TIDMMTA
RNS Number : 6228J
Matra Petroleum PLC
09 August 2012
9 August 2012
Matra Petroleum PLC
("Matra" or the "Company")
Half Year Results
Matra Petroleum PLC, the independent oil and gas exploration and
production company with operations in Russia, today announces its
results for the six-month period ending 30 June 2012.
Main results of Arkhangelovskoe LLC activities on the
Sokolovskoe field in the first half of 2012.
In April 2012 having completed the purchase of production
equipment, production started at the well A-13 on Sokolovskoe
field, with an average daily rate of 26 bopd. In May 2012, when an
electric submersible pump ("ESP") was installed, the production
rate increased up to 70 bopd.
Total production in the first half of 2012 was 2,892 bbl of oil
(30 June 2011: 9,730 bbl of oil).
Revenue for the same period wasEUR68,423 (30 June 2011:
EUR288,410).
Planned activities for Arkhangelovskoe LLC in the second half of
2012:
3D seismic survey over 60 km(2) , 2D seismic survey over 100
linear kilometers, with a total cost of EUR1.3 million including
supervising and VAT. Field operations will be performed by
"Orenburgskaya geofizicheskaya expediciya" OJSC.
In the second half of 2012, we expect to produce approximately
9,000 bbl of oil.
Highlights
New strategy in 2012
-- The implementation of an acquisition led growth strategy with
a focus on Emerging Markets and CIS
-- The development of a balanced portfolio with production,
appraisal and exploration potential
-- Focus on politically and fiscally stable countries favorable for investors
-- Build operational hubs and seek to develop license portfolios around these
Operational
-- 2D & 3D seismic survey commissioned on the Sokolovskoe oil field
Financial
-- EUR5.7 million (GBP4.6 million) raised in private placing (11 May 2012)
-- Cash or cash equivalents of EUR5.8 million as at 30 June 2012
Maxim Barskiy, CEO, commented:
"I am very positive about Matra's outlook as we begin to execute
our strategy of creating growth through value accretive
acquisitions. This year we have undertaken financial due-diligence
procedures and evaluation on an E&P business in South America
and a large exploration opportunity with proved deposits located in
a Special Tax Regime region of Russia and we are now in the
negotiations phase with the owners of the assets. We have recently
begun due-diligence review for a few prospective opportunities in
Central Asia and we hope to be able to provide a progress update in
the coming months."
For further information, please contact:
Matra Petroleum plc c/o Pelham Bell Pottinger
Henry Lerwill 0207 861 3169
Canaccord Genuity Limited
Rob Collins
Henry Fitzgerald-O'Connor 0207 523 8000
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2012
CHAIRMAN'S REVIEW
Dear Shareholder,
The first half of 2012 was a period of renewal for Matra as we
welcomed Maxim Barskiy as a cornerstone investor and CEO. Maxim
brings with him a wealth of experience within the industry through
his roles at TNK-BP and perhaps more relevantly to Matra, his time
with West Siberian Resources when the Company saw exceptional
growth culminating in a merger with Alliance Oil.
The change of management was also an important catalyst for the
strategic review instigated by Matra as to how best to grow the
Company for shareholders. It was approved that Maxim, along with
the support and input of the board, would devise a new strategy for
the Company.
Maxim has since laid out a clear vision to grow Matra into a
mid-cap oil and gas company through the value accretive acquisition
of assets that offer production, appraisal or exploration
opportunities. This exciting new strategy will see Matra expanding
its geographical focus to include emerging markets, in particular
Latin America, Central Asia, and Special Tax Regime Regions of
Russia.
To assist with the implementation of this new strategy the
Company hasstrengthened the Board and begun broadening the
operational and corporate team to allow us to take on the larger
projects. So far, we have been delighted to welcome Vladimir Lenski
as Managing Director and Ekaterina Sapozhnikova as Chief Financial
Officer.
While we look for new opportunities we are also actively
assessing the prospects for our current asset, the Sokolovskoe oil
field. In July 2012 the Company commissioned a seismic survey
including 100 km of 2D seismic and 60 sq. km of 3D seismic. We
expect the final results from the survey in Q1 2013 which will
allow us to fully understand the potential of the field and to
assess the options for maximising the value of this asset.
As a result of the successful equity placing in April 2012 which
raised EUR5.7 million, the Company's cash position remains strong
and Matra continues to operate without any debt. The board is
considering a number of options to fund the stated strategy.
We hope to be able to announce the first development in our new
strategy in the second half of 2012, and in the meantime continue
to assess the potential of our legacy asset.
Finally, I would like to thank the whole team for their hard
work at this exciting time for Matra.
Sir Michael Jenkins
Chairman
8 August 2012
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2012
INDEPENDENT REVIEW REPORT
INDEPENDENT REVIEW REPORT TO MATRA PETROLEUM PLC
Introduction
We have been engaged by the company to review the financial
statements in the half-yearly financial report for the six months
ended 30 June 2012 which comprise the consolidated income
statement, the consolidated statement of comprehensive loss, the
consolidated statement of changes in equity, the consolidated
statement of financial position, the consolidated statement of cash
flows and the related explanatory notes that have been
reviewed.
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 half-yearly financial statements.
Directors' responsibilities
The interim report, including the financial information
contained therein, is the responsibility of and has been approved
by the directors. The directors are responsible for preparing the
interim report in accordance with the rules of the London Stock
Exchange for companies trading securities on AIM which require that
the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the company's annual
accounts having regard to the accounting standards applicable to
such annual accounts.
Our responsibility
Our responsibility is to express to the company a conclusion on
the set of financial statements in the half-yearly financial report
based on our review.
Our report has been prepared in accordance with the terms of our
engagement to assist the company in meeting the requirements of the
rules of the London Stock Exchange for companies trading securities
on AIM and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon
this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we
hereby expressly disclaim any and all such liability
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 enquiries, 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.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2012
INDEPENDENT REVIEW REPORT
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the financial statements in the
half-yearly financial report for the six months ended 30 June 2012
arenot prepared, in all material respects, in accordance with the
rules of the London Stock Exchange for companies trading securities
on AIM.
BDO LLP
Chartered Accountants and Registered Auditors
Location
United Kingdom
8 August 2012
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2012
CONSOLIDATED INCOME STATEMENT
Notes 30 June 30 June 31 December
2012 2011 2011
unaudited unaudited audited
EUR EUR EUR
---------------------------------- ------ ------------ ---------- ------------
Revenue 68,423 288,410 441,412
Cost of sales (68,423) (288,410) (441,412)
---------------------------------- ------ ------------ ---------- ------------
Gross profit - - -
---------------------------------- ------ ------------ ---------- ------------
Other administrative expenditure 4 (1,611,545) (611,882) (1,440,167)
Share-based payments (98,239) - (525,428)
Impairment of exploration
expenditure - - (5,246,672)
Total administrative expenditure (1,709,784) (611,882) (7,212,267)
---------------------------------- ------ ------------ ---------- ------------
Loss from operations (1,709,784) (611,882) (7,212,267)
Finance income 8,916 10,964 7,444
Finance costs (3,756) (2,616) (5,398)
---------------------------------- ------ ------------ ---------- ------------
Loss before and after taxation
attributable to the owners
of the parent (1,704,624) (603,534) (7,210,221)
================================== ====== ============ ========== ============
Loss per share
Basic and diluted 3 (0.00113) (0.00055) (0.00638)
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2012
CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
30 June 30 June 31 December
2012 2011 2011
unaudited unaudited audited
Consolidated EUR EUR EUR
-------------------------------------- ------------ ---------- ------------
Loss after taxation (1,704,624) (603,534) (7,210,221)
-------------------------------------- ------------ ---------- ------------
Other comprehensive loss:
Exchange differences on translating
foreign operations (18,497) 54,266 (333,902)
------------------------------------- ------------ ---------- ------------
Other comprehensive loss for
the period (18,497) 54,266 (333,902)
Total comprehensive loss for
the period attributable to the
owners of the parent (1,723,121) (549,268) (7,544,123)
====================================== ============ ========== ============
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2012
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Foreign Retained Total
capital premium currency deficit
translation
reserve
Audited EUR EUR EUR EUR EUR
------------------------------------- ---------- ----------- ------------ ------------- ------------
Total equity as at 1 January
2011 1,355,222 36,284,035 (3,793,670) (19,261,678) 14,583,909
Loss after taxation - - - (7,210,221) (7,210,221)
Exchange differences on translating
foreign operations - - (333,902) - (333,902)
------------------------------------- ---------- ----------- ------------ ------------- ------------
Total comprehensive loss for
the period - - (333,902) (7,210,221) (7,544,123)
Shares issued 337,377 2,827,983 - - 3,165,360
Share issue costs (cash) - (114,361) - - (114,361)
Share issue costs (warrants) - (34,286) - 34,286 -
Recognition of share based
payment (options) - - - 525,428 525,428
Total equity as at 31 December
2011 1,692,599 38,963,371 (4,127,572) (25,912,185) 10,616,213
===================================== ========== =========== ============ ============= ============
Share Share Foreign Retained Total
capital premium currency deficit
translation
reserve
Unaudited EUR EUR EUR EUR EUR
------------------------------------- ---------- ----------- ------------ ------------- ------------
Total equity as at 1 January
2012 1,692,599 38,963,371 (4,127,572) (25,912,185) 10,616,213
Loss after taxation - - - (1,704,624) (1,704,624)
Exchange differences on translating
foreign operations - - (18,497) - (18,497)
------------------------------------- ---------- ----------- ------------ ------------- ------------
Total comprehensive loss for
the period - - (18,497) (1,704,624) (1,723,121)
Shares issued 724,529 5,018,148 - - 5,742,677
Recognition of share-based
payment (warrants) - - - 98,239 98,239
------------------------------------- ---------- ----------- ------------ ------------- ------------
Total equity as at 30 June
2012 2,417,128 43,981,519 (4,146,069) (27,518,570) 14,734,008
===================================== ========== =========== ============ ============= ============
Share Share Foreign Retained Total
capital premium currency deficit
translation
reserve
Unaudited EUR EUR EUR EUR EUR
------------------------------------- ---------- ----------- ------------ ------------- -----------
Total equity as at 1 January
2011 1,355,222 36,284,035 (3,793,670) (19,261,678) 14,583,909
Loss after taxation - - 54,266 (603,534) (549,268)
Exchange differences on translating
foreign operations - - - - -
------------------------------------- ---------- ----------- ------------ ------------- -----------
Total comprehensive loss for
the period - - 54,266 (603,534) (549,268)
Shares issued 59,125 1,773,750 - - 1,832,875
Share issue costs (cash) - (63,264) - - (63,264)
Total equity as at 30 June
2011 1,414,347 37,994,521 (3,739,404) (19,865,212) 15,804,252
===================================== ========== =========== ============ ============= ===========
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2012
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June 31 December
2012 2011 2011
unaudited unaudited audited
EUR EUR EUR
------------------------------- ------------- ------------- -------------
Non-current assets
Property, plant and equipment 10,431 5,520 8,488
Intangible assets 9,073,678 14,490,927 8,869,075
9,084,109 14,496,447 8,877,563
Current assets
Inventory 17,273 22,337 20,787
Trade and other receivables 215,540 268,381 87,413
Cash and cash equivalents 5,754,923 1,268,361 1,802,280
------------------------------- ------------- ------------- -------------
5,987,736 1,559,079 1,910,480
Total assets 15,071,845 16,055,526 10,788,043
================================ ============= ============= =============
Capital and reserves attributable to the
equity holders of the parent
Share capital 2,417,128 1,414,347 1,692,599
Share premium 43,981,519 37,994,521 38,963,371
Foreign currency translation
reserve (4,146,069) (3,739,404) (4,127,572)
Retained deficit (27,518,570) (19,865,212) (25,912,185)
------------------------------- ------------- ------------- -------------
14,734,008 15,804,252 10,616,213
Current liabilities
Trade and other payables 337,837 251,274 171,830
------------------------------- ------------- ------------- -------------
337,837 251,274 171,830
Total equity and liabilities 15,071,845 16,055,526 10,788,043
================================ ============= ============= =============
The financial statements were approved and authorised for issue
by the Board on 8 August 2012 and signed on their behalf by
Chief Executive Officer
Maxim Barskiy
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2012
CONSOLIDATED STATEMENT OF CASH FLOWS
30 June 30 June 31 December
2012 2011 2011
unaudited unaudited audited
reclassified reclassified
EUR EUR EUR
--------------------------------------------- ------------ ------------- -------------
Loss before taxation (1,704,624) (603,534) (7,210,221)
Adjustments for:
Depreciation 1,679 5,843 14,225
Finance income (8,916) (10,964) (7,444)
Finance costs 3,756 2,616 5,398
Impairment of exploration expenditure - - 5,246,672
Cost related to sale of test production 68,423 288,410 441,412
Share based payments 98,239 - 525,428
Foreign currency differences 7,256 (149,276) (61,467)
------------ ------------- -------------
Cash generated from operations before
changes in working capital (1,534,187) (466,905) (1,045,997)
Working capital adjustments:
Decrease/(increase) in inventories 3,514 (3,916) (2,366)
(Increase)/decrease in trade and
other receivables (128,127) (87,854) 93,114
Increase/(decrease) in trade and
other payables 166,007 (997,321) (1,076,765)
Interest received 8,916 10,964 7,444
Interest paid (3,756) (2,616) (5,398)
--------------------------------------------- ------------ ------------- -------------
Net cash from operating activities (1,487,633) (1,547,648) (2,029,968)
Purchase of property, plant and
equipment (3,107) 2,736 (4,095)
Expenditure on oil and gas assets (271,965) (1,105,959) (1,635,983)
--------------------------------------------- ------------ ------------- -------------
Net cash from investing activities (275,072) (1,103,223) (1,640,078)
Proceeds from issue of shares 5,742,677 1,832,875 3,165,360
Share issue expenses paid - (63,264) (114,361)
Net cash from financing activities 5,742,677 1,769,611 3,050,999
Net increase/ (decrease) in cash
and cash equivalents 3,979,972 (881,260) (619,047)
Cash and cash equivalents at beginning
of period 1,802,280 2,222,041 2,222,041
Effect of foreign exchange rate differences (27,329) (72,420) 199,286
Cash and cash equivalents at end
of period 5,754,923 1,268,361 1,802,280
============================================== ============ ============= =============
The Statements of Cash Flows of the Group for the period ended
30 June 2011 and the year ended 31 December 2011 have been
reclassified to correct the finance income, finance costs and cost
related to sale of test production in order to improve the
presentation of the Statements of Cash Flows.
The reclassification had no impact on the Group's net
increase/(decrease) in cash and cash equivalents for the periods
then ended.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2012
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Basis of Preparation
The consolidated interim financial statements of Matra Petroleum
plc (the "Company") for the six months ended 30 June 2012 comprise
the Company and its subsidiaries (together referred to as the
'Group'). The corresponding amounts are for the year ended 31
December 2011 and the six month period ended 30 June 2011.
These consolidated interim financial statements have been
prepared in accordance with the rules of the London Stock Exchange
for companies trading securities on Alternative Investment Market
and on a basis consistent with the accounting policies and methods
of computation as published by the Group in its annual report for
the year ended 31 December 2011, which is available on the
Company's website. They do not include all disclosures that would
otherwise be required in a complete set of financial statements and
should be read in conjunction with the 2011 Annual Report.
The financial information for the half years ended 30 June 2012
and 30 June 2011 is unaudited, but were the subject of an
independent review carried out by the Company's auditors, BDO LLP,
and do not constitute statutory accounts within the meaning of
Section 434(3) of the Companies Act 2006.
The annual financial statements of Matra Petroleum Plc `are
prepared in accordance with Financial Reporting Standards (IFRS) as
adopted by the European Union. The comparative financial
information for the year ended 31 December 2011 included within
this report does not constitute the full statutory accounts for
that period. The statutory Annual Report and Financial Statements
for 2011 have been filed with the Registrar of Companies. The
Independent Auditors' Report on that Annual Report and Financial
Statement for 2011 was unqualified, did not draw attention to any
matters by way of emphasis, and did not contain a statement under
498(2) or 498(3) of the Companies Act 2006.
After making enquiries, the directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the half-yearly condensed consolidated financial
statements.
The same accounting policies, presentation and methods of
computation are followed in these financial statements as were
applied in the Group's latest annual audited financial statements
except that in the current financial year, the Group has adopted a
number of revised Standards and Interpretations. However, none of
these has had a material impact on the Group's reporting. In
addition, the IASB has issued a number of IFRS and IFRIC amendments
or interpretations since the last annual report
2. Increase in Share Capital
During the year the Company placed 575 million new shares with
Mr Maxim Barskiy and 6.2 million new shares following the exercise
of the options held by the Directors with other subscribers.
Details of the share issues are summarised below:
Ordinary Price Per Funds Raised Funds Raised
Shares Share
No. GBP GBP EUR
------------------------------- -------------- ---------- ------------- -------------
31 December 2011 1,354,917,872 - -
Placement 14 May 2012 575,000,000 0.008 4,600,000 5,734,937
Share issue (option exercise) 6,200,000 0.001 6,200 7,740
30 June 2012 1,936,117,872 4,606,200 5,742,677
=============================== ============== ========== ============= =============
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2012
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
3. Loss Per Share
Basic loss per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of Ordinary Shares outstanding during the period.
Due to the losses incurred during the period a diluted loss per
share has not been calculated as this would serve to reduce the
basic loss per share.
6 months 6 months Year ended
to to
30 June 30 June 31 December
2012 2011 2011
unaudited unaudited audited
EUR EUR EUR
--------------------------------- -------------- -------------- --------------
Loss attributable to the equity
holders of the parent (1,704,624) (603,534) (7,210,221)
-------------- -------------- --------------
Number of Number of Number of
Shares Shares Shares
Weighted average number of
shares used in the calculation
of basic and dilutive loss
per share 1,513,975,015 1,102,763,176 1,129,808,508
Loss per share (basic and
diluted) (0.00113) (0.00055) (0.00638)
At the reporting date there were 67,922,907 (30 June 2011:
52,400,000; 31 December 2011: 59,650,000) of share incentives that
could potentially dilute basic earnings per share in the
future.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2012
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
4. Other Administration Expenditure
30 June 30 June 31 December
2012 2011 2011
unaudited unaudited audited
EUR EUR EUR
----------------------------- ---------- ---------- ------------
Staff costs 919,898 412,040 798,970
Travel costs 98,087 40,797 77,125
Office costs 113,529 86,623 173,805
Corporate costs 141,326 91,904 131,236
Legal & professional
costs 251,153 (31,371) 149,319
General costs 77,542 68,245 156,253
Exchange loss 9,168 (67,112) (61,197)
Gain / loss on disposal (837) 397 431
Depreciation / amortization 1,679 10,359 14,225
1,611,545 611,882 1,440,167
============================= ========== ========== ============
Group's administration expenditure for the 6 months 2012
increased by EUR999,663 (6 months 2011: EUR611,882). An increase in
staff costs was due to termination payment in amount of EUR399,116
to Peter Hind, Managing Director.
In addition to the amounts included in the table above N Hodgson
was allowed to retain and exercise his 6,000,000 share options with
an exercise price of GBP0.05 and 8,000,000 share options with an
exercise price of GBP0.0365 until 31 December 2012 in recognition
of his past service as an executive director of the Company.
An increase in legal & professional costs was largely due to
the legal and professional fees related to an analysis of new
investment opportunities and potential acquisition targets and also
termination and appointment of directors. An increase in travel
costs related to more intensive international travelling as a
result of the Group's new expansion policy.
5. Interim Report
Copies of this interim report for the six months ended 30 June
2012 will be available from the offices
of Matra Petroleum plc, 101 Finsbury Pavement, London, EC2A 1RS,
United Kingdom and on the company's website
www.matrapetroleum.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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