16 Oct 2013 07:02
WESSEX EXPLORATION PLC
(AIM: WSX)
Final Results for the Year Ended 30 June 2013
Wessex Exploration PLC ("Wessex" or "the Company"), the hydrocarbon exploration company, is pleased to announce its final results for the year ended 30 June 2013.
Highlights
· In the year to 30 June 2013, the loss before taxation was £3.39m (2012: loss £1.64m) and loss per share was 0.47p (2012: loss 0.26p)
· Operations continue in Guyane on the GM-ES-5 well, a prospect located down-dip from the Zaedyus discovery
· Election made to conserve up to £1.5m of cash resources by diluting interest in Guyane Maritime venture to around 1.1% (from 1.25%)
· New 2D seismic data being acquired in Southern England (P1928), major reprocessing effort completed and now being interpreted
· Renewal Application for Juan de Nova Est Permit made with Wessex having the right to hold 50% if awarded
· Cash as at 30 June 2013 was £4.4m, of which the Company had projected further commitments of £3.3m, almost all relating to Guyane (pre-dilution) as the current four well drilling campaign draws to a conclusion.
Contacts | |
Wessex Exploration PLC | www.wessexexploration.com |
Andy Yeo, Chief Financial Officer | +44 (0) 1225 428139 |
WH Ireland Limited | www.wh-ireland.co.uk |
John Wakefield (Corporate Finance) | +44 (0) 117 945 3471 |
Ruari McGirr / Sebastian Wykeham (Institutional Sales) | +44 (0) 207 220 1691 |
Yellow Jersey PR | +44 (0) 776 853 7739 |
Dominic Barretto |
Commenting on the results, Malcolm Butler, Chairman of Wessex said:
"Last year was challenging, as our enthusiasm following the 2011 Zaedyus oil discovery in Guyane, was tempered by three unsuccessful wells. However, we remain hopeful that GM-ES-5, the last in the current four well drilling programme, will be successful on a prospect located down-dip from the GM-ES-1 Zaedyus discovery.
The Stena Icemax will leave Guyane once GM-ES-5 has been completed. The Shell-operated group will then spend the first half of 2014 analysing the results of the four well drilling campaign and mapping new prospects on the Central Area 3D. It is unlikely that any new drilling will take place in 2014.
In order to remain appropriately funded throughout 2014 and be in a position to benefit from the re-evaluation of the potential of Guyane, Wessex elected to trigger a contractual right contained in the Northpet Shareholders Agreement to conserve cash resources by opting out of paying up to £1.5m of funding requests still expected to be made in 2013 by the joint venture. This would lead to Wessex reducing its interest in the Guyane Maritime Permit from 1.25% to approximately 1.1%. Alongside this, the Board has commenced a non-project cost reduction programme aimed at reducing overhead costs by a minimum of 25%. These actions should provide sufficient time and resources for the Company to optimise the value of its exploration interests during 2014."
Chairman's Statement
Last year was challenging for all of us, as our enthusiasm following the Zaedyus 2011 oil discovery in Guyane was tempered by two unsuccessful follow-up wells on the Cingulata Fan followed by a third dry hole drilled on the separate Cebus Fan within the Eastern Slope. The GM-ES-4 Cebus well announcement was made after the year-end. The Board remains hopeful that GM-ES-5, which was spudded in August 2013, will be successful.
In Southern England, the Norwest-operated group has reprocessed a large volume of existing 2D and 3D seismic data over our licences and we plan to acquire new shallow water 2D seismic over the northern part of P1928 during Q4 2013. Interpretation is underway to identify and confirm potential drilling locations. On Juan de Nova Est, an application has been filed for a renewal of the permit, now with Jupiter Petroleum Juan de Nova Limited, a wholly owned subsidiary of Global Petroleum Limited (AIM: GBP; ASX: GBP) as operator, with Wessex having the right to take a 50% interest if the permit is renewed.
The Company ended the year with a cash balance of £4.4m, some £5.8m lower than in 2012. Operations in Guyane accounted for 85% of total expenditure. As at 30 June 2013, the Company had projected further commitments of £3.3m, almost all relating to Guyane (pre-dilution) as the current four well drilling campaign draws to a conclusion. The Shell-operated group will spend the first half of 2014 evaluating the results of the four well drilling programme and mapping new prospects on the Central Area 3D. It is unlikely that any new drilling will take place during 2014.
As we look forward a year, the combination of ongoing Guyane well costs during the second half of 2013 and a recognition that the re-evaluation of the potential of Guyane will not be complete until the second half of 2014 led the Board to conclude that action needed to be taken to ensure that the Group remained funded throughout the whole of 2014. It is critical that Wessex is able to benefit from the value creation that we hope will be generated from the identification of new leads and prospects in Guyane, particularly in the Central Area.
In order to be in a position to benefit from this re-evaluation process, Wessex elected to trigger a contractual right contained in the Northpet Shareholders Agreement to opt out of paying up to £1.5m of funding requests still expected to be made in 2013 by the joint venture. This will lead to Wessex's interest in the Guyane Maritime Permit being reduced to around 1.1%. Alongside this, the board has commenced a non-project cost reduction programme aimed at reducing overhead costs by a minimum of 25%.
It was unfortunate that we had to part company with our founder and Managing Director, Frederik Dekker, last November. This was a difficult time for all concerned, but we wish him well in his new ventures.
Financial Review
Cash Management
Cash as at 30 June 2013 was £4.4m, of which the Company had projected further commitments of £3.3m, almost all relating to Guyane (pre-dilution) as the current four well drilling campaign draws to a conclusion.
As noted earlier in the Chairman's Statement, the combination of ongoing Guyane well costs during the second half of 2013 and the length of time required to generate new leads and prospects led the Board to conclude that action needed to be taken to ensure that the Company remains appropriately funded throughout 2014.
The Board considered various alternative methods of funding and concluded that the most certain and least dilutive option would be to trigger a contractual right contained in the Northpet Investments Limited ("Northpet") Shareholders Agreement. Northpet is the joint venture company that owns the 2.5% interest in the Guyane Maritime Permit and is currently 50% owned by each of Wessex and NP Offshore Holdings (UK) Limited ("NP"), a wholly-owned subsidiary of Northern Petroleum Plc (AIM:NOP). The contractual right allows the Company to give notice to NP of its intention not to contribute to monthly funding requests made by Northpet in respect of costs of the Guyane Maritime operation and instead suffer pro-rata dilution in its shareholding in Northpet if NP pays Wessex's share of such requests. It is the Company's intention to conserve cash resources by giving such notice in respect of up to £1.5m of future funding requests.
In practical terms, this arrangement could take several months to complete. Thereafter, the Wessex shareholding in Northpet is projected to have settled at around 44% (reduced from 50%), or an effective interest in Guyane of around 1.1% (reduced from 1.25%). Wessex will lose the right to appoint one of its two directors of Northpet. However, there will be no change of control of the board, as NP already has the right to appoint Northpet's Chairman.
Alongside this, the Board has commenced a non-project cost reduction programme. The majority of identified savings will be put in place over the balance of calendar 2013 to ensure that the Company receives the maximum benefit from these reductions across the whole of calendar 2014. The aim is to reduce overhead costs by a minimum of 25%. This amount includes partial waivers of salary and fees by the directors. It is worth noting that despite a number of exceptional items of expenditure in the year to 30 June 2013, the Company still managed to achieve a 5% reduction in non-project overhead costs.
These actions, together with the substantial fall in project costs as the Stena Icemax leaves Guyane, should provide sufficient time and resources for Wessex to optimize the value of its exploration interests during 2014.
Consolidated Income Statement
In the year to 30 June 2013, the loss before taxation was £3.39m (2012: loss £1.64m) and loss per share was 0.47p (2012: loss 0.26p).
Administration costs were £1.88m (2012: £1.75m); of which £0.88m related to non-cash items (£0.36m of share option expense and an impairment charge of £0.52m made up of £0.26m in Juan de Nova, £0.18m in Western Sahara and an adjustment for historic expenditure of £0.08m). In addition, there was a loss of £1.6m arising from unsuccessful drilling in Guyane. Finance income was £0.12m (2012: £0.13m).
Impairment
Juan de Nova Est (£0.26m)
In September 2013, we announced that an application had been filed for a 5 year renewal of the Juan de Nova Est Permit. However, with uncertainty over the timescales involved and whether such a renewal will be granted, it was decided to fully impair the value of this permit. If a renewal is granted, Wessex has the right to take a 50% interest in the permit.
Sahawari Arab Democratic Republic (Western Sahara) (£0.18m)
Morocco first occupied this territory in 1975 and over the course of the last few years there appears to have been little movement towards the resolution of sovereignty. While we continue to believe these blocks have excellent prospectivity, the original licence agreements for Bojador and Guelta are now moving towards their 10 year renewal dates and it was decided that it would be appropriate to fully impair the licences and to expense costs going forward until the outcome of the political situation is more certain.
Guyane (£1.6m)
The treatment of costs related to the Guyane Maritime operation is complicated by differences in accounting policy between Wessex and Northpet, the joint venture company which administers the interests held by Wessex and Northern Petroleum Plc (AIM:NOP). Whereas Wessex follows a Successful Efforts policy for its oil and gas assets, Northpet follows a Full Cost policy, which leads to significant differences in the way unsuccessful drilling is treated. Wessex accounts for its share of Northpet on the Parent Company balance sheet at cost less impairment, where the test for impairment is based on the carrying value of the entire investment. However, Wessex equity accounts for the share of the underlying net assets in the Consolidated balance sheet on a prospect-by-prospect basis.
Up until the announcement of GM-ES-3 (Priodontes), there was no material difference in the end results. However, once Priodontes was declared as unsuccessful, an impairment of the cost of the well was required in the Consolidated accounts. In these results, we have made an impairment of £1.6m, being our share of the cost of the GM-ES-3 well as at 30 June 2013. Further costs of this well yet to be billed will be expensed as incurred. Although GM-ES-2 was an unsuccessful appraisal of the GM-ES-1 Zaedyus Prospect its costs have been capitalised pending the results of further evaluation of the extent of this discovery.
At year-end, the carrying cost of the Company's investment in Northpet was £8.66m (2012: £3.73m). The board considers that the potential value of its investment in Northpet exceeds that amount and no impairment is required in the Parent Company accounts.
As of 30 June 2013, the Consolidated balance sheet shows total equity and liabilities of £12.03m (2012: £15.05m) compared to shareholders' funds of £13.63m (2012: £15.03m) for the Parent Company.
Project Review
Guyane
In the Shell-operated Guyane Maritime Permit (Wessex effective interest 1.25%, subject to dilution), the Stena Icemax drillship began a four-well drilling campaign in July 2012.
The first well, GM-ES-2, was an appraisal well, drilled about 7 kilometres up-dip from the GM-ES-1 Zaedyus discovery on the same lobe of the Cingulata Fan, and was drilled to a total depth of 6,200 metres. No oil-bearing sands were encountered. The rig then moved to drill GM-ES-3, spudded on 29 December 2012 on the Priodontes lobe of the Cingulata Fan, 18 kilometres northwest of GM-ES-1. Although the prognosed thick sands were penetrated, no significant hydrocarbons were encountered and the well was plugged and abandoned at a total depth of 6,318 metres. The rig was then moved 64 kilometres to the southeast and GM-ES-4 was spudded on the separate Cebus Fan on 3 May 2013. This well was drilled in 2,252 metres of water to a total depth of 6,292 metres, again without encountering significant hydrocarbons, and was completed on 23 July 2013. The final well in the current campaign was spudded on 10 August 2013 in 2,353 metres of water on a prospect that lies 7 kilometres to the northeast of the GM-ES-1 Zaedyus discovery. It will test the down-dip limit of the accumulation of the initial discovery and explore additional sands that pinch out down-dip of the discovery well.
The Stena Icemax will leave Guyane once GM-ES-5 has been completed and no further drilling is currently planned before the end of 2014. The JV is considering filing for a new drilling permit.
In the meantime, the joint venture partners will evaluate the large volume of data derived from drilling to date, including source rock, migration and sedimentological studies. In addition, 4,000 kms2 of new 3D seismic data were recorded over the Central Area in the last quarter of 2012. These were delivered from processing in August 2013 and interpretation is underway to generate new prospects for drilling.
Southern United Kingdom
In Southern England, the Company continued evaluating its two large onshore licences, PEDL238 (Wessex interest 50%) and PEDL239 (25%), and its offshore Licence P1928 (35%). The operator for all these licences is NWE Mirrabooka Pty Ltd, a wholly owned subsidiary of Norwest Energy NL (ASX:NWE).
A large volume of existing 2D and 3D seismic data was reprocessed over the second and third quarters of 2013 and we plan to acquire around 70 kilometres of new, shallow-water 2D seismic data in the northern part of P1928 during Q4 2013. Interpretation work is underway to define prospects suitable for drilling in 2014/15. The main areas of interest are the Steelhead (previously Hurst Castle) and Beluga leads, over which the new shallow-water seismic is being recorded, a new prospect in the southern part of the Isle of Wight (Godshill) and several fault block leads in line with the eastern end of Wytch Farm oil field.
In mid-2013, Wessex was instrumental in setting up a regional study group with adjacent operators to define and promote the potential of the Jurassic shales in the zone downthrown from the main Purbeck - Isle of Wight Fault Zone. The concept of the study group is to share data under a confidentiality agreement and make presentations to some of the major North American and European companies with interest in new shale plays. The group presented at the North American Prospect Expo (NAPE) in Houston during August 2013 and it will present at the forthcoming UK Prospex exhibition in December 2013. In the meantime, geophysical and geochemical evaluation continues.
The terms of the licences are such that there is limited time remaining to plan drilling activities. PEDL238 and PEDL239 both expire at the end of June 2014, unless a well is drilled by that date, and P1928 will expire in February 2014 if no commitment is made before that date to drill a well. The group is therefore working hard to bring in partners that can meet these deadlines.
Juan de Nova
A petroleum systems review was carried out by independent contractors in the second quarter of 2013 to help understand the distribution of reservoirs, potential source rocks and structures within the area of the Juan de Nova Est Permit. The conclusion was reached that the prospectivity of the shallow water area was limited but that there was a sufficiently thick post-Turonian stratigraphic section in the deep water part of the block to justify further work. The prospective areas are considered to be limited to the northern and southern triangles of the permit.
The current period of the permit expires on 30 December 2013 and any application for renewal had to be made at least 4 months before this date. Therefore, an application for renewal was filed at the end of August 2013, requesting the retention of only 50% of the area of the original permit in accordance with relinquishment requirements. The retained area includes the northern and southern areas considered to be prospective. If the application for renewal is successful, the initial work programme is expected to be the acquisition of a grid of 2D seismic over the retained areas.
Wessex holds a 70% beneficial interest in the original permit but formal title to a legal interest in the permit requires the approval of the French authorities. Wessex was informed in January 2013 that no application for such approval had ever been filed and that it would be expected to take 15 months for approval to be received if an application were filed. Because it would have been impossible to achieve this before the application for renewal was submitted, it was decided that Wessex's partner in the venture, Jupiter Petroleum Juan de Nova Limited ("Jupiter"), a wholly-owned subsidiary of Global Petroleum Limited (AIM:GBP, ASX:GBP) should file the application as holder of 100% of the legal title and operator of the renewed permit. At the same time, Wessex and Jupiter entered into a joint venture agreement under which Wessex has the right to take a 50% interest in the permit and file a request for legal approval from the French authorities immediately, if and when, it is renewed.
Saharawi Arab Democratic Republic ("SADR") (Western Sahara)
Maghreb Exploration Ltd, a wholly owned subsidiary of Wessex holds Assurance Agreements giving it a 50% interest in, and operatorship of, the Bojador, Guelta and Imlili blocks. The Company's 50% partner in all these blocks is Tower Resources plc (AIM:TRP). The Assurance Agreements are valid for periods of up to ten years and may be extended by mutual agreement. Contingent upon the meeting of certain external conditions, including recognition of SADR sovereignty and formulation of comprehensive tax laws, these Agreements will be converted to Production Sharing Agreements.
The areas covered by the blocks in which the Company has an interest lie almost completely in the zone controlled by Morocco since 1975 and there is currently no possibility of access. UN-sponsored talks continue between Morocco and the SADR government but there appears to be little progress made.
We continue to believe these blocks offer excellent prospectivity for oil and gas and the annualised cost of retaining these options is only US$45,000 (net to Wessex). However, with the original Assurance Agreements, over Bojador and Guelta, reaching their 10 year renewal dates in 2016/17 and no clear path to resolution of the political issues, it was decided to make a full impairment of costs capitalised to date.
Consolidated Income Statement
for the year ended 30 June 2013
2013 | 2012 | |||
£ | £ | |||
Revenue | - | - | ||
Administrative expenses | (1,877,722) | (1,746,988) | ||
Operating loss | (1,877,722) | (1,746,988) | ||
Finance income | 114,654 | 129,601 | ||
Share of (losses) / profit of joint ventures | (1,626,446) | (19,690) | ||
Loss before taxation | (3,389,514) | (1,637,077) | ||
Taxation | - | - | ||
Loss for the financial year | (3,389,514) | (1,637,077) | ||
Attributable to: | ||||
Equity shareholders of the Company | (3,389,514) | (1,637,077) | ||
Loss per share | ||||
Basic and diluted loss per share (pence) | (0.47) | (0.26) | ||
Consolidated Balance Sheet
as at 30 June 2013
2013 | 2012 | |||
Assets | £ | £ | ||
Non-current assets | ||||
Property, plant and equipment | 729 | 1,461 | ||
Intangible assets | 564,854 | 864,069 | ||
Investments in joint ventures | 6,991,574 | 3,684,552 | ||
7,557,157 | 4,550,082 | |||
Current assets | ||||
Trade and other receivables | 30,984 | 261,876 | ||
Cash and cash equivalents | 4,442,258 | 10,241,117 | ||
4,473,242 | 10,502,993 | |||
Total assets | 12,030,399 | 15,053,075 | ||
Equity and liabilities | ||||
Capital and reserves attributable to the Company's equity shareholders | ||||
Share capital | 724,343 | 724,343 | ||
Share premium account | 16,800,122 | 16,800,122 | ||
Share-based payments reserve | 844,228 | 483,987 | ||
Retained earnings | (6,392,443) | (3,002,929) | ||
Total equity | 11,976,250 | 15,005,523 | ||
Current liabilities | ||||
Trade and other payables | 54,149 | 47,552 | ||
Total liabilities | 54,149 | 47,552 | ||
Total equity and liabilities | 12,030,399 | 15,053,075 | ||
Parent Company Balance Sheet
as at 30 June 2013
2013 | 2012 | |||
Fixed Assets | £ | £ | ||
Intangible assets | 564,854 | 686,511 | ||
Tangible fixed assets | 729 | 1,461 | ||
Investments | 8,682,840 | 3,749,372 | ||
9,248,423 | 4,437,344 | |||
Current assets | ||||
Debtors | 30,984 | 403,331 | ||
Cash at bank | 4,438,317 | 10,240,972 | ||
4,469,301 | 10,644,303 | |||
Creditors: amounts falling due within one year | (86,364) | (47,552) | ||
Net current assets | 4,382,937 | 10,596,751 | ||
Net assets | 13,631,360 | 15,034,095 | ||
Capital and reserves | ||||
Called up Share capital | 724,343 | 724,343 | ||
Share premium account | 16,800,122 | 16,800,122 | ||
Share-based payment reserve | 844,228 | 483,987 | ||
Profit and loss account | (4,737,333) | (2,974,357) | ||
Shareholders' funds | 13,631,360 | 15,034,095 | ||
Consolidated Statement of Changes in Equity
for the year ended 30 June 2013
Share capital | Share premium account | Retained earnings | Share-based payment reserve | Total | |
£ | £ | £ | £ | £ | |
Balance at 1 July 2012 | 724,343 | 16,800,122 | (3,002,929) | 483,987 | 15,005,523 |
For the financial year ended 30 June 2013 | |||||
Loss for the year | - | - | (3,389,514) | - | (3,389,514) |
Total comprehensive income | - | - | (3,389,514) | - | (3,389,514) |
Share option expense | - | - | - | 360,241 | 360,241 |
Balance at 30 June 2013 | 724,343 | 16,800,122 | (6,392,443) | 844,228 | 11,976,250 |
Balance at 1 July 2011 | 479,365 | 5,509,935 | (1,365,852) | 147,456 | 4,770,904 |
For the financial year ended 30 June 2012 | |||||
Loss for the year | - | - | (1,637,077) | - | (1,637,077) |
Total comprehensive income | - | - | (1,637,077) | - | (1,637,077) |
Issue of share capital | 244,978 | 11,904,381 | - | - | 12,149,359 |
Issue costs | - | (614,194) | - | - | (614,194) |
Share option expense | - | - | - | 336,531 | 336,531 |
Balance at 30 June 2012 | 724,343 | 16,800,122 | (3,002,929) | 483,987 | 15,005,523 |
Consolidated Statement of Cash Flows
for the year ended 30 June 2013
2013 | 2012 | |||
£ | £ | |||
Cash flow from operating activities | (764,638) | (1,285,986) | ||
Cash flow from investing activities | ||||
Purchase of intangible assets | (215,407) | (375,130) | ||
Investments in joint ventures | (4,933,468) | (2,169,322) | ||
Interest received | 114,654 | 24,273 | ||
Net cash used in investing activities | (5,034,221) | (2,520,179) | ||
Cash flow from financing activities | ||||
Proceeds on issue of new shares | - | 12,149,359 | ||
Expenses of new share issue | - | (614,194) | ||
Net cash generated from financing activities | - | 11,535,165 | ||
Net increase in cash and cash equivalents | (5,798,859) | 7,729,000 | ||
Cash and cash equivalents at beginning of financial year | 10,241,117 | 2,512,117 | ||
Cash and cash equivalents at end of financial year | 4,442,258 | 10,241,117 | ||
Notes to the Financial Statements
1. Basis of Preparation
This announcement has been prepared in accordance with International Financial Reporting Standards ("IFRS") but in itself does not contain sufficient information to comply with IFRS. Details of the accounting policies are set out in the annual report for the year ended 30 June 2013.
2. Loss Per Share
Basic loss per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.Given the Group's reported loss for the year share options are not taken into account when determining the weighted average number of ordinary shares in issue during the year and therefore the basic and diluted earnings per share are the same.
Basic and diluted loss per share
2013 Pence | 2012 Pence | ||
Loss per share from continuing operations | (0.47) | (0.26) | |
The loss and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
2013 £ | 2012 £ | ||
Loss used in the calculation of total basic and diluted earnings per share | (3,389,514) | (1,637,077) | |
2013 Number | 2012 Number | ||
Number of shares
| |||
Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share | 724,343,472 | 619,095,664 | |
If the Company's share options were taken into consideration in respect of the Company's weighted average number of ordinary shares for the purposes of diluted earnings per share, it would be as follows:
Number of shares
| |||
Potential dilutive effect of share options and warrants | 37,949,315 | 31,452,726 | |
Weighted average number of ordinary shares for the purposes of diluted earnings per share | 762,292,787 | 650,548,390 | |
3. Cash Flow from Operating Activities
2013 £ | 2012 £ | ||
Loss for the financial year | (3,389,514) | (1,637,077) | |
Finance income | (114,654) | (129,601) | |
Share-based payment | 360,241 | 336,531 | |
Loss from joint venture | 1,626,446 | 19,690 | |
Depreciation | 732 | 731 | |
Impairment of intangible assets | 514,622 | 250,024 | |
(1,002,127) | (1,159,702) | ||
Changes in working capital | |||
Increase/(Decrease) in trade and other receivables | 230,892 | (104,237) | |
Increase/(Decrease) in trade and other payables | 6,597 | (22,047) | |
Net cash outflow from operating activities | (764,638) | (1,285,986) | |
4. Publication of Non-Statutory Accounts
The financial information set out in this announcement does not comprise the Group's statutory accounts for the years ended 30 June 2013 or 30 June 2012.
The financial information has been extracted from the statutory accounts of the Company for the years ended 30 June 2013 and 30 June 2012. The auditors' opinion on those accounts was unmodified and did not contain a statement under section 498 (2) or section 498 (3) Companies Act 2006 and did not include references to any matters to which the auditor drew attention by the way of emphasis.
The statutory accounts for the year ended 30 June 2012 have been delivered to the Registrar of Companies, whereas those for the year ended 30 June 2013 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.
5. Annual Report and Annual General Meeting
The Annual Report will be made available from the Company's website www.wessexexploration.com and will be posted to shareholders in due course. The Annual Report contains notice of the Annual General Meeting of the Company which will be held at 11 a.m. on 12 December 2013 at the offices of Ashfords LLP, Accurist House, 44 Baker Street, London W1U 7AL.