TIDMNEW
RNS Number : 3925L
New World Oil & Gas
30 September 2016
For immediate release 30 September 2016
NEW WORLD OIL AND GAS PLC
(the "Group" or the "Company")
Interim Report
For the six months ended
30 June 2016
Chairman's Statement
For the six months ended 30 June 2016, the Company reported a
profit before tax of GBP108,000 (2014: Loss GBP922,000). During
this period, the Board has worked to reduce the Company's cost base
from historic levels, which has been achieved through a reduction
in the size of the board and associated infrastructure.
The value of all assets relating to the Company's oil and gas
activities have been fully written down and the Company's assets
now principally comprise cash and short term loans. This Interim
Report has been produced in pounds sterling (GBP) as opposed to US
Dollars ($). This change has been made as the majority of the
Company's assets now comprise cash or short term loans held in GBP
and therefore more accurately describes the Company's asset base.
The Board also believes that GBP is a more appropriate currency for
the Company to report in going forward.
Strategy
As previously announced, given the difficulties facing the oil
and gas industry and in raising funds for the Company's existing
assets in Belize, the Company has been reviewing various
acquisition opportunities in sectors other than oil and gas with a
view to creating value for shareholders.
The Company's only remaining oil and gas asset is the Blue Creek
Production Sharing Agreement in Belize, which is due to expire on
31 October 2016. The Board has recently announced that the Company
is currently seeking to dispose or relinquish this asset. The
Company has also commenced the process of dissolving the
subsidiaries associated with its Danish licenses which were
relinquished in September 2015.
On 9 May 2016, the Company announced that it had entered into a
conditional agreement to acquire Big Sofa Limited, a company
operating in the high growth sector of video analytics. The work on
this acquisition is progressing well and the Company expects to
update the market with regard to this possible acquisition in the
near future. As at today's date, the Company has provided a total
of GBP600,000 as a short term loan for working capital purposes to
Big Sofa Limited.
On 9 May 2016, given that the proposed acquisition of Big Sofa
Limited would constitute a reverse takeover under the AIM Rules,
the Directors requested a suspension in the trading of the shares
pending publication of the required AIM admission document. In the
event that such a document is not published within six months of
suspension, trading in the shares will be cancelled.
Nicholas Lee
Non-executive Chairman
30 September 2016
Enquiries:
Adam Reynolds
New World Oil and Gas plc
Tel. +44 (0) 7785 908158
or
Nicholas Lee
New World Oil and Gas plc
Tel. +44 (0) 20 7580 7576
Roland Cornish or Felicity Geidt
Beaumont Cornish Limited (Nominated Adviser)
Tel: +44 (0)20 7628 3396
Jeremy Garcia, Ben Simons or Fiona Henson
Vigo Communications (Financial Public Relations)
Tel: +44 (0)20 7830 9700
Consolidated Statement of Comprehensive Income
For the 6 months ended 30 June 2016
Note Six months Six months Year ended
ended ended 31 December
30 June June 2015 2015
2016
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Revenue - - -
Impairment of intangible
assets - (361) (1,421)
Administrative expenses (223) (435) (860)
Legal and professional
costs (103) (131) (347)
Foreign exchange differences
on conversion to presentational
currency 432 - (12)
_______ _______ _______
Operating Profit/(Loss) 106 (927) (2,640)
Interest receivable 2 5 6
_______ _______ _______
Profit / (Loss) before
Taxation 108 (922) (2,634)
Income tax - - -
_______ _______ _______
Loss for the period 108 (922) (2,634)
_______ _______ _______
Other comprehensive
income:
Foreign exchange differences 5 12 12
_______ _______ _______
Total comprehensive
loss for the period 113 (910) (2,622)
====== ====== ======
Basic and diluted loss
per share (expressed
in pence) 2 0.02 (0.13) (0.37)
Consolidated Statement of Financial Position
As at 30 June 2016
30 June 30 June 31 December
2016 2015 2015
Notes (Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Intangible assets - exploration
expenditure 3 - 993 -
Tangible assets - plant - 5 -
and equipment
________ ________ ________
Total non-current assets - 998 -
________ ________ ________
CURRENT ASSETS
Trade and other receivables 386 264 -
Cash and cash equivalents 1,775 188 2,460
________ ________ ________
Total current assets 2,161 452 2,460
________ ________ ________
TOTAL ASSETS 2,161 1,450 2,460
________ ________ ________
LIABILITIES
Current liabilities
Trade and other payables (87) (554) (499)
________ ________ ________
Total current liabilities (87) (554) (499)
________ ________ ________
NET CURRENT (LIABILITIES)/ASSETS 2,074 (102) 1,961
________ ________ ________
NET ASSETS 2,074 896 1,961
======= ======= =======
SHAREHOLDERS' EQUITY
Share capital - - -
Share premium 33,612 30,407 33,558
Share-based payment reserve 163 590 217
Retained losses (31,718) (30,113) (31,826)
Foreign exchange reserves 17 12 12
________ ________ ________
TOTAL EQUITY 2,074 896 1,961
======= ======= =======
Consolidated Statement of Cash Flows
For the 6 months ended 30 June 2016
GBP'000 GBP'000 GBP'000
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2015
2016 2015
(Unaudited) (Unaudited) (Audited)
Cash flows from operating
activities
Operating loss 106 (927) (2,640)
Depreciation - 4 9
Impairment of intangible
assets - 361 1,421
(Increase) / Decrease in
receivables (387) 67 338
Decrease in payables (412) (101) (187)
Decrease in inventories - 33 33
Foreign exchange differences 6 (5) (10)
________ ________ ________
Net cash outflow from operating
activities (687) (568) (1,036)
________ ________ ________
Returns on investments
and servicing of finance
Interest received 2 5 6
________ ________ ________
Net cash inflow from returns
on investments and servicing
of finance 2 5 6
________ ________ _______
Investing activities
Payments to acquire intangible
assets - - (39)
________ ________ ________
Net cash outflow from investing
activities - - (39)
________ ________ ________
Cash flows from financing
activities
Proceeds on issuing of
ordinary shares - - 3,500
Cost of issue of ordinary
shares - - (722)
________ ________ ________
Net cash inflow from financing
activities - - 2,778
________ ________ ________
Net decrease/(increase)
in cash and cash equivalents (685) (563) 1,709
Cash and cash equivalents
at beginning of period 2,460 751 751
________ ________ ________
Cash and cash equivalents
at end of period 1,775 188 2,460
======= ======= =======
Consolidated Statement of Changes in Equity
For the 6 months ended 30 June 2016
Share Share-based Retained Foreign
premium payment loss exchange
reserve differences
Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2015 30,407 590 (29,191) - 1,806
Total comprehensive
loss for the period - - (922) - (922)
Foreign exchange differences - - 12 12
_______ _______ _______ _______ _______
At 30 June 2015 30,407 590 (30,113) 12 896
====== ====== ====== ====== ======
Total comprehensive
loss for the period - (1,713) - (1,713)
Transactions with owners in their
capacity as owners
Shares issued 3,500 - - - 3,500
Cost of shares issued (722) - - - (722)
Expiration of unexercised
warrants 373 (373) - - -
_______ _______ _______ _______ _______
At 31 December 2015 33,558 218 (31,826) - 1,961
====== ====== ====== ====== ======
Total comprehensive
profit for the period - 108 5 113
Transactions with owners in their
capacity as owners
Expiration of unexercised
warrants 54 (54) - - -
_______ _______ _______ _______ _______
At 30 June 2016 33,612 163 (31,718) (17) 2,074
====== ====== ====== ====== ======
Notes to the Interim Report
1. PRINCIPAL ACCOUNTING POLICIES
Presentation of Interim results
This interim report was approved by the Directors on 30(th)
September 2016. The results for the 6 months ended 30 June 2016
have not been audited. The figures have been prepared using
applicable accounting policies and practices consistent with those
adopted in the 2015 annual report and to be adopted in the 2016
annual report. The financial information contained in this interim
report does not constitute statutory accounts as defined by the
Companies (Jersey) Law 1991.
The interim accounts have been prepared under the historical
cost convention in accordance with International Financial
Reporting Standards as adopted by the European Union.
The Directors acknowledge their responsibility for the interim
report and confirm that, to the best of their knowledge, the
interim consolidated financial statements for the six months ended
30 June 2016 have been prepared in accordance with International
Financial Reporting Standards, including IAS 34 "Interim Financial
Statements", and complies with the listing requirements for
companies trading securities on the AIM market. This interim report
does not include all the notes of the type normally included in an
annual financial report. Accordingly, this report should be read in
conjunction with the annual report for the year ended 31 December
2015.
The Directors are of the opinion that the funds held indicate
that preparation of the accounts on a going concern basis is
appropriate.
The Group's functional currency is US dollars and assets and
liabilities are translated into pounds sterling, the presentation
currency, at the rate of exchange ruling at the balance sheet date.
The Group's profit or loss is translated at the exchange rates
prevailing at the date of the transactions. The exchange
differences arising on the translation are taken directly to other
comprehensive income.
2. LOSS PER SHARE
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2015
2016 2015
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Profit/(Loss) for the
period 108 (922) (2,634)
Weighted average number
of ordinary shares
in issue - millions 703 703 703
Profit/(Loss) per share
- basic (pence) 0.02 (0.13) (0.37)
No diluted loss per share is presented as the effect of the
exercise of outstanding warrants is to decrease the loss per
share.
3. INTANGIBLE ASSETS - Exploration Expenditure
GBP'000
Cost
As at 1 January 2015 8,096
Additions in the six months ended -
30 June 2015:
Currency translation differences (77)
______
As at 30 June 2015: 8,019
______
Additions in the six months ended
31 December 2015: 40
Currency translation differences 501
______
As at 31 December 2015: 8,560
______
Additions in the six months ended -
30 June 2016:
Currency translation differences 901
______ ______
As at 30 June 2016: 9,461
______ ______
Accumulated amortisation and impairment
As at 1 January 2015 6,740
Impairment charge 350
Currency translation differences (64)
As at 30 June 2015 7,026
Impairment charge 1,096
Currency translation differences 438
As at 31 December 2015: 8,560
Impairment charge -
Currency translation differences 901
--------
9,461
As at 30 June 2016:
Carrying value at 30 June 2016 -
Carrying value at 31 December ______-
2015
Carrying value at 30
June 2015 993
______
The Directors undertook an impairment review of the Group's
intangible assets as at 31 December 2015 and determined it prudent
to record a full impairment reserve.
4. REVENUE AND SEGMENTAL ANALYSIS
Segment information is presented in respect of the Group's
management and internal reporting structure. The Group had no
revenue during the year.
Segment results, assets and liabilities include items directly
attributable to a segment as well as those that can be allocated on
a reasonable basis.
Operating and Geographical segments
The Group comprises the following operating segments:
Corporate - Parent company administrative costs, general
business development and AIM related costs.
Exploration & development - costs in relation to the Group's
direct oil and gas exploration operations.
Six months ended 30 June Corporate Exploration Total
2016 & development
Business Segments
GBP'000 GBP'000 GBP'000
Result
Profit for the period 108 - 108
====== ====== ======
Balance sheet
Segment assets 2,161 - 2,161
Segment liabilities (87) - (87)
_______ _______ _______
Net assets 2,074 - 2,074
====== ====== ======
Geographical segments Denmark Belize Jersey Total
GBP'000 GBP'000 GBP'000 GBP'000
Result
Profit for the period - - 108 108
====== ====== ====== ======
Balance Sheet
Segment assets - Intangible - - - -
- Other - - 2,161 2,161
Segment liabilities - - (87) (87)
_______ _______ _______ _______
Net assets - - 2,074 2,074
====== ====== ====== ======
Six months ended 30 June Corporate Exploration Total
2015 & development
Business Segments
GBP'000 GBP'000 GBP'000
Result
Loss for the period (539) (382) (921)
====== ====== ======
Balance sheet
Segment assets 410 1,040 1,450
Segment liabilities (549) (5) (554)
_______ _______ _______
Net assets (139) 1,035 896
====== ====== ======
Geographical Segments Denmark Belize Jersey Total
GBP'000 GBP'000 GBP'000 GBP'000
Result
Loss for the period (373) (9) (539) (921)
====== ====== ====== ======
Balance Sheet
Segment assets - Intangible - 993 - 993
- Other 18 29 409 456
Segment liabilities (5) - (549) (554)
_______ _______ _______ _______
Net assets 13 1,022 (140) 895
====== ====== ====== ======
Year ended 31 December 2015 Corporate Exploration Total
Business Segments & development
GBP'000 GBP'000 GBP'000
Result
Loss for the period (1,157) (1,477) (2,634)
====== ====== ======
Balance sheet
Segment assets 2,443 17 2,460
Segment liabilities (483) (16) (499)
_______ _______ _______
Net assets 1,960 1 1,961
====== ====== ======
Geographical Segments Denmark Belize Jersey Total
GBP'000 GBP'000 GBP'000 GBP'000
Result
Loss for the period (408) (1,069) (1,157) (2,634)
====== ====== ====== ======
Balance Sheet
Segment assets - Intangible - - - -
- Other 8 9 2,443 2,460
Segment liabilities (16) - (483) (499)
_______ _______ _______ _______
Net assets (8) 9 1,960 1,961
====== ====== ====== ======
5. EVENTS AFTER THE REPORTING DATE
- On 19 July 2016, the second tranche of the GBP500,000 loan to
Big Sofa Limited for working capital purposes, being GBP250,000,
was drawn down in full.
- On 1 September 2016, a further loan of GBP100,000 was provided
to Big Sofa Limited on the same terms as the loan already advanced
and as announced on 19 July 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZBLFXQKFBBBL
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