9 Sep 2011 11:48
Caspian Holdings Plc
09 September 2011
Caspian Holdings Plc
("Caspian" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2011
Caspian Holdings plc (the "Company"), the oil and gas development company with assets in the USA, announces its interim results for the 6 months to 30 June 2011.
Highlights
·; a loss after taxation £41,222 (six months to 30 June 2010 - £35,667)
·; capital placement completed to raise £80,000
·; management has continued to progress options to expand stripper well production
Events since the balance sheet date
·; active evaluation of mining, metals and oil and gas expansion opportunities
An extract of the Interim results for the Company for the six months ended 30 June 2011 is presented below. A full version of these will be available on the Company website www.caspianoil.co.uk
Enquiries:
Caspian Holdings Plc | Grant Thornton Corporate Finance | HB Markets plc |
Michael Masterman | Colin Aaronson / Jen Hatter | John Millers |
T: +44 (0) 7791 288381 | T: +44 (0) 20 7383 5100 | T: +44 (0) 20 7382 8300 |
www.caspianoil.co.uk |
CASPIAN HOLDINGS Plc
CHAIRMANS STATEMENT TO THE INTERIM RESULTS
FOR THE SIX MONTHS TO 30TH JUNE 2011
During the first six months of 2011, Caspian Holdings Plc (the "Company") completed a small capital raising and consistently delivered low costs. This has enabled the Company to evaluate new opportunities in metals and in oil and gas.
Limited oil production has continued at the Barnett Lease in Southern Kentucky, USA (owned through the Company's 50% interest in Black Gold of Kentucky Inc.) and management has continued to progress options to expand stripper well production.
In June 2011 the Company made a capital placement of £80,000. The net proceeds from the placing will be used to finance the current working capital requirements of the Company.
The interim financial results demonstrate that the Company continues to consciously and effectively manage costs which remain low. For the six months to 30 June 2011 the financial results show a loss after taxation of £41,222 in comparison to £35,667 for the six months to 30 June 2010.
CASPIAN HOLDINGS Plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30TH JUNE 2011
Unaudited Six Months to 30 June 2011 | Unaudited Six Months to 30 June 2010 | Year to 31 December 2010 | |
Continuing Operations | £ | £ | £ |
Revenue |
- |
- |
- |
Costs of Sales |
- |
- |
- |
Gross Profit |
- |
- |
- |
Administrative Expenses |
(41,222) |
(35,667) |
(79,986) |
Operating loss |
(41,222) |
(35,667) |
(79,986) |
Share of loss of Associates |
- |
- |
(115,810) |
Loss before Income Tax |
(41,222) |
(35,667) |
(195,796) |
Income Tax |
- |
- |
- |
Loss for the Period |
(41,222) |
(35,667) |
(195,796) |
Loss Attributable to: | |||
Owners of the Parent |
(41,222) |
(35,667) |
(195,796) |
Total Comprehensive loss for the Period |
(41,222) |
(35,667) |
(195,796) |
Basic and Diluted loss per Share |
(0.01p) |
(0.01p) |
(0.05p) |
CASPIAN HOLDINGS Plc
GROUP FINANCIAL POSITION
30TH JUNE 2011
| Unaudited 30th June 2011 £ | Unaudited 30th June 2010 £ | 31st December 2010 £ | ||
ASSETS NON-CURRENT ASSETS | |||||
Investment in Associate | 198,998 | 273,224 | 198,998 | ||
CURRENT ASSETS | |||||
Trade and other receivables | 9,391 | 9,233 | 4,275 | ||
Cash and cash equivalents | 80,527 | 133,034 | 14,476 | ||
|
89,918 |
142,267 |
18,751 | ||
LIABILITIES CURRENT LIABILITIES Bank Overdraft Trade and other payables
|
|
|
- 84,941
84,941 |
6 90,161 90,167 |
- 52,553
52,553 |
NETCURRENTASSETS/(LIABILITIES) |
4,977 |
52,100 |
(33,802) | ||
NET ASSETS |
|
£203,975 |
£325,324 |
£165,196 | |
SHAREHOLDERS EQUITY Called up share capital |
|
471,067 |
446,067 |
446,067 | |
Share premium account | 11,119,419 | 11,064,419 | 11,064,419 | ||
Profit and loss account | (11,386,511) | (11,185,162) | (11,345,290) | ||
TOTAL SHAREHOLDERS EQUITY |
£203,975 |
£325,324 |
£165,196 |
CASPIAN HOLDINGS Plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30TH JUNE 2011
Called Up Share Capital £ | Profit and Loss Account £ | Share Premium
£ | Total Equity
£ | |
Balance at 1st January 2011 |
446,067 | (11,345,290) |
11,064,419 |
165,196 |
Issue of Share Capital |
25,000 |
- |
55,000 |
80,000 |
Total Comprehensive Income |
- |
(41,221) |
- |
(41,221) |
Balance at 30th June 2011 (unaudited) |
471,067 |
(11,386,511) |
11,119,419 |
203,975 |
Year to 31st December 2010 | ||||
Balance at 1st January 2010 |
366,067 |
(11,149,494) |
10,944,419 |
160,992 |
Issue of Share Capital |
80,000 |
- |
120,000 |
200,000 |
Total Comprehensive Income |
- |
(195,796) |
- |
(195,796) |
Balance at 31st December 2010 |
446,067 |
(11,345,290) |
11,064,419 |
165,196 |
6 Months to 30th June 2010 | ||||
Balance at 1st January 2010 |
366,067 |
(11,449,494) |
10,944,419 |
160,992 |
Issue of Share Capital |
80,000 |
- |
120,000 |
200,000 |
Total Comprehensive Income |
- |
(35,668) |
- |
(35,668) |
Balance at 30th June 2010 (unaudited) |
446,067 |
(11,185,162) |
11,064,419 |
325,324 |
CASPIAN HOLDINGS Plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30TH JUNE 2011
Unaudited Six Months to 30 June 2011 £ | Unaudited Six Months to 30 June 2010 £ | Year to 31 December 2010 £ | |
Cash Flows from Operating Activities | |||
Cash absorbed by Operations | (13,949) | (42,573) | (119,542) |
Cash Flows for Investing Activities | |||
Impairment of Associates and Subsidiary | - | (25,515) | - |
Investment in Associates and Subsidiary | - | - | (67,099) |
- | (25,515) | (67,099) | |
Cash Flows from Financing Activities | |||
Share Issue | 25,000 | 80,000 | 80,000 |
Share Premium | 55,000 | 120,000 | 120,000 |
Net Cash from Financing Activities | 80,000 | 200,000 | 200,000 |
Increase in Cash and Cash Equivalents | 66,051 | 131,912 | 13,360 |
Cash and Cash Equivalent at beginning of Period | 14,476 | 1,116 | 1,116 |
Cash and Cash Equivalent at end of Period |
80,527 |
133,028 |
14,476 |
Reconciliation of Cash Flows from Operations | |||
Loss before Tax | (41,221) | (35,668) | (195,796) |
Share of Loss of Associates | - | - | 115,810 |
(41,221) | (35,668) | (79,986) | |
(Increase)/Decrease in Trade and Other Receivables | (5,117) | 4,721 | 9,679 |
Increase/(Decrease) in Trade and Other Payables | 32,389 | (11,626) | (49,235) |
(13,949) | (42,573) | (119,542) | |