BOIL.L Regulatory News (BOIL)

31 Jan 2005 13:20

Gold Oil PLC31 January 2005 GOLD OIL PLC (the "Company") INTERIM ANNOUNCEMENT CHAIRMAN'S STATEMENT OVERVIEW The Company satisfactorily completed its funding processes in July 2004 and isactively seeking acquisitions. At the date of the balance sheet the Company had net current assets of £305,000,of which £302,000 was in cash. FINANCIAL OVERVIEW The expenses incurred to date relate to the placing of shares in July 2004 andsubsequent listing maintenance and administration. For the period from incorporation on 8 April 2004 to 31 October 2004 a loss of£112,000 has been incurred by the Company, which on a weighted average equatesto a loss of 0.05p per share. No dividend is being declared. The directors willreceive no remuneration until an acquisition has been completed. CASH FLOW AND FUNDING As stated above, the Company effectively had £302,000 cash at 31 October 2004for acquisitions and routine expenses. OUTLOOK The Board is actively pursuing further acquisitions and hope to reportfavourable developments in the near future. In particular, we have beennegotiating to acquire a significant block of offshore exploration acreage andhope to make a further announcement shortly. Director 31 January 2005 GOLD OIL PLC Profit and Loss Account from 8 April 2004 to 31 October 2004 Note £'000 Turnover - Administration expenses (113) Operating Loss (113) Interest received 1 Loss on ordinary activities before taxation (112) Taxation - Loss on ordinary activities after taxation (112) Dividends - Deficit for the period £(112) Earnings per shares: basic and diluted 3 (0.05p.) The Company's turnover and operating loss arise from continuing operations. There were no recognised gains or losses other than those recognised in theprofit and loss account above. GOLD OIL PLC Balance Sheet as at 31 October 2004 Note £'000FIXED ASSETSEquipment 4 CURRENT ASSETS Debtors 7Cash at bank and in hand 302 309CREDITORS: amounts falling duewithin one year (8) Net current assets £305 CAPITAL AND RESERVES Called up share capital 4 59 Share premium account 358 Profit and loss account (112) Equity shareholders' funds £305 GOLD OIL PLC Cash Flow Statement for the period 8 April 2004 to 31 October 2004 Note £'000 Cash outflow from operating activities 5 (112) Return on investment and servicing of finance 1Purchase of fixed assets (4)Financing - Issue of shares net of expenses 417 Cash increase in the period 302 Reconciliation of movements in shareholders' funds £'000 Deficit for the period (112) New share capital subscribed, net of expenses 417 305 Opening shareholders' funds - Closing shareholders' funds 305 GOLD OIL PLC NOTES TO THE INTERIM REPORT 1. Accounting Policies These accounts have been prepared on the historical cost basis, using generallyrecognised accounting principles. They have been prepared on a going concernbasis. This interim report for the period from formation to 31 October 2004 wasapproved by the Board on 31 January 2005. 2. History The Company was formed on 8 April 2004 as Gold Oil Plc. 3. Loss per SharePeriod 8 April 2004to 31 October 2004Pence Earnings per ordinary shares - basic and diluted (0.05p) The loss per ordinary share is based on the Company's loss for the period of£112,000 and a weighted average number of shares in issue of 236,750,000. 4. Called up Share Capital On incorporation the authorised share capital of the company was 100,000,000ordinary shares of 1p each. On 12 May 2004 the Company reduced its authorisedshare capital to 10,000,000 ordinary shares of 1p each and on the same datesub-divided its share capital into 400,000,000 ordinary shares of 0.025p each. On 8 June 2004, 199,999,920 ordinary shares were issued at par. Under the Placing Agreement, 35,000,000 shares of 0.025p were issued at 1p pershare on 18 June 2004. On 28 June 2004, 1,000,000 shares of 0.025p were issued at 1p per share. 5. Reconciliation of operating loss to net cash outflow from operatingactivities Period 8 April 2004 to 31October 2004 £'000 Operating loss (113) Increase in debtors (7) Increase in creditors 8 Net cash outflow from operating activities £(112) GOLD OIL PLC NOTES TO THE INTERIM REPORT6. Financial informationThe financial information in this statement does not constitute statutoryaccounts within the meaning of section 240 of the Companies Act 1985. 7. AccountsCopies of the Interim Report are available for collection at the offices of theCompany, Finsgate, 5-7 Cranwood Street, London EC1V 9EE during normal officehours for a period of one month from the date hereof. This information is provided by RNS The company news service from the London Stock Exchange