08:00 Wed 06 Jun 2018
President Energy PLC - FY Results for year ended 31 Dec 2017 & Q1 Update
("President", "the Company", or "the Group")
Audited Results for the year ended
and unaudited first quarter 2018 update
President (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in
Corporate & Financial Highlights
· A transformational acquisition in late 2017 of Puesto Flores/Estancia Vieja Concessions in the Neuquén Basin from Chevron Argentina SRL producing immediate impact, generating profits, positive cash and real returns to the Group
· Acquisition cost of those concessions estimated to be paid back in less than two years with production there growing and currently at its highest level since purchase by President
· Group turnover in 2018 on course to triple year on year (2017:
· Exit 2017 Group production over four times the exit 2016 level
· In 2017 the Group recognised a gross loss of
· Strong positive cash generation from core operations in Q1 2018 of
· Group net production:
o Full year 2017 increased by 110% to 1,121boepd (2016: 533 boepd) on a like-for-like basis
o Q1 2018 increased by a further 80% to 2,018 boepd over full year 2017 with production building up through the period
o Currently approximately 2,400 boepd, even with certain wells off-line at the new concessions due to the on-going workover programme
· Significant improvement in core operating margin:
o 2017 well operating costs per boe excluding workovers reduced by 26% in
o In Q1 2018 costs decreased by a further 14% and 49% respectively
· Group-wide administrative costs reduced by:
o 44% over previous year to
o A further 25% to
· Cash at year end 2017 of
· Net debt of
· Group 2P (proven and probable) hydrocarbon reserves as at y/e 2017 increased by 33% to 27.1 mmboe (2016 20.3 mmboe)
· All Concessions now operationally profitable and contributing to Group
· At period end and the start of 2018 the Company successfully worked over four wells at Puesto Flores/Estancia Vieja enabling oil to be produced from previously undrilled intervals
· Major seven well work-over programme at Puesto Flores/Estancia Vieja now in progress with a three well drilling campaign in planning and targeted to commence in September
· Puesto Flores gross production as at
· Current Puesto Flores operating field net back of
· Newly re-activated Estancia Vieja field to start selling gas in June
· Workover programme at Puesto Guardian in H1 2017 delivered mixed results with field production having at one point during the workover programme reached approximately 900 boepd now stable at 500 boepd
· Puesto Guardian is currently generating field net back contributing to G&A of
· Farmout commenced of exploration assets with early interest encouraging
· On its current businesses, no corporate tax on profits payable until estimated 2021 due to carried forward tax losses
· During the year, additional third-party studies were carried out that further validated President's optimistic view as to the prospectivity of its in-country assets
· The farm-out process continues - encouraging recent interest
· The acquisition of an additional 50% WI (37.5% NRI) in
·
o production revenue increasing in the year 2017 by 33% to
o well operating costs per boe down 27% over previous year and further decreased by 49% in Q1 of 2018
·
Outlook
· With an increasingly capable and strengthened management team, an extensive capex programme targeting proved and probable reserves, the prospects for the present businesses to expand are both real and positive
· The Company will continue to seek the right acquisition to complement its existing portfolio for which patience is required
· President views the rest of 2018 with well-founded optimism from an increasingly strong trading and financial position
''2017 was a year of transition and the transformation of the Company has been both swift and dramatic. The two acquisitions of producing assets we made, one in the Neuquén Basin,
"With strong cash generation from our core operations in Q1 2018 of
"Our roadmap is clear, concentrating on cash flow, profits and margins and we look forward to 2018 with well-founded optimism as the Group goes from strength to strength."
Glossary
Boe barrels of oil equivalent
Bopd barrels of oil per day
Boepd barrels of oil equivalent per day
2P proven and probable hydrocarbon reserves
Conference call dial-in details:
PIN: 47547253#
Contact:
|
+44 (0) 207 016 7950 +44 (0) 207 016 7950
|
finnCap (Nominated Advisor & Joint Broker)
|
+44 (0) 207 220 0573 |
|
+44 (0) 207 236 1010
|
Camarco Financial PR |
+44 (0) 203 757 4980 |
Chairman's Statement
Summary
2017 was a year of transition and transformation. President entered the year working to optimise the production from its only asset in
The results for 2017 portrayed in the light of our unaudited management figures for Q1 2018 show the following:
· A transformational acquisition in late 2017 of Puesto Flores/Estancia Vieja Concessions in the Neuquén Basin from Chevron Argentina SRL producing immediate impact, generating profits, positive cash and real returns to the Group
· Acquisition cost of those concessions estimated to be paid back in less than two years with production there growing and currently at its highest level since purchase by President
· Group turnover in 2018 on course to triple year on year (2017:
· Exit 2017 Group production over four times the exit 2016 level
· In 2017 the Group recognised a gross loss of
· Strong positive cash generation from core operations in Q1 2018 of
· Group net production:
o Full year 2017 increased by 110% to 1,121boepd (2016: 533 boepd) on a like-for-like basis
o Q1 2018 increased by a further 80% to 2,018 boepd over full year 2017 with production building up through the period
o Currently approximately 2,400 boepd , even with certain wells off-line at the new concessions due to the on-going workover programme
· Significant improvement in core operating margin:
o 2017 well operating costs per boe excluding workovers reduced by 26% in
o In Q1 2018 costs decreased by a further 14% and 49% respectively
· Group-wide administrative costs reduced by:
o 44% over previous year to
o A further 25% to
· Cash at year end 2017 of
· Net debt of
· Group 2P (proven and probable) hydrocarbon reserves as at y/e 2017 increased by 33% to 27.1 mmboe (2016 20.3 mmboe)
Puesto Flores/Estancia Vieja
The fourth quarter of 2017 was a milestone in the Company's future with the acquisition and integration of the Puesto Flores/Estancia Vieja Concession,
The purchase transformed the financial position and prospects of President and from day one generated positive cash flow with material operating profits. The full benefit of the acquisition and licence extension will be felt in the results for the full year 2018 with payback of the acquisition cost of the asset estimated to be less than two years.
The Concession has added significant value, added reserves to our portfolio and provides substantial running room for growth in both the fields. An early workover programme demonstrated that there were untapped oil bearing intervals in Puesto Flores and shut-in gas in Estancia Vieja. The accelerated programme announced on
Puesto Guardian
The first part of the year was spent conducting workovers of certain wells in our Puesto Guardian Concession with mixed results. The reasons for such results were due to both surface and sub-surface issues. With regards to the former, new surface pumps that had been ordered were late being delivered and subsequently proved to be defective. The latter sub-surface issues have led us to conclude that the optimal cost effective way to materially increase production in the Concession is to drill new wells targeting the many proven undeveloped accumulations. This is being planned for 2019 and President remains optimistic as to the opportunities in Puesto Guardian particularly as there is still another 32 years left of the Concession term.
We can therefore afford to be patient but nevertheless, in the meantime, with greater efficiencies and an improved oil price, Puesto Guardian is now operationally profitable at the field level, and is making a solid contribution to the Group.
President has now begun a farmout process of the deeper exploration prospects at the Concession and in the Company's neighbouring two licences of Matorras and Ocultar. At this early stage, interest is encouraging.
· During the year, additional third party studies were carried out that further validated President's optimistic view as to the prospectivity of its in-country assets
· The farm-out process continued with the assistance of third party advisers, albeit initially more slowly than anticipated, but with encouraging interest continuing to be generated from a number of parties
· Irrespective of this current process, the Company is committed to retaining its interests and licences in the Country and in such light is advancing plans towards drilling a well during 2019
The acquisition of an additional 50% WI (37.5% NRI) in
o production revenue increasing in the year 2017 by 33% to
o well operating costs per boe down 27% over previous year and further decreased by 49% in Q1 of 2018
Corporate
In
In
In
In November/December 2017 a placing supported by major shareholders together with a subsequent open offer to shareholders raised
Also in 2017, the Group entered into its first formal bank lending arrangement, with an
In
Financial review of 2017
In 2017, the Group recognised a gross loss of
Revenue increased by 81% to
The Group's primary investment focus during 2017 was on growth through acquisitions in core areas, increasing production in
Conclusion and Prospects
2017 was a year of transition and the transformation of the Company has been both swift and dramatic. The two acquisitions of producing assets we made, one in the Neuquén Basin,
With strong cash generation from our core operations in Q1 2018 of
Our roadmap is clear, concentrating on cash flow, profits and margins and we look forward to 2018 with well-founded optimism as the Group goes from strength to strength.
Detailed financial review
In 2017, the Group recognised a gross loss of
Revenue increased by 81% to
In
Oil sales in
In
Realised prices in the US edged down 5% on the prior year to
Despite the price environment, the EBITDA contribution from the US operations rose to
In line with the investment strategy in
Total impairment charges during the year of
With an improving oil price environment carrying through to 2018 there are growing signs that the global E&P sector is emerging from its recent slumber and looking for new opportunities. The Group's timely acquisition of Puesto Flores is evident that we are well placed to build on our positions in
With support from existing and new shareholders, the Company raised
Concurrent with the equity fundraising, the Group's loan facility with
The Group's primary investment focus during 2017 was on growth through acquisitions in core areas, increasing production in
Investment in Property, Plant and Equipment and related
Intangible Fixed Asset additions amounted to
Trade and other payables increased to
Year-end cash balances were
Key Performance Indicators
Key Performance Indicators are used to measure the extent to which Directors and management are reaching key objectives. The principal methods by which the Directors monitor the Group's performance are volumes of net production, well operating costs and the extent of exploration success. The Directors also carry out a regular review of cash available for exploration and development and review actual capital expenditure and operating expenses against forecasts and budgets.
Production in
In
|
2017 |
|
2016 Restated |
|
Increase/ (Decrease) |
|
|
|
|
|
|
Production |
|
|
|
|
|
Net oil and natural gas liquid production mbbls |
371.4 |
|
178.6 |
|
107.9% |
Net gas production mmcf |
226.8 |
|
99.4 |
|
128.2% |
|
|
|
|
|
|
Production mboe |
|
|
|
|
|
|
106.3 |
|
70.0 |
|
51.8% |
|
302.8 |
|
125.1 |
|
142.0% |
Total net hydrocarbons |
409.1 |
|
195.1 |
|
109.7% |
|
|
|
|
|
|
|
|
|
|
|
|
Well operating costs |
|
|
|
|
|
|
1,796 |
|
1,619 |
|
10.9% |
|
15,111 |
|
8,637 |
|
75.0% |
Total operating costs |
16,907 |
|
10,256 |
|
64.8% |
|
|
|
|
|
|
Well operating costs per boe US$ |
|
|
|
|
|
|
16.9 |
|
23.1 |
|
-26.9% |
|
49.9 |
|
69.0 |
|
-27.7% |
Total well operating costs per boe US$ |
41.3 |
|
52.6 |
|
-21.4% |
|
|
|
|
|
|
Cash balances |
4,026 |
|
17,586 |
|
-77.1% |
*Production and reserves for
Production from US operations rose by 52% to 291 boepd (2016: 191 boepd, as adjusted) following the acquisition of an incremental interest and operatorship of the Triche well in
In USA, well operating costs rose by 11% to
Consolidated Statement of Comprehensive Income
Year ended
|
|
Note |
|
2017 |
|
2016 |
Continuing Operations |
|
|
|
|
|
|
Revenue |
|
|
|
17,945 |
|
9,900 |
Cost of sales |
|
2 |
|
(21,402) |
|
(12,593) |
Gross profit/(loss) |
|
|
|
(3,457) |
|
(2,693) |
Administrative expenses |
|
3 |
|
(5,295) |
|
(4,524) |
Operating loss before impairment and non-operating gains/(losses) |
|
(8,752) |
|
(7,217) |
||
Non-operating gains |
|
4 |
|
1 |
|
583 |
Impairment charge |
|
|
|
(1,337) |
|
(11,039) |
Profit / (loss) after impairment and non-operating gains/(losses) |
|
|
(10,088) |
|
(17,673) |
|
|
|
|
|
|
|
|
Interest income |
|
|
|
251 |
|
1 |
Realised gains/(losses) on translation of foreign currencies |
|
|
|
(1,079) |
|
(388) |
Finance costs |
|
|
|
(2,326) |
|
(2,431) |
Profit / (loss) before tax |
|
|
|
(13,242) |
|
(20,491) |
Income tax credit |
|
|
|
4,444 |
|
6,470 |
Profit / (loss) for the year from continuing operations |
|
|
|
(8,798) |
|
(14,021) |
|
|
|
|
|
|
|
Other comprehensive income, net of tax |
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
|
|
(8,495) |
|
(7,534) |
Total comprehensive profit /(loss) for the year attributable |
|
|
|
|
|
|
to the equity holders of the parent |
|
|
|
(17,293) |
|
(21,555) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings / loss per share |
|
5 |
|
US cents |
|
US cents |
|
|
|
|
|
|
|
Basic profit/(loss) per share from continuing operations |
|
|
|
(0.9) |
|
(2.5) |
Diluted profit(loss) per share from continuing operations |
|
|
|
(0.9) |
|
(2.5) |
Consolidated Statement of Financial Position
ASSETS |
|
|
|
2017 |
|
2016 |
Non-current assets |
|
|
|
|
|
|
Intangible exploration & evaluation assets |
|
|
|
103,299 |
|
103,372 |
|
|
|
|
705 |
|
- |
Property, plant and equipment |
|
|
|
72,016 |
|
51,492 |
Deferred tax |
|
|
|
1,190 |
|
848 |
Other non-current assets |
|
|
|
352 |
|
318 |
|
|
|
|
177,562 |
|
156,030 |
Current assets |
|
|
|
|
|
|
Trade and other receivables |
|
|
|
8,310 |
|
4,510 |
Asset held for resale |
|
|
|
1,313 |
|
- |
Stock |
|
|
|
77 |
|
84 |
Cash and cash equivalents |
|
|
|
4,026 |
|
17,586 |
|
|
|
|
13,726 |
|
22,180 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
191,288 |
|
178,210 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Trade and other payables |
|
|
|
18,043 |
|
10,793 |
Asset held for resale |
|
|
|
788 |
|
- |
Borrowings |
|
|
|
1,846 |
|
9,076 |
|
|
|
|
20,677 |
|
19,869 |
Non-current liabilities |
|
|
|
|
|
|
Long-term provisions |
|
|
|
5,015 |
|
4,717 |
Borrowings |
|
|
|
19,313 |
|
- |
Deferred tax |
|
|
|
306 |
|
5,663 |
|
|
|
|
24,634 |
|
10,380 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
|
45,311 |
|
30,249 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
Share capital |
|
|
|
23,642 |
|
22,086 |
Share premium |
|
|
|
240,822 |
|
227,325 |
Translation reserve |
|
|
|
(50,240) |
|
(41,745) |
Profit and loss account |
|
|
|
(75,189) |
|
(66,391) |
Other reserves |
|
|
|
6,942 |
|
6,686 |
TOTAL EQUITY |
|
|
|
145,977 |
|
147,961 |
TOTAL EQUITY AND LIABILITIES |
|
|
|
191,288 |
|
178,210 |
Consolidated Statement of Changes in Equity
Year ended
|
|
|
|
|
|
|
Profit |
|
|
|
|
|
Share |
|
Share |
|
Translation |
|
and loss |
|
Other |
|
|
|
capital |
|
premium |
|
reserve |
|
account |
|
reserves |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
16,754 |
|
201,646 |
|
(34,211) |
|
(52,462) |
|
6,594 |
|
138,321 |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payments |
- |
|
- |
|
- |
|
- |
|
242 |
|
242 |
Placing of ordinary shares |
5,332 |
|
26,660 |
|
- |
|
- |
|
- |
|
31,992 |
Costs of issue |
- |
|
(981) |
|
- |
|
- |
|
- |
|
(981) |
Transfer to P&L account |
- |
|
- |
|
- |
|
92 |
|
(92) |
|
- |
Convertible loan equity |
- |
|
- |
|
- |
|
- |
|
(58) |
|
(58) |
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with the owners |
5,332 |
|
25,679 |
|
- |
|
92 |
|
92 |
|
31,195 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
- |
|
- |
|
- |
|
(14,021) |
|
- |
|
(14,021) |
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on |
|
|
|
|
|
|
|
|
|
|
|
translation |
- |
|
- |
|
(7,534) |
|
- |
|
- |
|
(7,534) |
Total comprehensive income for |
|
|
|
|
|
|
|
|
|
|
|
the year |
- |
|
- |
|
(7,534) |
|
(14,021) |
|
- |
|
(21,555) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
22,086 |
|
227,325 |
|
(41,745) |
|
(66,391) |
|
6,686 |
|
147,961 |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payments |
- |
|
- |
|
- |
|
- |
|
256 |
|
256 |
Issue of ordinary shares |
1,534 |
|
13,809 |
|
- |
|
- |
|
- |
|
15,343 |
Costs of issue |
|
|
(507) |
|
- |
|
- |
|
- |
|
(507) |
Issue to service provider |
22 |
|
195 |
|
- |
|
- |
|
- |
|
217 |
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with the owners |
1,556 |
|
13,497 |
|
- |
|
- |
|
256 |
|
15,309 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
- |
|
- |
|
- |
|
(8,798) |
|
- |
|
(8,798) |
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on |
|
|
|
|
|
|
|
|
|
|
|
translation |
- |
|
- |
|
(8,495) |
|
- |
|
- |
|
(8,495) |
Total comprehensive income for |
|
|
|
|
|
|
|
|
|
|
|
the year |
- |
|
- |
|
(8,495) |
|
(8,798) |
|
- |
|
(17,293) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
23,642 |
|
240,822 |
|
(50,240) |
|
(75,189) |
|
6,942 |
|
145,977 |
Consolidated Statement of Cash Flows
Year ended
|
2017 |
|
2016 |
Cash flows from operating activities |
|
|
|
Cash generated by operating activities (note 6) |
(7,438) |
|
2,196 |
Interest received |
251 |
|
1 |
Taxes paid |
(82) |
|
(2) |
|
(7,269) |
|
2,195 |
Cash flows from investing activities |
|
|
|
Expenditure on exploration and evaluation assets |
(655) |
|
(578) |
Expenditure on development and production assets |
(11,746) |
|
(13,979) |
Proceeds from asset sales |
475 |
|
209 |
Acquisition & licence extension in |
(15,618) |
|
- |
Proceeds from insurance |
- |
|
585 |
|
(2,218) |
|
- |
Deposits with state authorities |
(184) |
|
- |
Expenditure on abandonment |
- |
|
(16) |
|
(29,946) |
|
(13,779) |
|
|
|
|
Cash flows from financing activities |
|
|
|
Loan drawn |
15,495 |
|
14,661 |
Proceeds from issue of shares (net of expenses) |
14,836 |
|
31,011 |
Loan converted to equity |
(2,205) |
|
(12,000) |
Shares issued to service provider |
217 |
|
- |
Repayment of borrowings |
(1,207) |
|
(2,000) |
Payment of interest and loan fees |
(1,971) |
|
(2,330) |
|
25,165 |
|
29,342 |
|
|
|
|
Net decrease in cash and cash equivalents |
(12,050) |
|
17,758 |
Opening cash and cash equivalents at beginning of year |
17,586 |
|
217 |
Exchange gains on cash and cash equivalents |
(1,510) |
|
(389) |
Closing cash and cash equivalents |
4,026 |
|
17,586 |
Notes
1. Accounting policies and preparation
The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended
A copy of the statutory accounts for the year to
Whilst the financial statements from which this preliminary announcement is derived have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted for use in the EU, this announcement does not itself contain sufficient information to comply with IFRS. The Annual Report, containing full financial statements that comply with IFRS, will be sent out to shareholders later in
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, in the preparation of the 2017 financial statements they continue to adopt the going concern basis.
|
|
|
2017 |
|
2016 |
2. |
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
4,495 |
|
2,337 |
|
Well operating costs |
|
16,907 |
|
10,256 |
|
|
|
21,402 |
|
12,593 |
Well operating costs include
|
|
|
2017 |
|
2016 |
3. |
Administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
Directors and staff costs (including non-executive Directors) |
|
4,048 |
|
2,775 |
|
Share-based payments |
|
256 |
|
242 |
|
Depreciation |
|
(4) |
|
27 |
|
Other |
|
995 |
|
1,480 |
|
|
|
5,295 |
|
4,524 |
To allow for meaningful comparison, staff costs, share based payments and depreciation expenses are reflected gross before the effect of allocations to operating costs or balance sheet assets. Other expenses are shown net of the effect of allocations US$1.79 million (2016: US$0.75 million).
4. |
Other non-operating gains/(losses) |
|
2017 |
|
2016 |
|
|
|
US$000 |
|
US$000 |
|
|
|
|
|
|
|
Insurance claim proceeds |
|
- |
|
585 |
|
Other gains/(losses) arising on asset disposals |
|
1 |
|
(2) |
|
|
|
1 |
|
583 |
Insurance proceeds amounting to US$0.585 million were received in 2016 from claims arising in connection with the DP1002 well in
5. Earnings / (Loss) per share |
2017 |
|
2016 |
|
US$000 |
|
US$000 |
Net profit / (loss) for the period attributable to |
|
|
|
the equity holders of the Parent Company |
(8,798) |
|
(14,021) |
|
|
|
|
|
Number |
|
Number |
|
'000 |
|
'000 |
|
|
|
|
Weighted average number of shares in issue |
971,173 |
|
554,655 |
|
|
|
|
|
US cents |
|
US cents |
Earnings /(loss) per share |
|
|
|
Basic earnings / (loss) per share from continuing operations |
(0.9) |
|
(2.5) |
Diluted earnings / (loss) per share from continuing operations |
(0.9) |
|
(2.5) |
At 31 December 2017, 115,176,490 (2016: 105,507,307) weighted potential ordinary shares in the Company which underlie the Company's share option and share warrant awards and may dilute earnings per share in the future, have been included in the calculation of diluted earnings per share. No dilution per share was calculated for 2016 or 2017 as with the reported loss they are anti-dilutive.
6. Notes to the consolidated statement cash flows |
2017 |
|
2016 |
|
US$000 |
|
US$000 |
|
|
|
|
Profit / (loss) from operations before taxation |
(13,242) |
|
(20,491) |
Interest on bank deposits |
(251) |
|
(1) |
Interest payable and loan fees |
2,326 |
|
2,431 |
Depreciation of property, plant and equipment |
4,491 |
|
2,364 |
Impairment |
1,337 |
|
11,039 |
(Gain) / loss on non-operating transaction |
(1) |
|
(583) |
Share-based payments |
256 |
|
242 |
Foreign exchange difference |
1,079 |
|
388 |
Operating cash flows before movements in working capital |
(4,005) |
|
(4,611) |
Decrease / (increase) in receivables |
(3,677) |
|
(833) |
Increase / (decrease) in payables |
244 |
|
7,640 |
Net cash generated by operating activities |
(7,438) |
|
2,196 |
7. Segment reporting
|
|
|
|
|
|
|
|
|
|
|
Total |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
14,391 |
|
- |
|
3,554 |
|
- |
|
- |
|
17,945 |
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
3,725 |
|
- |
|
770 |
|
- |
|
- |
|
4,495 |
Well operating costs |
15,111 |
|
- |
|
1,796 |
|
- |
|
- |
|
16,907 |
Administrative expenses |
1,703 |
|
91 |
|
494 |
|
- |
|
3,007 |
|
5,295 |
Segment costs |
20,539 |
|
91 |
|
3,060 |
|
- |
|
3,007 |
|
26,697 |
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating profit/(loss) |
(6,148) |
|
(91) |
|
494 |
|
- |
|
(3,007) |
|
(8,752) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
7,234 |
|
- |
|
2,666 |
|
- |
|
- |
|
9,900 |
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
1,711 |
|
- |
|
626 |
|
- |
|
- |
|
2,337 |
Well operating costs |
8,637 |
|
- |
|
1,619 |
|
- |
|
- |
|
10,256 |
Administrative expenses |
913 |
|
132 |
|
233 |
|
9 |
|
3,237 |
|
4,524 |
Segment costs |
11,261 |
|
132 |
|
2,478 |
|
9 |
|
3,237 |
|
17,117 |
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating profit/(loss) |
(4,027) |
|
(132) |
|
188 |
|
(9) |
|
(3,237) |
|
(7,217) |
Segment assets |
|
|
|
|
|
|
|
|
|
|
Total |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets |
1,578 |
|
101,721 |
|
- |
|
- |
|
- |
|
103,299 |
|
705 |
|
- |
|
- |
|
- |
|
- |
|
705 |
Property, plant and equipment |
69,754 |
|
103 |
|
2,159 |
|
- |
|
- |
|
72,016 |
|
72,037 |
|
101,824 |
|
2,159 |
|
- |
|
- |
|
176,020 |
Asset held for resale |
- |
|
- |
|
1,313 |
|
- |
|
- |
|
1,313 |
Other assets |
7,852 |
|
17 |
|
1,767 |
|
- |
|
293 |
|
9,929 |
|
79,889 |
|
101,841 |
|
5,239 |
|
- |
|
293 |
|
187,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets |
1,655 |
|
101,717 |
|
- |
|
- |
|
- |
|
103,372 |
Property, plant and equipment |
48,298 |
|
101 |
|
3,093 |
|
- |
|
- |
|
51,492 |
|
49,953 |
|
101,818 |
|
3,093 |
|
- |
|
- |
|
154,864 |
Other assets |
3,696 |
|
168 |
|
1,673 |
|
36 |
|
187 |
|
5,760 |
|
53,649 |
|
101,986 |
|
4,766 |
|
36 |
|
187 |
|
160,624 |
Segment assets can be reconciled to the Group as follows:
|
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
US$000 |
|
US$000 |
|
|
|
|
|
|
|
|
Segment assets |
|
|
|
|
187,262 |
|
160,624 |
Group cash |
|
|
|
|
4,026 |
|
17,586 |
Group assets |
|
|
|
|
191,288 |
|
178,210 |
Segment liabilities |
|
|
|
|
|
|
|
|
|
|
Total |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
27,438 |
|
274 |
|
2,451 |
|
- |
|
15,148 |
|
45,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
US$000 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
17,205 |
|
294 |
|
1,901 |
|
- |
|
10,849 |
|
30,249 |
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the
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