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

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.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Administrative expenses

 

 

 

Gain arising on restructuring

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

 

Finance income

 

 

 

Fair value loss on derivative financial assets

 

 

 

Finance expense

 

 

 

Loss before income taxation

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

Loss for the period from continuing operations

 

 

 

Discontinued operations

 

 

 

 

 

 

Profit/(loss) for the period from discontinued operations

 

 

 

 

 

 

 

 

 

 

Profit/ (loss) for the period

 

 

 

Other comprehensive income:

 

 

 

 

 

 

Currency translation differences on disposal of foreign operation

 

 

 

 

 

 

 

 

 

 

Total comprehensive profit/(loss) for the period

 

 

 

 

 

 

 

 

 

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Earnings/ (loss) per share - basic and diluted

 

 

 

 

 

 

From continuing operations

 

 

 

From discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Financial Position
as at 30 June 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

 

 

Trade and other receivables

 

 

 

Derivative financial assets

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

Share premium account

 

 

Equity component - convertible loan note

 

 

 

Capital redemption reserve

 

 

 

Merger reserve

 

 

 

Profit and loss account

 

 

 

Foreign currency reserve

 

 

 

 

 

 

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total (deficit)/equity

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

 

Gain on restructuring

 

 

 

Depreciation of property, plant and equipment

 

 

 

Amortisation of intangible assets

 

 

 

Increase in inventories

 

 

 

(Increase)/decrease in trade and other receivables

 

 

 

Increase/(decrease) in trade and other payables

 

 

 

Equity-settled share based payments

 

 

 

Other movement

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities (continued operations)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issue of share capital

 

 

 

Proceeds received from issue of derivative financial asset

 

 

 

Cost of share issue

 

 

 

Convertible unsecured loan notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance income

 

 

 

Finance expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

               

 

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


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