Results for the 6 months to 30 June28 Sep 2012 11:27
Results for the 6 months to 30 June 2012
The Company is pleased to announce its financial results for the 6 months ended 30 June 2012. A summary of the results is set out below.
Chairman's Statement
Highlights
Financials - 1st Half 2012
• WGP Exploration Ltd ("WGPE") fully integrated within the Company for the period.
• Revenues for the 6 months to 30 June 2012 increased by 756% to US$3,978,560 (H1 2011 US$464,777).
• Operating Profit before depreciation increased by 752% to US$501,884 (H1 2011 US$58,885).
• Net Profit for the period increased by US$391,415 to US$335,991 (H1 2011 loss of US$55,424).
• Earnings per share for the period of US$0.04 / £0.03 versus a loss of US$(0.01) / £(0.01) per share for the same period in 2011.
Operations
• Successful completion of the fifteenth Life of Field Seismic ("LoFS") survey over the Valhall field in the North Sea for BP, the Group's fourth survey since the award of the contract in 2010.
• Joint venture arrangement with P-Cable 3D Seismic AS ("P-Cable") to commercialise P-Cable's patented 3D seismic technology.
• Award of new contract to provide seismic data acquisition surveys using the P-Cable 3D seismic technology for Spring Energy Norway AS ("Spring Energy").
• Award of turnkey contract to provide seismic data acquisition surveys in the Arctic to Russian State Sevmorgeo Company ("SMG").
• Completion of permanent reservoir monitoring ("PRM") feasibility studies for two major energy companies with the hope of securing more contracts in 2013.
• Enhancement of operational capability through the acquisition of two compressor units and planned further CAPEX of $1.3m before the year end.