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Final Results

22 Sep 2009 07:00

RNS Number : 4211Z
Westmount Energy Limited
22 September 2009
Β 

ο»Ώ

Westmount Energy Limited

("Westmount" or the "Company")

Final Results and Notice of Annual General Meeting

The Company is pleased to announce its Final Results. A copy of the results will be made available on the Company's website and will be posted to shareholdersΒ by theΒ 25thΒ September 2009.

Notice is hereby given that the Annual General Meeting of Westmount Energy Limited will be held at Whiteley Chambers,Β Don Street, St. Helier,Β Jersey,Β JE4 9WGΒ Channel IslandsΒ on Wednesday, 28 October 2009 at 11.45 am

CHAIRMAN'S REVIEW

The pastΒ twelveΒ months have been a period of extreme volatility in the Financial Markets andΒ notablyΒ in theΒ oil industry in whichΒ ourΒ company's two remaining investments are based. The oil price has fluctuated from a high ofΒ US$147Β a barrel to a low ofΒ US$32Β per barrel and at the time of writing appears to have settled in theΒ US$70 a barrel range.

When I became Chairman some eighteen months agoΒ theΒ company had threeΒ investments quoted on theΒ Alternative Investment Market (AIM) of the London Stock ExchangeΒ and a furtherΒ investmentΒ inΒ unquotedΒ Eclipse Energy PlcΒ (Eclipse). During this period we sold our holding in CDSΒ Oil andΒ GasΒ PlcΒ for aΒ netΒ profit of Β£289,072Β and in November of 2008 we accepted an offerΒ fromΒ VattenfallΒ ABΒ (publ)Β of Β£18.01Β per shareΒ for ourΒ holdingΒ in Eclipse which produced a substantial profit of Β£3,659,440. As a result of these two transactions we were able to return to shareholders 65p per shareΒ by way of a return of capital. The payment in February this year together with the earlier payment of 50pΒ per shareΒ in 2006Β has allowed the company to repay the shareholders a total of 115p per share. When our late founding Chairman Derek Williams floated the company in 1995 the shares were placed at 15p per share.Β My fellow directors and IΒ only wish Derek was alive to see his plans fulfilled.Β 

Notwithstanding the volatility in the markets I am very pleased to report that our two remaining investments in Desire Petroleum Plc and Sterling Energy Plc have performed well.

1. Desire Petroleum Plc (Desire)

OnΒ 10Β SeptemberΒ 2009Β Desire announced that they had exchanged letters of intent with Diamond Offshore Drilling (UK) Ltd for a rig to undertake a minimum four wellΒ drilling campaign in the North Falkland Basin. The rig is due to arrive inΒ FalklandΒ waters in February 2010. In addition Desire has options to drill a further four wells for itself or its partners. Exercising this option may require further fund raising in the future.

Desire'sΒ share price has responded to this news and is currently trading atΒ 90.75pΒ per shareΒ as compared to 31 December 2008 middle market price of 26.75pΒ per share.Β The company currently holds 4,100,000 shares in DesireΒ and the market liquidity in the shares has improved considerably.Β In August this year the FalklandΒ IslandΒ CouncilΒ granted the necessary environmental consents for the proposed drilling programme.Β 

2. Sterling Energy Plc (Sterling)Β 

This was the investment that gave your Board the greatest concern as the share price had weakened considerably asΒ SterlingΒ struggled to refinance itsΒ bank loans and there seemed to be no end to theΒ bid negotiations announced in theΒ thirdΒ quarter of 2007.Β It was with a great sense of relief that in August this year it was announced that negotiation has been successfully concluded for a fund raising ofΒ approximatelyΒ US$100m with a new shareholder,Β WaterfordΒ FinanceΒ and InvestmentΒ Ltd,Β subscribing forΒ US$46m of the fund raising representingΒ a 29.9% interest in Sterling.

It has been widely reported that theΒ new shareholder hasΒ been extremely successful in the oilΒ industryΒ havingΒ recently accepted an offerΒ forΒ their holding inΒ Emerald Energy PlcΒ which valued that company at over Β£500m. Their management is very highly regarded in theΒ CityΒ and are now strongly represented on the Board of Sterling.Β We were offered a participation in the remaining Institutional fund raising and yourΒ Board decided toΒ participate. Through the good office of Graeme Thompson,Β Sterling's CEO,Β we were allocated 42,446,789 newΒ shares at aΒ placingΒ price of 1.3p per share.Β At the time of the placing it was also announced that there would be a further opportunity for existing shareholders to subscribe for two new shares for every nine held at 1.3p perΒ share. The actions of your Board in respect of the first subscription shall result in the company being eligible to subscribe for approximately 16 million additional new shares.

The company currently holdsΒ 63,946,786Β shares in Sterling and following the second subscription shall hold in the region ofΒ 80Β millionΒ shares,Β which at their currentΒ shareΒ price ofΒ 3.80pΒ per share represents a value ofΒ aroundΒ Β£3m.Β It is worth noting thatΒ following the fund raising your company will not have a disclosableΒ interestΒ in SterlingΒ and with the dailyΒ turnoverΒ beingΒ substantial,Β and averaging 31Β millionΒ sharesΒ in the last month,Β it is an extremely liquid market.

We are obviously very delighted with our decision to increase our exposure inΒ SterlingΒ and I would suggest that any shareholder wishing to viewΒ Sterling'sΒ revised situation should logΒ onΒ toΒ Sterling's web site which is veryΒ explanatory.

Nominated Advisors

During this period we appointed Cenkos SecuritiesΒ PlcΒ as our NominatedΒ Advisors and would like to thank Ruegg & Co, our previous advisors, for their efforts over the past years.

Future Prospects

As stated in my previous review the interest of shareholders is of major importance to your Board. Our policy of harvesting our cash resources and only making strategicΒ investments when the opportunity arises has been rewarded. We will continue to consider any transaction that we deem to be in the best interests of the shareholders and at the same time we will always consider our policy of returning surplus funds arising on sales of our investments to shareholders.Β InΒ additionΒ your Board will continue to maintain its emphasis on controlling our costs.

We look forward to the future developments of our two remaining investments and in particular to the long awaited exploration of theΒ FalklandΒ BasinΒ in theΒ firstΒ Quarter of 2010.

Finally at the time of writing this review the net asset valueΒ (NAV)Β of the company fully diluted for share options isΒ 93pΒ per share.Β The NAV per share is calculated prior to the subscription for approximately 16 million additional new shares inΒ SterlingΒ at a price of 1.3p per share.

MERVYN BRADLOW

Chairman

21Β SeptemberΒ 2009

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 30 JUNEΒ 2009

(Expressed inΒ United KingdomΒ Sterling)

Note

2009

2008

Β£

Β£

Β£

Β£

Administrative expenses

(374,827)

(346,267)

Operating (loss)

(374,827)

(346,267)

Profit on disposal of investments

7

3,874,768Β 

507,325

Impairment of investment

7

(2,125,250)

-

Interest receivable

49,035Β 

45,352

1,798,553Β 

552,677Β 

Net profit on ordinary activities

before taxation

3

1,423,726Β 

206,410Β 

Taxation

-Β 

-Β 

Profit for the financial year

1,423,726Β 

206,410Β 

Basic earnings per share

6

20.34p

2.85p

Diluted earnings per share

6

19.91p

2.85p

There are no recognised gains or losses other than as disclosed above

There were no acquisitions or discontinued operations during the current or preceding year.

Β Β BALANCE SHEET

AT 30 JUNEΒ 2009

(Expressed inΒ United KingdomΒ Sterling)

Note

2009

2008

Β£

Β£

Β£

Β£

FIXED ASSETS

Investments

7

1,830,287

4,728,998

CURRENT ASSETS

Prepayments and accrued income

10,540Β 

7,689Β 

Cash at bank

873,656Β 

1,118,597Β 

884,196Β 

1,126,286Β 

CREDITORS:Β amounts falling due

within one year

8

(172,377)

(131,730)

NET CURRENT ASSETS

711,819

994,556

TOTAL ASSETS LESS CURRENT

LIABILITIES

2,542,106

5,723,554

SHARE CAPITAL AND RESERVES

Share capital

9

1,396,060

1,403,060

Share premium account

10

261,682

416,317

Β Capital redemption reserve

10

-

251,410

Share option account

10

244,363

269,416

Profit and loss account

10

640,001

3,383,351

SHAREHOLDERS' FUNDS

11

2,542,106

5,723,554

These financial statements were approvedΒ and authorised for issueΒ by the board of directors on

21 SeptemberΒ 2009Β and were signed on its behalf by:

P JΒ RICHARDSON

Director

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNEΒ 2009

(Expressed inΒ United KingdomΒ Sterling)

Note

2009

2008

Β£

Β£

Net cashΒ (outflow)Β from operating

activitiesΒ 

A

(313,179)

(315,740)

Returns on investments and servicing

of finance

B

49,035Β 

45,352Β 

Capital expenditure and financial investment

C

4,648,229Β 

1,196,468Β 

CashΒ inflowΒ beforeΒ financing

4,384,085Β 

926,080Β 

Financing

D

(4,629,026)

(348,092)

(Decrease)/increaseΒ in cash

(244,941)

577,988Β 

Reconciliation of cash flow to movement

in net funds/(debt)

(Decrease)/increaseΒ in cash

(244,941)

577,988Β 

Movement in net funds in the year

(244,941)

577,988Β 

Net funds brought forward

1,118,597Β 

540,609Β 

Net funds carried forward

E

873,656Β 

1,118,597Β 

Represented by:

Cash at bank

873,656

1,118,597Β 

Net funds carried forward

873,656

1,118,597Β 

A.

RECONCILIATION OF NET OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIESΒ 

2009

Β£

2008

Β£

Administrative expenses

(374,827)

(346,267)

Cost attributable to issue of share options

23,852Β 

44,003Β 

(Increase)Β in prepayments and accrued income

(2,851)

(1,865)

Increase/(decrease)Β in creditors and accrued expenses

40,647Β 

(11,611)

Net cash outflow from operating

activitiesΒ 

(313,179)

(315,740)

B.

RETURNS ON INVESTMENTS AND SERVICING OF FINANCE

2009

Β£

2008

Β£

Interest received

49,035Β 

45,352Β 

Net cash inflow from returns on investments and servicing of finance

49,035Β 

45,352Β 

C.

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT

2009

Β£

2008

Β£

Purchase ofΒ fixed assetΒ investmentsΒ (noteΒ 7)

(50,250)

-Β 

SaleΒ of fixed asset investmentsΒ (note 7)

4,698,479Β 

1,196,468Β 

Net cash inflow from capital expenditure and

financial investment

4,648,229Β 

1,196,468Β 

D.

FINANCING

2009

2008

Β£

Β£

Purchase of ordinaryΒ shares

(31,668)

(348,092)

RedemptionΒ of B sharesΒ (noteΒ 9)

(4,597,358)

-Β 

Net cash outflow from financing

(4,629,026)

(348,092)

E.

ANALYSIS OF NET FUNDS

30Β June

1 July

2009

Cash flow

Non cash

2008

Β£

Β£

Β£

Β£

Net funds

Cash at bank

873,656Β 

(244,941)

-Β 

1,118,597Β 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNEΒ 2009

1. ACCOUNTING POLICIES

a) Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards in theΒ United Kingdom.

b) Foreign currency

Transactions denominated in foreign currencies are translated to United Kingdom Sterling at the rate prevailing at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated into United Kingdom Sterling at the rate prevailing at the balance sheet date.

ExchangeΒ gains and losses are taken to administrative expenses in the profit and loss account.

c) Investments

Fixed asset investments are stated at cost and are subject to review for impairment. Any impairment is recognised in the profit and loss account in the year in which it occurs. Profits or losses realised on the disposal of individual fixed asset investments are calculated on an average cost basis.

d) Financial instruments

Financial assets and liabilities are initially recognised on the historical cost basis, which approximate to fair value. The company recognises a financial asset or financial liability in the balance sheet when it becomes a party to the contractual provisions of the instrument.

Income and expenses associated with financial instruments are taken to the profit and loss account on an accruals basis.

Impairment of financial assets is recognised in the profit and loss account in the year in which it occurs.

e) Share options

Awards of share options are recorded underΒ Financial Reporting Standard 20: Share-basedΒ Payment. The cost of the share options are ascribed a fair valueΒ at grant dateΒ and accounted for as an administration cost of the company with an equal Share Option Reserve being created in Shareholders' Funds. The cost is recognised in the profit and loss account over the vesting period of the award.

f) Capital redemption

The nominal amount and the premium paid upon any redemption of shares is charged to Profit and Loss Reserves.Β Companies (Amendment No.9) Jersey Law 2008 became effective in January 2008 allowing companies to repurchase their capital from any existing reserves without creating a capital redemption reserve account. The company has decided to use this amendment to the law and as such it has changed its accounting treatmentΒ regarding capital redemptions such that a capital redemption reserve will no longer be used.

2.Β TOTALΒ ASSETS LESS CURRENT LIABILITIES:

SEGMENTALΒ INFORMATION

By geographical area

2009

2008

Β£

Β£

Total assets less current liabilities

South AtlanticΒ 

570,287

658,998

NorthΒ American and African regions

1,260,000

3,335,000

European regions

-

735,000

Segment net assets

1,830,287

4,728,998

Unallocated net assets

711,819

994,556

2,542,106

5,723,554

Segmental information is reported under Statement of Accounting Practice 25: Segmental reporting. Since there is only one class of business, reporting is provided by geographical area only.

3. NETΒ PROFITΒ ON ORDINARY ACTIVITIES BEFORE TAXATION

2009

2008

Β£

Β£

NetΒ profitΒ on ordinary activities before taxation is stated after charging:

Directors' emoluments

114,352

173,369

Compensation for loss of office

-

24,486

Auditors' remuneration

17,454

16,000

4. REMUNERATION OF DIRECTORS AND RELATED PARTIES

2009

2008

Salary/

fees

Salary/

Fees

Β£

Β£

Executive directors

55,000

137,821

Non-executive director

59,351

35,548

114,352

173,369

Directors' remunerationΒ includesΒ the cost ofΒ anyΒ share options granted toΒ directors. In 2008, 250,000 share options were granted to directorsΒ at a weighted average fair value ofΒ 16.47p.Β There have been no share options granted to directors during the current year.

During the year, legal and professional fees totallingΒ Β£15,158Β (2008:Β Β£1,641)Β were paid to Ogier, a firm in which M S D Yates is a partner, in respect of services charged on an arms length basis as the company's legal advisors. Company secretary fees of Β£42,785Β (2008:Β Β£37,598) were paid to Bedell Secretaries Limited, a firm in which Mr Anderson is a senior manager. At the balance sheet date the company owed Β£1,250 to directors in respect of commissions on the sale ofΒ shares in Sterling EnergyΒ PlcΒ and Β£2,171Β to Ogier in respect of legal and professional fees.

The company does not employ any staff except for its board of directors. The company does not contribute to the pensions or any other long-term incentive schemes on behalf of its directors.

5. TAXATION

With effect from 1 January 2009 a new system of taxation was introduced inΒ JerseyΒ which is referred to as Zero Ten.Β Β Under Zero Ten rulesΒ the company is taxed at 0% based on the net profit for the year as adjusted for non-allowable expenses and capital allowances. Jersey resident shareholders are liable toΒ JerseyΒ income tax on distributions of trading companies paid out of profits of accounting periods ending after 1 January 2009.

The company is registered as an International Services Entity under the Goods and Services Tax (Jersey) Law 2007 and a fee of Β£100 has been paid. As no relationship exists between the tax and the level of the company's activities, the tax has been included in the administrative expenses.

6. EARNINGS PER SHARE

The calculation of basic earnings perΒ ordinaryΒ share is based on theΒ profitΒ for the year after taxationΒ ofΒ Β£1,423,726Β (2008: Β£206,410). The weighted average number of shares in issue during the year wasΒ 6,983,273Β (2008: 7,246,858).Β Β As explained in noteΒ 9Β there are share options in issue over the company's ordinary shares. Since the exercise price ofΒ some of theseΒ options at 30 JuneΒ 2009Β wasΒ belowΒ theΒ averageΒ market priceΒ of the ordinary shares during the year, they are deemed to haveΒ aΒ dilution effect on earnings per share and diluted earnings per share are consequentlyΒ disclosed separately.

7. INVESTMENTS

2009

2008

Β£

Β£

Fixed asset investments

Desire Petroleum plc ("Desire")

4,500,000 ordinary, fully paid

shares at cost (2008: 5,200,000) (a)

570,287

658,998

Eclipse Energy UK plc ("Eclipse")

NilΒ ordinary, fully paid

shares at cost (2008: 244,000) (b)

-

735,000

Sterling Energy plc ("Sterling")

31,500,000 ordinary, fullyΒ paid

shares at cost (2008:Β 29,000,000) (c)

3,385,250

3,335,000

Less: Impairment

(2,125,250)

-

Net carrying valueΒ ofΒ SterlingΒ shares

1,260,000

3.335,000

1,830,287

4,728,998

(a)Β On 30 June 2009 the market value of the company's holding of 4,500,000 ordinary fully paid shares in Desire, representing 1.96% of the issued share capital of the company, was Β£2,025,000 (45.00p per share, 2008: 91.75p per share). During the year, the company disposed of 700,000 ordinary shares in Desire, realising a profit of Β£215,328 (after expenses).

(b)Β On 19 November 2008 the company disposed of all of its holding of 244,000 ordinary shares in Eclipse Energy UK plc, realising a profit of Β£3,659,440 (after expenses).

(c)Β On 30 June 2009 the market value of the company's holding of 31,500,000 ordinary fully paid shares representing 1.35% of the issued share capital ofΒ SterlingΒ was Β£699,300Β (2.22p per share, 2008 11.25p per share). On 1Β October 2008 the company purchased 2,500,000 ordinary shares inΒ SterlingΒ at a cost of 2p per share.

In the opinion of the directors, the company's investment inΒ SterlingΒ suffered a permanent diminution in value to an amount of less than cost. The carrying valueΒ of this investment has been written down to the directors' estimated recoverable value of 4p per shareΒ (2008: 11p per share), at a cost of impairment of Β£2,125,250.

8. CREDITORS:Β amounts

2009

2008

falling due within one year

Β£

Β£

Amounts due to shareholders

127,292

93,892

Accrued expenses

45,085

37,838

172,377

131,730

9. SHARE CAPITAL

2009

2008

Β£

Β£

Authorised:

10,000,000 ordinary shares of 20p each

2,000,000

2,000,000

15,100,000 redeemable "B" shares of 1p each

151,000

151,000

Allotted, called up

and fully-paid:

2009 No.

2008 No.

2009 Β£

2008 Β£

In issue:

Ordinary shares

6,980,300

7,015,300

1,396,060

1,403,060

"B" shares

-

-

-

-

No.

Β£

Ordinary shares

Ordinary shares

Movement

Balance at 1 July 2008

7,015,300Β 

1,403,060Β 

Purchase of own shares

(35,000)

(7,000)

Balance at 30 June 2009

6,980,300Β 

1,396,060Β 

"B" shares

"B" shares

Issued, fully paid on 30 January 2009

6,980,300Β 

69,803Β 

Redeemed and cancelled on 6 February 2009

(6,980,300)

(69,803)

Balance at 30 June 2009

-Β 

-Β 

On 30 January 2009, following the sale of the company's shares in Eclipse Energy plc, the company issued 6,980,300 fully paid redeemable "B" shares of 1p each ranking parri passu with existing shareholdings to enable the return of capital to shareholders of the company equivalent to 65p per ordinary share (Β£4,597,358 in aggregate). These "B" shares were redeemed on 6 February 2009.

As at 30 June 2009, options were outstanding over 640,000 (2008: 850,000) ordinary 20p shares, with a weighted average exercise price of 32.87p (2008: 102.8p). The options are exercisable at the election of the option holder, over various periods expiring 31 December 2012. During the year, 150,000 options lapsed (2008: Nil) held by former director A Levison on 12 September 2008. Of the 150,000 options held by former nominated advisor Ruegg & Co Limited, 60,000 options are deemed to have lapsed as at 30 June 2009 for accounting and valuation purposes as these could only be exercised upon a change of control of the company prior to 20 September 2009.Β The remaining 90,000 options were not exercised and therefore lapsed on 20 September 2009.

As at 30 June 2009 480,000 (2008: 510,000) of the options were exercisable at a weighted average exercise price (adjusted to reflect the return of capital to shareholders) of 38.5p (2008: 103.5p) and 100,000 of the options were exercisable at a weighted average exercise price (adjusted) of 26p (2008: 91p). The weighted average vesting date of the 60,000 options issued, currently not vested, is 22 June 2010.Β The share options are ascribed a total expense for the year ended 30 June 2009 of Β£23,852 (2008: Β£44,003).

The options were repriced by a deduction of 65pence from the original grant price to take into account the return of capital made to shareholders by the issue and redemption of B shares made during the financial year. The deduction of 65 pence accorded with the advice received by the Board from Ruegg & Co Limited.Β 

No share options were granted during the year (2008: 250,000).Β The fair values of previously granted options were calculated using the Black Scholes valuation model. At each date of grant the volatility of the company was estimated as the standard deviations of daily historical continuously compounded returns over a period commensurate with the expected life of the option, back from the date of grant, and annualised by the factor of square root 252, assuming 252 trading days per year. The risk-free rate is the yield to maturity on the date of grant of a UK Gilt Strip, with term to maturity equal to the life of the option. The expected life of the options is estimated as the mid-point between the date of grant and the date of expiry of the option.

10. SHARE PREMIUM

ACCOUNT ANDΒ 

RESERVES

Share Premium Account

CapitalΒ RedemptionReserve

Share Option Account

Profit &

Loss

Account

Β£

Β£

Β£

1 July 2008Β 

416,317,

251,410Β 

269,416Β 

3,383,351Β 

Issue of B shares

(69,803)

-Β 

-Β 

Redemption of B shares

-Β 

-Β 

-Β 

(4,467,391)

Redemption costs

(60,164)

-Β 

-Β 

Cost of share options

-Β 

-Β 

23,852Β 

-Β 

Lapse of share options

-Β 

-Β 

(48,905)

48,905Β 

Purchase of own sharesΒ 

(24,668)

-Β 

-Β 

Transfer to profit and loss

(251,410)

251,410

Profit for the year

-Β 

-Β 

-Β 

1,423,726Β 

Balance at 30 June 2009

261,682Β 

-Β 

244,363Β 

640,001Β 

11. RECONCILIATION OF MOVEMENTS INΒ 

SHAREHOLDERS' FUNDS

2009Β 

£ 

2008Β 

£ 

ProfitΒ for the year

1,423,726Β 

206,410Β 

Cost of share options

23,852Β 

44,003Β 

Purchase of own shares

(31,668)

(348,092)

Return of share capital

(4,597,358)

-Β 

Opening shareholders' funds

5,723,554Β 

5,821,233Β 

Closing shareholders' funds

2,542,106Β 

5,723,554Β 

12. CONTROLLING PARTY

In the opinion of the directors the company does not have a controlling party.

13. POST BALANCE SHEET EVENTS

Desire

Subsequent to the year end the company has disposed of an additional 400,000 ordinary shares in Desire realising proceeds of Β£230,626 and a profit of Β£179,934 (after expenses).Β At the current market value ofΒ 90.75pΒ per share the carrying value of this investment isΒ Β£3,720,750.Β 

Sterling

Subsequent to the year end, and as announced by the company on 17 August 2009, a further 42,446,786 new ordinary shares inΒ SterlingΒ were subscribed for as part of the Placing at a placing price of 1.3p per share.Β In addition the company has disposed ofΒ 10,000,000Β ordinary shares realising proceeds of Β£385,699Β (after expenses).Β At the current market value ofΒ 3.80pΒ per share the carrying value of this investment isΒ Β£2,429,978.Β 

This information is provided by RNS
The company news service from the London Stock Exchange
Β 
END
Β 
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FR CKDKBABKDPCB
Date   Source Headline
19th May 20267:00 amRNSUpdate re: acquisition of JHI by Eco
14th May 202610:03 amRNSHolding(s) in Company
5th May 20267:00 amRNSUpdate re: acquisition of JHI by Eco
9th Apr 20263:00 pmRNSHolding(s) in Company
30th Mar 20267:00 amRNSInterim Results
16th Mar 20263:44 pmRNSHolding(s) in Company
16th Mar 20263:44 pmRNSHolding(s) in Company
12th Mar 202611:49 amRNSHolding(s) in Company
2nd Mar 20265:05 pmRNSFarm-In to JHI’s North Falklands Basin Licence
3rd Feb 20269:47 amRNSHolding(s) in Company
13th Jan 20267:00 amRNSNavitas Farm-In to JHI’s North Falklands Licence
12th Dec 20252:20 pmRNSResult of AGM
19th Nov 20257:00 amRNSFinal Accounts & Notice of AGM
19th Aug 20259:06 amRNSHolding(s) in Company
6th Aug 20257:00 amRNSNew Corporate Presentation
5th Aug 20254:34 pmRNSStatement Regarding Share Price Movement
4th Aug 20259:27 amRNSHolding(s) in Company
4th Aug 20257:00 amRNSHolding(s) in Company
1st Aug 20259:02 amRNSHolding(s) in Company
12th Jun 20258:31 amRNSHolding(s) in Company
10th Jun 20257:00 amRNSInvestment Portfolio Update
3rd Jun 202510:08 amRNSHolding(s) in Company
28th Mar 20257:00 amRNSInterim Financial Statements
23rd Jan 20254:25 pmRNSHolding(s) in Company
9th Jan 20259:19 amRNSHolding(s) in Company
12th Dec 202412:08 pmRNSResult of AGM
19th Nov 20247:00 amRNSFinal Results & Notice of AGM
8th Nov 20247:00 amRNSNotification of Voluntary Withdrawal from OTCQB
4th Nov 20247:00 amRNSNamibian exploration and appraisal program
15th Aug 20247:00 amRNSChange of Registered Office
1st Jul 20249:08 amRNSHolding(s) in Company
16th Apr 20245:19 pmRNSHolding(s) in Company
26th Mar 20247:00 amRNSInterim Results
19th Mar 20247:00 amRNSCEC - Complete Redemption of Loan Notes
6th Mar 20243:21 pmRNSBlock 3B/4B Orange Basin – Investees’ Farm-down
8th Feb 20241:43 pmRNSAfrica Oil Corp. update
9th Jan 202412:11 pmRNSHolding(s) in Company
7th Dec 202311:34 amRNSResult of AGM
9th Nov 20237:00 amRNSChange of Nominated Adviser
9th Nov 20237:00 amRNSFinal Results & Notice of AGM
28th Sep 20232:42 pmRNSNamibia - Africa Oil Corp Update
27th Sep 20233:49 pmRNSKaieteur Block – Ratio Petroleum Update
25th Sep 20231:02 pmRNSAcquisition of North Falklands Basin PL001 by JHI
1st Sep 20232:44 pmRNSHolding(s) in Company
10th Aug 20234:05 pmRNSEco-Orinduik & New Corporate Presentation
24th Mar 20237:00 amRNSInterim Results
9th Jan 20237:00 amRNSCEC - Return of Capital Transaction
15th Dec 20225:24 pmRNSProposed acquisition of PL001 by JHI
8th Dec 20221:25 pmRNSResult of AGM
1st Nov 20227:00 amRNSFinal Results & Notice of AGM

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