Business
Preliminary Announcement
Preliminary Announcement.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n Asia Energy PLC\n23 November 2006\n\n ASIA ENERGY PLC (AIM: AEN)\n\n PRELIMINARY ANNOUNCEMENT OF THE RESULTS\n FOR THE YEAR ENDED 30 JUNE 2006\n\nThe year was undoubtedly marred by the tragic events of 26 August 2006 and the\ndevelopment of the Phulbari Coal Project being delayed by the Government's\nfailure to approve its proposed new Coal Policy and the Scheme of Development.\nDespite these setbacks, solid achievements were made.\n\nThe key events and milestones impacting ASIA ENERGY PLC and its' Phulbari Coal\nprospect for the last year and to date can be summarised as follows:\n\n• 572 million tonne high quality Coal Resource defined to JORC code with\n 93% Measured and Indicated\n• Environmental Clearance for open pit mine approved by Government of\n Bangladesh in September 2005 (application for renewal lodged September \n 2006)\n• Feasibility Study and Scheme of Development lodged with the Government\n of Bangladesh in October 2005\n• Power station proposal lodged with the Government of Bangladesh in\n October 2005\n• US$52 million raised in November 2005 for initial development\n activities\n• Definitive Feasibility Study completed May 2006\n• Protests organised by groups external to Phulbari against open pit\n mining and resettlement occurred on 26 August 2006 in Phulbari\n• Shares suspended from trading 31 August 2006 - 6 October 2006\n• Loss for the year ended 30 June 2006 £520,000\n• Cash held at 30 June 2006 was £28 million, and at 31 October 2006 was\n £26 million.\n• Scheme of Development approval remains outstanding\n\nThe Annual General Meeting is scheduled to be held on 10 January, 2007. The\nnotice to shareholders, Annual Report and full financial statements will be\nforwarded in due course.\n\nAlso attached below are the Profit and Loss, Balance Sheet and Cashflow audited\nby E&Y.\n\n\nFor further information:\n\nStephen Bywater, Chief Executive Justine Howarth, Cathy Malins\[email protected] Parkgreen Communications\n\nGraham Taggart, Finance Director Tel: +44 (0) 20 7493 3713\[email protected] [email protected]\n [email protected]\n\nAsia Energy PLC\nTel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631\[email protected]; www.asia-energy.com\n\n\n\n ASIA ENERGY PLC\n\n GROUP PROFIT AND LOSS ACCOUNT\n\n FOR THE YEAR ...