Prelim Results
03 Março 2006 - 4:01AM
UK Regulatory
RNS Number:2371Z
MedOil PLC
03 March 2006
03 MARCH 2006
MedOil plc
("MedOil" or "the Company")
Preliminary Unaudited Results for the Period Ended 30 September 2005
MedOil plc, the oil and gas exploration company focussed on petroliferous basins
in the Mediterranean and North African regions, announces preliminary unaudited
results for the period ended 30 September 2005.
KEY POINTS
* Floated on AIM on 7 January 2005 having successfully raised #1.2m;
* Initial period - obtained prospecting permit for offshore Tunisia and an
exploration study agreement permit for offshore Malta;
* MOU signed by TGS-NOPEC (JV partner) on behalf of the Company to shoot
3-D seismic in Tunisia in mid 2006;
* Loss contained to #256,000 as a result of careful cost control;
* Cash balances of #930,000 at the year-end;
* Exploring new opportunities in Italy, Albania and elsewhere; and
* Successful fundraising of #3.25m (before expenses) announced today.
Dave Thomas, Chief Executive Officer commented: "I am very pleased with the
progress we are making at MedOil to explore our current assets in Tunisia and
Malta. The new funds will allow us to conduct the seismic programmes that will
help us identify potential drilling targets in both our Tunisian and Maltese
acreage. At the same time we will be seeking additional exploration interests in
areas we have prioritised in the circum- Mediterranean region. We will keep our
shareholders fully informed as we add to the Company's growing exploration
portfolio."
---ENDS---
ENQUIRIES:
MedOil plc Tel: 0207 921 0001
David Thomas, Chief Executive Officer
Bishopsgate Communications Limited Tel: 020 7430 1600
Maxine Barnes
Nick Rome
Arden Partners Limited Tel: 020 7398 1630
Christopher Hardie
CHAIRMAN'S STATEMENT
I am delighted to welcome all new shareholders who have invested in the Company
over the last few months and I am pleased to report on the activities of the
Group during the period ended 30 September 2005.
On 7 January 2005, the Company gained admission to the Alternative Investment
Market (AIM) of the London Stock Exchange having already raised #1.2 million to
provide working capital to allow the Directors to pursue exploration
opportunities.
In May 2005, the Company announced the award of a prospecting permit in offshore
Tunisia and in the same month it also announced the signing of an exploration
study agreement permit in offshore Malta. To date the focus has been on
developing these permits.
Financials
The results show a loss of #256,000 for the period to 30 September 2005. This
reflects the expenses incurred in pursuing and securing the permits in Tunisia
and Malta respectively as well as other opportunities. The Company raised #1.2m
prior to flotation and the cash balances at 30 September 2005 were #930,000
reflecting the net loss for the period. No dividend will be proposed for the
period.
Tunisia
In November MedOil updated the market on activities in Tunisia. Independent
consultants, Merlin Energy Resources Ltd. ("MERL"), completed a scoping review
of the southern sector of offshore Louza Permit. The results concluded that the
M'Sela-1 oil discovery, within the Upper Cretaceous Abiod volcanic section, has
potentially attractive volumes (based on Monte Carlo simulation) of
oil-in-place, and the oil is of good quality.
The report also identifies four other exploration targets in the immediate
vicinity of M'Sela-1, within the main reservoir targets being the Cretaceous
Isis and Serdj formations.
The report recommended that MedOil conducts the 600 sq. km. 3-D seismic survey
as originally planned, together with shipboard gravity and magnetic data. A
memorandum of understanding has now been signed by TGS-NOPEC (JV partner) on
behalf of the Company to shoot 3-D seismic in Tunisia in mid 2006.
The Directors believe that this survey should help to identify the optimum
location for an appraisal well on the M'Sela oil accumulation as well as
identifying an exploration well location on one of the four additional prospects
identified by the Company at M'Sela West 1, M'Sela West 2, M'Aila East and
Ourata.
Malta
In December MedOil updated shareholders on the Maltese permit and the report by
technical consultancy group, Exploration Consultants Ltd. (ECL). ECL evaluated
5,600 km. of seismic data and information from six exploration wells. Following
positive conclusions, MedOil plans to conduct a limited but focused 2-D seismic
programme in the area in the third quarter of 2006.
The Company's current intention is to make an application to renew its Maltese
permit in May 2006.
Future Strategy
Other potential projects have been identified and are being pursued in North
Africa and Mediterranean countries. The Company has also recently applied for
new exploration licences offshore Sicily, blocks number d349C.R-.MD and
d350C.R-.MD, which were gazetted on 1 February 2006 by the Italian government.
This application may or may not lead to a licence being granted to the Company
in due course. MedOil also announced that that it is looking at other
opportunities in Italy and Albania.
In the near future, the Company will focus on extracting value for shareholders
from its existing permits in Tunisia and Malta with a view to looking further
afield thereafter.
John Lander
Non-Executive Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the period ended 30 September 2005
Period
ended
30/09/05
#
Administrative expenses (286,939)
_______
Operating loss (286,939)
Other interest receivable and
similar income 31,275
Interest payable and similar charges (101)
_______
Loss on ordinary
activities before taxation (255,765)
Tax on loss on ordinary activities -
_______
Loss on ordinary
activities after taxation (255,765)
_______
Loss for the period (255,765)
_______
Pence per share
Loss per share (see note 2)
Basic (0.71)
Diluted (0.56)
There are no recognised gains or losses other than the profit or loss for the
above financial period.
CONSOLIDATED BALANCE SHEET
as at 30 September 2005
As at
30/09/05
# #
Fixed assets
Intangible assets 833,497
Tangible assets 3,602
_______
837,099
Current assets
Debtors 27,755
Cash at bank and in hand 929,524
_______
957,279
Creditors: amounts falling
due within one year (42,006)
_______
Net current assets 915,273
_______
Net assets 1,752,372
_______
Capital and reserves
Called up share capital 360,000
Share premium account 1,648,137
Profit and loss account (255,765)
_______
Equity shareholders' funds 1,752,372
_______
CASH FLOW STATEMENT
for the period ended 30 September 2005
Period
ended
30/09/05
#
Reconciliation of operating loss to net
cash outflow from operating activities
Operating loss (286,939)
Depreciation 29,775
(Increase) in debtors (27,755)
Increase in creditors 42,006
_______
Net cash outflow from operating activities (242,913)
_______
Cash flow statement
Net cash outflow from operating activities (242,913)
Returns on investments and servicing of finance 31,174
Capital expenditure (866,873)
_______
(1,078,612)
Financing 2,008,137
_______
Increase in cash in the period 929,525
_______
Reconciliation of net cash flow to movement in net funds
Increase in cash in the period 929,525
Net funds at 30 September 2005 929,525
_______
Notes to accounts
1. Basis of preparation
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the period ended 30 September 2005. The
statutory accounts for the period ended 30 September 2005 will be finalised on
the basis of the financial information presented by the Directors in this
preliminary announcement.
2. Earnings per share
Basic loss per share is based on a loss for the period of #0.26m and 36.00m
ordinary shares of 1p each, being the average number of shares in issue during
the period.
For diluted earnings per share the average number of shares in issue is
increased to 46.00m to reflect the potential diluting effect of existing
warrants in issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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