TIDMPRS
RNS Number : 2947A
Paternoster Resources PLC
28 September 2015
PATERNOSTER RESOURCES PLC
("Paternoster" or the "Company")
Unaudited interim results for the 6 months ended 30 June
2015
Paternoster is pleased to announce its unaudited interim results
for the six months ended 30 June 2015.
Chairman's review
The Company made profits after tax of GBP274,270 for the six
months ended 30 June 2015 compared to a loss of GBP178,281 for the
same period in 2014. Paternoster's investment portfolio continues
to make good progress with net assets at 30 June 2015 increasing by
10% to GBP3,040,522 or 0.44p per share, compared to GBP2,758,784 at
31 December 2014. The Company's share price at 30 June 2015,
however, was 0.21p, which represents a 52% discount to the
Company's underlying net asset value at that date and a 37%
discount to the value of the Company's portfolio of listed
investments and cash and cash equivalents (excluding the Company's
other assets).
The key unaudited performance indicators are set out below.
COMPANY STATISTICS 30 June 2015 31 December Change %
2014
------------------------------- ----------------- ------------ ------------
Net asset value GBP3,040,522 GBP2,758,784 +10%
Net asset value - fully
diluted per share 0.442p 0.404p +9%
Closing share price 0.21p 0.245p * 14%
Share price premium/(discount)
to net asset value (52%) (39%) * 13%
Market capitalisation GBP1,413,000 GBP1,648,500 * 14%
-------------------------------- ---------------- ------------ ------------
Category Principal investments Cost or valuation
(GBP)
---------------------- ------------------------ ------------------
Bison Energy Services
Limited, Andiamo
Exploration Limited
Unlisted/pre and Elephant Oil
IPO Limited 674,692
Metal Tiger plc,
MX Oil plc, Plutus
Powergen plc, Shumba
Coal Limited and
Listed special Northcote Energy
situations plc 1,813,238
Investment portfolio 2,487,930
Cash and highly liquid
Cash and highly listed investments
liquid listed in highly liquid
investments companies 424,003
Total 2,911,933
------------------------------------------------ ------------------
During the period under review, there have been developments
with a number of the company's investments:
Metal Tiger plc
In January 2015, Metal Tiger revised its strategy and
established two distinct investment divisions: the Direct Equities
Investment division; and the Direct Projects Investment division.
The Direct Equities Investment division is focused on taking
advantage of the low valuations of many listed junior resource
companies. This division has made investments in companies such as
Kibo, Eurasia, Ariana and New World Oil and Gas and has already
realised some significant profits. The Direct Projects Investment
division will continue to invest directly in projects in the
natural resources sector. This division has been making good
progress on a number of fronts. The results of the drilling at its
Lagrosan gold and tungsten project in Spain have demonstrated
significant tungsten mineralization. The work programme at the
company's gold project in Morogoro, Tanzania has now commenced and
an interim report from its operations at Chanthaburi in Thailand
suggests the presence of both gold and antinomy. Also, in April
2015, the company raised additional funding at the prevailing
market price underpinning its current valuation.
MX Oil plc
MX Oil has recently invested in a Nigerian oil and gas asset
called OML 113. This asset is offshore Lagos with production
scheduled to commence in January 2016 when it is expected to start
generating significant cash flow. The drilling of the first well in
a two well first phase programme is in progress - the well has now
been drilled and is in the process of being completed. The terms of
the investment were extremely attractive compared to the level of
funds already invested and the net present value of expected cash
flows, even with the oil price at its current level. As part of
this transaction, the company raised around GBP6 million before
expenses.
The company also continues to work towards securing onshore
conventional acreage in Mexico. The process, known as Bid Round 1,
for mature onshore conventional fields in the states of Tabasco,
Veracruz and Tamaulipas is underway. The company is currently in
the process of preparing bids.
Plutus PowerGen plc
Plutus PowerGen is continuing to make excellent progress in
developing flexible energy generation capacity in the UK. In
January 2015, the company raised GBP500,000 in new funding and in
February 2015 it closed a GBP3.4 million direct equity financing
with Rockpool Investments LLP ("Rockpool") to fund the development
of its first power generation site. In May 2015, the company
received planning permission for its first 20MW flexible stand-by
power generation plant in Plymouth which is expected to be
generating power in 2016. The company has also now secured
connection agreements for 260MW of capacity which exceeds the
company's three-year target set out at the time of its re-listing.
It also has five management contracts for the construction and
operation of 20MW flexible stand-by electricity plants which will
generate income for the company in the short term. The company has
also entered into a partnership with the newly established funding
provider, Reliance Energy Limited, a developer of renewable energy
and flexible generation projects in the UK, for the development of
further individual 20MW flexible power generation sites. This is
complementary to its existing arrangements with Rockpool.
Northcote Energy plc
Northcote Energy completed the acquisition of North American
Petroleum's oil assets and raised over GBP4 million in new funds.
Paternoster will be receiving shares in Northcote Energy in
exchange for the shares it holds in North American Petroleum. The
company has now commenced drilling at its Shoats Creek prospect and
initial results are encouraging. In addition to its exploration and
production operations in the USA, Northcote has also been
increasing its exposure to the oil and gas sector in Mexico. In
particular, it is now in the process of developing a waste
remediation facility in the city of Comalcalco, which is in the
heart of on-shore oil and gas activity between the city of
Villahermosa, Mexico and the nearby port facility. This facility is
expected to be generating cash within six months of work commencing
on the site. The company is also preparing to participate in the
current licensing round for onshore conventional fields in Mexico
which is now in progress.
Shumba Coal Limited
The company has recently reached an agreement to acquire the
Mabesekwa Prospecting Licence in Botswana. The estimated JORC
in-situ coal resource is over 800 million tonnes, predominately
contained in one coal seam, with an average seam thicknesses of
greater than 18 metres with a flat and consistent profile with the
coal found at average depths of 50-60 metres, to be accessed by
open strip mining. Shumba Coal has also executed an agreement with
Mulilo Renewable Project Developments for the joint development of
the Mabesekwa Export Independent Power Plant at the Mabesekwa Coal
Project. The company has also just renewed its 1.1 billion tonne
Sechaba coal license and this now runs to 31 March 2017. The
company has also raised US$2.75 million to finance its various
projects at a 27% premium to the prevailing share price from
various Botswana institutions, demonstrating a good level of
support from investors and so remains well funded to continue the
development of its assets.
Atlas Oil and Gas Limited
Atlas was created to evaluate, acquire and develop oil and gas
assets, initially in Algeria, jointly with Littoral Oil and Gas
Limited. Littoral is an oil and gas investment company whose
principals are experienced in North Africa. Littoral has already
spent the past 12 months evaluating existing subsurface data for
assets in known, hydrocarbon-producing basins.
Algeria has been selected as an initial focus in North Africa on
the basis of its stability, contract terms and excellent
infrastructure. Atlas will focus on undeveloped discoveries and
shut-in fields within proven petroleum basins. The operational
emphasis will be on leveraging technology to keep production costs
low, with a quick path to production and revenues.
The company has already begun discussions with possible joint
venture partners in preparation for bidding on specific blocks.
Andiamo Exploration Limited
(MORE TO FOLLOW) Dow Jones Newswires
September 28, 2015 02:00 ET (06:00 GMT)
Work on the development of the Yacob Dewar deposit is
progressing well. Following the completion of the systematic
trenching over the deposit in 2014, representative samples of both
the copper and gold mineralisation have been collected and sent for
metallurgical testwork with results expected in Q3. In addition,
work is currently on-going to estimate a maiden JORC compliant
mineral resource estimate for the Yacob Dewar deposit. Following
successful stream sediment sampling, ground mapping, surface
sampling and a hand-dug trenching programme conducted in the Hoba
area over the last year, Andiamo has decided to commence a 1,000m
diamond drill campaign on the Hoba prospect, located in the Haykota
Exploration Licence area to test volcanogenic massive sulphide
style mineralisation in the north of the concession area. This area
is being explored under an agreement with Environminerals East
Africa Limited who may earn a 50% interest in discoveries in the
northern part of the licence area by spending a total of US$2.0
million by the end of 2015.
Elephant Oil Limited
Elephant Oil continues to progress its work programme on Block B
in Be nin. The company has recently begun the Environmental Impact
Assessment covering the area of interest where future surveys and
drilling are to be targeted. This assessment is a prerequisite to
the new seismic acquisition programme planned in 2016. The company
has also identified further potential acquisitions in West Africa
and due diligence is being carried out on selected assets.
Bison Energy Services Limited
This company is currently in the process of being reorganised in
order to be better positioned to explore the various options
available to it in order to capitalise on its deposit of frac sand
and associated permits in the US.
Nicholas Lee, Chairman of Paternoster, commented:
"The company's investment portfolio continues to make good
progress, notwithstanding the general downturn in the natural
resources sector and current market conditions are creating many
investment opportunities. The Company is actively reviewing a
number of interesting opportunities with a focus on creating
shareholder value".
For more information please contact:
Paternoster Resources Plc:
Nicholas Lee, Chairman +44 (0) 20 7580 7576
Matt Lofgran +1 480 993-8933
Nominated Adviser and Joint Broker: +44 (0) 20 7601 6100
Westhouse Securities
Antonio Bossi/David Coaten
Joint Broker: +44 (0) 20 7562 3351
Peterhouse Capital Limited
Lucy Williams
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2015 2014 2014
GBP GBP GBP
-------------------------------- -------------- -------------- --------------
Consultancy income 3,000 - 4,000
Net gains/(losses) on
investments 391,522 (115,779) 91,981
Investment income 2,806 51,895 25,263
Total income 397,328 (63,884) 121,244
Administration expenses (115,590) (114,397) (241,616)
-------------------------------- -------------- -------------- --------------
Profit/(loss) before
taxation 274,240 (178,281) (120,372)
Taxation - - -
-------------------------------- -------------- -------------- --------------
Profit/(loss) for the
period and total comprehensive
income 274,240 (178,281) (120,372)
Basic earnings/(loss)
per share
Continuing and total
operations 0.041p (0.031p) (0.021p)
Fully diluted earnings/(loss)
per share
Continuing and total
operations 0.038p (0.031p) (0.021p)
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2015
Called
up Share
share premium Other Retained Total
capital account reserves deficit equity
GBP GBP GBP GBP GBP
-------------------------- ---------- ---------- ---------- ------------ ----------
Balance at
1 January 2014 3,830,796 2,774,849 91,182 (4,052,559) 2,644,268
Loss for the year
and total comprehensive
expense - - - (120,372) (120,372)
-------------------------- ---------- ---------- ---------- ------------ ----------
Share issue 95,000 147,250 242,250
Share issue costs - (20,592) (20,592)
Share based payment
costs - - 13,230 - 13,230
-------------------------- ---------- ---------- ---------- ------------ ----------
Transactions with
owners 95,000 126,658 13,230 - 234,888
-------------------------- ---------- ---------- ---------- ------------ ----------
Balance at
31 December 2014 3,925,796 2,901,507 104,412 (4,172,931) 2,758,784
Profit for the
period and total
comprehensive
income - - - 274,240 274,240
-------------------------- ---------- ---------- ---------- ------------ ----------
Share based payments
costs - - 7,498 - 7,498
-------------------------- ---------- ---------- ---------- ------------ ----------
Transactions with
owners - - 7,498 - 7,498
-------------------------- ---------- ---------- ---------- ------------ ----------
Balance at
30 June 2015 3,925,796 2,901,507 111,910 (3,898,691) 3,040,522
-------------------------- ---------- ---------- ---------- ------------ ----------
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2014
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2015 2014 2014
GBP GBP GBP
------------------------------- ----------- ---------------- ----------------
ASSETS
Non-current assets
Available for sale investments 2,683,283 1,924,005 2,291,761
------------------------------- ----------- ---------------- ----------------
Total non-current assets 2,683,283 1,924,005 2,291,761
------------------------------- ----------- ---------------- ----------------
Current assets
Trade and other receivables 176,723 288,764 172,626
Cash and cash equivalents 228,650 322,794 359,094
------------------------------- ----------- ---------------- ----------------
Total current assets 405,373 611,558 531,720
------------------------------- ----------- ---------------- ----------------
Total assets 3,088,656 2,535,563 2,823,481
------------------------------- ----------- ---------------- ----------------
LIABILITIES
Current liabilities
Trade and other payables 48,134 65,431 64,697
Total current liabilities 48,134 65,431 64,697
------------------------------- ----------- ---------------- ----------------
Net assets 3,040,522 2,470,132 2,758,784
------------------------------- ----------- ---------------- ----------------
EQUITY
Share capital 3,925,796 3,830,796 3,925,796
Share premium account 2,901,507 2,774,849 2,901,507
Capital redemption reserve 27,000 27,000 27,000
Share option reserve 84,910 68,327 77,412
Retained losses (3,898,691) (4,230,840) (4,172,931)
------------------------------- ----------- ---------------- ----------------
Total equity 3,040,522 2,470,132 2,758,784
------------------------------- ----------- ---------------- ----------------
UNAUDITED STATEMENT OF CASH FLOWS
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September 28, 2015 02:00 ET (06:00 GMT)
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