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30 Apr 2010 14:23
Island Oil & Gas Plc
'Island' or 'The Company'
Interim Results for the period ended 31 January 2010
Group income statement
Interim to 31 January 2010
(unaudited)
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6 Months Ended 31 Jan 2010 Stg £'000 |
6 Months Ended 31 Jan 2009 Stg £'000 |
Year Ended 31 July 2009 Stg £'000 |
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Revenue |
280 |
1,293 |
1,879 |
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Cost of Sales |
(1,276) |
(650) |
(2,602) |
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Gross Profit |
(996) |
643 |
(723) |
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|
|
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Other operating income |
- |
- |
- |
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Administration expenses |
(854) |
(908) |
(1,908) |
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Costs associated with uncommercial projects |
- |
(133) |
(127) |
|
Impairment of exploration and evaluation assets |
(376) |
- |
(41,127) |
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|
|
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|
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Operating profit/(loss) - continuing operations |
(2,226) |
(398) |
(43, 885) |
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|
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|
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|
|
|
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Finance income |
- |
454 |
456 |
|
Finance expense |
(647) |
(2,295) |
(1,697) |
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|
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Profit/(loss) before taxation |
(2,874) |
(2,239) |
(45,126) |
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Income tax expense |
- |
- |
- |
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Profit/(loss) for the financial period/year from continuing activities |
(2,874) |
(2,239) |
(45,126) |
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Earnings per share (Stg £) |
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|
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Basic |
(0.0215) |
(0.0192) |
(0.3865) |
|
Diluted |
(0.0215) |
(0.0192) |
(0.3865) |
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Group Balance Sheet
At 31 January 2010
(unaudited)
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31 Jan 2010 Stg £'000 |
31 Jan 2009 Stg £'000 |
31 July 2009 Stg £'000 |
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Assets: |
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Non current assets |
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Intangible exploration and evaluation assets |
24,256 |
63,420 |
23,737 |
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Property, plant and equipment |
1,707 |
1,208 |
2,637 |
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|
25,963 |
64,628 |
26,374 |
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Current assets |
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Other receivables |
1,187 |
1,444 |
1,656 |
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Cash and cash equivalents |
115 |
1,900 |
416 |
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|
1,302 |
3,344 |
2,072 |
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Total assets |
27,265 |
67,972 |
28,446 |
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|
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Equity and liabilities |
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Equity attributable to equity holder of the parent |
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Called up share capital |
965 |
798 |
809 |
|
Shares to be issued |
- |
238 |
- |
|
Share premium |
52,122 |
51,167 |
51,394 |
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Unrealised reserve |
47 |
47 |
47 |
|
Share option reserve |
1,443 |
1,270 |
1,443 |
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Retained earnings |
(41,295) |
4,466 |
(38,421) |
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Total equity |
13,282 |
57,986 |
15,272 |
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Non current liabilities |
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Provisions |
3,815 |
719 |
3,815 |
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Loans |
7,480 |
7,470 |
6,870 |
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|
11,295 |
8,189 |
10,685 |
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Current liabilities |
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Trade and other payables |
2,688 |
1,797 |
2,489 |
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|
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2,688 |
1,797 |
2,489 |
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Total liabilities |
13,984 |
9,986 |
13,174 |
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Total equity and liabilites |
27,265 |
67,972 |
28,446 |
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Group Cashflow Statement
Interim to 31 January 2010
(unaudited)
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6 Months Ended 31 Jan 2010 Stg £'000 |
6 Months Ended 31 Jan 2009 Stg £'000 |
Year Ended 31 July 2009 Stg £'000 |
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|
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Cash flows from operating activities |
|
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|
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Profit before taxation |
(2,874) |
(2,239) |
(45,126) |
|
Finance income |
- |
(454) |
(456) |
|
Finance expense |
647 |
2,295 |
1,697 |
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Operating profit/(loss) |
(2,227) |
(398) |
(43,885) |
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Adjusted for |
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Depreciation |
930 |
218 |
1,859 |
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Costs associated with uncommercial projects |
- |
133 |
127 |
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Impairment of exploration and evaluation assets |
376 |
- |
41,127 |
|
Cost of share awards |
- |
85 |
258 |
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Foreign Exchange Loss |
- |
427 |
72 |
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|
(921) |
465 |
(442) |
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Decrease/(increase) in other receivables |
469 |
(319) |
341 |
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Increase in trade and other payables |
82 |
638 |
228 |
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Net cash from operating activities |
(370) |
784 |
127 |
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Cash flows from investing activities |
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Expenditure on intangible exploration and evaluation assets |
(1,118) |
(3,068) |
(5,087) |
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Contribution from partners for exploration and evaluation assets |
223 |
724 |
1,308 |
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Purchase of property, plant and equipment |
- |
(8) |
(12) |
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Finance Income |
- |
61 |
479 |
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Net cash used in investing activities |
(895) |
(2,291) |
(3,312) |
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Cash flows from financing activities |
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Net proceeds from issue of share capital |
884 |
- |
- |
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Debt arrangement fees |
(20) |
- |
- |
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Drawdown of other loans |
100 |
- |
200 |
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Finance expenses |
- |
- |
(6) |
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Net cash generated by/(used in) financing activities |
964 |
- |
194 |
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Net (decrease)/increase in cash and cash equivalents |
(301) |
(1,507) |
(2,991) |
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Cash and cash equivalents at beginning of period |
416 |
3,407 |
3,407 |
|
Cash and cash equivalents at end of period |
115 |
1,900 |
416 |
Notes to the Interim results
1. Basis of preparation
The condensed interim information has been prepared in accordance with the Recognition and measurement principles of IAS 34 Interim Financial reporting. The accounting policies applied are consistent with those set out in the Group's Consolidated financial statements for the year ended 31 July 2009 which are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.
The Financial information for the year ended 31 July 2009 represents an abbreviated version of the Group's statutory financial statements for that year. Those statutory financial statements contained an unqualified audit report. There was an Emphasis of matter included in the auditors report.
The financial information is presented in Sterling, rounded to the nearest thousand.
2. Finance income / expense
Interim to 31 January 2010
(unaudited)
|
|
6 Months Ended 31 Jan 2010 Stg £'000 |
6 Months Ended 31 Jan 2009 Stg £'000 |
Year Ended 31 July 2009 Stg £'000 |
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Bank deposit interest receivable |
- |
27 |
29 |
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Foreign exchange gain on restatement of bank |
- |
427 |
427 |
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Finance income |
- |
454 |
456 |
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|
|
|
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Interest on bank loans, overdraft and other |
422 |
347 |
706 |
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Arrangement fees |
20 |
- |
- |
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Foreign exchange loss on restatement of US Dollar denominated loan |
205 |
1,948 |
991 |
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|
|
|
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Finance expense |
647 |
2,295 |
1,697 |
3. Intangible exploration and evaluation assets
Interim to 31 January 2010
(unaudited)
|
|
6 Months Ended 31 Jan 2010 Stg £'000 |
6 Months Ended 31 Jan 2009 Stg £'000 |
Year Ended 31 July 2009 Stg £'000 |
|
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At start of period/year |
23,737 |
61,212 |
61,212 |
|
Additions |
895 |
2,341 |
3,779 |
|
Costs associated with uncommercial projects |
- |
(133) |
(127) |
|
Impairment charge |
(397) |
- |
(41,127) |
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|
|
|
|
|
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At end of period/year |
24,255 |
63,420 |
23,737 |
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The Directors have considered the carrying value of the Group's intangible assets and are satisfied that they are worth at least the amount stated in the Interim Balance Sheet. In making this assessment, the Directors have made certain assumptions in relation to the future price of oil and gas, potential development opportunities and the ability of the Group to dispose or divest interests in certain assets at close to the carrying value.
For further information please contact:
Enquiries:
|
Island Oil & Gas plc |
Tel: +353 1 6313755 |
|
Carl Kindinger |
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Davy (NOMAD and broker) |
Tel: +353 1 679 6363 |
|
Anthony Farrell |
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College Hill (Financial PR) |
Tel: +44 (0)20 7457 2020 |
|
Nick Elwes |
|
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