Prospex Energy PlcLSE: PXEN

Interim Results for 6 months ended 30 June 2015

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RNS Number : 1529Z
Prospex Oil and Gas PLC
16 September 2015
 

Prospex Oil & Gas Plc

("Prospex Oil & Gas" or "the Company")

Interim Results for the six months ended 30 June 2015

Chairman's Statement

This report accompanies the unaudited Interim Results for the 6 month period ended June 30, 2015.  During that time, the Company underwent significant changes, particularly on 14, April 2015, where, amongst other things, a restructuring was approved by shareholders incorporating a Company Voluntary Arrangement, a disposal, change of name, a new Board and a new investment mandate together with a fundraise under the new capital structure. 

Since that time, the Board and management have been very active in reviewing investment opportunities.  At the same time, stock markets and energy prices have both been extremely volatile, adding a significant amount of complexity to the work of the team.  However, the directors are not daunted by these challenges and in fact believe that these also present opportunities.

The Directors thank the shareholders, new and old, for their patience and assure them that efforts have been and continue to be undertaken to identify and negotiate an appropriate investment or acquisition for the Company.

Bill Smith

Chairman

15 September 2015

Enquiries:

Prospex Oil and Gas plc

Edward Dawson, CEO

0207 078 9566

WH Ireland Limited (Nominated Adviser and Broker)

Katy Mitchell

Peterhouse Corporate Finance Limited (Joint Broker)

Lucy Williams / Eran Zucker

0113 394 6600

020 7469 0932

Prospex Oil & Gas Plc

Statement of Comprehensive Income
for the six months ended 30 June 2015

Unaudited

Audited

Six months ended 30 June

Year ended

31 December

2015

2014

2014

 £

 £

 £

Administrative expenses

(257,814)

(273,322)

(512,322)

Gain arising on restructuring

152,361

-

-

Operating loss

(105,453)

(273,322)

(512,322)

Finance income

162

34

34

Fair value loss on derivative financial assets

-

(60,105)

(168,188)

Finance expense

-

(4,212)

(67,491)

Loss before income taxation

(105,291)

(337,605)

(747,967)

Income tax expense

-

-

-

Loss for the period from continuing operations

(105,291)

(337,605)

(747,967)

Discontinued operations

Profit/(loss) for the period from discontinued operations

521,745

(78,035)

(3,832,478)

Profit/ (loss) for the period

416,454

(415,640)

(4,580,445)

Other comprehensive income:

Currency translation differences on disposal of foreign operation

(39,467)

-

-

Total comprehensive profit/(loss) for the period

376,987

(415,640)

(4,580,445)

Non-controlling interests

-

20,406

771,232

Profit/ (loss) for the period and total comprehensive income attributable to owners of the parent

376,987

(395,234)

(3,809,213)

Earnings/ (loss) per share - basic and diluted

From continuing operations

(0.5)p

(0.02)p

(0.05)p

From discontinued operations

2.6p

(0.01)p

(0.23)p

Statement of Financial Position
as at 30 June 2015

Note

Unaudited

Audited

Six months ended 30 June

Year ended 31 December

2015

2014

2014

 £

 £

 £

Non-current assets

Intangible assets

-

3,738,746

-

Tangible assets

-

12,146

10,355

Derivative financial assets

-

45,000

-

-

3,795,892

10,355

Current assets

Inventories

-

1,008

977

Trade and other receivables

169,448

17,410

33,928

Derivative financial assets

-

165,000

46,359

Cash and cash equivalents

859,407

26,928

22,734

1,028,855

210,346

103,998

Total assets

1,028,855

4,006,238

114,353

Current liabilities

Trade and other payables

(256,858)

(162,494)

(365,873)

Borrowings

-

(454,521)

(479,784)

Total liabilities

(256,858)

(617,015)

(845,657)

Net assets

771,997

3,389,223

(731,304)

Shareholders' equity

Share capital

4

2,657,234

2,304,398

2,304,398

Share premium account

4

6,732,715

6,063,208

6,063,208

Equity component - convertible loan note

-

95,479

100,216

Capital redemption reserve

43,333

43,333

43,333

Merger reserve

2,416,667

2,416,667

2,416,667

Profit and loss account

(11,077,952)

(8,112,862)

(11,531,738)

Foreign currency reserve

-

(4,000)

39,467

771,997

2,806,223

(564,439)

Non-controlling interests

-

583,000

(166,865)

Total (deficit)/equity

771,997

3,389,223

(731,304)

Statement of changes in equity

as at 30 June 2015

 Share capital

 Share premium

Retained earnings

Foreign currency reserve

Capital redemption reserve

Merger reserve

Non- controlling interests

Convertible loan note

Total

 £

 £

 £

 £

 £

 £

 £

 £

 £

Six months ended 30 June 2015

At 1 January 2015

2,304,398

6,063,208

(11,531,728)

39,467

43,333

2,416,667

(166,885)

100,216

(731,304)

Issue of shares

352,836

723,314

-

-

-

-

-

-

1,076,150

Costs in respect of shares issued

-

(53,807)

-

-

-

-

-

-

(53,807)

Total comprehensive income for the year

-

-

416,454

(39,467)

-

-

-

-

376,987

Equity settled share based payments

-

-

37,322

-

-

-

-

-

37,322

On disposal of subsidiary

-

-

-

-

-

-

166,865

(100,216)

66,649

At 30 June 2015

2,657,234

6,732,715

(11,077,952)

-

43,333

2,416,667

-

-

771,997

Six months ended 30 June 2014

At 1 January 2014

2,288,898

6,059,750

(7,722,515)

(3,874)

43,333

2,416,667

598,512

89,293

3,770,054

Total comprehensive income for the year

-

-

(395,234)

-

-

-

(20,406)

-

(415,640)

Issue of shares

15,500

7,750

-

-

-

-

-

-

23,250

Costs in respect of shares issued

-

(4,292)

-

-

-

-

-

-

(4,292)

Convertible loan note - equity component

-

-

-

-

-

-

-

6,196

6,196

Equity settled share based payment

-

-

4,887

-

-

-

-

-

4,887

Currency translation differences on foreign currency net investments

-

-

-

(126)

-

-

-

-

4,768

At 30 June 2014

2,304,398

6,063,208

(8,112,862)

(4,000)

43,333

2,416,667

583,000

95,479

3,389,223

Year ended 31 December 2014

At 1 January 2014

2,288,898

6,059,750

(7,722,515)

(3,874)

43,333

2,416,667

598,512

89,293

3,770,054

Total comprehensive income for the year

-

-

(3,809,213)

-

-

-

(771,232)

-

(4,580,445)

Issue of shares

15,500

7,750

-

-

-

-

-

-

23,250

Costs in respect of shares issued

-

(4,292)

-

-

-

-

-

-

(4,292)

Convertible loan note - equity component

-

-

-

-

-

-

-

10,933

10,933

Currency translation differences on foreign currency net investments

-

-

-

43,341

-

-

5,855

-

49,196

At 31 December 2014

2,304,398

6,063,208

(11,531,728)

39,467

43,333

2,416,667

(166,865)

100,216

(731,304)

Statement of cash flows

for the six months ended 30 June 2015

Unaudited

Audited

Six months ended 30 June

Year ended 31 December

2015

2014

2014

 £

 £

 £

Operating activities

Operating loss

(105,453)

(273,322)

(512,322)

Gain on restructuring

(152,361)

-

-

Depreciation of property, plant and equipment

-

1,484

2,946

Amortisation of intangible assets

-

-

-

Increase in inventories

-

(1,008)

(977)

(Increase)/decrease in trade and other receivables

(14,174)

(965)

(17,483)

Increase/(decrease) in trade and other payables

68,604

(54,463)

87,308

Equity-settled share based payments

37,322

4,887

-

Other movement

(31,825)

31,954

85,516

Cash flows from operating activities (continued operations)

(197,887)

(291,433)

(355,012)

Cash flows from operating activities (discontinued operations)

-

(78,035)

(102,701)

Cash generated from operations

(197,887)

(369,468)

(457,713)

Financing activities

Issue of share capital

1,076,150

-

-

Proceeds received from issue of derivative financial asset

12,055

93,020

148,578

Cost of share issue

(53,807)

(4,292)

(4,292)

Convertible unsecured loan notes

-

50,000

80,000

1,034,398

138,728

224,286

Investing activities

Purchase of intangible assets

-

(12,494)

(12,333)

Purchase of property, plant and equipment

-

(199)

(196)

Finance income

162

34

34

Finance expense

-

(4,212)

(5,883)

162

(16,871)

(18,378)

Net increase/(decrease) in cash and cash equivalents

836,673

(247,611)

(251,805)

Cash and cash equivalents at beginning of the period

22,734

274,539

274,539

Cash and cash equivalents at end of the period

859,407

26,928

22,734
               

Notes to the Interim Financial Statements

for the six months ended 30 June 2015

1.       Basis of preparation

The principal accounting policies used for preparing the Interim Accounts are those the Company expects to apply in its financial statements for the year ending 31 December 2015 and are unchanged from those disclosed in the Company's Report and Financial Statements for the year ending 31 December 2014.

The financial information for the six months ended 30 June 2015 and for the six months ended 30 June 2014 has neither been audited nor reviewed by the Company's auditors.

2.       Earnings per ordinary share

The calculation of a basic earnings per share is based on the profit for the period attributable to equity holders of the Company and on the weighted average number of shares in issue during the period.

3.       Share capital

On 15 April 2015 Company's share capital was re-organised through the consolidation of every 25,000 Existing Ordinary Share into one Consolidation Share; and thereafter each Consolidation Share was subdivided into 100 New Ordinary Shares and 1 New Deferred Share.

On 16 April 2015 the Company raised £1,076,150 through the issue of 35,283,591 New Ordinary Shares at £0.0305.

On 16 April 2015 the Company granted 2,847,116 options at an exercise price of £0.03 per share exercisable over a period of 10 years from the date of grant.  On the same date, the Company granted 812,000 options at an exercise price of £0.03 per share exercisable over a period of 3 years from the date of grant.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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