07:00 Mon 17 Aug 2020
Petro Matad Ltd - Interim results
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Interim results for the six months ended
Financial Summary
The Group posted a loss of
The Company has strategically put in place cost saving measures without sacrificing its operational capability, which in the absence of new sources of financing, will enable it to remain in an operationally ready state until mid-2021. Meanwhile the Company is pursuing a number of options to fund the next stage of its activities.
Operational Update
· The Block XX Exploitation Licence (EL) application continues to progress through the government's approval processes. A key component is approval of the Company's reserve report for its Heron 1 oil discovery. The report has been reviewed by auditors appointed by the
· Once the reserves report has been approved, the EL award process requires the development area to be agreed with industry regulator
· The Covid-19 pandemic combined with the Mongolian parliamentary election which was held in
· In parallel with the EL the Company is also working with MRPAM to progress the issues of land access which caused some delay and disruption to operations in 2019. MRPAM advises that they expect the issues, which arose as a result of new legislation (Reg 287 of 2017), will be resolved by the adoption of the conclusions of a working group. Those conclusions are currently progressing through the government's approval processes.
·
Further operational updates will be provided in due course.
- Ends -
Further information please contact:
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+97 670 141 099 / +97 675 751 099 |
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Shore Capital (Nominated Adviser and Broker) |
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+44 (0) 20 7408 4090 |
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FTI Consulting (Communications Advisory Firm) |
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+44 (0) 20 3727 1000 |
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About
STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF-YEAR ENDED
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Consolidated |
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$'000 |
$'000 |
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Continuing Operations |
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Revenue |
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Interest Income |
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15 |
508 |
Other Income |
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20 |
2 |
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35 |
510 |
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Expenditure |
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Consultancy fees |
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(38) |
(62) |
Depreciation and amortisation |
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(63) |
(101) |
Employee benefits expenses |
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(1,323) |
(1,510) |
Exploration expenditure |
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(293) |
(2,152) |
Other expenses |
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(670) |
(1,091) |
Profit/(Loss) from continuing operations before income tax |
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(2,352) |
(4,406) |
Income tax expense |
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- |
- |
Profit/(Loss) from continuing operations after income tax |
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(2,352) |
(4,406) |
Net Loss |
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(2,352) |
(4,406) |
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Other comprehensive income/(loss) |
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Exchange rate differences on translating foreign operations |
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(12) |
(1) |
Other comprehensive income/(loss), net of income tax |
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(12) |
(1) |
Total comprehensive loss |
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(2,364) |
(4,407) |
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Profit/(Loss) attributable to owners of the parent |
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(2,352) |
(4,406) |
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Total comprehensive income/(loss) attributable to owners of the parent |
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(2,364) |
(4,407) |
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Earnings/(loss) per share (cents per share) |
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- Basic and diluted earnings/(loss) per share |
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(0.35) |
(0.67) |
STATEMENT OF FINANCIAL POSITION
AS AT
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Consolidated |
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$'000 |
$'000 |
$'000 |
ASSETS |
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Current Assets |
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Cash and cash equivalents |
2,069 |
2,815 |
3,790 |
Trade and other receivables |
8 |
23 |
42 |
Prepayments |
160 |
155 |
220 |
Financial assets |
10 |
1,510 |
12,334 |
Inventory |
225 |
226 |
205 |
Total Current Assets |
2,472 |
4,729 |
16,591 |
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Non-Current Assets |
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Exploration and evaluation |
15,275 |
15,275 |
15,275 |
Property, plant and equipment |
203 |
260 |
319 |
Total Non-Current assets |
15,478 |
15,535 |
15,594 |
TOTAL ASSETS |
17,950 |
20,264 |
32,185 |
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LIABILITIES |
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Current liabilities |
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Trade and other payables |
246 |
502 |
477 |
Total Current Liabilities |
246 |
502 |
477 |
TOTAL LIABILITIES |
246 |
502 |
477 |
NET ASSETS |
17,704 |
19,762 |
31,708 |
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EQUITY |
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Issued capital |
143,721 |
143,174 |
143,174 |
Reserves |
2,809 |
3,062 |
2,579 |
Accumulated losses |
(128,826) |
(126,474) |
(114,045) |
TOTAL EQUITY |
17,704 |
19,762 |
31,708 |
CONDENSED CASH FLOW STATEMENT
FOR THE HALF-YEAR ENDED
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Consolidated |
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$'000 |
$'000 |
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Cash flows from operating activities |
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Payments to suppliers and employees |
(2,349) |
(5.568) |
Interest received |
15 |
508 |
Net cash flows from/(used in) operating activities |
(2,334) |
(5,060) |
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Cash flows from operating activities |
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Purchase of property, plant and equipment |
(10) |
(87) |
Proceeds of financial assets |
1,500 |
6,827 |
Proceeds from the disposal of plant and equipment |
- |
- |
Net cash flows from/(used in) investing activities |
1,490 |
6.740 |
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Cash flows from financing activities |
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Proceeds from issue of shares |
110 |
- |
Capital raising costs |
- |
- |
Net cash flows from/(used in) financing activities |
110 |
- |
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Net increase/(decrease) in cash and cash equivalents |
(734) |
1.680 |
Net foreign exchange differences |
(12) |
(1) |
Cash and cash equivalents at beginning of period |
2,815 |
2,111 |
Cash and cash equivalents at end of period |
2,069 |
3,790 |
STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED
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Consolidated |
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Attributable to equity holders of the parent |
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$'000 |
Accumulated Losses $'000 |
Other Reserves $'000 |
Total $'000 |
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As at |
143,174 |
(109,809) |
2,660 |
36,025 |
Income/(Loss) for the period |
- |
(4,406) |
- |
(4,406) |
Other comprehensive income |
- |
- |
(1) |
(1) |
Total comprehensive income/(loss) for the period |
143,174 |
(114,215) |
2,659 |
31,618 |
Transactions with owners in their capacity as owners |
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Issue of share capital |
- |
- |
- |
- |
Cost of capital raising |
- |
- |
- |
- |
Share based payments |
- |
170 |
(80) |
90 |
As at |
143,174 |
(114,045) |
2,579 |
31,708 |
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As at |
143,174 |
(126,474) |
3,062 |
19,762 |
Income/(Loss) for the period |
- |
(2,352) |
- |
(2,352) |
Other comprehensive income |
- |
- |
(12) |
(12) |
Total comprehensive income/(loss) for the period |
143,174 |
(128,826) |
3,050 |
17,398 |
Transactions with owners in their capacity as owners |
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Issue of share capital |
121 |
- |
- |
121 |
Cost of capital raising |
- |
- |
- |
- |
Share based payments |
426 |
- |
(241) |
185 |
As at |
143,721 |
(128,826) |
2,809 |
17,704 |
1. CORPORATE INFORMATION
The financial report covers the consolidated entity of
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The half-year financial report does not include all of the notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.
The half-year financial report should be read in conjunction with the annual Financial Report of
It is also recommended that the half-year financial report is considered together with any public announcements made by
(a) Basis of Preparation
The half-year consolidated financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of International Financial Reporting Standards ("IFRS") as issued by the
The financial report is presented in US dollars and all values are rounded to the nearest thousand dollars ($'000).
For the purpose of preparing the half-year financial report, the half-year has been treated as a discrete reporting period.
(b) Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group as at 31 December each year.
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The financial statements of the subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.
The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Adjustments are made to bring into line any dissimilar accounting policies that may exist.
A change in the ownership interest of a subsidiary that does not result in a loss of control is accounted for as an equity transaction.
All intercompany balances and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in full. Unrealised losses are eliminated unless costs cannot be recovered.
3. CONTRIBUTED EQUITY
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CONSOLIDATED |
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$'000 |
$'000 |
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Ordinary shares (i) 674,289,306 shares issued and fully paid ( |
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143,721 |
143,174 |
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143,721 |
143,174 |
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(i) Ordinary shares
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
4. RESERVES
A detailed breakdown of the reserves of the Group is as follows:
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Merger reserve |
Equity benefits reserve |
Foreign currency translation |
Total |
Consolidated |
$'000 |
$'000 |
$'000 |
$'000 |
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As at |
831 |
2,938 |
(1,190) |
2,579 |
Currency translation differences |
- |
- |
(13) |
(13) |
Share based payments |
- |
496 |
- |
496 |
As at |
831 |
3,434 |
(1,203) |
3,062 |
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Currency translation differences |
- |
- |
(12) |
(12) |
Share based payments |
- |
(241) |
- |
(241) |
As at |
831 |
3,193 |
(1,215) |
2,809 |
5. EARNINGS/(LOSS) PER SHARE
The following reflects the income and share data used in the total operations basic and diluted earnings/(loss) per share computations:
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CONSOLIDATED |
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30 Jun 2020 |
30 Jun 2019 |
Basic earnings/(loss) per share |
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Total basic earnings/(loss) per share (US$ cents per share) (note a) |
(0.35) |
(0.67) |
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Diluted earnings/(loss) per share |
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Total diluted earnings/(loss) per share (US$ cents per share) (note b) |
(0.35) |
(0.67) |
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(a) Basic earnings/(loss) per share |
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The profit/(loss) and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows: |
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Net profit/(loss) attributable to ordinary shareholders (US$'000) |
(2,352) |
(4,406) |
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Weighted average number of ordinary shares for the purposes of basic earnings per share ('000) |
672,429 |
662,196 |
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(b) Diluted earnings/(loss) per share |
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The profit/(loss) and weighted average number of ordinary shares used in the calculation of diluted earnings per share are as follows: |
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Net profit/(loss) attributable to ordinary shareholders (US$'000) |
(2,352) |
(4,406) |
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Weighted average number of ordinary shares for the purposes of basic earnings per share ('000) |
672,429 |
662,246 |
Share Options and Conditional Share Awards could potentially dilute basic loss per share in the future, however they have been excluded from the calculation of diluted loss per share because they are anti-dilutive for both years presented.
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