TIDMMATD
RNS Number : 8329L
Petro Matad Limited
15 September 2021
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION (EU) NO.
596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE
OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
15 September 2021
Petro Matad Limited
('Petro Matad' or the 'Company')
Interim results for the six months ended 30 June 2021
LONDON, 15 September 2021: Petro Matad Limited, the AIM quoted
Mongolian oil company, is pleased to announce its unaudited interim
results for the six months ended 30 June 2021.
Financial Summary
The Group posted a loss of USD 1.02 million for the 6-month
period ended 30 June 2021, which compares to a loss of USD 2.35
million for the same period in 2020. The Company's cash balance at
30 June 2021 was USD 0.40 million (USD 0.38 million in cash and USD
0.02 million in financial assets), which compares to a cash balance
of USD 2.08 million (USD 2.07 million in cash and USD 0.01 million
in financial assets) on 30 June 2020.
In mid-July the Company successfully raised approximately USD 10
million (net) from strategic placements, which will primarily be
used to fund a development work programme designed to bring oil
production on stream during the second half of 2022. Funds from the
strategic placements will be invested in safe, high yield term
deposits until work programme activities ramp up. Petro Matad plans
to generate revenue from early production as soon as possible and
is working to secure the necessary contracts that will allow this
production to get to market.
The Company continues to manage its costs closely and will
maintain a small, focused workforce retaining all of the
operational capabilities and experience gained from many years of
successful operations in Mongolia.
Operational Highlights during 2021
-- The Block XX Exploitation Licence for the development of the
Heron oil discovery was granted on 5 July 2021 for a period of 25
years which is extendable up to a further 10 years.
-- The retained Exploitation Area totals 218 km(2) which
contains not only the entirety of the Heron structure but includes
the entire extension into Block XX of the proven and producing
Toson-Uul Basin and a number of defined prospects and leads defined
therein. As a consequence, the area offers substantial follow-up
potential on appraisal and near field exploration opportunities
with high chance of success and low drilling costs.
-- Mongolia has adopted a Covid-19 mitigation strategy that
ensures high vaccination rates are achieved and are combined with
social distancing guidelines and other mitigation efforts.
Strategic businesses (of which Petro Matad is one) continue to
operate effectively and we believe this will continue to be the
case moving forward.
-- Procurement processes for the 2022 operational programme are
well underway. These are being conducted in cooperation with
industry regulator the Mineral Resources and Petroleum Authority of
Mongolia. The Company plans to be in a position to award key
contracts well in advance of the start of the development drilling
season in Q2 2022 and so enable operations to commence immediately
thereafter.
-- The Company is also tendering for the acquisition of a 3D
seismic survey to complete the 3D coverage across the entire
Exploitation Area. The c.200km(2) survey may be recorded this
winter or next, depending on crew availability, ongoing cross
border Covid-19 restrictions and pricing. The locations chosen for
drilling in 2022 are within the footprint of the existing high
quality 3D seismic over the northern portion of the Exploitation
Area, so the exact timing on the new 3D survey is not critical.
Mike Buck, CEO of Petro Matad, said:
"With the Exploitation Licence successfully secured, we are
focused on completing all financial and logistical arrangements to
ensure an active operational programme in 2022 with the goal of
getting the Heron discovery on stream.
As we enter the winter months in Mongolia, work will continue at
pace to secure all the necessary services and contracts for our
production to get to market. I am pleased with the progress we have
made in the first half of 2021 and look forward to updating our
shareholders further in the coming months."
Further operational updates will be provided in due course.
- Ends -
Further information please contact:
Petro Matad Limited
Mike Buck, CEO +976 7014 1099 / +976 7575 1099
Shore Capital (Nominated Adviser and Joint Broker)
Toby Gibbs
Jerry Keen
John More +44 (0) 20 7408 4090
Arden Partners (Joint Broker)
Paul Shackleton +44 (0) 20 7614 5900
FTI Consulting (Communications
Advisory Firm)
Ben Brewerton
Christopher Laing +44 (0) 20 3727 1000
About Petro Matad
Petro Matad is the parent company of a group focussed on oil
exploration, as well as future development and production in
Mongolia. At the current time, Petro Matad holds 100% working
interest and the operatorship of two Production Sharing Contracts
with the Government of Mongolia. Block XX has an area of 218 square
kilometres in the far eastern part of the country and Block V has
an area of 7,937 square kilometres in the central western part of
the country.
Petro Matad Limited is incorporated in the Isle of Man under
company number 1483V. Its registered office is at Victory House,
Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF-YEARED 30 JUNE 2021
Consolidated
30 Jun 2021 30 Jun 2020
$'000 $'000
---------------------------------------------------- ------------- -------------
Continuing Operations
Revenue
Interest Income 1 15
Other Income 12 20
------------- -------------
13 35
Expenditure
Consultancy fees (40) (38)
Depreciation and amortisation (102) (63)
Employee benefits expenses (331) (1,323)
Exploration expenditure (70) (293)
Other expenses (486) (670)
Profit/(Loss) from continuing operations
before income tax (1,016) (2,352)
Income tax expense - -
------------- -------------
Profit/(Loss) from continuing operations
after income tax (1,016) (2,352)
------------- -------------
Net Loss (1,016) (2,352)
------------- -------------
Other comprehensive income/(loss)
Exchange rate differences on translating
foreign operations - (12)
------------- -------------
Other comprehensive income/(loss), net
of income tax - (12)
------------- -------------
Total comprehensive loss (1,016) (2,364)
============= =============
Profit/(Loss) attributable to owners
of the parent (1,016) (2,352)
============= =============
Total comprehensive income/(loss) attributable
to owners of the parent (1,016) (2,364)
============= =============
Earnings/(loss) per share (cents per
share)
* Basic and diluted earnings/(loss) per share (0.15) (0.35)
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
Consolidated
30 Jun 2021 31 Dec 2020 30 Jun 2020
$'000 $'000 $'000
------------------------------- --------------- --------------- --------------
ASSETS
Current Assets
Cash and cash equivalents 376 939 2,069
Trade and other receivables 1 10 8
Prepayments 135 222 160
Financial assets 23 11 10
Inventory 225 224 225
--------------- --------------- --------------
Total Current Assets 760 1,406 2,472
--------------- --------------- --------------
Non-Current Assets
Exploration and evaluation 15,275 15,275 15,275
Property, plant and equipment 113 145 203
Right-of-Use asset 25 36 -
--------------- --------------- --------------
Total Non-Current assets 15,413 15,456 15,478
--------------- --------------- --------------
TOTAL ASSETS 16,173 16,862 17,950
--------------- --------------- --------------
LIABILITIES
Current liabilities
Trade and other payables 898 364 246
Lease liability 26 25 -
Total Current Liabilities 924 389 246
--------------- --------------- --------------
TOTAL LIABILITIES 924 389 246
--------------- --------------- --------------
NET ASSETS 15,249 16,473 17,704
=============== =============== ==============
EQUITY
Issued capital 144,011 144,011 143,721
Reserves 996 1,392 2,809
Accumulated losses (129,758) (128,930) (128,826)
--------------- --------------- --------------
TOTAL EQUITY 15,249 16,473 17,704
=============== =============== ==============
CONDENSED CASH FLOW STATEMENT
FOR THE HALF-YEARED 30 JUNE 2021
Consolidated
30 Jun 2021 30 Jun 2020
$'000 $'000
------------------------------------------- ------------ ------------
Cash flows from operating activities
Payments to suppliers and employees (493) (2,349)
Interest received 1 15
Net cash flows from/(used in) operating
activities (492) (2,334)
------------ ------------
Cash flows from operating activities
Purchase of property, plant and equipment (9) (10)
Proceeds of financial assets (12) 1,500
Proceeds from the disposal of plant
and equipment - -
Net cash flows from/(used in) investing
activities (21) 1,490
------------ ------------
Cash flows from financing activities
Proceeds from issue of shares - 110
Capital raising costs - -
Payments of lease liability principal (50)
Net cash flows from/(used in) financing
activities (50) 110
------------ ------------
Net increase/(decrease) in cash and
cash equivalents (563) (734)
Net foreign exchange differences - (12)
Cash and cash equivalents at beginning
of period 939 2,815
------------ ------------
Cash and cash equivalents at end
of period 376 2,069
============ ============
STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEARED 30 JUNE 2021
Consolidated
Attributable to equity holders of the parent
Issued Capital Accumulated Losses Other
$'000 $'000 Reserves $'000 Total
$'000
As at 1 January 2020 143,174 (126,474) 3,062 19,762
Income/(Loss) for the period - (2,352) - (2,352)
Other comprehensive income - - (12) (12)
----------------- --------------------- ----------------- --------
Total comprehensive income/(loss) for the
period 143,174 (128,826) 3,050 17,398
Transactions with owners in their capacity as
owners
Issue of share capital 121 - - 121
Cost of capital raising - - - -
Share based payments 426 - (241) 185
----------------- --------------------- ----------------- --------
As at 30 June 2020 143,721 (128,826) 2,809 17,704
----------------- --------------------- ----------------- --------
As at 1 January 2021 144,011 (128,930) 1,392 16,473
Income/(Loss) for the period - (1,016) - (1,016)
Other comprehensive income - - - -
----------------- --------------------- ----------------- --------
Total comprehensive income/(loss) for the
period 144,011 (129,946) 1,392 15,457
Transactions with owners in their capacity as
owners
Issue of share capital - - - -
Cost of capital raising - - - -
Share based payments - 188 (396) (208)
As at 30 June 2021 144,011 (129,758) 996 15,249
----------------- --------------------- ----------------- --------
1. CORPORATE INFORMATION
The financial report covers the consolidated entity of Petro
Matad Limited and its controlled entities.
Petro Matad Limited, a company incorporated in the Isle of Man
on 30 August 2007 has five wholly owned subsidiaries, including
Capcorp Mongolia LLC and Petro Matad LLC (both incorporated in
Mongolia), Central Asian Petroleum Corporation Limited ("Capcorp")
and Petromatad Invest Limited (both incorporated in the Cayman
Islands) and Petro Matad Singapore Pte Ltd (incorporated in
Singapore). Its major shareholder is Petrovis Matad Inc.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The half-year financial report does not include all of the notes
of the type normally included within the annual financial report
and therefore cannot be expected to provide as full an
understanding of the financial performance, financial position and
financing and investing activities of the consolidated entity as
the full financial report.
The half-year financial report should be read in conjunction
with the annual Financial Report of Petro Matad Limited as at 31
December 2020. The half-year consolidated financial statements have
been prepared using the same accounting policies as used in the
annual financial statements for the year ended 31 December
2020.
It is also recommended that the half-year financial report is
considered together with any public announcements made by Petro
Matad Limited and its controlled entities during the half-year
ended 30 June 2021.
(a) Basis of Preparation
The half-year consolidated financial report is a general purpose
financial report, which has been prepared in accordance with the
requirements of International Financial Reporting Standards
("IFRS") as issued by the International Accounting Standards Board
('IASB'). The half-year financial report has been prepared on a
historical cost basis, except where stated.
The financial report is presented in US dollars and all values
are rounded to the nearest thousand dollars ($'000).
For the purpose of preparing the half-year financial report, the
half-year has been treated as a discrete reporting period.
(b) Basis of consolidation
The consolidated financial statements comprise the financial
statements of the Group as at 31 December each year.
Subsidiaries are entities controlled by the Group. Control
exists when the Group has the power to govern the financial and
operating policies of an entity so as to obtain benefits from its
activities. In assessing control, potential voting rights that
presently are exercisable or convertible are taken into account.
The financial statements of the subsidiaries are included in the
consolidated financial statements from the date that control
commences until the date that control ceases.
The financial statements of subsidiaries are prepared for the
same reporting period as the parent company, using consistent
accounting policies. Adjustments are made to bring into line any
dissimilar accounting policies that may exist.
A change in the ownership interest of a subsidiary that does not
result in a loss of control is accounted for as an equity
transaction.
All intercompany balances and transactions, including unrealised
profits arising from intra-group transactions, have been eliminated
in full. Unrealised losses are eliminated unless costs cannot be
recovered.
3. CONTRIBUTED EQUITY
CONSOLIDATED
30 Jun 31 Dec
2021 2020
$'000 $'000
-------- ----------------------------------------------
Ordinary shares (i)
681,422,306 shares issued and
fully paid
(31 Dec 2020: 681,422,306) 144,011 143,721
144,011 143,721
============ ========
(i) Ordinary shares
Full paid ordinary shares carry one vote per share and carry the
right to dividends.
4. RESERVES
A detailed breakdown of the reserves of the Group is as
follows:
Equity Foreign
Merger benefits currency
reserve reserve translation Total
Consolidated $'000 $'000 $'000 $'000
---------- ---------- ------------- --------
As at 1 July 2020 831 3,193 (1,215) 2,809
Currency translation differences - - (4) (4)
Share based payments - (1,413) - (1,413)
---------- ---------- ------------- --------
As at 31 December 2020 831 1,780 (1,219) 1,392
Currency translation differences - - - -
Share based payments - (396) - (396)
As at 30 June 2021 831 1,384 (1,219) 996
========== ========== ============= ========
5. EARNINGS/(LOSS) PER SHARE
The following reflects the income and share data used in the
total operations basic and diluted earnings/(loss) per share
computations:
CONSOLIDATED
30 Jun 30 Jun
2021 2020
Basic earnings/(loss) per share
Total basic earnings/(loss) per share (US$
cents per share) (note a) (0.15) (0.35)
-------- --------
Diluted earnings/(loss) per share
Total diluted earnings/(loss) per share (US$
cents per share) (note b) (0.15) (0.35)
-------- --------
(a) Basic earnings/(loss) per share
The profit/(loss) and weighted average number
of ordinary shares used in the calculation
of basic loss per share are as follows:
Net profit/(loss) attributable to ordinary
shareholders (US$'000) (1,016) (2,352)
-------- --------
Weighted average number of ordinary shares
for the purposes of basic earnings per share
('000) 681,422 672,429
(b) Diluted earnings/(loss) per share
The profit/(loss) and weighted average number
of ordinary shares used in the calculation
of diluted earnings per share are as follows:
Net profit/(loss) attributable to ordinary
shareholders (US$'000) (1,016) (2,352)
-------- --------
Weighted average number of ordinary shares
for the purposes of basic earnings per share
('000) 681,472 672,429
-------- --------
Share Options and Conditional Share Awards could potentially
dilute basic loss per share in the future, however they have been
excluded from the calculation of diluted loss per share because
they are anti-dilutive for both years presented.
6. EVENTS AFTER THE REPORTING DATE
On 5 July 2021, the Company was granted Exploitation License
over Block XX (for a 25-year period, extendable for up to 10
years).
On 22 July 2021, the Company concluded a placing by issuing
155,240,612 shares at a price of GBP0.035 per share arranged
through its nominated adviser and joint book runner and broker for
the purposes of the Placing, Shore Capital and joint book runner
for the purposes of the Placing, Arden.
On 22 July 2021, the Company concluded a placing by issuing
14,285,714 shares at a price of GBP0.035 per share through a retail
offering via Primary Bid.
On 6 August 2021, the Company issued 45,384,218 shares through
direct subscriptions at a price of GBP0.035 per share.
On 6 August 2021, the Company issued 2,169,649 shares through
Open Offer to shareholders at a price of GBP0.035 per share.
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END
IR UVSVRAOUKARR
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September 15, 2021 02:00 ET (06:00 GMT)
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