TIDMLOGP
RNS Number : 4856A
Lansdowne Oil & Gas plc
30 September 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain. If you have any queries on this, then please contact
Steve Boldy, the Chief Executive Officer of the Company
(responsible for arranging release of this announcement).
30 September 2020
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Interim Results for the six months ended 30 June 2020
Lansdowne Oil & Gas ("Lansdowne" or "the Company") is
pleased to announce its unaudited results for the six months ended
30 June 2020. Lansdowne is an upstream oil and gas company, focused
on exploration and appraisal activities in the North Celtic Sea
Basin, off the south coast of Ireland. The Company has targeted the
Irish offshore shelf areas close to existing operating
infrastructure for exploration, as these provide shallow water
(generally less than 100 metres), and relatively low drilling costs
and the Directors believe that these factors, combined with
favourable fiscal terms, have the potential to deliver high value
reserves and consequential shareholder value.
First Half Highlights
Operational
-- Barryroe Oil Field (Standard Exploration Licence "SEL" 1/11)
o Reassignment of equity back to Providence/EXOLA and Lansdowne
from APEC, returning Lansdowne's interest to 20%
o Term-sheet signed with SpotOn Energy Limited, granting
exclusivity through to 31 October 2020 with a view to concluding a
binding farm-out before then
Financial
-- Cash balances at 30 June 2020 of GBP0.19 million (31 December 2019: GBP0.02 million)
-- Loss for the period after tax of GBP0.2 million (full year to
31 December 2019: loss GBP0.2 million)
-- Loss per share of 0.03 pence (full year to 31 December 2019: loss 0.03 pence)
Financing
-- In February 2020, the Company placed 83,333,333 new ordinary
shares of 0.1 pence each ("Ordinary Shares") at a placing price of
0.6 pence a share to raise GBP500,000 before costs (the
"Placing").
-- At the same time, the Shareholder Loans entered into with
Brandon Hill Capital Ltd. and LC Capital in June 2019, were
converted into new Ordinary Shares at the Placing Price.
-- In connection with the Placing and the conversion of the
Shareholder Loans, the Company also granted a total of 139,368,491
warrants, on a one warrant per Placing or Loan Share basis, to
subscribe for new Ordinary shares in the Company at a price of 1.2
pence per share, with an expiry of 31 December 2020.
Post-First Half events
-- Barryroe Oil Field (Standard Exploration Licence "SEL" 1/11)
o The composition of the SpotOn Energy Development Consortium
was announced, comprising "Blue Chip" companies with extensive
experience in offshore oil and gas projects
o The participants are: Schlumberger, Aker Solutions, AGR,
Maersk Drilling, Keppel FELS and Aibel AS
o Discussions continued to finalise the work programme and
commercial agreements with a view to concluding a binding farm-out
agreement during the period of exclusivity ending 31 October
2020
For further information please contact:
Lansdowne Oil & Gas plc +353 1 963 1760
Steve Boldy
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser and Joint Broker
Stuart Gledhill
Richard Hail
Brandon Hill Capital +44 (0) 20 3463 5061
Joint Broker
Oliver Stansfield
Qualified Person Review
This release has been reviewed by Stephen Boldy, Chief Executive
of Lansdowne, who is a petroleum geologist with 40 years'
experience in petroleum exploration and management. Dr Boldy has a
B.Sc., M.Sc., and Ph.D. in geology, is a Fellow of the Geological
Society of London and has consented to the inclusion of the
technical information in this release in the form and context in
which it appears.
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused,
oil and gas exploration and appraisal company quoted on the AIM
market and head quartered in Dublin.
For more information on Lansdowne, please refer to
www.lansdowneoilandgas.com
Lansdowne Oil and Gas plc
Interim results
For the six months ended 30 June 2020
Chairman's Statement
From a global perspective, the first half of 2020 was dominated
by the impact of the COVID Pandemic, which reduced greatly demand
for oil and gas, resulting in a dramatic drop in prices. Over the
last few months, the world has started tentatively to return to
work, demand has recovered and prices have risen to stand at c.
$40-45/bbl for Brent crude and c. 32p/therm for NBP gas.
Despite this difficult background, significant progress has been
made with the new Barryroe Farm-out campaign. Following the signing
of a term-sheet with SpotOn Energy, SpotOn has assembled a
market-leading development consortium to move the project
forward.
Outlook
Our focus remains to conclude a binding Farm-out Agreement for
Barryroe. SpotOn has been granted exclusivity through to 31 October
2020 and all parties are working to close the transaction ahead of
this deadline.
There appears to be a general consensus that the "post-COVID"
world will be different, with an acceleration of energy transition
to lower carbon sources. Nevertheless, oil and gas will be required
for many years to come to meet demand.
In this new world, only projects that are robust at lower
commodity prices are likely to proceed. Barryroe, holding
substantial oil and gas resources, in shallow water has all the
necessary credentials. Our Barryroe Operator, Providence Resources
p.l.c., is pursuing the options for carbon capture and storage to
accompany the development of the oil and gas resources in Barryroe
and we fully support this initiative.
I would like once again to thank our shareholders for their
continued support as we strive to deliver the value inherent in
Barryroe.
Tim Torrington
Chairman
Lansdowne Oil and Gas plc
Condensed Consolidated Income Statement and Statement of
Comprehensive Income
Six months ended 30 June 2020
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June '20 30 June '19 31 Dec. '19
GBP000s GBP000s GBP000s
Administration expenses (163) (71) (122)
Impairment of intangible
assets - - -
______ ______ _______
Operating loss (163) (71) (122)
Finance costs (32) (27) (57)
______ ______ ______
Loss before tax (195) (98) (179)
Income tax credit - - -
______ ______ ______
Loss for the financial period (195) (98) (179)
Other Comprehensive Income - - -
______ ______ ______
Total comprehensive loss
for the financial period (195) (98) (179)
===== ===== ======
Loss per share (pence)
Basic and diluted (0.03p) (0.01p) (0.03p)
===== ===== ======
Lansdowne Oil and Gas plc
Condensed Consolidated Statement of Financial Position
As at 30 June 2020
Unaudited Unaudited Audited
30 June '20 30 June '19 31 Dec. '19
GBP000s GBP000s GBP000s
Assets
Non-Current Assets
Intangible assets 15,642 15,582 15,543
_______ _______ _______
Current Assets
Trade and other receivables 34 18 20
Cash and cash equivalents 188 29 16
_______ _______ _______
222 47 36
_______ _______ _______
Total Assets 15,864 15,629 15,579
======= ======= =======
Equity & Liabilities
Shareholders' Equity
Share capital 11,857 11,722 11,722
Share premium 27,514 26,864 26,864
Currency translation reserve 59 59 59
Share-based payment reserve 923 923 923
Accumulated deficit (26,200) (25,924) (26,005)
_______ _______ _______
Total Equity 14,153 13,644 13,563
Non-Current Liabilities
Provision for liabilities 317 317 316
Current Liabilities
Trade and other payables 268 596 395
Shareholder loan 1,126 1,072 1,305
_______ _______ _______
Total Liabilities 1,711 1,985 2,016
_______ _______ _______
Total Equity and Liabilities 15,864 15,629 15,579
======= ======= =======
Lansdowne Oil and Gas plc
Condensed Consolidated Statement of Cash flows
Six months ended 30 June 2020
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec.
'20 '19 '19
GBP000s GBP000s GBP000s
Cash flows from operating activities
Loss for the period (195) (98) (179)
Adjustments for:
Interest payable and similar charges 32 26 58
(Increase)/decrease in trade and
other receivables (14) 29 28
(Decrease)/increase in trade and
other payables (337) 149 (53)
_______ _______ _______
Net cash used in operating activities (514) 106 (146)
Cash flows from investing activities
Acquisition of intangible exploration
assets (99) (271) (232)
_______ _______ _______
Net cash from investing activities (99) (271) (232)
Cash flows from financing activities
Proceeds from the issue of share
capital 811 139 35
Cost of raising shares (26) (104) -
Proceeds from new loan - - 200
_______ _______ _______
Net cash from financing activities 785 35 235
----------- ----------- -----------
Net increase/(decrease) in cash and
cash equivalents 172 (130) (143)
Cash and cash equivalents at start
of period 16 159 159
_______ _______ _______
Cash and cash equivalents at end
of period 188 29 16
======= ======= =======
Lansdowne Oil and Gas plc
Condensed Consolidated Statement of Changes in Equity
Six months ended 30 June 2020
Share Share Premium Other Retained Total
Capital Reserves Losses
GBP000s GBP000s GBP000s GBP000s GBP000s
Unaudited
At 1 January 2019 11,718 26,833 982 (25,826) 13,707
Loss for the period - - - (98) (98)
_____ _______ _______ _______ _______
Total comprehensive loss
for the period - - - (98) (98)
Conversion of new shares 4 135 - - 139
Cost of share issues - (104) - - (104)
--------- --------- --------- ---------- ----------
At 30 June 2019 11,722 26,864 982 (25,924) 13,644
_____ _______ _______ _______ _______
Audited
At 1 January 2019 11,718 26,833 982 (25,826) 13,707
Loss for the period - - - (179) (179)
_____ _______ _______ _______ _______
Total comprehensive loss
for the period - - - (179) (179)
Issue of new shares - gross
consideration 4 31 - - 35
Cost of share issues - - - - -
_____ _______ _______ _______ _______
At 31 December 2019 11,722 26,864 982 (26,005) 13,563
_____ _______ _______ _______ _______
Unaudited
At 1 January 2020 11,722 26,864 982 (26,005) 13,563
Loss for the period - - - (195) (195)
_____ _______ _______ _______ _______
Total comprehensive loss
for the period - - - (195) (195)
Issue of new shares - gross
consideration 135 676 - - 811
Cost of share issues - (26) - - (26)
_____ _______ _______ _______ _______
At 30 June 2020 11,857 27,514 982 (26,200) 14,153
_____ _______ _______ _______ _______
Notes to the Interim Condensed Financial Statements
1. Basis of Presentation
Accounting Policies
The interim financial information for the six months ended 30
June 2020 has been prepared on the basis of the accounting policies
which were adopted in the 2016 Annual Report and Accounts and IAS
34, "Interim Financial Reporting".
The interim financial information does not comprise statutory
accounts within the meaning of section 434 of the Companies Act
2006. The results for the six months to 30 June 2020 and the
comparative results for the six months to 30 June 2019 are
unaudited. The comparative amounts for the year ended 31 December
2019 do not constitute the statutory financial statements for that
year. The interim financial information should be read in
conjunction with the annual financial statements for the year ended
31 December 2019, which have been prepared in accordance with IFRSs
as adopted by the European Union. Those financial statements have
been delivered to the Registrar of Companies and include an
auditor's report which was unqualified and did not contain a
statement under Section 498 of the Companies Act 2006. It did,
however, contain an emphasis of matter over the going concern basis
of preparation for the Group financial statements.
Going concern
The Directors have prepared the interim financial information on
the going concern basis which assumes that the Group and Company
and its subsidiaries will continue in operational existence for the
foreseeable future. The Directors have carried out a detailed
assessment of the Group's current and prospective exploration
activity, its relationship with the holder of its loan note and
cash flow projections and it is on this basis that the directors
consider it appropriate to prepare this interim financial
information on a going concern basis. This interim financial
information does not include any adjustment that would result from
the going concern basis of preparation being inappropriate.
2. Segmental Analysis
The Group has only one reportable business segment, which is the
exploration for oil and gas reserves in Ireland. All operations are
classified as continuing.
3. Loss per share
The loss for the period was wholly from continuing
operations.
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 Dec.
'20 '19 '19
GBP000s GBP000s GBP000s
Loss per share arising from continuing
operations attributable to the
equity holders of the Company
- basic and diluted (in pence) (0.03) (0.01) (0.03)
The calculations were based on
the following information:
Loss attributable to equity holders
of the Company (195) (98) (179)
Weighted average number of ordinary
shares
In issue - basic and diluted 765,088,897 664,789,073 665,071,764
For diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares. The Group has one class of
dilutive potential ordinary shares - share options. As a loss was
recorded for all periods reported, the issue of new shares would
have been anti-dilutive.
4. Intangible Assets
Oil and gas project expenditures, including geological,
geophysical and seismic costs, are accumulated as intangible assets
prior to the determination of commercial reserves. At 30 June 2020,
intangible assets totalled GBP16 million (30 June 2019: GBP16
million), all of which relates to Ireland. Movements in the period
relate to additional spend on the licence areas of GBP0.1
million.
5. Shareholder loan
The shareholder loan of GBP1.13 million (30 June 2019: GBP1.07
million) relates to a senior secured loan note issued in 2015 to LC
Capital Master Fund Limited at a coupon rate of 5% and the loan is
repayable on 31 December 2020.
6. Copies of the Interim Report
Copies of the interim results can be obtained from the Company
Secretary, Lansdowne Oil & Gas plc, Paramount Court, Corrig
Road, Sandyford Business Park, Dublin 18 and from the Company's
website www.lansdowneoilandgas.com.
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September 30, 2020 02:00 ET (06:00 GMT)
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