RNS Number:6551Y
MedOil PLC
20 June 2007
20 JUNE 2007
MEDOIL PLC
("medOil" or "the Company")
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS TO 31 MARCH 2007
medOil plc, the oil and gas exploration company geographically focused on the
Mediterranean region, announces interim results for the six months to 31 March
2007.
CORPORATE HIGHLIGHTS
* Completion of the 3D seismic survey at the Company's Louza Permit in
Tunisia;
* Aggregate Oil-in-Place estimates within the 3D seismic survey area at
Louza upgraded to 1,483 million barrels of oil in place ("MMbo") (October 2005:
1,297 MMbo);
* Application for three permits offshore Spain have been accepted by
the Ministry of Industry, Tourism and Commerce, and the Ministry is currently
awaiting comments from various associated government agencies;
* Application for two permits offshore Sicily (adjacent to the Vega oil
field) have been accepted by the Ministry of Industry and subject to our
environmental impact study;
* Existing 2D seismic data sets over the Joni 5 permit in Albania
received from the Albanian authorities with the data quality generally good to
excellent; and
* Loss of #233,079 for the six months ending 31 March 2007.
Commenting on today's results medOil's Chairman, John Lander, stated: "The
period to 31 March 2007 was a busy six months for the Company. The main focus
has been completing the 3D seismic survey at the Company's Louza Permit in
Tunisia while continuing to identify and pursue new opportunities in the
Mediterranean region.
"In comparison with the October 2005 Competent Persons' Report by Merlin Energy,
the 3D work programme has facilitated an upward revision of the potential
aggregate oil reserves (prospective resources) in two of the four identified
prospects adjacent to the M'Sela-1 oil discovery. We are actively seeking
potential farm-in partners to participate in a drilling programme planned to
commence in 2008, subject to jack-up rig availability."
ENQUIRIES:
medOil plc Tel: 020 7921 0001
David Thomas, Chief Executive Officer
Bishopsgate Communications Limited Tel: 020 7562 3350
Maxine Barnes
Nick Rome
CHAIRMAN'S STATEMENT
The period to 31 March 2007 was a busy six months for the Company. The main
focus has been completing the 3D seismic survey at the Company's Louza Permit in
Tunisia while continuing to identify and pursue new opportunities in the
Mediterranean region.
Financials
The results show a loss of #233,079 for the six month period to 31 March 2007.
This reflects continuing Company building activities.
No dividend is proposed for the period.
Tunisia - Louza Permit
A 600 sq km 3D seismic survey covering the southern part of our Louza
prospecting permit, offshore Tunisia, was acquired between August and October
2006. Processing of this large dataset is now complete, and medOil using a 'fast
track' data volume carried out an integrated geological and geophysical
interpretation of the area. medOil and its technical consultant Merlin Energy
Resources Limited ("Merlin Energy") have prepared estimates of the prospective1
and contingent2 oil-in-place volumes. Initial findings have been very
encouraging.
The initial 3D interpretation based on a 'fast track' processed volume confirms
the earlier overall structural configuration and gross rock volume
interpretation of the M'Sela-1 oil discovery as it pertains to the main volcanic
reservoir. It is anticipated that contingent initial oil-in-place estimates for
the M'Sela accumulation will be close to the previous estimates. We intend,
however, to use the final high-resolution 3D data volume to help elucidate the
regional fracture patterns in the area, and by combining this with further
evaluation of the M'sela-1 well data we hope to gain a better understanding of
how this unusual reservoir might respond to production. These data will be
critical in the design of any potential appraisal well. The 3-D data has also
highlighted the stratigraphic and structural potential associated with the
deeper oil bearing Isis reservoir in M'Sela-1, notably as it relates to its
potential in the nearby M'Sela West prospects.
In comparison with the October 2005 Competent Persons' Report by Merlin Energy,
the 3D work programme has facilitated an upward revision of the potential
aggregate oil reserves (prospective resources) in two of the other four
identified prospects adjacent to M'Sela.
Structure Unrisked Contingent and Prospective Distance from M'Sela
Petroleum-Initially-In-Place
Million barrels of Oil
(Mean values)
October 2005 June 2007
M'Sela 532 532* 0
M'Aila East 217 273 12 km.
M'Sela West #1 253 387 5 km.
Ourata 175 171 12 km.
M'Sela West #2 120 120* 15 km.
TOTAL 1,297 1,483
*Merlin Energy 2005 estimate
We are actively seeking potential farm-in partners to participate in a drilling
programme planned to commence in 2008, subject to jack-up rig availability.
Other Exploration opportunities
Our application for two permits offshore Sicily (adjacent to the Vega oil field)
received approval from the Ministry of Industry in December 2006, and the final
award will be subject to acceptance of our environmental reports which were
submitted to the Italian Government on 4 April 2007. We have commenced gathering
technical data on these permits.
The existing 2D seismic data sets over the Joni 5 permit have been received from
the Albanian authorities and the data quality is generally good to excellent.
The data is now with Merlin Energy ready for a detailed interpretation. An
initial overview of the data has confirmed the existence of a number of
potentially exciting geological play types as reported in our 2006 Report and
Accounts.
Future Strategy
The Company has identified and is pursuing additional high potential exploration
targets in the Mediterranean area.
We are confident that medOil has the potential to add significant value for its
shareholders in the short to medium term.
John Lander
Non-Executive Chairman
20 June 2007
In accordance with the AIM Rules - Guidance for Mining and Oil & Gas Companies,
the technical content of this announcement has been reviewed and signed off by
David Thomas, the Company's CEO and a geologist with 30 years' experience in the
oil and gas industry, and confirmed as extracted from the independent report
prepared by Merlin Energy Resources Ltd.
Definitions
1. Prospective petroleum-initially-in-place is that quantity of petroleum
which is estimated, on a given date, to be contained in accumulations yet to be
discovered.
2. Contingent petroleum-initially-in-place are those quantities of
petroleum which are estimated, on a given date, to be present in a known
accumulation, but are at an early stage of evaluation and appraisal.
These definitions comply with SPE/WPC and SPE/WPC/AAPG guidelines in the
Evaluation of Petroleum Reserves and Resources.
Consolidated profit and loss account
For the six month period to 31 March 2007
Restated
Unaudited Unaudited
2007 2006
# #
Administrative expenses (256,183) (190,475)
Operating loss (256,183) (190,475)
Other interest receivable and similar income 23,104 14,218
Loss on ordinary activities before taxation (233,079) (176,257)
Tax on loss on ordinary activities - -
Loss on ordinary activities after taxation (233,079) (176,257)
Loss for the period (233,079) (176,257)
Loss per ordinary share in pence (0.43) (0.45)
Diluted loss per ordinary share in pence (0.36) (0.36)
There are no recognised gains or losses other than those included in the profit
and loss account.
Consolidated Balance Sheet
As at 31 March 2007
Restated
Unaudited Unaudited
2007 2006
# # # #
Fixed assets
Intangible assets 3,175,977 1,175,109
Tangible assets 10,724 12,942
Total fixed assets 3,186,701 1,188,051
Current assets
Debtors 24,008 45,869
Cash at bank and in hand 902,927 3,489,306
926,935 3,535,175
Creditors: amounts falling due within one year (17,002) (62,347)
Net current assets 909,933 3,472,828
Net assets 4,096,634 4,660,879
Capital and reserves
Called up share capital 540,555 540,555
Share premium account 4,523,106 4,523,106
Profit and loss account (967,027) (402,782)
Equity shareholders' funds 4,096,634 4,660,879
Consolidated cash flow statement
For the six months to 31 March 2007
Restated
Unaudited Unaudited
2007 2006
# # # #
Net cash (outflow) from operating activities (323,013) (187,410)
Returns on investment and servicing of finance
Interest received 23,104 14,218
Net cash inflow from returns on investment 23,104 14,218
Capital expenditure (49,650) (322,549)
Acquisitions and disposals
Purchase of subsidiary undertaking - goodwill - -
- tangible assets - -
Net cash outflow - -
Financing
Issue of ordinary share capital - 3,055,524
(Decrease) Increase in cash (349,559) 2,559,783
Reconciliation of net cash flow to movement in net cash
(Decrease) Increase in cash during the period (349,559) 2,559,783
Net cash at start of period 1,252,486 929,523
Net cash at end of period 902,927 3,489,306
Notes to the Accounts
For the six months to 31 March 2007
1. The unaudited interim financial report for the six months ended 31 March 2007
was approved by the Board of Directors on 31 May 2007.
2. The results for the period are all derived from continuing activities.
3. Basis of preparation
The unaudited interim financial report has been prepared for the period on a
basis consistent with the accounting policies adopted in the audited financial
statements for the year ended 30 September 2006. Financial information
contained herein does not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985.
4. Reconciliation of movement in shareholders' funds
Restated
2007 2006
# #
Loss for the period (233,079) (176,257)
Net proceeds of equity share issued - 3,055,524
Net additions to shareholders funds (233,079) 2,879,267
Opening shareholders funds 4,329,713 1,781,612
Closing shareholders funds 4,096,634 4,660,879
5. Earnings per ordinary share
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares during
the period.
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares in issue on the assumption of the conversion of all
dilutive potential ordinary shares. The Group has only one category of dilutive
potential ordinary shares. These are warrants which grant the holder the right
to subscribe for one ordinary share at #0.075.
Restated
2007 2006
Basic and diluted loss attributable to ordinary shareholders #233,079 #176,257
Weighted average number of ordinary shares 54,055,556 39,009,259
Dilutive share warrants 10,000,000 10,000,000
Adjusted weighted average number of ordinary shares 64,055,556 49,009,259
Loss per ordinary share 0.43p 0.45p
Diluted loss per ordinary share 0.36p 0.36p
6. Prior Period Adjustments
The prior period adjustment relates to the reclassification as intangible assets
of #701,767 of costs shown as goodwill in the prior period financial statements.
These costs related to the acquisition of permits and licences for future oil
exploration.
The effect on the profit and loss account in respect of this adjustment is to
decrease the retained loss by #46,784 which relates to the amount of goodwill
previously amortised. There is no effect on the corporation tax position of the
Group in respect of this adjustment.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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