
28 June 2019
Company registered
number: 05338258
Company Statement of Financial Position for the year ended 31
December 2018
2018 2017
$000 $000
============================= ========= =========
ASSETS
NON-CURRENT ASSETS
Fixed asset investments - -
CURRENT ASSETS
Trade and other receivables 26 23
--------- ---------
Cash and cash equivalents 30 78
============================= ========= =========
56 101
============================= ========= =========
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 367 332
Borrowings 722 621
============================= ========= =========
1,089 953
============================= ========= =========
NET CURRENT ASSETS (1,033) (852)
NON-CURRENT LIABILITIES
Borrowings - -
============================= ========= =========
(1,033) (852)
============================= ========= =========
EQUITY AND RESERVES
Share capital 6,770 6,741
Share premium 19,978 19,105
Translation reserves (676) (676)
Share option reserve 120 78
Retained losses (27,225) (26,100)
============================= ========= =========
(1,033) (852)
============================= ========= =========
The financial statements were approved and authorised for issue
by the Board of Directors on 28 June 2019 and were signed on its
behalf by:
M B Lofgran
Director
Company registered number: 05338258
Consolidated Statement of Cash Flows for the year ended 31
December 2018
2018 2017
$000 $000
========================================= ======== ========
Cash flows from operating activities
Cash generated/(consumed) by operations (996) (1,187)
Interest paid (41) -
========================================= ======== ========
Cash generated/(consumed) by operations (1,037) (1,187)
========================================= ======== ========
Cash flows from investing activities
Purchase of intangibles - new oil
properties (639) (210)
Sale/(purchases) of plant and equipment - -
Purchase of investment (271) (176)
========================================= ======== ========
Net cash from investing activities (910) (386)
========================================= ======== ========
Cash flows from financing activities
Proceeds on issue of shares 902 732
Net borrowing 979 767
========================================= ======== ========
Net cash from financing activities 1,881 1,499
Increase/(decrease) in cash and
cash equivalents (66) (74)
Cash and cash equivalents at the
beginning of the year 138 212
========================================= ======== ========
Cash and cash equivalents at the
end of the year 72 138
Represented by:
Cash at bank 72 138
Note to the Consolidated Statement of Cash Flow for the year
ended 31 December 2018
2018 2017
$000 $000
Loss for the year (930) (1,485)
Adjustments for:
Depreciation of property, plant,
and equipment 93 67
Amortisation of intangibles 145 78
Well impairment 32 -
Share based payments 42 60
Share of results from joint
venture
Operating cash flows before
movements in working capital (618) (1,280)
==================================== ====== ========
(Increase)/decrease in receivables (212) 147
(Increase)/decrease in other
assets (263) 1
(Decrease)/increase in payables
and other liabilities (137) 20
(Increase)/decrease in deposits
and prepayments 234 (75)
==================================== ====== ========
Cash generated/(consumed) by
operations (996) (1,187)
Company Statement of Cash Flows for the year ended 31 December
2018
2018 2017
$000 $000
============================================ ======== ========
Cash flows from operating activities
Cash generated/(consumed) by operations (1,051) (1,042)
Interest paid - -
Cash generated/(consumed) by operations (1,051) (1,042)
============================================ ======== ========
Cash flows from financing activities
-------------------------------------------- -------- --------
Proceeds on issue of shares 902 337
New borrowing 101 732
Net cash from financing activities 1,003 1,069
Increase/(decrease) in cash and cash
equivalents (48) 27
Cash and cash equivalents at the beginning
of the year 78 51
============================================ ======== ========
Cash and cash equivalents at the end
of the year 30 78
============================================ ======== ========
Represented by:
Cash at bank 30 78
============================================ ======== ========
Note to the Company Statement of Cash Flows for the year ended
31 December 2018
Reconciliation of operating loss to net cash generated from
operations
2018 2017
$000 $000
Loss for the year (1,125) (1,167)
Adjustments for:
Share based payment 42 60
Operating cash flows before movements
in working capital (1,083) (1,107)
(Increase)/decrease in receivables (3) 37
(Decrease)/increase in payables 35 28
========================================= ======== ========
Cash generated (consumed) by operations (1,051) (1,042)
========================================= ======== ========
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 head office.
US Mid-Continent properties at year end included the
following:
1 Texas: 100% working interest in the Pine Mills Project Unit
2 Texas: 50-75% working interest in the Permian Basin
3 Texas: 100% working interest in the Mesquite assets in the Permian Basin
Egypt properties at year end included the following:
1 Egypt: 50% interest in the East Ghazalat concession
The chief operating decision maker's internal report for the
year ended 31 December 2018 is based on the location of the oil
properties as disclosed in the below table:
US mid-continent Head office Total 2018
2018 2018
$000 $000 $000
================================== ================= ============ ===========
Segment results - 2018
Revenue 2,267 - 2,267
Operating profit (loss) before
depreciation, amortisation,
well impairment, share-based
payment charges, restructuring
costs and gain (loss) on sale
of assets and foreign exchange: 812 (1287) (475)
Depreciation of tangibles (93) - (93)
Amortisation of intangibles (145) - (145)
Exploration (289) - (289)
Well impairment (32) - (32)
Share based payment - 42 42
================================== ================= ============ ===========
Realised exchange (loss)/gain - 17 17
Gain from sale of assets 38 - 38
================================== ================= ============ ===========
Operating loss 291 (1228) (937)
================================== ================= ============ ===========
Finance expense (47) (160) (207)
Other income (expense) 226 (12) 214
================================== ================= ============ ===========
Gain (loss) before taxation 195 (1,125) (930)
================================== ================= ============ ===========
Segment assets
Property, plant and equipment 536 - 536
Intangible assets 1,873 - 1,873
Cash and cash equivalents 42 30 72
Trade and other receivables 376 26 402
Other assets 359 - 359
================================== ================= ============ ===========
3,186 56 3,242
================================== ================= ============ ===========
Employees and Directors
2018 2017
$000 $000
========================= ====== ======
Directors' fees 171 51
Directors' remuneration 250 195
Social security costs - 14
========================= ====== ======
421 260
========================= ====== ======
The average monthly number of employees (including directors)
during the year was
as follows:
2018 2017
Number Number
=========== ======== ========
Directors 3 3
=========== ======== ========
3 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 years ended
31 December 2018 is as listed below:
2018 2017
$000 $000
============= ====== ======
M B Lofgran 250 195
============= ====== ======
The operating loss for the year ended 31 December is stated
after charging/(crediting):
2018 2017
$000 $000
================================= ====== ======
(Company 2018: $30,000 - 2017:
$29,000) 30 29
Depreciation of property, plant
and equipment 93 68
Amortisation of intangibles 145 78
Exploration 298 5
Well impairment 32 -
================================= ====== ======
The analysis of administrative expenses in the consolidated
income statement by nature of expense:
2018 2017
$000 $000
============================= ====== ======
Directors' remuneration 250 195
Social security costs - 14
Directors' fees 129 41
Travelling and entertaining 101 73
Accountancy fees 61 44
Legal and professional fees 487 541
Auditors' remuneration 30 29
Bad debt costs 18 92
Foreign exchange difference - -
Other expenses 248 184
============================= ====== ======
1,324 1,213
============================= ====== ======
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:
2018 2017
============================================ ============ ============
EPS LOSS
Loss attributable to ordinary shareholders
($000) (930) (1,485)
Weighted average number of shares 143,112,345 113,850,132
============================================ ============ ============
Continued operations:
Basic and diluted EPS - loss (USD) (0.0065) (0.0130)
============================================ ============ ============
The diluted loss per share is the same as the basic loss per
share as the loss for the year
has an anti-dilutive effect.
2018 2017
$000 $000
=============================================== ======= =======
Gross profit before depreciation,
depletion, amortisation and impairment 942 180
EPS on gross profit before depreciation,
depletion, amortisation and impairment
(USD) 0.0066 0.0015
Reconciliation from gross loss to
gross profit before depletion, depreciation,
AMORTISATION AND IMPAIRMENT
Gross (loss)/profit 374 29
ADD BACK:
Exploration 289 5
Well impairment 32 -
Depletion, depreciation and amortisation 238 146
=============================================== ======= =======
Gross profit before depreciation,
depletion, amortisation and impairment 942 180
=============================================== ======= =======
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FR CKKDQKBKBDAN
(END) Dow Jones Newswires
July 01, 2019 02:00 ET (06:00 GMT)
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