WRES.L Regulatory News (WRES)

30 Sep 2009 15:45



30 September 2009

CASPIAN HOLDINGS PLC

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2009

Caspian Holdings (the "Company"), the oil and gas development company with assets in the USA and Kazakhstan, announces its interim results for the 6 months to 30 June 2009. 

Highlights

Debt for Equity Swap Agreement Approved by Shareholders 

Operating loss reduced substantially reduced to £21,871 (2008 loss £ £299,449) 

Events since the balance sheet date 

Completion of Debt for Equity Swap

An extract of the Interim results for the Company for the six months ended 30 June 2009 is presented below. A full version of these will be available on the Company website www.caspianoil.co.uk

Enquiries:

Chairmans Statement

The current year has been challenging for Caspian Holdings Plc (the "Company"). The Company reached an agreement to convert its outstanding loan notes and major creditor positions to equity at an issue price of £0.005. At the Annual General Meeting of the Company held on 29 June 2009, the Shareholders approved the debt equity swap, which resulted in the issue of 230,423,326 shares and the removal of major liabilities from the balance sheet, and helped improve the financial position of the Company, post the close of the financial period under review. 

Further to the announcement of 10 August 2009, after some short administrative delays, the Company continues to progress the sale of the core and non core field equipment at Zhengeldy. Progress is slowly being made towards initial equipment sales and shareholders will be kept upto date with progress. In the event that equipment sale realisation is delayed or becomes problematic, then the Company would need to raise capital to continue to meet its obligations when they fall due. The Company will keep the market updated on any the development on the sale of the assets.

The interim financial results reflect a period of the low activity of the Company. Costs have been reduced in line with activity. For the six months to 30 June 2009 the financial results show a loss after taxation of £74,539 compared to £1,176,224 in the previous year. 

CASPIAN HOLDINGS Plc - GROUP INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2009

CASPIAN HOLDINGS Plc - GROUP BALANCE SHEET

as at 30 JUNE 2009

CASPIAN HOLDINGS Plc - GROUP CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2009

STATEMENT OF CHANGES IN EQUITIES FOR THE PERIOD 1 JANUARY 2009 TO 30 JUNE 2009

NOTES TO ACCOUNTS (EXTRACTS)

1. BASIS OF PREPARATION

These financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

The interim results are unaudited but have been reviewed by the auditors. The financial statements herein do not amount to full statutory accounts within the meaning of Part 15 of the Companies Act 2006.

Going concern - the Company reached an agreement on 29 June 2009 to issue 230,423,326 new ordinary shares to noteholders and creditors in relation to the debt for equity swap agreement, and which were duly issued on 3 July 2009. The Company is also continuing to undertake the realisation of proceeds from the sale of Zhengeldy Equipment to provide income cashflow. 

Based on the Directors expectation that significant proceeds will be realised from the sale of this equipment, the Directors are satisfied that the Group (the Company and its subsidiaries) has sufficient resources to continue its operation, and to meet its commitments in the foreseeable future. The financial statements have therefore been prepared on the going concern basis.