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Half Yearly Report

31 Mar 2011 10:00

RNS Number : 0033E
Pantheon Resources PLC
31 March 2011
 



Pantheon Resources plc

 

Unaudited Interim Results for the six months ended 31 December 2010

 

Pantheon Resources plc ("Pantheon" or "the Company"), the AIM-quoted oil and gas exploration company active in Louisiana and Texas, today announces its interim results for the period ended 31 December 2010.

 

KEY POINTS

 

·; Pantheon is currently preparing for the drilling of the Kara Farms #1H ("KF#1H") well, the second well at its Tyler County venture.

·; Progress continues, with the operator recently invoicing the JV partners for funds to complete both the site works for KF#1H and for the cost of the drilling pipe.

·; Negotiations to contract a suitable drilling rig are currently in progress, while site works should commence shortly.

·; Loss for the six month period ended 31 December 2010 was £379,218 (2009:£702,559 loss).

 

 

Further information:

 

Pantheon Resources plc

Jay Cheatham, CEO

Justin Hondris, Director - Finance & Corporate Development

+44 20 7484 5359

 

Oriel Securities Limited (Nominated Adviser)

Michael Shaw/Richard Chin

+44 20 7710 7600

 

 

STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2010

 

 

Pantheon Resources plc ("Pantheon" or "the Company") is preparing for the drilling of the Kara Farms #1H ("KF#1H") well. This will be the second well at its Tyler County venture. Negotiations to contract a suitable drilling rig are currently underway. Separately, the Joint Venture ("JV") is awaiting completion of the site works once the heavy equipment becomes available. The operator, Vision Operating Company LLC, has invoiced the JV partners for the funds required to complete both the site works for KF#1H and for the cost of the drilling pipe.

 

Pantheon's net average production for the first half year to 31 December 2010 was 21 barrels of oil equivalent per day ("boepd"), compared with 61 boepd in the equivalent period in 2009. At the Bullseye project in South Louisiana, gross production from Jumonville #1 averaged 65 boepd for the period July 2010 to end December 2010. Gross output from Jumonville #2 averaged 166 boepd for the same period. Additional upside remains in the Camerina zone for each of these wells. It remains the intention to recomplete in the Camerina in the future. There also remain two updip locations on the Bullseye project which are considered prospective. The Baptist well in South Texas continues to produce in excess of 100 mcfpd gross.

 

Financial Review

 

The Group made a loss for the period ending 31 December 2010 of £379,218 (unaudited) compared with a loss of £702,559 for the equivalent period last year.

 

The combined production of Bullseye and Baptist, although modest, generates valuable cash flow for the Company. This has been aided by the dramatic increase in oil prices from around US$75 per barrel in July 2010 to around US$100 per barrel in March 2011.

 

Cash and cash equivalents as at 31 December 2010 were £3,164,118 and the Company has no debt.

 

Outlook

 

The calling of funds to complete the KF#1H well site provides a clear indication that progress continues to be made towards drilling this critical well for Pantheon. The key for Pantheon remains to drill and bring the KF#1H well into production. The Board's confidence for the forthcoming Tyler County well and project continues to be undiminished.

 

In accordance with the AIM Rules, the information in this announcement has been reviewed and signed off by Jay Cheatham, who has over 30 years' relevant experience within the sector.

 

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2010

 

6 months ended 31 December 2010

6 months ended 31 December 2009

Year ended

30 June

2010

(unaudited)

(unaudited)

(audited)

£

£

£

Turnover

128,347

419,841

639,372

Cost of sales

(134,144)

(313,899)

(700,484)

Gross (loss)/profit

(5,797)

105,942

(61,112)

Administrative expenses before share

based payments and impairment losses

(368,090)

(382,846)

(779,763)

Share based payments

(9,222)

(19,213)

(84,489)

Impairment of intangible assets

-

(272,028)

(312,758)

Impairment of tangible assets

-

-

 (1,086,036)

Total administrative expenses

(377,312)

(674,087)

(2,263,046)

Operating loss

(383,109)

(568,145)

(2,324,158)

Interest paid

-

(134,595)

(222,074)

Interest received

3,891

181

5,836

Loss before taxation

(379,218)

(702,559)

(2,540,396)

Taxation

-

-

-

 

Loss for the period

(379,218)

(702,559)

(2,540,396)

Other comprehensive (loss)/income for the period:

Foreign currency movement

(354,202)

4,311

660,535

Total comprehensive (loss)/income for period

(733,420)

(698,248)

(1,879,861)

Loss per ordinary share (basic)

(note 2)

(0.37)p

(1.45)p

(3.34)p

Loss per ordinary share (diluted)

(note 2)

(0.37)p

(1.45)p

(3.34)p

 

All of the above amounts are in respect of continuing operations.

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2010

 

 

Share

Share

Retained

Currency

Equity

Total

capital

premium

earnings

reserve

reserve

£

£

£

£

£

£

Group

At 30 June 2010

1,020,998

21,915,804

(15,647,981)

1,092,199

669,917

9,050,937

Net loss for the period

-

-

(379,218)

-

-

(379,218)

Other comprehensive Income:

Foreign currency translation

 

-

 

-

 

-

 

(354,202)

 

-

 

(354,202)

Total comprehensive income for the period

-

-

(379,218)

(354,202)

-

(733,420)

Share based payment - options

 

-

 

-

 

-

 

-

 

9,222

 

9,222

Balance at 31 December 2010

 

1,020,998

 

21,915,804

 

(16,027,199)

 

737,997

 

679,139

 

8,326,739

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2009

 

 

Share

Share

Retained

Currency

Equity

Total

capital

premium

earnings

reserve

reserve

£

£

£

£

£

£

Group

At 30 June 2009

398,372

14,723,365

(13,280,569)

431,664

758,412

3,031,244

Net loss for the period

-

-

(702,559)

-

-

(702,559)

Other comprehensive Income:

Foreign currency translation

-

-

-

4,311

-

4,311

Total comprehensive income for the period

-

-

(702,559)

4,311

-

(698,248)

Share based payment

-

-

-

-

19,213

19,213

Transfer of previously expensed share based payment on cancellation of options

-

-

 

 

 

126,153

 

 

 

-

 

 

 

(126,153)

 

 

 

-

Issue of shares

622,626

7,189,628

-

-

-

7,812,254

Balance at 31 December 2009

1,020,998

21,912,993

(13,856,975)

435,975

651,472

10,164,463

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2010

 

 

Share

Share

Retained

Currency

Equity

Total

capital

premium

earnings

reserve

reserve

£

£

£

£

£

£

Group

At 30 June 2009

398,372

14,723,365

(13,280,569)

431,664

758,412

3,031,244

Net loss for the year

-

-

(2,540,396)

-

-

(2,540,396)

Other comprehensive Income:

Foreign currency translation

-

-

-

660,535

-

660,535

Total comprehensive income for the period

-

-

(2,540,396)

660,535

-

(1,879,861)

Share based payment

-

-

-

-

84,489

84,489

Transfer of previously expensed share based payment on cancellation of options

-

-

 

 

 

172,984

 

 

 

-

 

 

 

(172,984)

 

 

 

-

Issue of shares

622,626

7,192,439

-

-

-

7,815,065

Balance at 30 June 2010

1,020,998

21,915,804

(15,647,981)

1,092,199

669,917

9,050,937

 

CONDENSED CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2010

 

31 December 2010

31 December 2009

30 June

2010

(unaudited)

(unaudited)

(audited)

ASSETS

£

£

£

Fixed assets

Intangible fixed assets (note 3)

3,619,268

2,262,064

3,539,252

Tangible fixed assets (note 4)

1,444,324

2,149,822

1,597,093

5,063,592

4,411,886

5,136,345

Current assets

Trade and other receivables

346,586

282,179

345,572

Cash and cash equivalents

3,164,118

6,699,339

3,848,111

3,510,704

6,981,518

4,193,683

Total assets

8,574,296

11,393,404

9,330,028

LIABILITIES

Creditors: amounts falling due within one year

247,557

257,843

279,091

Short term borrowings

-

971,098

-

Total liabilities

247,557

1,228,941

279,091

Net assets

8,326,739

10,164,463

9,050,937

EQUITY

Capital and reserves

Called up share capital

1,020,998

1,020,998

1,020,998

Share premium account

21,915,804

21,912,993

21,915,804

Retained losses

(16,027,199)

(13,856,975)

(15,647,981)

Currency reserve

737,997

435,975

1,092,199

Equity reserve

679,139

651,472

669,917

 

Shareholders' funds

8,326,739

10,164,463

9,050,937

 

 

 

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2010

 

6 months ended 31December

2010

6 months ended 31December

2009

Year ended

30 June

2010

(unaudited)

(unaudited)

(audited)

£

£

£

Net cash (outflow)/ inflow from operating activities

(108,254)

(291,542)

(1,136,567)

Cash flows from investing activities

Interest paid

-

-

(170,227)

Interest received

3,891

181

5,836

Expenditure on tangible fixed assets

696

(99,240)

(206,047)

Funds used for drilling and exploration

(226,124)

(331,278)

(2,048,504)

Net cash inflow from investing activities

(221,537)

(430,337)

(2,418,942)

Cash flows from financing activities

Proceeds from issue of shares

-

7,843,741

7,843,741

Issue costs

-

(377,802)

(377,802)

Short term loans received

-

61,000

61,000

Short term loan repaid

-

(162,714)

(836,536)

Net cash inflow from financing activities

-

7,364,225

6,690,403

Net increase/(decrease) in cash and cash equivalents

(329,791)

6,642,346

3,134,894

Effect of foreign currency translation reserve

(354,202)

4,311

660,535

Cash and cash equivalents at the beginning of the period

3,848,111

 

52,682

 

52,682

 

Cash and cash equivalents at the end of the period

3,164,118

6,699,339

3,848,111

 

RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

 

6 months ended 31 December 2010

6 months ended 31 December 2009

Year ended

30 June

2010

(unaudited)

(unaudited)

(audited)

£

£

£

Operating loss

(383,109)

(568,145)

(2,324,158)

Impairment

-

272,028

1,398,794

Depreciation

86,092

187,929

493,846

Loss on retirement of assets

-

-

9,336

Cost of issuing shares and options

9,222

19,213

84,489

Decrease/(increase) in trade and other receivables

(1,014)

(122,765)

(266,811)

Increase/(decrease) in trade and other payables

(31,536)

(210,867)

(189,620)

Effect of translation differences

212,091

131,065

(342,443)

Net cash (outflow)/inflow from operating activities

(108,254)

(291,542)

(1,136,567)

 

NOTES TO THE FINANCIAL INFORMATION

FOR THE PERIOD ENDED 31 DECEMBER 2010

 

1. Accounting policies

 

A summary of the principal accounting policies, all of which have been applied consistently throughout the period, is set out below.

 

1.1. Basis of preparation

 

This financial information has been prepared using the historical cost convention. In addition, the financial information has been prepared in accordance with the International Financial Reporting Standards ("IFRS") including IFRS 6, Exploration for and Evaluation of Mineral Resources, as adopted by the European Union ("EU") and in accordance with the provisions of the Companies Act 2006.

 

This interim report has been prepared on a basis consistent with the Group's expected accounting policies for the year ending 30 June 2011. These accounting policies are the same as those set out in the Group's Annual Report and Financial Statements for the year ended 30 June 2010, which are available from the registered office or the website (www.pantheonresources.com).

 

The group financial information and statements are presented in UK pounds sterling and is unaudited. This interim financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The comparative figures for the year ended 30 June 2010 have been taken from the Group's statutory accounts for that financial year, which have been reported on by the Group's auditors and delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not contain references to any matters to which the auditors drew attention without qualifying their report and did not contain any statement under section 498 (2) or 498 (3) of the Companies Act 2006.

 

1.2. Basis of consolidation

 

Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. Goodwill arising on acquisitions is capitalised and subject to impairment review, both annually and when there are indications that the carrying value may not be recoverable.

 

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated.

 

All the companies over which the Company has control apply, where appropriate, the same accounting policies as the Company.

 

1.3. Foreign currency translation

 

(i) Functional and presentational currency

 

The financial statements are presented in Pounds Sterling ("£"), which is the functional currency of the Company and is the Group's presentation currency.

 

Items included in the Company's subsidiary entities are measured using United States Dollars ("US$"), which is the currency of the primary economic environment in which they operate.

 

(ii) Transactions and balances

 

Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. The resulting exchange gain or loss is dealt with in the income statement.

 

The assets, liabilities and the results of the foreign subsidiary undertakings are translated into Sterling at the rates of exchange ruling at the year end. Exchange differences resulting from the retranslation of net investments in subsidiary undertakings are treated as movements on reserves.

 

1.4. Cash and cash equivalents

 

The company considers all highly liquid investments, with a maturity of 90 days or less to be cash equivalents, carried at the lower of cost or market value.

 

1.5. Deferred taxation

 

Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and expected to apply when the related deferred tax is realised or the deferred liability is settled.

 

Deferred tax assets are recognised to the extent that it is probable that the future taxable profit will be available against which the temporary differences can be utilized.

 

1.6. Exploration and development costs

 

The Group follows the 'successful efforts' method of accounting for exploration and evaluation costs. All costs associated with oil, gas and mineral exploration and investments are capitalised on a project by project basis, pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses but not general corporate overheads. If an exploration project is successful, the related expenditures will be transferred to Developed Oil and Gas Properties and amortised over the estimated life of the commercial reserves on a unit of production basis. Where a licence is relinquished or project abandoned, the related costs are written off. Where the Group maintains an interest in a project, but the value of the project is considered to be impaired, a provision against the relevant capitalised costs will be raised.

 

The recoverability of all exploration and development costs is dependent upon the discovery of economically recoverable reserves, the ability of the group to obtain necessary financing to complete the development of the reserves and future profitable production or proceeds from the disposition thereof. When production commences the accumulated costs for the relevant area are transferred from intangible fixed assets to tangible fixed assets as 'Developed Oil & Gas Assets' or 'Production Facilities and Equipment', as appropriate.

 

Amounts recorded for these assets represent costs and are not intended to reflect present or future values.

 

1.7. Impairment of exploration and development costs and depreciation of fixed assets

 

Impairment reviews on development and producing assets are carried out regularly. When events or changes in circumstances indicate that the carrying amount of expenditure attributable to a successful well may not be recoverable from future net revenues from oil and gas reserves attributable to that well, a comparison between the net book value of the cost attributable to that well and the discounted future cash flows from that well is undertaken. To the extent that the carrying amount exceeds the recoverable amount, the cost attributable to that well is written down to its recoverable amount and charged as an impairment.

 

 

Developed Oil and Gas Properties are amortised over the estimated life of the commercial reserves on a unit of production basis

 

Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the costs less estimated residual value of each asset over its estimated useful life as follows:

- Production Facilities and Equipment are depreciated by equal instalments over their expected useful lives, being seven years.

- Office equipment are deprecated by equal annual instalments over their expected useful lives, being four years.

 

1.8. Share based payments

 

On occasion the Company made share-based payments to certain employees (including directors) by way of issues of share options. The fair value of these payments is calculated by the Group using the Black Scholes option pricing model. The expense is recognised on a straight line basis over the period from the date of award to the date of vesting, based on the Group's best estimate of shares that will eventually vest.

 

1.9. Financial instruments

 

Information about the impact of financial instruments on the Group's risk profile, how the risks arising from financial instruments might affect the entity's performance, and how these risks are being managed, is required to be disclosed.

The Group's principal financial instruments comprise cash and cash equivalents, trade and other receivables and trade and other payables.

The main purpose of these financial instruments is to finance the Group's operations. The Group has various other financial assets and liabilities such as receivables and trade payables, which arise directly from its operations. It is, and has been throughout the entire period, the Group's policy that no trading in financial instruments shall be undertaken.

The main risk arising from the Group's financial instruments is market risk. This and other minor risks are summarised below. The Board reviews and agrees policies for managing each of these risks.

 

Market risk

Market risk is the risk that changes in market prices, and market factors such as foreign exchange rates and interest rates will affect the entity's income or the value of its holdings of financial instruments.

The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimising the return.

The Company does not use derivative products to hedge foreign exchange risk and has exposure to foreign exchange rates prevailing at the dates when funds are transferred into different currencies.

 

Cash flow interest rate risk

The Group's exposure to the risks of changes in market interest rates relates primarily to the Group's cash and cash equivalents with a floating interest rate. These financial assets with variable rates expose the Group to cash flow interest rate risk. All other financial assets and liabilities in the form of receivables and payables are non-interest bearing. The Group does not engage in any hedging or derivative transactions to manage interest rate risk.

 

In regard to its interest rate risk, the Group continuously analyses its exposure. Within this analysis consideration is given to potential renewals of existing positions, alternative investments and the mix of fixed and variable interest rates. The Group has no policy as to maximum or minimum level of fixed or floating instruments.

 

Currency risk

The functional currency for the Group's operating activities is the Pound Sterling and for exploration activities the United States of America dollar. The Group has not hedged against currency depreciation but continues to keep the matter under review.

 

Financial risk management

The Directors recognise that this is an area in which they may need to develop specific policies should the Group become exposed to wider financial risks as the business develops.

 

Liquidity risk

Liquidity risk is the risk that the entity will not be able to meet its financial obligations as they fall due.

 

The objective of managing liquidity risk is to ensure as far as possible, that it will always have sufficient liquidity to meet its liabilities when they fall due, under both normal and stressed conditions.

 

The entity has established a number of policies and processes for managing liquidity risk. These include:

 

- Continuously monitoring actual and budgeted cash flows and longer term forecasting cash flows;

- Monitoring the maturity profiles of financial assets and liabilities in order to match inflows and outflows; and

- Monitoring liquidity ratios (working capital).

 

Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group's main counterparties are the operators of the respective projects. Funds are normally only remitted on a prepayment basis a short period before the commencement of drilling. The Group has adopted a policy of only dealing with what it believes to be creditworthy counterparties and would consider obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults.

 

 

2. Loss per share

 

6 months ended 31 December 2010

basic & diluted

6 months

ended 31

December

2009

basic & diluted

Year ended

30 June 2010

basic & diluted

(unaudited)

(unaudited)

(audited)

£

£

£

Loss attributable to equity shareholders

(379,218)

(702,599)

(2,540,396)

Weighted average of ordinary shares at period end

102,439,914

48,097,898

74,876,908

Loss per share

(0.37)p

(1.45)p

(3.34)p

 

3. Intangible fixed assets

 

Exploration & development

costs

£

Group

Cost:

At 30 June 2010

3,539,252

Additions

226,124

Effects of foreign exchange

(146,108)

At 31 December 2010

3,619,268

Impairment:

At 30 June 2010

-

Impairment during the period

-

At 31 December 2010

-

Net book value:

At 31 December 2010

3,619,268

At 30 June 2010

3,539,252

 

 

4. Tangible fixed assets

 

Developed

Oil and Gas

Properties

Production Facilities & Equipment

Office equipment

Total

£

£

£

£

Group

Cost:

At 30 June 2010

2,654,871

639,441

5,424

3,299,736

Additions

-

(694)

-

(694)

Effects of foreign exchange

(108,611)

(27,385)

-

(135,996)

At 31 December 2010

2,546,260

611,362

5,424

3,163,046

Depreciation:

At 30 June 2010

1,599,969

98,254

4,420

1,702,643

Charge for period

41,787

43,621

684

86,092

Effects of foreign exchange

(66,003)

(4,010)

-

(70,013)

At 31 December 2010

1,575,753

137,865

5,104

1,718,722

Net book value:

At 31 December 2010

970,507

473,497

320

1,444,324

At 30 June 2010

1,054,907

541,187

1,004

1,597,093

 

 

5. Share based payments

 

The share options charge during the year for £9,222 relates to options issued in a previous accounting period. The charge reflects the apportioned charge for this period, valued by reference to the Black-Scholes option pricing model taking into account the following input assumptions as outlined below:

 

Dates issued 11 September 2009

Share price £0.1225

Exercise Price ranging £0.30 - £0.60

Expected volatility 69.2%

Vesting period ranging 11 September 2009 to 30 June 2011

Expected dividends Nil

Risk free interest rate 0.50%

Discount for illiquidity of unlisted options 30%

 

 

The volatility percentage is an estimation of the expected volatility in the share price for a junior exploration Company which is listed on AIM having regard to comparative companies, quantum of cash raised, targeted (institutional) investment group and risk profile.

 

All other options in existence during the year were fully expensed in prior years.

 

 

6. Approval by Directors

 

The interim report for the six months ended 31 December 2010 was approved by the Directors on 30 March 2011.

 

7. Availability of Interim Report

 

The interim report will be made available shortly on the Company's website (www.pantheonresources.com), with further copies available on request from the Company's registered office.

 

 

8. Events after the Reporting Period

 

There were no events of any materiality which occurred after 31 December 2010.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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2nd Feb 20247:00 amRNSTR-1: Notification of major holdings
1st Feb 20247:00 amRNSDirector/PDMR notification
24th Jan 20243:15 pmRNSResult of AGM & Investor Presentation Details
23rd Jan 20247:00 amRNSAnnual General Meeting
2nd Jan 20247:00 amRNSTR-1: Notification of major holdings
19th Dec 20237:00 amRNSFinal Results for the Year Ended 30 June 2023
14th Dec 20237:04 amRNSSuccessful Acquisition of Leases
12th Dec 20237:00 amRNSAppointment of Independent Non-Executive Director
21st Nov 20234:36 pmRNSStrategy Update
15th Nov 20231:54 pmRNSInvestor Presentation via Investor Meet Company
14th Nov 202311:56 amRNSBond Payment, Placement & Corporate Update
19th Oct 20237:00 amRNSValidation of frac design and fluid sampling
18th Oct 20237:00 amRNSPantheon Presenting at OTC Oil and Gas Conference
4th Oct 20237:00 amRNSReplacement TR-1: Notification of major holdings
3rd Oct 20234:02 pmRNSTR-1: Notification of major holdings
27th Sep 20237:00 amRNSCommencement of Operations - Re-entry of Alkaid-2
14th Sep 20233:34 pmRNSWebinar and update
8th Sep 20238:20 amRNSInvestor Presentation Webinar
7th Sep 20237:00 amRNSPrivate Placement
30th Aug 20237:00 amRNSDirector/PDMR Notification
29th Aug 20237:00 amRNSExpert Report Confirms Estimate for Kodiak Field
28th Jul 20237:57 amRNSReplacement Operational Update
28th Jul 20237:00 amRNSOperational Update
14th Jul 20239:30 amRNSInvestor Presentation via Investor Meet Company
10th Jul 20237:00 amRNSInvestor Presentation via Investor Meet Company
3rd Jul 20238:53 amRNSAppointment of Independent Non-Executive Director
28th Jun 20234:58 pmRNSWebinar and Strategy Update
26th Jun 202312:54 pmRNSUpcoming Webinar - Registration Details
15th Jun 20233:50 pmRNSIssue of Equity and Total Voting Rights
8th Jun 20237:00 amRNSAppointment of Executive Chairman
1st Jun 20237:00 amRNSLease Award
23rd May 20234:32 pmRNSUpdate on Fundraise
18th May 20235:40 pmRNSBlock Listing Six Monthly return
17th May 20237:00 amRNSResult of Capital Raise
16th May 20235:07 pmRNSRetail Offer via PrimaryBid
16th May 20234:59 pmRNSProposed Placing and Subscription
21st Apr 20237:00 amRNSOperational and corporate update
31st Mar 20237:00 amRNSUnaudited Interim Results
22nd Mar 20235:09 pmRNSResult of AGM
20th Mar 20234:45 pmRNSAGM update

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