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26 Sep 2008 11:48
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26Β September 2008
CASPIAN HOLDINGS PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2008
Caspian Holdings (the "Company"), the oil and gas development company with assets in theΒ USAΒ andΒ Kazakhstan, announces its interim results for the 6 months to 30 June 2008.Β
Highlights
Acquisition of Pine Meadows Lease
Mixed Progress on the restart of production on Zhengeldy oil field
Operating loss reduced by 55% to Β£299,449 (2007 loss Β£663,268)Β
Events since the balance sheet dateΒ
Acquisition of 50% interest in Black Gold of Kentucky and following expansion ofΒ Black Gold Lease Holdings in Irvine Field
Geological Study on Pine Meadows Lease completed
In first half of 2008 Caspian Holdings decision to significantly diversify its asset base towards theΒ United StatesΒ is proving to be a successful and timely decision.
Extracts of the interim statements appear below and a full version is available on the Company's website www.caspianoil.com
Enquiries:
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Caspian Holdings Plc
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Grant Thornton UK LLP
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Hoodless Brennan
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Michael Masterman
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Fiona Owen
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Luke Cairns
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T: +44 (0) 7791 288381
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T: +44 (0) 20 7383 5100
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T: +44 (0) 20 7538 1166
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www.caspianoil.co.uk
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Β
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Β
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Β
CASPIAN HOLDINGS Plc
CHAIRMANS STATEMENT TO THE INTERIM RESULTS
FOR THE SIX MONTHS TO 30TH JUNE 2008
Over the last 6 months Caspian Holdings Plc hasΒ expand the number of oil development fields in portfolioΒ and diversified its business with acquisition of the Pine Meadows lease in California, USA and, post the review period, through its acquisition of a 50% interest in Black Gold of Kentucky, owners of 2 oil production leases in the Irvine field, Kentucky, USA.
During the six month period Zhengeldy oil production was limited as the field was shut down at the beginning of the year pending resolution of regulatory issues with respect to exports and 2008 work program approval. Following a change of local management, the Company made solid progress in achieving a series of approvals necessary to restart production and exports. In particular ZapKazNedra (The Ministry of Energy and Mineral Resources Regional Competent Authority) signed off the work program and restart of production subject to Committee of Geology approval. The Committee of Geology approved restart of production subject to Central Commission approval. Subsequent to the end of the half year, the Secretary of the Ministry issued a letter purporting to cancel the Zhengeldy Subsoil Contract. The Company has taken legal advice and expects to be able to overturn the Ministry letter and reinstate full Zhengeldy licence conditions. Until this is achieved the Company has deemed it prudent to carry a general provision of Β£1m against the Zhengeldy assets.
The Company expects a significantly more positive second half of 2008 with production expected from our leases in theΒ IrvineΒ field inΒ KentuckyΒ and good progress in Pine Meadows. There also remains the prospect, subject to regulatory outcomes of a return to production and exports from the Zhengeldy field.
The interim financial results reflect a period of very limited production and no exports from the Zhengeldy field inΒ Kazakhstan. Costs have been reduced in line with activity. For the six months to 30thΒ June 2008 the Operating Loss before taxation, foreign exchange gains and adjustments/provisions was Β£376,432 (2007 Loss Β£662,268). The LossΒ after taxation (including the provision of Β£1m) wasΒ Β£1,176,224Β (2007 loss Β£433,145).Β
Michael Masterman
Chairman
25th September, 2008
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Β
|
Β
|
Β
|
Unaudited Six Months to 30th June
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Unaudited Six Months to 30th June
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Β
Year to 31st
December
|
|
|
Β
|
Notes
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Β
|
2008
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2007
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2007
|
|
|
Β
REVENUE
Β
|
Β
|
Β
|
Β
48,870
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Β
601,524
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Β
820,798
|
|
|
Cost of sales
Β
|
Β
|
Β
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Β (110,093)
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(653,576)
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Β Β (1,000,222)
|
|
|
GROSS LOSS
Β
Administrative expenses
|
Β
|
Β
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(61,223)
Β
(238,226)
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(52,052)
Β
Β (611,216)
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(179,424)
Β
(1,708,922)
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|
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Β
OPERATING LOSS
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Β
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Β
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Β
(299,449)
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Β
(663,268)
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Β
(1,888,346)
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|
|
Β
Exchange gains in period
Adjustment in fair values of fixed assets
Provisions created in period
Deferrals created in the period
Β
Finance income
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Β
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Β
Β
Β
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Β
143,838
(1,000,000)
(15,120)
11,128
Β
1,148
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Β
249,446
-
(5,282)
-
Β
11,476
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Β
354,858
-
5,104
-
Β
16,689
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|
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Finance costs
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Β
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Β
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(17,769)
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(25,517)
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Β (58,900)
Β
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|
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PROFIT/(LOSS) BEFORE TAXATION
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Β
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Β
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(1,176,224)
Β
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(433,145)
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(1,570,595)
Β
Β
|
|
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Taxation
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Β
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Β
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-
Β
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-
Β
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-
Β
|
|
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RETAINED PROFIT/(LOSS) FOR THE FINANCIAL PERIOD
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Β
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5
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Β
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Β
(Β£1,176,224)
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Β
Β Β£(433,145)
Β
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Β
Β£(1,570,595)
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|
Β
Basic and diluted profit/(loss) per share
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Β
4
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Β
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Β
(1.15)p
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Β
(0.43)p
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Β
(1.60p)
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|
|
Β
|
Β
Β
Notes
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Β
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Unaudited 30th June
2008
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Unaudited 30th June
2007
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31st
December
2007
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ASSETS
NON-CURRENT ASSETS
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Β
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Β
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Β
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Β
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Β
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Goodwill
Intangible assets
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Β
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Β
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-
145,354
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326,998
352,333
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-
195,138
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Property, plant and equipment
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Β
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Β
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2,144,132
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Β 3,268,433
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3,209,092
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Β
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Β
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Β
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Β
2,289,486
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Β
3,947,764
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Β
3,404,230
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Β
CURRENT ASSETS
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Β
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Β
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Β
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Β
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Β
|
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Inventories
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Β
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Β
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211,477
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148,772
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197,021
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Trade and other receivables
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Β
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Β
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767,174
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762,052
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560,265
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Cash and cash equivalents
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Β
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Β
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246,412
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Β 596,114Β
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Β 83,254
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|
Β
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Β
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Β
Β
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Β
1,225,063
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Β
Β 1,506,938
Β
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Β
Β 840,540
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LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Financial liabilities β borrowings
Β Interest bearing loans and borrowings
Provisions
Β
Β
|
Β
Β
Β
Β
Β
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Β
Β
Β
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Β
Β
535,782
Β
-
50,297
Β
586,079
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Β
Β
537,660
Β
-
77,769
Β
615,429
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Β
Β
441,594
Β
76,983
Β 61,439
Β
Β 580,016
|
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Β
NET CURRENT ASSETS
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Β
|
Β
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Β
638,984
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Β
891,509
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Β
Β 260,524
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Β
NON CURRENT LIABILITIES
Trade and other payables
Financial liabilities - borrowings
Β Interest bearing loans and borrowings
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Β
Β
Β
Β
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Β
|
Β
Β
91,468
Β 799,969Β 891,437
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Β
Β
95,848Β 700,000795,848
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Β
Β
93,913
Β 699,976
793,889
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NET ASSETS
|
Β
Β
Β
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Β
|
Β
Β£2,037,033
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Β
Β£4,043,425
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Β
Β£2,870,865
Β
|
|
Β
|
Β
|
Β
|
Β
Β
|
Β
|
Β
Β
|
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Β
SHAREHOLDERS EQUITY
Called up share capital
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Β
Β
5
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Β
|
Β
Β
118,399
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Β
Β
98,699
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Β
Β
98,699
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Share premium account
Revaluation reserve
Translation reserve
|
5
5
5
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Β
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9,940,145
26,272
(117,846)
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9,474,645
24,945
71,399
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9,474,645
26,334
29,700
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|
Profit and loss account
|
5
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Β
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(7,929,937)
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(5,626,263)
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(6,758,513)
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Β
TOTAL SHAREHOLDERS EQUITY
|
Β
|
Β
|
Β
Β£2,037,033
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Β
Β£4,043,425
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Β
Β£2,870,865
|
|
Β
|
Β
Β
Notes
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Β
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Unaudited Six Months to 30th June
2008
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Unaudited Six Months to 30th June
2007
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Β
Year to 31st December
2007
|
|
Β
Cash flows from operating activities
Cash generated from operations
Finance cost
Β
Net cash from operating activities
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Β
Β
1
|
Β
|
Β
Β
(324,502) (17,769)
Β
(342,271)
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Β
Β
134,305
(10,835)
Β
Β 123,470
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Β
Β
(393,769) (58,900)
Β
(452,669)
|
|
Β
Cash flows from investing activities
Proceeds from disposal of fixed assets
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Finance income
Β
Net cash from investing activities
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Β
|
Β
|
Β
Β
-
(76,883)
(4,029)
1,148
Β
(79,764)
|
Β
Β
-
(257,434)
(180,297)
11,476
Β
Β (426,255)
|
Β
Β
-
(241,451) (220,373)
16,689
Β
(445,135)
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
Β
Cash flows from financing activities
Share issue
Receipt of loan
Repayment of financial liabilities β borrowings
Β Interest bearing loans and borrowings
Β
Net cash from financing activities
Β
Cash flow from Acquisitions and Disposals
Acquisition ofΒ Subsidiary
New asset acquired with Subsidiary
|
Β
Β
Β
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Β
|
Β
Β
485,200
99,993
Β
-
Β
585,193
Β
Β
-
-
-
|
Β
Β
-
700,000
Β
(1,753)
Β
Β 698,247
Β
Β
-
-
-
|
Β
Β
-
776,959
Β
(1,753)
Β
775,206
Β
Β
(4,800)
10,000
5,200Β
Β
|
|
Β
|
Β
|
Β
|
Β
|
Β
|
Β
|
|
(Decrease)/Increase in cash and cash equivalents
Β
Cash and cash equivalents at beginning of year
|
Β
Β
2
|
Β
|
163,158
Β
83,254Β
|
395,462
Β
200,652
|
(117,398)
Β
200,652
|
|
Β
Cash and cash equivalents at end of year
|
Β
2
|
Β
|
Β
Β£246,412
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Β
Β£596,114
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Β
Β£83,254
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Β
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