TIDMLHD
RNS Number : 8230Y
Lochard Energy Group PLC
28 February 2013
27 February 2013
Lochard Energy Group Plc
("Lochard" or the "Company")
Half-yearly financial report for the six months ended
31 December 2012
I am pleased to submit Lochard's interim report covering the six
months ended 31 December 2012 and beyond.
Introduction
At the date of writing our source of income from Athena appears
robust and our unfunded drilling commitments have been dealt with.
Additionally, debts are being paid down, with the final payment to
Senergy having been completed in February, costs have been
significantly reduced and the search for a merger partner has
gathered momentum in recent weeks.
Asset portfolio
Athena
The single most important development during the period under
review was the continuing production from Athena.
Lochard has a 10% interest in this North Sea field and
production from it is currently the Group's only source of income.
It was therefore vital to keep it in production throughout the
period.
During the period under review the Athena consortium conducted
limited remedial work on one of the problem wells, which improved
rates, but the Joint Venture consortium concluded that a major
work-over was not warranted.
Recent production has been at 10,800 - 11,000 bopd gross (1,080
- 1,100 net to Lochard) levels and to date there has been effective
reservoir maintenance and no water breakthrough, which is a
positive indicator for future production performance.
The oil is sold to BP in an arrangement organised by Athena's
operator. During the period under review some 2,070,061 bbls were
produced and delivered to the terminal (207,006 bbls net to
Lochard). This produced income of some US$18.996 million.
The costs of production attributable to Lochard from Athena
during the period were US$5.092 million or US$850k per month.
Thunderball
I know that for some shareholders Thunderball was an exciting
prospect but the Board was unable to attract interest from a
farm-in partner to support drilling of this well despite three
separate attempts. The Directors concluded that the Group would not
have the financial capacity, nor was willing to seek further funds
to invest into what it believed was not a sensible commercial risk,
to meet the requirements of the Department of Energy and Climate
Change ("DECC") to continue as a North Sea operator.
This absence of third party commercial validation for
Thunderball led the board to reconsider its merits and ultimately
to allow the licence to lapse. This in turn released Lochard from
its obligation to drill a GBP16 million well.
On 12 February 2013, the Thunderball licence lapsed. Given the
financial position of the Company and the lack of support from
larger operators your Board considers this to be, on balance, a
necessary positive step and one that should greatly assist progress
with the ongoing Formal Sale Process.
Other assets
After a review of the various promote style licences that came
up for renewal on 9 January 2013, the board was pleased to reach an
agreement on three of Lochard's most promising blocks (Blocks 9/17
& 22, 14/17 and 3/5 & 10c) with a North Sea Oil & Gas
company, to become operator. This agreement is now subject only to
DECC approval. Each of these licences has significant reserve
potential and a reasonable chance of success. Even at a reduced
level, a success on any one of the licences would add material
value to the Company.
Under the agreement operator status will transfer to the North
Sea Oil & Gas Company which will carry the Lochard obligations
on these well for 12 months. In return Lochard will transfer 25 per
cent of its interests in these blocks and enter into an option
agreement such that the new operator has the right in 12 months to
acquire a further 5 per cent interest from Lochard in these
blocks.
Promote licences 16/8c, 14/27b and 13/16b & 17 were not
considered worth pursuing and have lapsed.
27(th) round of North Sea licence applications
None of the Group's bids submitted in 2012 in the 27(th) round
of North Sea licence applications was successful.
Funding
Senergy settlement
The final instalment of the $9 million settlement was paid to
Senergy at the end of February 2013.
Athena related loan
In the period from the commencement of production at Athena
until 28 February 2013, some $10.5 million of the $28 million total
Athena related debt has been repaid at the rate of 50 per cent of
gross production revenues. $17.5 million remains outstanding of
which $3.5 million is to be repaid at the rate of 50 per cent of
gross production revenues and $14 million at the rate of 20 per
cent of gross production revenues. This loan is non-recourse and is
only payable if production from Athena continues. Commercially
therefore it can be regarded as a production cost, net of which
Lochard receives its income.
The rate of repayment is expected to fall to 20 per cent of
gross revenues from May 2013.
Henderson facility
To date some GBP1.1 million of the Henderson facility has been
drawn. It is expected this will be repaid before the end of the
Group's financial year in June 2013.
Strategy
Formal Sale Process
The Lochard board continues to believe shareholders would be
best served by being part of a larger entity with a more diverse
portfolio of oil and gas exploration and production assets. With
the simplification of the Group's asset portfolio and its improving
financial position the Group is now better placed to attract
interest from a broader range of potential merger partners.
Following the announcement of the likely lapse in the
Thunderball licence there has been a renewed interest shown in the
Group and the board are confident that this will lead to a number
of offers in the coming months.
Cost savings
While the Formal Sale Process continues the Board embarked upon
further cost cutting reflecting the simpler nature of the
Group.
Cost savings stemming from ceasing to maintain North Sea
operator status
With the end of its North Sea operator status Lochard has been
able to make significant future savings by terminating contracts
with third parties no longer required. Additionally, for the next
12 months, Lochard expects to cease funding the technical and
development work at the promote licences to be operated by the new
operator.
ASX listing and other associated Australian related costs
On 15(th) January 2013 the Australian Stock Exchange ("ASX")
accepted Lochard's application to be delisted from the ASX.
The ASX represents only some 6.5 per cent of the shares issued
and steps are in place to smooth the transition from the ASX to the
AIM register for affected shareholders.
Additionally, Lochard will from the end of March 2013 relocate
all financial and administrative functions to the UK.
Board composition
Peter Youd, who was based in Australia, and Mike Rose, who led
Lochard's technical work agreed to step down from the Board with
effect from 14 January 2013. Both gave the Company many years of
valuable service.
Since that date the board comprises myself, Non-executive
Chairman, with Jamie Brooke and Peter Kingston as Non-executive
Directors. Jamie Brooke will become chairman of the audit committee
and I remain chairman of the remuneration committee. Peter Kingston
will be the Company's technical expert under the AIM Rules for
Companies and Lochard's representative on the Technical and Joint
Operating committees for the Athena asset.
I would also like to take this opportunity to thank all the
consultants and advisers who have assisted Lochard since the change
of management in April 2012. In particular I would like to thank
Michelle Afflick and Nerida Schmidt who are based in Australia and
who will be leaving the Group at the end of March 2013, for their
hard work in dealing with many of the Group's issues.
Clive Carver
Chairman
Clive Carver, Non-executive Chairman, said
"This has been a dramatic period for the Group. Many legacy
issues have been resolved and a line has been firmly drawn under
the past.
The Group now comprises a valuable interest in a producing
asset, substantial tax losses and carried interests in three
attractive early stage North Sea licences.
This simplification has increased the level of interest from
potential merger partners. Your board and the Groups advisers
continue to work towards a transaction that maximizes shareholder
returns."
For further information, call:
finnCap Limited
Matthew Robinson / Christopher Raggett +44 20 7220 0500
Qualified Person Statement
In accordance with AIM Note for Mining and Oil & Gas
Companies, and ASX Listing Rules 5.11, 5.12 and 5.13 Lochard
discloses that Peter Kingston, a non-executive director of Lochard
and the Chief Operating Officer of Lochard's operating subsidiary
Zeus Petroleum Limited, is the qualified person that has reviewed
the technical information contained in this press release.
Peter Kingston is a member of the Society of Petroleum Engineers
(SPE) and has 47 years' operating experience in the upstream oil
industry. For much of that period he has been a practicing
reservoir engineer and has routinely reviewed corporate oil and gas
reserve submissions at Board level since 1984. Peter Kingston
consents to the inclusion of the information in the form and
context in which it appears.
A copy of this announcement will be available from
www.lochardenergy.com. The content of the website referred to in
this announcement is not incorporated into and does not form part
of this announcement.
Directors Declaration
The directors of the company declare that:
1. The financial statements and notes as set out on pages 6 to 21:
(a) Complying with Accounting Standard AASB 134: Interim Financial Reporting; and
(b) Giving a true and fair view of the consolidated entity's
financial position as at 31 December 2012 and of its performance
for the half year ended on that date.
2. In the directors' opinion there are reasonable grounds to
believe that the company will be able to pay its debts as and when
they become due and payable.
This declaration is made in accordance with a resolution of the
Board of Directors.
Clive Carver
Chairman
Dated this 27th day of February 2013
Consolidated Statement of Profit or Loss and Other Comprehensive
Income for the Half Year ended 31 December 2012
Six months Six months
ended ended
31-Dec-12 31-Dec-11
US$ 000's US$ 000's
*restated
Continuing operations
Revenue on trading operations 18,996 -
Revenue 18,996 -
----------- -------------
Cost of sales on trading (5,093) -
operations
Depreciation and amortisation
expense (6,933) (8)
Changes in inventory (808) -
Impairment loss oil & gas - -
assets
Cost of Sales (12,834) (8)
----------- -------------
Gross profit 6,162 (8)
Other income - -
Administrative expenses (1,882) (13,090)
Operating profit/(loss) 4,280 (13,098)
Finance income 2,813 74
Finance expense (5,479) (622)
----------- -------------
Profit/(Loss) before tax 1,614 (13,646)
Income tax credit/(expense) 4,589 (1,056)
Profit/(Loss) for the period 6,203 (14,702)
=========== =============
Attributable to:
Equity holders of the parent 6,203 (14,702)
Profit/(Loss) for the
financial year 6,203 (14,702)
=========== =============
Earnings per share
Basic and diluted earnings
per share (cents) 2.2 (5.9)
Consolidated Statement of Profit or Loss and Other Comprehensive
Income for the Half Year ended 31 December 2012, continued
Six months Six months
ended ended
31-Dec-12 31-Dec-11
US$ 000's US$ 000's
*Restated
(Loss)/profit for the
period 6,203 (14,702)
Other comprehensive income
Items that will not be
reclassified to profit
or loss
Exchange differences arising
on
translation of foreign - -
operations
Items that will be reclassified
to profit or loss
- -
----------- -----------
Other comprehensive income
for the
Period, net - -
of tax
Total comprehensive income
for the period 6,203 (14,702)
Attributable to:
Equity holders of the
parent 6,203 (14, 702)
6,203 (14, 702)
=========== ===========
* See note 2
The above Consolidated Statement of Profit or Loss and Other
Comprehensive Income should be read in conjunction with the
accompanying notes.
Consolidated Statement of Financial Position for the Half Year
ended 31 December 2012
Six months Year ended Year ended
31-Dec-12 30-Jun-12 30-Jun-11
US$ 000's US$ 000's US$ 000's
*Restated *Restated
ASSETS
Current Assets
Cash and cash equivalents 170 9,685 13,295
Trade and other receivables 7,312 1,832 15,463
Inventories 295 1,103 -
Current tax - - -
assets
Prepayments 28 22 119
Total Current Assets 7,805 12,642 28,877
----------- ----------- -----------
Non-current
Assets
Property, plant and
equipment 60,883 65,417 154
Oil and gas intangible
assets - - 45,251
Deferred tax
assets - 172 231
Total Non-current Assets 60,883 65,589 45,636
----------- ----------- -----------
TOTAL ASSETS 68,688 78,231 74,513
=========== =========== ===========
Consolidated Statement of Financial Position for the Half Year
ended 31 December 2012 (continued)
Six months Year ended Year ended
31-Dec-12 30-Jun-12 30-Jun-11
US$ 000's US$ 000's US$ 000's
*Restated *Restated
LIABILITIES
Current Liabilities
Trade and other payables 3,713 10,944 2,339
Other financial liabilities 8 8,756 11,955 10,882
Income tax payable - 3,929 1,528
Employee benefits - - 398
Provisions 9 - - 120
Total Current Liabilities 12,469 26,828 15,267
----------- ----------- -----------
Non-current Liabilities
Other financial
liabilities 8 4,444 5,085 6,507
Provisions 9 1,837 1,750 -
Deferred tax liabilities - 833 4,399
Total Non-current Liabilities 6,281 7,668 10,906
----------- ----------- -----------
TOTAL LIABILITIES 18,750 34,496 26,173
=========== =========== ===========
NET ASSETS 49,938 43,735 48,340
=========== =========== ===========
EQUITY
Equity attributable to equity holders of the
parent
Issued capital 34,581 34,581 30,841
Share premium 34,606 34,606 33,941
Other equity (2,169) (2,169) (2,169)
Other reserves 310 310 938
Accumulated losses (17,390) (23,593) (15,211)
TOTAL EQUITY 49,938 43,735 48,340
============ =========== =========
Signed on behalf of the Board of Directors
Clive Carver
27 February 2013
* See note 2
The above Consolidated Statement of Financial Position should be
read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity for the Half Year
ended 31 December 2012
Share
Share based
Issued premium Asset payment Translation Retained
capital account revaluation reserve reserve earnings Total
US$ US$ US$
000's 000's US$ 000's 000's US$ 000's US$ 000's US$ 000's
Group
1 July 2011
(restated) 30,841 33,941 (2,169) 938 - (15,211) 48,340
Share issued 3,740 1,065 - - - - 4,805
Share issue
costs - (400) - - - - (400)
Loss for the
period - - - - - (8,382) (8,382)
Translation
adjustment
for
the period - - - - (628) - (628)
----------------------- ------------------------ -------------------- -------------------- ----------------- -------------------- -----------
30 June 2012 34,581 34,606 (2,169) 938 (628) (23,593) 43,735
Profit for
the period - - - - - 6,203 6,203
31 December
2012 34,581 34,606 (2,169) 938 (628) (17,390) 49,938
----------------------- ------------------------ -------------------- -------------------- ----------------- -------------------- -----------
The above Statement of Changes in Equity should be read in
conjunction with the accompanying notes.
Consolidated Statement of Cash Flows for the Half Year ended 31
December 2012
Six months Six months
31-Dec-12 31-Dec-11
US$ 000's US$ 000's
*Restated
Net profit/(loss) 6,203 (14,702)
Adjustments for:
Depreciation and amortisation
of plant and equipment 5 7
Amortisation of development 6,928 -
and abandonment costs
Accretion expense 87 -
Net unrealised foreign
exchange
losses (335) 623
Loss on write down of 12 -
property, plant and equipment
Gain on fair value of (2,788) -
liability
Settlement of legal dispute - -
Net finance income (25) (74)
Income tax expense 1 1,056
Change in tax payable (3,928) -
Change in current tax 172 -
assets
Change in provisions (833) 10,191
Interest paid 5,710 -
11,209 (2,899)
Changes in assets and liabilities:
Change in receivables (5,481) -
Change in inventory 809 -
Change in prepayments (6) 8
Change in payables (6,913) (1,669)
(11,591) (1,661)
Income tax paid (1) -
----------- ------------------------
Net cash flows (used in)/from
operating activities (383) (4,560)
----------- ------------------------
Consolidated Statement of Cash Flows for the Half Year ended 31
December 2012 (continued)
Six months Six months
ended Ended
31-Dec-12 31-Dec-11
US$ 000's US$ 000's
Cash flows from investing
activities
Interest received 25 74
Development expenditure (2,730) (10,941)
Purchase of property,
plant and equipment - (6)
Proceeds from the disposal
of development expenditure - 2,843
Net cash flows (used in)/from
investing
Activities (2,705) (8,030)
------------- -----------
Cash flows from financing
activities
Proceeds from borrowings - 2,001
Repayment of borrowings (6,762) -
Net cash flows from
financing activities (6,762) 2,001
------------- -----------
Net (decrease)/increase
in cash
and cash equivalents (9,850) (10,589)
Cash and cash equivalents
at
beginning of the year 9,685 12,748
Effect of exchange rate
fluctuations
on cash held 335 92
Cash and cash equivalents
at end of the year 170 2,251
------------- -----------
* See note 2
The above Statement of Cash Flows should be read in conjunction
with the accompanying notes.
1. Reporting entity
Lochard Energy Group Plc is a public limited company
incorporated in England and Wales. The consolidated interim
financial statements of the Company as at and for the six months
ended 31 December 2012 relate to the Company and its subsidiaries
(together referred to as the "Group").
The consolidated annual financial report of the Group as at and
for the year ended 30 June 2012 is available upon request from the
Company's London office, 1 Wood Street, London, United Kingdom, or
from our web site, www.lochardengery.com.
The Directors of the Company approved the financial information
included in this interim result on 28 February 2013.
The consolidated interim financial statements for the period
ended 31 December 2012 are unaudited but have been reviewed by the
auditors; the Independent Review Report is set out on page 21.
2. Basis of preparation
Going Concern
The consolidated interim financial statements have been prepared
on a going concern basis which the directors believe to be
appropriate for the following reasons.
The Directors have prepared cash flow forecasts for the Group
for the period to 28 February 2014 based on their assessment of the
prospects of the Group's operations.
The cash flow forecasts are based upon estimates of future
operating expenditure for and production from the Athena field and
upon assumptions of future oil prices. They include a base case and
also take into account possible adverse variances in trading
conditions. Cash outflows include repayments as required on the
project finance loan and rely on the utilisation of the Henderson
Drawdown facility.
Based on an assessment of the resulting cash flow pattern, the
Directors have satisfied themselves that the Group has a reasonable
prospect of being able to operate within in its cash resources.
Functional and presentation currency
The Group financial statements are presented in US dollars, and
all values are rounded to the nearest thousand dollars ($'000)
except when otherwise indicated. The functional currencies of the
individual Group companies are also US dollars.
The financial statements for the year ended 30 June 2012 were
presented in Australian dollars. The Directors have decided to
present the financial statements for the half year ended 31
December 2012 in US dollars as it is the currency most relevant to
our investors given the nature of the Group's current activities.
The Group no longer has operations where AUD transactions are
prevalent and therefore presenting the financial statement in AUS
dollars is not considered appropriate. Following commencement of
production of Athena and extinguishment of Australian dollar
denominated liabilities, the Directors reconsidered the functional
currency. The functional currency of the underlying operational
asset and the related debt structure of the Group is US dollars. It
is therefore considered that the most appropriate presentational
currency is US dollars for the Group financial statements.
The comparative financial statements for the year ended 30 June
2012 and 30 June 2011 have been represented using a rate for the
statement of financial position of $A1:$US1.0159 and $A1:$US1.0595,
representing the closing rate at 30 June 2012 and 30 June 2011
respectively and income statement of
$A1:$US1.0323 and $A1:$US1.0321, representing the approximate
rate ruling at the date of transaction for the twelve months ended
30 June 2012 and the six months ended 31 December 2012
respectively.
3. Significant accounting policies
These half-year financial statements do not include all the
notes of the type normally included in annual financial statements.
Accordingly, these financial statements are to be read in
conjunction with the annual financial statements for the year ended
30 June 2012 and any public announcements made by Lochard Energy
Group PLC during the half-year reporting period in accordance with
the continuous disclosure requirements of the ASX listing
rules.
The half-yearly financial report has been prepared in accordance
with the recognition and measurement requirements of IFRSs as
adopted by the EU. The condensed set of financial statements
included in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting", as adopted by the EU.
4. Related parties
Arrangements with related parties continue to be in place. For
details on these arrangements refer to the annual financial report
for the year ended 30 June 2012.
5. Earnings per share
Six months ended Six months ended
31-Dec-12 000s 31-Dec-11 000s
Earnings for the purpose
of basic and diluted
EPS $6,203 ($14,702)
Weighted average number
of shares used in
basic and diluted
EPS 281,225 249,580
6. Income Tax
The income tax credit for the period represents the reversal of
balances previously recognised in anticipation of the company's
migration of tax residency. Management no longer believes that this
provision is required.
7. Operating Segments
The Group's reportable segments under IFRS 8 consist of the
following Group entities:
Corporate Services Lochard Energy Group Plc
Oil and Gas Assets Lochard Energy Limited, Zeus Petroleum
Limited and Lochard Energy Inc.
There are varying amounts of transactions between the group
entities, all intersegment pricing is determined on an arm's length
basis.
7. Operating Segments (continued)
Business Oil and gas assets Corporate services Total
Segment
31-Dec-12 31-Dec-11 31-Dec-12 31-Dec-11 31-Dec-12 31-Dec-11
US$000's US$000's US$000's US$000's US$000's US$000's
Revenue
Revenue from
external
customers 18,996 - - - 18,996 -
Intersegment
revenues - - 322 - 322 -
---------------------- --------------
Total segment
revenues 19,318 -
---------------------- --------------
Eliminate
Inter-segment (322)
sales -
Consolidated
revenue 18,996 -
---------------------- --------------
Profit or
(loss)
Segment
profit or
(loss) (735) (17,581) 7,351 3,009 6,616 (14,572)
---------------------- --------------
Eliminate
adjustments
on
consolidation 413 (130)
Consolidated
profit
(loss) 6,203 (14,702)
---------------------- --------------
8. Other financial liabilities
31-Dec- 12 30-June-12 30-June-11
US$ 000's US$ 000's US$ 000's
reinstated reinstated
Current
Unsecured non-bank project
funding 8,756 11,955 10,882
Non-current
Unsecured non-bank project
funding 4,444 5,085 6,507
------- ----------- -----------
13,200 17,040 17,389
------- ----------- -----------
Unsecured non-bank project funding
Zeus Petroleum Limited, a fully owned subsidiary of Lochard,
secured up to US$14 million of funding for operations relating to
the development of the Athena oil field. Loan interest and
repayments are to be paid out of Zeus' future share of the Athena
gross oil revenues. Zeus holds a 10% interest in North Sea Block
14/18b which contains the Athena discovery.
As at 30 June 2012 the loan facility had been fully utilised up
to US$14 million and the liability has been recorded at its
amortized cost at the reporting date.
Repayments during the current reporting period comprised
US$1.05million of principal reduction and US$5.71million of
interest. The effective interest rate of the unsecured non-bank
project finance loan is approximately 84% per annum. The high rate
of effective interest rate is due to the financier taking into
account the production and project execution risk.
Lochard recognised a gain on fair valuation of the liability of
US$2.8 million in the current reporting period as a result of a
re-estimation of cash flows due to delays in the timing of first
oil production and changes to the pricing curves used in the
calculation.
As at 31 December 2012 the Group expects to repay a total of
US$31.825 million (2011: US$30.638 million) with $US25 million to
be paid over the following years based on forward curve oil prices
at 31 December 2012, an AUD/USD exchange rate of 1.0159, and
forecasted oil production.
US$ 000's
Within 1 year 11,715
Year 1 to 2 7,636
Beyond year 2 5,655
----------
25,006
----------
9. Provisions
Decommissioning Total
Provision
US$ 000's US$ 000's
At 30 June 2012
(ii) 1,750 1,750
Arising during
the period - -
Accretion expense 87 87
---------------- ----------
At 31 December
2012 1,837 1,837
---------------- ----------
At 30 June 2011
(i) -120 120
Arising during - -
the period - -
Translation - -
adjustment
---------------- ----------
At 31 December
2011 120 120
---------------- ----------
(i) Decommissioning provision - In February 2012, Lochard Energy
Inc., a wholly owned subsidiary of Lochard Energy Ltd sold its
producing oil and gas assets at Caldwell County, Texas, USA. The
decommissioning provision to restore the land and the surrounds to
its previous state was reversed. Lochard Energy Inc. was
subsequently wound up and has no further interests in the USA.
(ii) Development of the Athena oil and gas intangible assets was
completed with first production achieved in May 2012. The provision
for decommissioning and abandoning of the assets of US$1.750
million was recognised as at 30 June 2012.
10. Equity
The total number of shares on issue at 31 December 2012 were
249,579,902 (30 June 2012: 249,579,902)
11. Subsequent events
Senergy settlement
The final instalment of US$1.2 million of the US$9 million
settlement to Senergy has been paid on 27 February 2013.
Henderson facility
In January 2013 GBP1.1 million of the Henderson loan facility
was drawn down. Henderson are the Company's largest shareholder. It
is expected this will be repaid before the end of the Group's
financial yearend in June 2013.
Thunderball
In January 2013, the Company announced that, following the loss
of the Lochard Group's operator status together with failure to
find a farm-in or merger partner, it was unlikely that Lochard
would be able to drill the required well and that Lochard's
interest in the Thunderball license lapsed, effective 11(th)
February 2013.
INDEPENDENT REVIEW REPORT TO LOCHARD ENERGY GROUP PLC
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 31 December 2012 which comprises the consolidated
statement of profit or loss and other comprehensive income, the
consolidated statement of financial position, the consolidated
statement of changes in equity, the consolidated statement of cash
flows, and the related explanatory notes.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of and
has been approved by the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM and ASX listing rules.
As disclosed in note 3, the annual financial statements of the
group are prepared in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the European Union. The
condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with International
Accounting Standard 34, "Interim Financial Reporting", as adopted
by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Our report has been prepared in accordance with the terms of our
engagement to assist the company in meeting its responsibilities in
respect of half-yearly financial reporting in accordance with the
AIM and ASX listing rules and for no other purpose. No person is
entitled to rely on this report unless such a person is a person
entitled to rely upon this report by virtue of and for the purpose
of our terms of engagement or has been expressly authorised to do
so by our prior written consent. Save as above, we do not accept
responsibility for this report to any other person or for any other
purpose and we hereby expressly disclaim any and all such
liability.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 31
December 2012 is not prepared, in all material respects, in
accordance with International Accounting Standard 34, as adopted by
the European Union, and the AIM and ASX listing rules.
BDO LLP
Chartered Accountants and Registered Auditors
London
United Kingdom
27 February 2013
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZMGZZKNDGFZM
Lochard Energy (LSE:LHD)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Lochard Energy (LSE:LHD)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
