30 Jun 2015 07:00
30 June 2015
Sirius Petroleum Plc.
("Sirius" or the "Company")
Final Results for the year ended 31 December 2014
Sirius (AIM:SRSP), the investing Company focussed on oil and gas development and production opportunities in Nigeria, announces its Final Results for the twelve-month period ended 31 December 2014. During the period, the Company's focus has been on reviewing the opportunities available to the Company, both in terms of assets in Nigeria and the optimum financing and long-term strategy for developing those assets.
Overview
The Company's core corporate strategy is, working alongside financial and technical industry partnerson a joint farm-in basis, to exploit larger oil blocks in Nigeria. The Company also continues to monitor the award of upcoming marginal fields to be auctioned by the Department of Petroleum Resources in Nigeria, who are indigenous partners;Continue the development work completed on the Company's first marginal field, the Ororo Field, located in OML95, to optimise the well entry plans and field development;Appointment of Havoc Partners LLP as technical advisor to the Company and appointment of Jon Taylor and Alan Stein to the Technical Advisory Committee to strengthen the Company's in-house core competency;Marketing Agreement signed with BTG Pactual Commodities to off-take the Company's crude;Sirius has grown its local Nigerian team adding strong oil experience and developing key local relationships to enable Sirius to exploit the significant oil and gas opportunities available to indigenous companies in Nigeria; andA facility has been agreed with Calvet International, a family office, to assist the Company with its working capital requirements.Corporate Strategy Update
The Board has been actively reviewing the optimum strategy for Sirius in light of the current economic climate and lower oil prices. There remains a significant number of opportunities available to smaller E&P Companies in Nigeria and the Government's drive for the development of assets by indigenous companies sees Sirius well placed. Since the Company's inception, the focus has been on developing the right relationships to ensure that the Company can access assets not readily available to international companies.
The Company is in discussions with regard to the participation in a significant oil block located in the shallow waters of the Niger Delta Basin on Nigeria's continental shelf. Our technical team, in collaboration with Havoc Partners, has begun full technical due diligence in order to review the optimum development strategy.
The Company is in discussions with a number of parties with a view to a farm-in arrangement to develop the asset, utilising their financial and technical capabilities. This asset has significant 2P reserves and existing wells have been drilled. The intention is to conclude a joint venture agreement to enable Sirius and its partner to farm-in to the equity available in this Block. This would give Sirius a significant increase in its reserve base and Sirius would look to take advantage of the lower oil service costs to develop the asset.
The Ororo Field (OML 95) remains a highly attractive initial development asset for the Company. The advantageous marginal field fiscal regimes, coupled with lower development costs and decreasing rig rates, make the asset both economical at both current crude oil prices and also at significantly lower prices. The Company continues to hold discussions with parties regarding investment in the Ororo Field. Within the identified structures, there is a large amount of potential upside from deeper structures which the Company is very keen to exploit.
Outlook
Sirius, with the assistance of its broker, financial advisors and technical partners has made progress in attracting investment in a difficult oil market. The decision to terminate discussions with Nima International Ltd was made to maximise shareholder value from Sirius' current assets and the significant pipeline of assets available going forward.
The Directors believe that the expected regulatory changes within Nigeria, as a result of the recent election, will make it more attractive to the international community and allow indigenous companies to participate in substantial opportunities in Nigeria's oil and gas sector.
Annual General Meeting
The Annual General Meeting will be held at 10 am on Wednesday, 5 August 2015 at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG. A Notice convening the meeting will be sent separately to shareholders and an announcement will be made when this has been done.
End
Enquiries
Sirius Petroleum plc Bobo Kuti / Jamie Bligh | +44 (0) 20 3740 7460 www.siriuspetroleum.com
|
Cairn Financial Advisers LLP Tony Rawlinson / Emma Earl
| +44 (0) 20 7148 7900
|
Merlin Partners LLP Ashleigh Ruxton
| +44 (0) 20 7484 0901 |
Cantor Fitzgerald Europe David Porter / Sarah Wharry
| +44 (0) 207 894 7000
|
Gable Communications Limited John Bick | +44 (0) 20 7193 7463 Email: srsp@gablecommunications.com |
CHAIRMAN'S & CEO'S STATEMENT
We report on the progress of Sirius Petroleum plc ("Sirius" or "the Company") for the twelve-month period ended 31 December 2014. During the period the focus has been on reviewing the opportunities available to the Company, both in terms of assets in Nigeria and the optimum financing and long-term strategy for developing those assets. In parallel with this process, we have been reviewing all of the Company's key contracts within the group and re-structuring the Company to ensure that it is best placed to take advantages of such opportunities.
Corporate Strategy Update
The Board has been actively reviewing the optimum strategy for Sirius in light of the current economic climate and lower oil prices. There remains a significant number of opportunities available to smaller E&P Companies in Nigeria and the Government's drive for the development of assets by indigenous companies sees Sirius well placed. Since the Company's inception, the focus has been on developing the right relationships to ensure that the Company can access assets not readily available to international companies.
We are in discussions with regard to the participation in a significant oil block located in the shallow waters of the Niger Delta Basin on Nigeria's continental shelf. Our technical team, in collaboration with Havoc Partners, has begun full technical due diligence in order to review the optimum development strategy.
The Company is also in discussions with a number of parties with a view to a farm-in arrangement to develop the asset, utilising their financial and technical capabilities. This asset has significant 2P reserves and existing wells have been drilled. The intention is to conclude a joint venture agreement to enable Sirius and its partner to farm-in to the equity available in this Block. This would give Sirius a significant increase in its reserve base and we would look to take advantage of the lower oil service costs to develop the asset.
The Ororo Field (OML 95) remains a highly attractive initial development asset for the Company. The advantageous marginal field fiscal regimes, coupled with lower development costs and decreasing rig rates, make the asset both economical at both current crude oil prices and also at significantly lower prices. The Company continues to hold discussions with parties regarding investment in the Ororo Field. Within the identified structures, there is a large amount of potential upside from deeper structures which we are very keen to exploit.
Financial Summary
The loss after tax has been reduced to $5,668,000 in 2014 from $6,570,000 in 2013, mainly due to a reduction in administrative expenses of $1,294,000. Total assets have increased from $2,296,000 in 2013 to $2,369,000 in 2014, with liabilities falling from $5,860,000 to $3,412,000 and total equity has increased by $2,521,000 from ($3,564,000) in 2013 to ($1,043,000) in 2014. Net cash has reduced from $27,000 in 2013 to $19,000 in 2014.
Loss of Capital
The financial statements show that the Company's net assets are less than half its called up share capital. In these circumstances, the Directors of the Company are obliged by section 656 of the Companies Act 2006 to convene a General Meeting for the purpose of considering whether any and, if so, what, steps should be taken to deal with the Company's current financial position. The Directors will consider this issue at the Company's forthcoming Annual General Meeting.
Going concern
The Directors have undertaken a detailed review of the Group's cash flow forecast. We believe that the Group has sufficient cash resources to meet its liabilities as they fall due for a period of at least 12 months from the date that the financial statements are signed. A full going concern report can be found in the Strategic Report below.
Outlook
Sirius, with the assistance of its broker, financial advisors and technical partners has made progress in attracting investment in a difficult oil market. The decision to terminate discussions with Nima International Ltd was made to maximise shareholder value from Sirius' current assets and the significant pipeline of assets available going forward.
In the aftermath of Nigeria's historic election, the energy sector is the key focus of attention as the election of the opposition candidate, Muhammadu Buhari, the new President, marks the first democratic defeat of an incumbent Nigerian president.
The change in government has brought a new sense of optimism and renewed vigour to tackle corruption. President Buhari is focused on reforming the Nigerian National Petroleum Corporation ("NNPC"), a state company which controls the country's upstream production through its Joint Venture ("JV") partnerships with International Oil Companies ("IOCs"), in order to create a more transparent NNPC.
The long awaited Petroleum Industry Bill ("PIB"), which has been in development for a decade under the previous administration, is likely to be passed into law in a relatively short time. This will remove the uncertainty that resulted in billions of dollars of withheld investment.
The current governor of the Central Bank of Nigeria ("CBN") and the Head of Oslo-based Extractive Industries Transparency Initiatives ("EITI") have suggested selling the state oil company's stakes in the producing joint ventures to address the state's finances. This asset base could open up huge proven and producing opportunities for indigenous companies in an industry actively promoting local participation.
We hope that the regulatory changes within Nigeria will make it more attractive to the international community and allow indigenous companies to participate in substantial opportunities in Nigeria's oil and gas sector.
Annual General Meeting
The Annual General Meeting will be held at 10 am on Wednesday, 5 August 2015 at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG. A Notice convening the meeting will be sent separately to shareholders and an announcement will be made when this has been done.
We are pleased with the work we have achieved over the past year to ensure that the Company has all the necessary skills and resources to develop its pipeline of assets. Whilst market conditions have been difficult, management remains determined to maximise the value of our assets and the opportunities open to the Company in Nigeria.
Finally, I would like to thank our shareholders for their support as we continue to develop the business.
Jack Pryde
Chairman
29 June 2015
STRATEGIC REPORT
Business review
The results of the Group are shown below. The Directors do not recommend the payment of a dividend.
The results represent the costs of developing our strategy and reviewing interests in both potential oil and gas blocks and individual marginal field opportunities. Total comprehensive loss for the year amounted to $5,668,000 (2013: $6,570,000). Finance costs on loans remained steady at $1,589,000, and share based payments increased from $990,000 to $1,516,000.
Since the end of the period, Sirius has issued a further 208,888,143 new ordinary shares of 0.25p each, in settlement of outstanding professional and other fees, and repayment of loans for general working capital, and now has 1,307,625,356 shares in issue. Sirius does not hold any shares in treasury and, hence, the total number of voting rights in the Company is 1,307,625,356. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Aims and objectives
The Company's core corporate strategy is to work alongside financial and technical industry partners on a joint farm-in basis to exploit larger oil blocks (typically, marginal fields that have flowed oil in the past) in Nigeria, and to continue the development work completed on the Company's first marginal field, the Ororo Field, located in OML95, to optimise the well entry plans and field development.
Key Performance Indicators
At this stage in the Group's development the key performance indicator is the loss after tax. As the Group has not undertaken any trade in the year it has no other key financial or non-financial performance indicators.
Principal risks and uncertainties
The Group's overall strategy to risk management is to employ suitably skilled personnel, and implement appropriate policies and procedures. The risks we face have evolved over the course of the year as the business has grown and external factors have impacted the environment in which we operate.
Responsibility for reviewing the system of Risk Management rests with the Audit Committee of the Board, which has reviewed and approved the measures that are being taken to mitigate the most significant risks.
The principal risks faced by Sirius during 2014 relate to political risks in respect of the situation in Nigeria and strategic risks associated with the growth of the organisation and the economic climate.
Exploration Risk
Exploration activities can be capital intensive and may involve a high degree of risk. Thus budgets are produced by experienced individuals and reviewed to ensure best practice exists. Exploration programmes are approved by the Board.
Oil Price Risk
The oil price is subject to market conditions which are outside of the Group's control. The decision to invest in any oil drilling will be made based on the latest and forecasted oil prices and approved by the board.
Nigeria country risks
Political instability in this developing economy could result in the loss of the business. Ongoing monitoring and close liaison on the ground are utilised to monitor the situation.
Loss of key employees
Loss of knowledge and skills to the Group in particular countries of operation is a key risk. In response to this risk remuneration policies are designed to incentivise, motivate and retain key employees.
Taxation and other legislation changes
Operating in developing countries has the additional risk of significant changes in taxation legislation on oil field profits or other legislation. Maintenance of good open working relationships with local authorities in the countries of operation are key.
Going concern
The Directors have prepared cash flow projections for the period up to 30 June 2016. These projections only take account of the on-going management costs of the Group, and the clearance of all payables outstanding as at the date of this report. The payment of accrued directors' remuneration and certain of the Directors' remuneration payable in respect of the current year has been excluded as the Directors have agreed to defer payment until such time as funds are available. The projections also do not assume any oil extraction or income from oil trading nor do they assume any acquisitions take place or that any additional assessment of the prospective resources is undertaken over and above that authorised as at the date of this report.
On 5 May 2015, the Company signed a convertible loan facility with Calvet International Limited ("Calvet") which provides up to £1.5 million ($2.4 million) (the "Calvet Facility") of funding for general working capital. The Company has drawn down £200,000 to date in respect of the Calvet Facility. As the Company has secured a further loan of £100,000 from a different third party, they have agreed that the Calvet Facility would be reduced by £100,000. On the basis that the remaining £1.2 million of this facility is drawn in full, the cash flow projections indicate that the Group has sufficient headroom to meet its working capital requirements.
On the basis of the assumptions above and following a detailed review by the Directors of the Group's cash flow forecast, the Directors believe that the Group has sufficient cash resources to meet its liabilities as they fall due for a period of at least 12 months from the date that the financial statements are signed. Consequently, the financial statements have been prepared on a going concern basis.
Fundraising
The Board continues to review potential project finance to bring the Ororo Field into production. We will seek to conclude on funding which maximises value for shareholders.
Future prospects
Sirius, with the assistance of its broker, financial advisors and technical partners have made progress on attracting investment in a difficult oil market. The decision to terminate discussions with Nima International Ltd was made to maximise shareholder value through shifting the funding from the Group ('plc') level to the individual asset level through joint-venture farm-ins, and take advantage of Sirius' significant pipeline of assets going forwards.
Jack Pryde
Chairman
29 June 2015
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2014
|
| Year ended |
| Year ended |
| Notes | 2014 |
| 2013 |
|
| $'000 |
| $'000 |
|
|
|
|
|
Other income |
| 81 |
| 76 |
|
|
|
|
|
Share based payments |
| (1,516) |
| (990) |
Other administrative expenses | 1 | (2,590) |
| (3,884) |
Total administrative expenses |
| (4,106) |
| (4,874) |
|
|
|
|
|
Loss from operations |
| (4,025) |
| (4,798) |
|
|
|
|
|
Finance cost | 2 | (1,589) |
| (1,590) |
|
|
|
|
|
|
|
|
|
|
Loss before and after taxation, and loss attributable to the equity holders of the Company |
| (5,614) |
| (6,388) |
|
|
|
|
|
Other comprehensive (loss) |
|
|
|
|
Exchange differences on translating foreign operations |
| (54) |
| (182) |
Other comprehensive (loss) for the period, net of tax |
|
|
|
|
| (54) |
| (182) | |
|
|
|
|
|
Total comprehensive loss for the year, attributable to owners of the company |
| (5,668) |
| (6,570) |
|
|
|
|
|
Total loss per ordinary share |
|
|
|
|
Basic and diluted loss per share (cents) | 4 | (0.54) |
| (0.75) |
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2014
|
| Share capital | Share premium | Share based payment reserve | Other reserves | Exchange reserve | Retained earnings | Total equity |
|
| $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
|
|
|
|
|
|
|
|
|
Balance at 1 January 2013 |
| 3,580 | 10,065 | 6,793 | 272 | (16) | (21,390) | (696) |
Share based payments |
| - | - | 990 | - | - | - | 990 |
Share issue |
| 558 | 4,573 | - | - | - | - | 5,131 |
Share issue costs |
| - | (1,256) | - | - | - | - | (1,256) |
Issue of loan fees equity instruments (note 9) |
| - | - | - | 1,984 | - | - | 1,984 |
Settlement of loan fees equity instruments (note 9) |
| - | - | - | (2,177) | - | (970) | (3,147) |
Transactions with owners |
| 558 | 3,317 | 990 | (193) | - | (970) | 3,702 |
Exchange difference on translating foreign operations |
| - | - | - | - | (182) | - | (182) |
Loss for the year |
| - | - | - | - | - | (6,388) | (6,388) |
Total comprehensive loss for the period |
| - | - | - | - | (182) | (6,388) | (6,570) |
Balance at 31 December 2013 |
| 4,138 | 13,382 | 7,783 | 79 | (198) | (28,748) | (3,564) |
Share based payments |
| - | - | 1,516 | - | - | - | 1,516 |
Share issue |
| 595 | 7,240 | - | - | - | - | 7,835 |
Issue of loan fees equity instruments (note 9) |
| - | - | - | 822 | - | - | 822 |
Settlement of loan fees equity instruments (note 9) |
| - | - | - | (596) | - | (1,388) | (1,984) |
Transactions with owners |
| 595 | 7,240 | 1,516 | 226 | - | (1,388) | 8,189 |
Exchange difference on translating foreign operations |
| - | - | - | - | (54) | - | (54) |
Loss for the period |
| - | - | - | - | - | (5,614) | (5,614) |
Total comprehensive loss for the period |
| - | - | - | - | (54) | (5,614) | (5,668) |
Balance at 31 December 2014 |
| 4,733 | 20,622 | 9,299 | 305 | (252) | (35,750) | (1,043) |
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014
|
| 31 December 2014 |
| 31 December 2013 |
|
|
|
|
|
ASSETS | Notes | $'000 |
| $'000 |
|
|
|
|
|
Non-current assets |
|
|
|
|
Intangible exploration and evaluation assets | 5 | 2,311 |
| 1,981 |
Property, plant and equipment | 6 | - |
| 1 |
|
| 2,311 |
| 1,982 |
Current assets |
|
|
|
|
Cash and cash equivalents |
| 19 |
| 27 |
Trade and other receivables | 7 | 39 |
| 287 |
Total current assets |
| 58 |
| 314 |
|
|
|
|
|
Total assets |
| 2,369 |
| 2,296 |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables | 8 | 2,674 |
| 4,184 |
Loans payable | 9 | 738 |
| 1,676 |
|
|
|
|
|
Total liabilities |
| 3,412 |
| 5,860 |
|
|
|
|
|
EQUITY |
|
|
|
|
Share capital | 11 | 4,733 |
| 4,138 |
Share premium |
| 20,622 |
| 13,382 |
Share based payment reserve |
| 9,299 |
| 7,783 |
Other reserves |
| 305 |
| 79 |
Exchange reserve |
| (252) |
| (198) |
Retained earnings |
| (35,750) |
| (28,748) |
|
|
|
|
|
Equity attributable |
|
|
|
|
to equity holders of the Company |
| (1,043) |
| (3,564) |
|
|
|
|
|
Total equity and liabilities |
| 2,369 |
| 2,296 |
|
|
|
|
|
SIRIUS PETROLEUM PLC
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 DECEMBER 2014
|
| Year ended |
| Year ended |
|
| 31 December 2014 |
| 31 December 2013 |
|
|
|
|
|
|
| $'000 |
| $'000 |
Cash flow from operating activities |
|
|
|
|
Continuing operations |
|
|
|
|
Loss after taxation |
| (5,614) |
| (6,388) |
Depreciation |
| 8 |
| 4 |
Finance cost |
| 1,589 |
| 1,590 |
Decrease/(increase) in trade and other receivables |
| 247 |
| (232) |
Equity settled share based payments |
| 1,516 |
| 990 |
Expenses settled in shares |
| - |
| 187 |
Increase/(decrease) in trade and other payables |
| 261 |
| 2,164 |
Net cash outflow from operating activities from continuing operations |
| (1,993) |
| (1,685) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Investment in intangibles |
| (330) |
| (339) |
Purchase of property, plant and equipment |
| (7) |
| (1) |
Net cash outflow from investing activities |
| (337) |
| (340) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from issue of share capital |
| - |
| 288 |
Finance cost |
| (13) |
| (29) |
Loans received |
| 2,426 |
| 1,978 |
Net cash inflow from financing activities |
| 2,413 |
| 2,237 |
|
|
|
|
|
Net change in cash and cash equivalents |
| 83 |
| 212 |
|
|
|
|
|
Cash and cash equivalents at beginning of period |
| 27 |
| 10 |
|
|
|
|
|
Exchange differences on cash and cash equivalents |
| (91) |
| (195) |
|
|
|
|
|
Cash and cash equivalents at end of period |
| 19 |
| 27 |
Basis of Preparation
The Group financial statements have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS). The Company's shares are listed on the AIM market of the London Stock Exchange.
The principal accounting policies of the Group, which have been applied consistently, are set out in the annual report and financial statements.
GOING CONCERN
The Directors have prepared cash flow projections through to 30 June 2016. These projections only take account of the on-going management costs of the Group, and the clearance of all payables outstanding at the date of this report. The payment of accrued directors' remuneration and certain of the Directors' remuneration payable in respect of the current year has been excluded as the Directors have agreed to defer payment until such time as funds are available. The projections also do not assume any oil extraction or income from oil trading nor do they assume any acquisitions take place or that any additional assessment of the prospective resources is undertaken over and above that authorised as at the date of this report.
On 5 May 2015, the Company signed a convertible loan facility with Calvet which provides up to £1.5 million ($2.4 million) of funding for general working capital. The Company has drawn down £200,000 to date in respect of the Calvet Facility. As the Company has secured a further loan of £100,000 from a different third party, they have agreed that the Calvet Facility would be reduced by £100,000. On the basis that the remaining £1.2 million of this facility is drawn in full, the cash flow projections indicate that the Group has sufficient headroom to meet its working capital requirements.
On the basis of the assumptions above and following a detailed review by the Directors of the Group's cash flow forecast, the Directors believe that the Group has sufficient cash resources to meet its liabilities as they fall due for a period of at least 12 months from the date that the financial statements are signed. Consequently, the financial statements have been prepared on a going concern basis.
SIRIUS PETROLEUM PLC
NOTES TO THE ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2014
1. SEGMENTAL INFORMATION
An operating segment is a distinguishable component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group's chief operating decision maker to make decisions about the allocation of resources and assessment of performance and about which discrete financial information is available.
The chief operating decision maker has defined that the Group's only reportable operating segment during the year is oil extraction and related activities.
The Group has not traded and has not generated any revenue from external customers during the period.
In respect of non-current assets $Nil (2013: $1,000) arise in the UK and $2,311,000 (2013: $1,981,000) arise in Nigeria.
2. LOSS PER SHARE
| 2014 |
| 2013 |
| $'000 |
| $'000 |
(Loss) attributable to owners of the Company | (5,614) |
| (6,388) |
|
|
|
|
| 2014 |
| 2013 |
| Number |
| Number |
Weighted average number of shares for calculating basic loss per share | 1,043,577,439 |
| 853,303,616 |
|
|
|
|
| 2014 |
| 2013 |
| Cents |
| Cents |
Basic and diluted loss per share | (0.54) |
| (0.75) |
There are 71,000,000 share options and 1,003,500,000 warrants outstanding. Their effect is anti-dilutive, but are potentially dilutive against future profits.
3. SHARE CAPITAL
| 31 December 2014 |
| 31 December 2013 |
| $'000 |
| $'000 |
|
|
|
|
Allotted, issued and fully paid |
|
|
|
1,098,737,213 (2013: 956,499,985) ordinary shares of 0.25p | 4,733 |
| 4,138 |
The movement in share capital is analysed as follows:
| Ordinary shares |
| ||
| No. |
| $000 | |
Allotted and issued |
|
|
| |
At 31 December 2012 | 816,904,901 |
| 3,580 | |
Shares issued for fees due | 128,595,084 |
| 514 | |
Shares issued for cash | 4,500,000 |
| 18 | |
Loan repayments | 6,500,000 |
| 26 | |
At 31 December 2013 | 956,499,985 |
| 4,138 | |
Shares issued for fees due | 74,777,326 |
| 312 | |
Loan repayments | 67,459,902 |
| 283 | |
At 31 December 2014 | 1,098,737,213 |
| 4,733 | |
On 22 January 2014, 17,037,500 ordinary shares of 0.25p were issued at 4p in settlement of loan fees, 4,621,212 ordinary shares of 0.25p were issued at 3.3p in settlement of consultancy fees and 7,575,757 ordinary shares of 0.25p were issued at 3.3p in settlement of consultancy fees.
On 10 March 2014, 15,475,000 ordinary shares of 0.25p were issued at 4p in settlement of loans, 12,121,212 ordinary shares of 0.25p were issued at 3.3p in settlement of loans and 6,400,000 ordinary shares of 0.25p were issued at 3.13p in settlement of loan fees.
On 5 August 2014, 26,166,666 ordinary shares of 0.25p were issued at 3p in settlement of loans, 6,400,000 ordinary shares of 0.25p were issued at 3.13p in settlement of loans, 3,809,524 ordinary shares of 0.25p were issued at 2.625p in settlement of loans fees and 3,487,500 ordinary shares of 0.25p were issued at 2.625p in settlement of loans.
Additionally on 5 August 2014, 31,166,666 ordinary shares of 0.25p were issued at 3p in settlement of loan fees, 3,809,524 ordinary shares of 0.25p were issued at 2.625p in settlement of loan fees and 4,166,667 ordinary shares of 0.25p were issued at 3p in settlement of consultancy fees.
The ordinary shares carry one vote each and on winding up of the Company the balance of assets available for distribution will, subject to any relevant restrictions, be divided amongst the members.
4. publication of non-statutory accounts
The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
The consolidated statement of financial position at 31 December 2014, the consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows and associated notes for the year then ended have been extracted from the Group's 2014 financial statements upon which the auditor's opinion is unqualified and does not include any statement under Section 498 of the Companies Act 2006.
The accounts for the year ended 31 December 2014 will be posted to shareholders shortly and laid before the Company at the Annual General Meeting which will be held on 5 August 2015 at 10.00 a.m. at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG. Copies will also be available on the Company's website (www.siriuspetroleum.com) in accordance with AIM Rule 26.