Business
Preliminary Results for 2005
Preliminary Results for 2005.
About this update from Cloudbreak Discovery Plc
[{"type":"text","content":"\n Cardinal Resources plc\n30 May 2006\n\n\nCARDINAL RESOURCES PLC ANNOUNCES PRELIMINARY RESULTS FOR THE YEAR ENDED \n31 DECEMBER 2005\n\nLONDON - Tuesday, 30th May 2006\n\nThe Directors of Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company')\ntoday announce the preliminary results of the Company for the year ended 31\nDecember 2005.\n\nHIGHLIGHTS\n\n• Admitted to the London Stock Exchange's Alternative Investment Market (AIM) in\nApril 2005 raising $20 million for growth\n\n Proved and probable reserves increased over 75% to 32.5 MMBOE from 18.4 MMBOE\nat the time of admission to AIM, largely as a result of the acquisition of Rudis\nDrilling Company\n\n• Average daily production at 31 December was up 72% year-on-year to 1,154\nbarrels of oil equivalent\n\n• Rudis Drilling Company was acquired in October 2005 for $14.8 million, or\n$0.85 per BOE, increasing reserves by 17.6 MMBOE and boosting the number of\nowned and operated licence areas held by the Company\n\n• $38 million financing was secured in December 2005 from Silver Point Capital\n(SPC) to assist in reinstating Cardinal's net profit interest in the\nRudivsko-Chernovozavodske (RC) Field back up to 45% and to provide additional\nworking capital for Cardinal's field development programme\n\n• Aggressive work programme started on the Rudis assets to increase current \nyear-end production of 1,154 boepd by 2,500 to 3,000 boepd by the end of 2007 \nwith the initiation of drilling on seven new development wells and seven \nworkovers\n\n• Gas prices increased 45% to $2.38/Mcf at 2005 year-end from $1.64/Mcf at the\nend of 2004\n\n• Group turnover increased 52% to $4.6 million, including the Company's share of\njoint venture turnover at the Bytkiv Field\n\n• Gross profit increased to $1.4 million (2004: $0.4 million)\n\nRobert J. Bensh, Chairman and Chief Executive of Cardinal, said: 'The year 2005\nwas one of exceptional achievements and continuing challenges for the Company.\n\n'While we are proud of our accomplishments and the value we have created by\nnearly doubling our reserves and production since the IPO, developing our\noperating position in Ukraine, enhancing the strength of our board and raising\nthe capital necessary to develop our assets, our accomplishments in 2005 are\nnothing more than milestones as we focus and stay disciplined towards...