TIDMBEH
RNS Number : 3948N
Bayfield Energy Holdings PLC
28 September 2012
28 September 2012
BAYFIELD ENERGY HOLDINGS PLC
Results for the 6 months ended 30 June 2012
Bayfield Energy Holdings plc ("Bayfield", the "Company" or the
"Group"), (Ticker Symbol: BEH), an upstream oil and gas exploration
and production company with interests in Trinidad and South Africa,
today announces its results for the six month period ended 30 June
2012.
Highlights
Financial
-- Revenue US$12.2million (30 June 2011 - US$11.2 million).
-- Net cash from operating activities US$13.2 million inflow (30
June 2011 - US$5.5 million outflow).
-- Exploration expenditure US$ 46.2 million (30 June 2011 - nil).
-- Field development expenditure US$13.3 million (30 June 2011 - US$ 6.5 million).
-- Dry hole costs written off US$ 21.9 million (30 June 2011 - nil).
-- Loss after tax US$15.1 million (30 June 2011 - US$1.6 million).
Operational
-- Exit gross production at the end of June 2012 - 1,808 barrels of oil per day ("bopd").
-- Average net production 851 bopd (30 June 2011 - 768 bopd).
-- Average realised oil price US$78.93/bbl (2011 US$ 79.15/bbl).
-- Two exploration wells (EG7 and EG8) completed. EG8
encountered hydrocarbons with additional assessed net development
potential of 5.2 million barrels (mmbbls) and 44.9 billion standard
cubic feet ( bcf) (gross 32 mmbbls and 69 bcf). EG7 did not
encounter hydrocarbons in commercial quantities and was abandoned
as a dry hole.
Subsequent events
-- Average net production for the third quarter is approximately
1,300 bopd (gross 2,000 bopd).
-- Bayfield has secured substantially improved terms for the
sale of its oil effective 1 August 2012 which will increase the
current realised price by approximately US$27/bbl, based on current
market prices.
-- The Rowan Gorilla III rig is not scheduled to be available
before November 2012 and following its release by Niko it is
expected that the rig will be assigned by Bayfield and Niko to a
third party operator in Trinidad for a period of at least six
months. As a consequence, Bayfield will have no further liability
under the rig contract except in relation to any future wells to be
drilled at its option.
Prospects and outlook
-- Five development wells are expected to be completed in the
Trintes field during the fourth quarter targeting net production in
excess of 1,950 bopd (gross 3,000 bopd) by the end of the year.
-- The Company is evaluating a range of financing and strategic
alternatives. Cost control and working capital optimization remain
priorities.
Executive Chairman, Finian O'Sullivan, commented:
"Stabilised gross production in excess of 2,000 bopd and
substantially better pricing for our oil provides improved cash
flow and a solid foundation from which to fund growth potential and
follow through on previously announced strategic initiatives. "
For further information contact:
Bayfield Energy Holdings plc +44 (0) 20 7747 9200
Finian O'Sullivan, Chairman
Hywel John, Chief Executive
M:Communications
Patrick d'Ancona +44 (0) 20 7920 2347
Andrew Benbow +44 (0) 20 7920 2344
Seymour Pierce +44 (0) 20 7107 8000
Jonathan Wright/Stewart Dickson (Corporate Finance)
Richard Redmayne/Jeremy Stephenson (Corporate Broking)
First Energy +44 (0) 20 7 448 0200
Hugh Sanderson/David van Erp (Corporate Finance)
Operations review
Trinidad
Trintes field
During the first half of the year Bayfield drilled seven
sidetracks and completed five workovers in the Trintes field.
Average net production increased from 564 bopd (gross 868 bopd) in
January to 720 bopd (gross 1,108 bopd) in June and in the third
quarter has stabilised at approximately 1,300 bopd (gross 2,000
bopd). Current net production is 1,430 bopd (gross 2,200 bopd) with
plans to exit 2012 at rates in excess of 1,950 bopd (gross 3,000
bopd). This will be achieved substantially through the drilling of
four long sidetracks. The most recently completed development well
(B3), the first of the planned long sidetracks, is presently
producing at a stabilised net rate of 293 bopd (gross 450
bopd).
East Galeota
In April, exploration well EG8 demonstrated gross development
potential of 32 mmbbl of oil and 69 bcf of gas in the EG2/EG5/EG8
Central and East fault blocks. Initial interpretation suggested
that substantially all of the gas potential lies within the Galeota
Licence though the oil potential extends into an adjacent licence
in which the Group has no participating interest. The Group is
continuing discussions with the operator of the adjacent block,
Repsol E&P T&T Limited ("Repsol"), regarding the potential
for accelerated joint development of the accumulations of oil and
gas identified by EG8 which may ultimately lead to a
reclassification of prospective and contingent resources.
In June, exploration well EG7 reached a target depth of 7,029
feet. All the shallow reservoir objectives were encountered and, in
the interval between 1,000ft and 3,000ft, the reservoirs identified
as the F, G and H Sands were predominantly water-bearing. The well
was abandoned as a dry hole and the associated costs have been
written off in the income statement.
The Rowan Gorilla III rig is not scheduled to be available to
Bayfield before November 2012 and following its release by Niko it
is expected that the rig will be assigned by Bayfield and Niko to a
third party operator in Trinidad for a period of at least six
months. As a consequence, Bayfield will have no further liability
under the rig contract except in relation to any future wells to be
drilled at its option.
South Africa
The formal execution of an exploration right over the Pletmos
licence area was completed with an effective date of 17 April 2012.
Bayfield has commenced the work programme for the initial
three-year term and has contracted for the reprocessing of legacy
2D seismic data from this area. The reprocessing should be
completed in the first quarter of 2013.
Russia
Bayfield terminated its operations in Russia in 2011 and the
administrative processes to effect the orderly dissolution of the
Group's operating subsidiary and the surrender of its licence
interest are continuing. It is expected that the processes will be
completed before the end of the year.
Financial Review
Selected financial data
H1 2012 H1 2011 Year 2011
------------------------------- ------------- -------- -------- ----------
Revenue US$ million 12.2 11.2 22
------------------------------- ------------- -------- -------- ----------
Cash on hand at end of period US$ million 19.2 10.4 59.4
------------------------------- ------------- -------- -------- ----------
Net loss before tax US$ million (26.4) (2.7) (17.2)
------------------------------- ------------- -------- -------- ----------
Statement of financial position
At 30 June 2012, Bayfield held US$19.2 million cash and cash
equivalents (December 2011: US$59.4 million, June 2011: US$10.4
million). Group net assets at 30 June 2012 were US$104.2 million
compared to US$118.7 million at 31 December 2011 and US$41.1
million at 30 June 2011.
Net additions to oil and gas assets in the first half of 2012
totalled US$37.6 million (December 2011: US$37.1 million, June
2011: US$12.7 million) and comprised of US$13.3 million in Trinidad
on producing assets, US$24.3 million on exploration assets.
Going concern statement
In making their going concern assessment, the directors have
considered Group budgets and cash flow forecasts.
The Group's cash flow forecast reflects the reasonable
assumptions of management regarding the outcome of a number of
matters including the assignment of the Rowan Gorilla III rig
contract to a third party and the rescheduling of payments to a
principal creditor. Whilst these matters have been agreed in
principle, they remain subject to execution of transaction
documentation. This indicates the existence of a material
uncertainty which may cast doubt on the Group's ability to continue
as a going concern and therefore the Group may be unable to realise
their assets and discharge their liabilities in the normal course
of business.
However, the board of directors has carefully considered and
formed a reasonable judgement that, at the time of approving the
financial statements, there is a reasonable expectation the Company
will be able to continue operations for the foreseeable future. For
this reason the board of directors continues to adopt the going
concern basis in preparing the financial statements.
Principal risks and uncertainties
The directors do not consider that the principal risks and
uncertainties for the remaining 6 months of the year have not
significantly changed since the year ended 31 December 2011. The
principal risks and uncertainties at that time were stated as:
-- operational risk;
-- reservoir and reserves risk;
-- oil price risk;
-- competitive environment;
-- changes to (and challenges by environmental and other
interest groups to) the regulatory environment;
-- changes to the taxation system;
-- failure by contractors to carry out their duties;
-- retention of key business relationships;
-- ability to exploit successful discoveries;
-- cost overruns or significant delays in the commercialisation of fields; and
-- ongoing access to sources of funding.
A detailed explanation of these risks can be found in the
directors report of the Annual Report for the year ended 31
December 2011, a copy of which can be found on the company's
website.
Statement of Directors' Responsibilities
The directors confirm that to the best of their knowledge:
a) the condensed set of financial statements has been prepared
in accordance with IAS34 'Interim Financial Reporting';
b) the Interim Management Report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
c) the Interim Management Report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
The directors of Bayfield Energy Holdings plc are listed in the
group's 2011 Annual Report and Financial Statements. A list of the
current directors is maintained on the company's website:
www.bayfieldenergy.com.
By order of the Board
Hywel John
Chief Executive Officer
27 September 2012
INDEPENDENT REVIEW REPORT TO BAYFIELD ENERGY HOLDINGS PLC
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2012 which comprises the condensed
consolidated statement of comprehensive income, the condensed
consolidated statement of financial position, the condensed
consolidated statement of changes in equity, condensed consolidated
statement of cash flows and related notes 1 to 9. We have read the
other information contained in the half-yearly financial report and
considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of financial statements.
This report is made solely to the company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board. Our work has been undertaken so that we might state to the
company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Rules of the London Stock Exchange.
As disclosed in note 2, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting," as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Emphasis of matter - Going concern
In forming our conclusion on the financial statements, which is
not qualified, we have considered the adequacy of the disclosure
made in note 2 to the financial statements concerning the Company's
ability to continue as a going concern. The Group incurred a net
loss of $15.1 million during the period ended 30 June 2012. The
Group's ability to meet its forecast expenditure requirements is
dependent on a number of factors including rig scheduling
arrangements and on-going creditor support. These conditions, along
with the other matters explained in note 2 to the financial
statements indicate the existence of a material uncertainty which
may cast significant doubt about the Company's ability to continue
as a going concern. The financial statements do not include the
adjustments that would result if the Company was unable to continue
as a going concern.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2012 is not prepared, in all material respects, in accordance
with International Accounting Standard 34 as adopted by the
European Union and the AIM Rules of the London Stock Exchange.
Deloitte LLP
Chartered Accountants and Statutory Auditor
London, UK
27 September 2012
Bayfield Energy Holdings plc
Condensed consolidated statement of comprehensive income for the
six months to 30 June 2012
Notes Six months Six months Year ended
to 30 June to 30 June 31 December
2012 2011 2011
US$000 US$000 US$000
(unaudited) (unaudited) (audited)
------------ ------------ -------------
Revenue 12,225 11,165 22,007
Cost of sales (14,135) (10,147) (24,804)
------------ ------------ -------------
Gross (loss)/profit (1,910) 1,018 (2,797)
Exploration expense 5 (21,900) - (3,324)
Administrative expenses (2,531) (1,426) (5,719)
Listing expenses - (1,930) (3,467)
------------ ------------ -------------
Operating loss (26,341) (2,338) (15,307)
Finance income 40 6 32
Finance costs (105) (403) (1,951)
Loss before tax (26,406) (2,735) (17,226)
Tax 11,313 1,182 2,970
Loss after tax for the
period (15,093) (1,553) (14,256)
------------ ------------ -------------
Loss after tax for the
period (15,093) (1,553) (14,256)
Currency translation
adjustments 179 (1) 29
Total comprehensive expense
for the period (14,914) (1,554) (14,227)
Attributable to:
- equity holders of the parent (14,848) (1,509) (13,304)
- non-controlling interest (66) (45) (923)
(14,914) (1,554) (14,227)
------------ ------------ -------------
Basic and diluted loss
per share (US$) 9 (0.07) (0.02) (0.09)
------------ ------------ -------------
Bayfield Energy Holdings plc
Condensed consolidated statement of financial position as at 30
June 2012
Notes As at 30 As at 30 As at 31
June 2012 June 2011 December
2011
US$000 US$000 US$000
(unaudited) (unaudited) (audited)
------------ ------------ ----------
ASSETS
Non-current assets
Intangibles: exploration and
evaluation assets 5 35,695 12,661 11,358
Property, plant and
equipment 6 49,790 12,394 37,414
Deferred tax 18,906 5,805 7,593
104,391 30,860 56,365
------------ ------------ ----------
Current assets
Inventories 9,403 5,635 9,822
Trade and other receivables 12,369 7,543 10,647
Cash and cash equivalents 19,216 10,436 59,444
------------ ------------ ----------
40,988 23,614 79,913
Total assets 145,379 54,474 136,278
------------ ------------ ----------
LIABILITIES
Current liabilities
Trade and other payables (34,462) (5,504) (10,931)
Convertible loan notes - (4,192) -
------------ ------------ ----------
(34,462) (9,696) (10,931)
Net current assets 6,526 13,918 68,982
------------ ------------ ----------
Non-current liabilities
Decommissioning provision (6,676) (3,708) (6,693)
------------ ------------ ----------
(6,676) (3,708) (6,693)
Total liabilities (41,138) (13,404) (17,624)
------------ ------------ ----------
Net assets 104,241 41,070 118,654
------------ ------------ ----------
EQUITY
Share capital 21,648 11,938 21,498
Share premium 80,817 - 80,586
Merger reserve 35,046 35,034 35,046
Share based payment
reserve 2,367 1,480 2,247
Convertible loan stock - 161 -
Translation reserve 126 (83) (53)
Accumulated losses (34,774) (8,058) (19,747)
------------ ------------ ----------
Equity attributable to equity
holders of the parent 105,230 40,472 119,577
Non-controlling interest (989) 598 (923)
Total equity 104,241 41,070 118,654
------------ ------------ ----------
Bayfield Energy Holdings plc
Condensed consolidated statement of changes in equity for the
six months ended 30 June 2012 (unaudited)
Share Share Merger Share Convertible Translation Accumulated Sub-total Non-controlling Total
capital premium reserve based debt reserve losses interest equity
payment
reserve
US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
-------- -------- -------- -------- ------------ ------------ ------------ ---------- ---------------- ---------
At 1 January
2011 9,294 - 27,196 650 149 (82) (6,632) 30,575 - 30,575
Loss for the
year - - - - - - (13,333) (13,333) (923) (14,256)
Currency
translation
differences - - - - - 29 - 29 - 29
-------- -------- -------- -------- ------------ ------------ ------------ ---------- ---------------- ---------
Total
comprehensive
expense - - - - - 29 (13,333) (13,304) (923) (14,227)
Share based
payments - - - 1,597 - - - 1,597 - 1,597
Issue of share
capital
prior to
scheme of
arrangement
(net of
share issue
costs) 2,263 - 6,350 - - - - 8,613 - 8,613
Issue of share
capital
post scheme
of
arrangement
(net of share
issue
costs) 9,641 80,586 - - - - - 90,227 - 90,227
Issue of
convertible
loan stock - - - - 69 - - 69 - 69
Issue of
redeemable
preference
shares 82 - - - - - - 82 - 82
Redemption of
redeemable
shares (82) - - - - - - (82) - (82)
Transfer from
retained
losses - - - - (218) - 218 - - -
Acquisition of
AGOC 300 - 1,500 - - - - 1,800 - 1,800
Balance at 31
December
2011 21,498 80,586 35,046 2,247 - (53) (19,747) 119,577 (923) 118,654
-------- -------- -------- -------- ------------ ------------ ------------ ---------- ---------------- ---------
Loss for the
period - - - - - - (15,027) (15,027) (66) (15,093)
Currency
translation
differences - - - - - 179 - 179 - 179
-------- -------- -------- -------- ------------ ------------ ------------ ---------- ---------------- ---------
Total
comprehensive
expense - - - - - 179 (15,027) (14,848) (66) (14,914)
Share based
payments - - - 120 - - - 120 - 120
Issue of share
capital 150 231 - - - - - 381 - 381
Balance at 30
June
2012 21,648 80,817 35,046 2,367 - 126 (34,774) 105,230 (989) 104,241
-------- -------- -------- -------- ------------ ------------ ------------ ---------- ---------------- ---------
At 1 January
2011 9,294 - 27,196 650 149 (82) (6,632) 30,575 - 30,575
Loss for the
period - - - - - - (1,508) (1,508) (45) (1,553)
Currency
translation
differences - - - - - (1) - (1) - (1)
-------- -------- -------- -------- ------------ ------------ ------------ ---------- ---------------- ---------
Total
comprehensive
expense - - - - - (1) (1,508) (1,509) (45) (1,554)
Share based
payments - - - 830 - - - 830 - 830
Issue of share
capital
prior to
scheme of
arrangement
(net of
share issue
costs) 2,262 - 6,338 - - - - 8,600 - 8,600
Conversion of
loan
stock - - - - (149) - - (149) - (149)
Issue of
convertible
loan stock - - - - 243 - - 243 - 243
Issue of
redeemable
preference
shares 82 - - - - - - 82 - 82
Transfer from
retained
losses - - - - (82) - 82 - - -
Acquisition of
AGOC 300 - 1,500 - - - - 1,800 643 2,443
-------- -------- -------- -------- ------------ ------------ ------------ ---------- ---------------- ---------
Balance at 30
June
2011 11,938 - 35,034 1,480 161 (83) (8,058) 40,472 598 41,070
-------- -------- -------- -------- ------------ ------------ ------------ ---------- ---------------- ---------
Bayfield Energy Holdings plc
Condensed consolidated statement of cash flows for the six
months ended 30 June 2012
Six months Six months Year ended
to 30 to 30 31 December
June 2012 June 2011 2011
US$000 US$000 US$000
(unaudited) (unaudited) (audited)
------------ ------------ -------------
Cash flow from operating activities
Operating loss (26,341) (2,338) (15,307)
Adjustments for:
Share based payments 127 829 1,633
Depreciation on property, plant
and equipment 1,200 797 2,190
Exploration write-off 21,900 - 3,324
------------ ------------ -------------
Operating cash flow before movement
in working capital (3,114) (712) (7,616)
Increase in inventory (52) (91) (7,185)
Increase in trade and other receivables (1,723) (3,635) (7,238)
Increase/(decrease) in trade
and other payables 8,291 (1,098) 2,142
------------ ------------ -------------
Net cash from / (used in) operating
activities 3,402 (5,536) (20,441)
------------ ------------ -------------
Cash flow from investing activities
Interest received 40 6 32
Additions to exploration and
evaluation assets (37,381) (3,029) (2,209)
Additions to property, plant
and equipment (6,481) (9,250) (30,432)
------------ ------------ -------------
Net cash generated used in investing
activities (43,822) (12,273) (32,609)
------------ ------------ -------------
Cash flow from financing activities
Interest paid (6) (11) (20)
Proceeds from issue of convertible
loan stock - 4,250 4,250
Share capital issued (net of
costs) 375 750 86,549
------------ ------------ -------------
Net cash generated from financing
activities 369 4,989 90,779
------------ ------------ -------------
Net (decrease)/increase in cash
and cash equivalents (40,051) (12,820) 37,729
Cash and cash equivalents at
beginning of period 59,444 23,255 23,255
Foreign exchange differences (177) 1 (1,540)
------------ ------------ -------------
Cash and cash equivalents at
end of period 19,216 10,436 59,444
------------ ------------ -------------
Bayfield Energy Holdings plc
Notes to the condensed financial statements for the six months
ended 30 June 2012
1. General Information
Bayfield Energy Holdings plc is registered in England and Wales
and listed on AIM. The address of the registered office is Burdett
House, 4(th) Floor, 15-16 Buckingham Street, London, WC2N 6DU.
The condensed financial statements for the six months ended 30
June 2012 were authorised for issue in accordance with a resolution
of the Board of Directors on 27 September 2012.
The information for the year ended 31 December 2011 contained
within the condensed financial statements does not constitute
statutory accounts within the meaning of section 434 of the
Companies Act 2006. Statutory accounts for the year ended 31
December 2011 were approved by the Board of Directors on 25 May
2012 and delivered to the Registrar of Companies. The auditor
reported on those accounts; the report was unqualified and
contained an emphasis of matter section on going concern.
The financial information contained in this report is unaudited.
The condensed consolidated income statement, condensed consolidated
statement of comprehensive income, condensed consolidated statement
of changes in equity and the condensed consolidated cash flow
statement for the six months to 30 June 2012, and the condensed
consolidated balance sheet as at 30 June 2012 and related notes,
have been reviewed by the auditor and their report to the Company
is attached.
2. Basis of preparation
The condensed financial statements for the six months ended 30
June 2012 have been prepared in accordance with IAS 34 - 'Interim
Financial Reporting', as adopted by the European Union and with the
requirements of the Disclosure and Transparency Rules issued by the
Financial Services Authority. These condensed financial statements
should be read in conjunction with the annual financial statements
for the year ended 31 December 2011, which have been prepared in
accordance with International Financial Reporting Standards as
adopted by the European Union.
The condensed financial statements have been prepared on the
going concern basis.
Going Concern
In making their going concern assessment, the directors have
considered Group budgets and cash flow forecasts.
The Group's cash flow forecast reflects the reasonable
assumptions of management regarding the outcome of a number of
matters including the assignment of the Rowan Gorilla III rig
contract to a third party and the rescheduling of payments to a
principal creditor. Whilst these matters have been agreed in
principle, they remain subject to execution of transaction
documentation. This indicates the existence of a material
uncertainty which may cast doubt on the Group's ability to continue
as a going concern and therefore the Group may be unable to realise
their assets and discharge their liabilities in the normal course
of business.
However, the board of directors has carefully considered and
formed a reasonable judgement that, at the time of approving the
financial statements, there is a reasonable expectation the Company
will be able to continue operations for the foreseeable future. For
this reason the board of directors continues to adopt the going
concern basis in preparing the financial statements.
3. Accounting policies
The accounting policies applied in these condensed financial
statements are consistent with those of the annual financial
statements for the year ended 31 December 2011, as described in
those annual financial statements. A number of amendments to
existing standards and interpretations were applicable from 1
January 2012. The adoption of these amendments did not have a
material impact on the Group's condensed financial statements for
the half-year ended 30 June 2012.
4. Operating Segments
Management has determined the operating segments based on the
reports reviewed by the board of directors that are used to make
strategic business decisions.
Management considers the business from a geographical
perspective. Following the decision to relinquish licence interests
in Russia in 2011, management has reorganised its internal
reporting structure such that only one geographical location is
reported, being Trinidad. The following tables present revenue,
profit and certain asset and liability information in respect of
the Group's one segment for the period ended 30 June 2012, the year
ended 31 December 2011 and the period ended 30 June 2011. The
tables for the year ended 31 December 2011 and the period ended 30
June 2011 have been restated to reflect the new reportable segment
of the business.
Trinidad Unallocated Consolidated
US$000 US$000 US$000
(unaudited) (unaudited) (unaudited)
30 June 2012
Sales revenue by origin 12,225 - 12,225
------------ ------------ -------------
Segment result (22,696) (3,645) (26,341)
Investment revenue 40
Finance costs (105)
-------------
Loss before tax (26,406)
Tax 11,313
Loss after tax (15,093)
-------------
Segment assets - non current 104,377 14 104,391
Segment assets current 30,691 10,297 40,988
Segment liabilities (40,551) (587) (41,138)
Capital additions - oil & gas
assets 13,273 - 13,273
Capital additions - exploration
& evaluation 46,162 75 46,237
Capital additions - other 303 - 303
Depletion, depreciation and
amortisation (1,153) (47) (1,200)
------------ ------------ -------------
Trinidad Unallocated Consolidated
US$000 US$000 US$000
(audited) (audited) (audited)
31 December 2011
Sales revenue by origin 22,007 - 22,007
------------ ------------ -------------
Segment result (4,156) (11,151) (15,307)
Investment revenue 32
Finance costs (1,951)
-------------
Loss before tax (17,226)
Tax 2,970
Loss after tax (14,256)
-------------
Segment assets - non current 52,498 3,867 56,365
Segment assets current 22,714 57,199 79,913
Segment liabilities (16,961) (663) (17,624)
Capital additions - oil & gas
assets 32,971 - 32,971
Capital additions - exploration
& evaluation 4,169 3,324 7,493
Capital additions - other 678 205 883
Depletion, depreciation and
amortisation (2,146) (44) (2,190)
------------ ------------ -------------
Trinidad Unallocated Consolidated
US$000 US$000 US$000
(unaudited) (unaudited) (unaudited)
30 June
2011
Sales revenue by origin 11,165 - 11,165
------------ ------------ -------------
Segment result (523) (1,815) (2,338)
Investment revenue 6
Finance costs (403)
-------------
Loss before tax (2,735)
Tax 1,182
Loss after tax (1,553)
-------------
Segment assets - non current 28,083 2,777 30,860
Segment assets current 14,359 9,255 23,614
Segment liabilities (7,205) (6,199) (13,404)
Capital additions - oil & gas
assets 7,213 - 7,213
Capital additions - exploration
& evaluation 2,362 3,110 5,472
Capital additions - other 251 75 326
Depletion, depreciation and
amortisation (791) (6) (797)
------------ ------------ -------------
Business segments
The operations of the Group comprise one class of business,
being oil and gas exploration, development and production. All
sales are made to a single customer for all periods shown.
5. Intangible assets
Exploration
and evaluation
assets
US$000
At 30 June 2011 12,661
Additions 2,021
Exploration write-off (3,324)
At 31 December 2011 11,358
Additions 46,237
Exploration write-off (21,900)
At 30 June 2012 35,695
================
Exploration write-off
Well EG7 in the offshore Galeota Licence Area was sidetracked to
a total depth of 7,090ft. Some thin hydrocarbon bearing sandstones
were logged at 5,500ft but due to deterioration in hole conditions
it was not possible to run a sampling tool. The decision was made
to plug and abandon the well and the associated costs, totalling
US$21.9million have been written off.
Astrakhanskaya Gas and Oil Company ('AGOC'), a subsidiary
undertaking, holds a 100% interest in the Karalatsky licence which
is in its exploration phase. Interpretation of the reprocessed 2D
seismic data acquired over the Karalatsky license area in the first
quarter of 2011 did not identify any prospects that would justify
further investment in an exploration well. A decision was made to
abandon the licence and write off all associated capitalised costs
in 2011.
6. Property, plant and equipment
Oil and Land Other Total
gas property and buildings
US$000 US$000 US$000 US$000
Cost:
At 30 June 2011 14,333 214 708 15,255
Additions 25,757 - 556 26,313
At 31 December 2011 40,090 214 1,264 41,568
---------
Additions 13,273 - 303 13,576
-------------- ---------------- --------- ---------
At 30 June 2012 53,363 214 1,567 55,144
============== ================ ========= =========
Depreciation:
At 30 June 2011 2,558 11 292 2,861
Charge for the year 1,139 1 153 1,293
---------
At 31 December 2011 3,697 12 445 4,154
Charge for the period 1,009 3 188 1,200
At 30 June 2012 4,706 15 633 5,354
============== ================ ========= =========
Net Book Value:
At 30 June 2011 11,775 203 416 12,394
-------------- ---------------- --------- ---------
At 31 December 2011 36,393 202 819 37,414
-------------- ---------------- --------- ---------
At 30 June 2012 48,657 199 934 49,790
============== ================ ========= =========
7. Related party transactions
There have been no transactions with the Directors, officers,
significant shareholders or other related parties during the year
besides intercompany transactions which have been eliminated in the
consolidated financial information and normal remuneration of
Directors and officers.
8. Post balance sheet events
Bayfield has secured improved terms for the sale of its oil
effective 1 August 2012 which will improve the realised price by
approximately US$27/bbl. The Sales price is now linked to ICE Brent
rather than WTI at a discount of 9.5%.
9. Loss per share
Basic loss per share is calculated by dividing the loss
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period (less those
non-vested shares held by employee ownership trusts). For diluted
loss per share the weighted average number of shares in issue is
adjusted to assume conversion of all dilutive potential ordinary
shares arising from unvested share-based awards including share
options. As there is a loss for all periods, there is no difference
between the basic and diluted loss per share.
30 June 30 June 31 December
2012 2011 2011
Loss after tax for the period
attributable to owners of the
company (US$000s) (14,848) (1,509) (13,333)
Denominator:
Weighted average number of
shares used in basic and diluted
loss per share (thousands) 215,822 89,061 154,262
Loss per share - basic and
diluted (cents per share) (0.07) (0.02) (0.09)
--------- -------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SESEEWFESELU
Trinity Exploration & Pr... (LSE:TRIN)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Trinity Exploration & Pr... (LSE:TRIN)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024
