TIDMBPC
RNS Number : 8962Z
BPC Ltd
30 September 2009
30 September 2009
BPC Limited
("BPC" or the "Company")
Interim Results for the period ended 30 June 2009
Highlights:
* First major exploration of The Bahamas since 1986;
* New offshore joint venture with Norway's StatoilHydro;
* New significant institutional investors on board following RAB Capital
plc's sell down of a portion of its shareholding;
* Office moved to Isle of Man with operational and financial function now under
one roof;
* Strand Partners Limited appointed as Nominated Adviser to the Company; and
* Novus Capital Markets Limited appointed as Broker to the Company.
Alan Burns, Chairman of BPC, commented:
"The six months to 30 June 2009 were a transformational period for the Company,
with the joint venture agreement signed with StatoilHydro and further evaluation
of the technical data and core samples which we have unearthed on our licence
area.
I am confident about the future of our company and welcome our enlarged
shareholder base as a result of RAB Capital plc's ("RAB") sale of a portion of
its holding. The remainder of this financial year and into 2010 will be a very
active time for the business and I look forward to bringing you news of the
further development of our exploration licence area."
Enquiries:
+----------------------------------------------+--------------------------+
| BPC Limited | +61 407 551 001 |
| Alan Burns, Chairman & CEO | +1 720 771 7583 |
| Dr Paul Crevello, COO | |
+----------------------------------------------+--------------------------+
| | |
+----------------------------------------------+--------------------------+
| Strand Partners Limited (Nominated Adviser) | 020 7409 3494 |
| Rory Murphy / Liam Buswell | |
+----------------------------------------------+--------------------------+
| | |
+----------------------------------------------+--------------------------+
| Novus Capital Markets Limited (Broker) | 020 7107 1872 |
| Charles Goodfellow | |
+----------------------------------------------+--------------------------+
| | |
+----------------------------------------------+--------------------------+
| Financial Dynamics | 020 7831 3113 |
| Billy Clegg / Ed Westropp | |
+----------------------------------------------+--------------------------+
Chairman's Statement
I am pleased to advise shareholders that the Company is progressing as planned
and we welcome the association with StatoilHydro as previously announced.
The large amount of technical data and well cores from The Bahamas licence area,
which we have located over the last several years, are proving to be very
valuable and we are continually unearthing interesting material which continues
to add value to our Bahamas project.
Much of this, when viewed with modern science, knowledge and techniques is, we
believe, demonstrating the validity of our belief that The Bahamas harbours
great prospects for oil fields in the "supergiant" category.
We have adequate funds for the time being and are focussing on the StatoilHydro
project, discussions with other companies and generally progressing our
extensive and unique knowledge base of The Bahamas petroleum geology.
Additionally, I am delighted to welcome Strand Partners Limited as our nominated
financial adviser and Novus Capital Markets Limited as our nominated broker,
both of whom I look forward to working with to enhance shareholder value.
Statoil agreement
In May 2009, we announced a new offshore joint venture with Norway's
StatoilHydro to launch the first major exploration project in Bahamian waters
since 1986 (the "Joint Agreement" or the "JV").
The competent persons report published by Moyes & Co., Inc in 2008 (the "CPR"),
stated that there could be multiple 500 MMBOE oil fields in 18 leads recognised
in BPC's southern Bahamas licenced area. The CPR evaluated BPC's licenced area
adjacent to and along trend of the JV area.
Additionally, a U.S. Geological Survey published in 2008, studying the offshore
northwest Cuba Basin, estimates a potential of 7-14 billion barrels equivalent
(oil and gas) of undiscovered resources.
We have adequate funds to meet our current requirements and are focussing on the
StatoilHydro project and discussions with other companies, whilst developing our
extensive and unique knowledge base of The Bahamas petroleum geology.
The licences included in the Joint Agreement are new licence areas for BPC in
the south west of The Bahamas and are still under application, pending the
approval of the Government of the Commonwealth of The Bahamas. The JV area is
adjacent to four wholly owned licenses held by BPC in The Bahamas, as well as
near an existing license held by StatoilHydro in adjacent Cuban waters.
The Joint Agreement is conditional on the relevant new licences being awarded to
BPC and assignment with StatoilHydro. It is hoped the applications will be
processed before the end of 2009.
Outlook
On 11 September 2009, we were informed by RAB, that it had sold 32.5 per cent.
of its holding in BPC to a range of institutional investors, retaining a 19.8
per cent. stake. Therefore, whilst RAB has maintained a significant stake in the
business, it has allowed a number of well-known institutional investors access
onto the Company's shareholder register, significantly broadening our
shareholder base.
Furthermore, in order to streamline our operations, we have now set up a
business office in the Isle of Man, where Mike Proffitt, our Finance Director
and I are now resident. I am confident about the future of our company and
welcome our enlarged shareholder base. The remainder of this financial year and
into 2010 will be a very active time for the business and I look forward to
bringing you news of the further development of our exploration licence area.
Alan Burns
Chairman
Interim consolidated income statement for the six months ended 30 June 2009
(unaudited)
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| | | Six months | | Six months | | Year ended |
| | | ended 30 | | ended 30 | | 31 December |
| | | June | | June | | 2008 |
| | | 2009 | | 2008 | | (Audited) |
| | | (Unaudited) | | (Unaudited) | | |
| | | | | (Restated) | | |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| | | $ | | $ | | $ |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| | | | | | | |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| Finance income | | 4,251 | | 18,574 | | 57,492 |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| Finance costs | | - | | - | | (86,500) |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| Employee benefits expense | | (351,957) | | (488,051) | | (1,092,552) |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| Depreciation and | | (39,213) | | (41,645) | | (84,090) |
| amortisation expense | | | | | | |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| Loss on disposal of fixed | | (13,147) | | - | | (495) |
| assets | | | | | | |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| Impairment of goodwill | | - | | - | | (233,351) |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| Other expenses | | (145,053) | | (437,710) | | (2,121,839) |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| | | | | | | |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| Loss before tax | | (545,119) | | (948,832) | | (3,561,335) |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| | | | | | | |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| Income tax expense | | - | | - | | - |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| | | | | | | |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
| Loss after tax | | (545,119) | | (948,832) | | (3,561,335) |
| attributable to the equity | | | | | | |
| holders of the parent | | | | | | |
+----------------------------+----+--------------+-----+--------------+-----+--------------+
Interim statement of comprehensive income for the six months ended 30 June
2009 (unaudited)
+------------------------------+--+-------------+-----+-------------+-----+-------------+
| | | Six | | Six | | Year |
| | | months | | month | | ended |
| | | Ended | | ended | | 31 |
| | | 30 June | | 30 June | | December |
| | | 2009 | | 2008 | | 2008 |
| | | (Unaudited) | | (Unaudited) | | (Audited) |
| | | | | (Restated) | | |
+------------------------------+--+-------------+-----+-------------+-----+-------------+
| | | $ | | $ | | $ |
+------------------------------+--+-------------+-----+-------------+-----+-------------+
| | | | | | | |
+------------------------------+--+-------------+-----+-------------+-----+-------------+
| Profit/(loss) for the year | | (545,119) | | (948,832) | | (3,561,335) |
+------------------------------+--+-------------+-----+-------------+-----+-------------+
| | | | | | | |
+------------------------------+--+-------------+-----+-------------+-----+-------------+
| Other comprehensive income | | | | | | |
+------------------------------+--+-------------+-----+-------------+-----+-------------+
| | | | | | | |
+------------------------------+--+-------------+-----+-------------+-----+-------------+
| Exchange differences on | | (125,370) | | (21,502) | | 130,230 |
+------------------------------+--+-------------+-----+-------------+-----+-------------+
| translating foreign | | | | | | |
| operations | | | | | | |
+------------------------------+--+-------------+-----+-------------+-----+-------------+
| | | | | | | |
+------------------------------+--+-------------+-----+-------------+-----+-------------+
| Total comprehensive | | (670,489) | | (970,334) | | (3,431,105) |
| income/(expense) for the | | | | | | |
| year | | | | | | |
+------------------------------+--+-------------+-----+-------------+-----+-------------+
Interim consolidated statement in changes in equity for the six months ended
30 June 2009 (unaudited)
+---------------+---------+------------+--------------+---------+-----------+--------------+-----------+
| | Share | Share | Reverse | Share | Other | Retained | Total |
| | capital | Premium | Acquisition | Based | reserves | earnings | equity |
| | | reserve | reserve | Payment | | | |
| | | | | reserve | | | |
+---------------+---------+------------+--------------+---------+-----------+--------------+-----------+
| | $ | $ | $ | $ | $ | $ | $ |
+---------------+---------+------------+--------------+---------+-----------+--------------+-----------+
| Balance at 1 | 28,764 | 73,634,186 | (53,846,526) | 300,139 | 125,298 | (11,893,919) | 8,347,942 |
| Jan | | | | | | | |
| 2009 | | | | | | | |
+---------------+---------+------------+--------------+---------+-----------+--------------+-----------+
| | | | | | | | |
+---------------+---------+------------+--------------+---------+-----------+--------------+-----------+
| Changes in | | | | | | | |
| equity 1 Jan | | | | | | | |
| 2009 to 30 | | | | | | | |
| June 2009 | | | | | | | |
+---------------+---------+------------+--------------+---------+-----------+--------------+-----------+
| | | | | | | | |
+---------------+---------+------------+--------------+---------+-----------+--------------+-----------+
| Total | - | - | - | - | (125,373) | (545,119) | (670,492) |
| comprehensive | | | | | | | |
| income for | | | | | | | |
| the year | | | | | | | |
+---------------+---------+------------+--------------+---------+-----------+--------------+-----------+
| | | | | | | | |
+---------------+---------+------------+--------------+---------+-----------+--------------+-----------+
| Balance at 30 | 28,764 | 73,634,186 | (53,846,526) | 300,139 | (75) | (12,439,038) | 7,677,450 |
| June 2009 | | | | | | | |
+---------------+---------+------------+--------------+---------+-----------+--------------+-----------+
Interim consolidated statement in changes in equity for the six months ended 30
June 2008 (unaudited)
+---------------+-----------+------------+---------+----------+-------------+-----------+
| | Share | Share | Share | Other | Retained | Total |
| | capital | premium | based | reserves | earnings | equity |
| | | reserve | payment | | | |
| | | | reserve | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| | $ | $ | $ | $ | $ | $ |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| Balance at | 1,118,700 | 11,871,197 | 253,799 | (4,932) | (8,332,584) | 4,906,180 |
| 1 Jan 2008 | | | | | | |
| | | | | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| | | | | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| Changes in | | | | | | |
| equity 1 Jan | | | | | | |
| 2008 to 30 | | | | | | |
| June 2008 | | | | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| | | | | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| Total | - | - | - | (21,502) | (948,832) | (970,334) |
| comprehensive | | | | | | |
| income for | | | | | | |
| the year | | | | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| | | | | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| Value of | - | - | 28,126 | - | - | 28,126 |
| employee | | | | | | |
| services | | | | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| | | | | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| Options | 66,950 | 702,550 | - | - | - | 769,500 |
| exercised | | | | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| | | | | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
| Balance at 30 | 1,185,650 | 12,573,747 | 281,925 | (26,434) | (9,281,416) | 4,733,472 |
| June 2008 | | | | | | |
+---------------+-----------+------------+---------+----------+-------------+-----------+
Consolidated statement in changes in equity for the year ended 31 December
2008 (Audited)
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | Share | Share | Reverse | Share | Other | Retained | Total |
| | capital | Premium | Acquisition | Based | reserves | earnings | equity |
| | | reserve | reserve | Payment | | | |
| | | | | reserve | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | $ | $ | $ | $ | $ | $ | $ |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| Balance at 31 | 1,118,700 | 11,871,197 | - | 253,799 | (4,932) | (8,332,584) | 4,906,180 |
| December 2007 | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| Changes in | | | | | | | |
| equity 2008 | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| Total | - | - | - | - | 130,230 | (3,561,335) | (3,431,105) |
| comprehensive | | | | | | | |
| income for the | | | | | | | |
| year | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| Value of | - | - | - | 28,126 | - | - | 28,126 |
| employee | | | | | | | |
| services | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| Options | 66,950 | 702,550 | - | - | - | - | 769,500 |
| exercised | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | 1,185,650 | 12,573,747 | - | 281,925 | 125,298 | (11,893,919) | 2,272,701 |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| BPC Limited | | | | | | | |
| (formerly | | | | | | | |
| FGML) | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| Balance at 1 | - | - | - | 281,925 | 125,298 | (8,332,584) | (7,925,361) |
| January 2008 | | | | | | | |
| arising in | | | | | | | |
| legacy BPC | | | | | | | |
| Jersey Limited | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| Total | - | - | - | - | - | (3,561,335) | (3,561,335) |
| comprehensive | | | | | | | |
| income for the | | | | | | | |
| year | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| Shares prior | 2,850 | 18,594,187 | - | - | - | - | 18,597,037 |
| to acquisition | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| Issue of share | 25,914 | 55,039,999 | (53,846,526) | - | - | - | 1,219,387 |
| capital on | | | | | | | |
| business | | | | | | | |
| combination | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| Share options | - | - | - | 18,214 | - | - | 18,214 |
| - value of | | | | | | | |
| services | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
| Balance at 31 | 28,764 | 73,634,186 | (53,846,526) | 300,139 | 125,298 | (11,893,919) | 8,347,942 |
| December 2008 | | | | | | | |
+----------------+-----------+------------+--------------+----------+----------+--------------+-------------+
Interim balance sheet at 30 June 2009
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| | | 30 June | | 30 June | | 31 |
| | | 2009 | | 2008 | | December |
| | | (Unaudited) | | (Unaudited) | | 2008 |
| | | | | | | (Audited) |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| | | $ | | $ | | $ |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Non-current assets | | | | | | |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Cash not available for use | | 165,111 | | 1,109,665 | | 1,204,616 |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Property, plant and | | 70,200 | | 168,494 | | 117,277 |
| equipment | | | | | | |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Exploration and evaluation | | 4,170,426 | | 3,804,499 | | 4,055,587 |
| assets | | | | | | |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| | | | | | | |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Current assets | | | | | | |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Cash and cash equivalents | | 2,883,656 | | 1,034,105 | | 3,004,451 |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Trade and other receivables | | 553,554 | | 521,727 | | 507,393 |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| | | | | | | |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Total assets | | 7,842,947 | | 6,638,490 | | 8,889,324 |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| | | | | | | |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Current liabilities | | | | | | |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Trade and other payables | | 165,497 | | 359,566 | | 541,382 |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Loan notes payable | | - | | 1,545,452 | | - |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| | | | | | | |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| Total liabilities | | 165,497 | | 1,905,018 | | 541,382 |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| | | | | | | |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
| NET ASSETS | | 7,677,450 | | 4,733,472 | | 8,347,942 |
+------------------------------+---+-------------+-----+-------------+-----+-----------+
Interim balance sheet at 30 June 2009 (continued)
+----------------------------+----+--------------+------+-------------+----+--------------+
| | | 30 June | | 30 June | | 31 |
| | | 2009 | | 2008 | | December |
| | | (Unaudited) | | (Unaudited) | | 2008 |
| | | | | | | (Audited) |
+----------------------------+----+--------------+------+-------------+----+--------------+
| | | $ | | $ | | $ |
+----------------------------+----+--------------+------+-------------+----+--------------+
| Capital and reserves | | | | | | |
| attributable to equity | | | | | | |
| holders of the company | | | | | | |
+----------------------------+----+--------------+------+-------------+----+--------------+
| Ordinary shares | | 28,764 | | 1,185,650 | | 28,764 |
+----------------------------+----+--------------+------+-------------+----+--------------+
| Share premium reserve | | 73,634,186 | | 12,573,748 | | 73,634,186 |
+----------------------------+----+--------------+------+-------------+----+--------------+
| Reverse acquisition | | (53,846,526) | | - | | (53,846,526) |
| reserve | | | | | | |
+----------------------------+----+--------------+------+-------------+----+--------------+
| Share based payments | | 300,139 | | 281,925 | | 300,139 |
| reserve | | | | | | |
+----------------------------+----+--------------+------+-------------+----+--------------+
| Other reserves | | (75) | | (26,434) | | 125,298 |
+----------------------------+----+--------------+------+-------------+----+--------------+
| Retained earnings | | (12,439,038) | | (9,281,417) | | (11,893,919) |
+----------------------------+----+--------------+------+-------------+----+--------------+
| | | | | | | |
+----------------------------+----+--------------+------+-------------+----+--------------+
| Total Equity | | 7,677,450 | | 4,733,472 | | 8,347,942 |
+----------------------------+----+--------------+------+-------------+----+--------------+
These financial statements were approved by the Directors on 29 September 2009
+------------------------------------+------------------------------------+
| Alan Burns, Chairman | Michael Proffitt, Director |
+------------------------------------+------------------------------------+
Interim cash flow statement for the six months ended 30 June 2009
+-------------------------------------+-------------+--+-------------+--+-------------+
| | 30 June | | 30 June | | 31 |
| | 2009 | | 2008 | | December |
| | (Unaudited) | | (Unaudited) | | 2008 |
| | | | | | (Audited) |
+-------------------------------------+-------------+--+-------------+--+-------------+
| | $ | | $ | | $ |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Payments to suppliers and employees | (944,515) | | (1,295,296) | | (2,930,809) |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Exchange differences on | (469,491) | | (21,502) | | - |
| consolidation | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Net cash used in operating | (1,414,006) | | (1,316,798) | | (2,930,809) |
| activities | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Cash flows from investing | | | | | |
| activities | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Payments for property, plant and | - | | (19,122) | | (12,921) |
| equipment | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Proceeds from sale of property, | 20,209 | | - | | 2,076 |
| plant and equipment | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Payments for exploration and | (114,839) | | (619,320) | | (870,408) |
| evaluation assets | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Deposits for bank guarantees | - | | (6,191) | | (101,142) |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Release of guarantee | 1,052,328 | | - | | - |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Interest received | 4,251 | | 18,574 | | 57,492 |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Net cash used in investing | 961,949 | | (626,059) | | (924,903) |
| activities | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Cash flows from financing | | | | | |
| activities | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Proceeds from issuance of ordinary | - | | 769,500 | | 6,826,527 |
| shares | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Proceeds form the issuance of loan | - | | 1,500,000 | | - |
| notes | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Interest paid | - | | - | | (86,500) |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Net cash generated/ (absorbed) from | - | | 2,269,500 | | 6,740,027 |
| financing activities | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Net increase/(decrease) in cash and | (452,057) | | 326,643 | | 2,884,315 |
| cash equivalents | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Cash and cash equivalents at the | 3,004,451 | | 675,711 | | 675,711 |
| beginning of the period | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Effects of exchange rate changes on | 331,262 | | 31,751 | | (555,575) |
| cash and cash equivalents | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
| Cash and cash equivalents at the | 2,883,656 | | 1,034,105 | | 3,004,451 |
| end of the period | | | | | |
+-------------------------------------+-------------+--+-------------+--+-------------+
1. Basis of preparation
This unaudited consolidated interim financial information has been prepared
using the recognition and measurement principles of International Accounting
Standards, International Financial Reporting Standards and Interpretations
adopted for use in the European Union (collectively EU IFRSs). The principal
accounting policies used in preparing the interim results are unchanged from
those disclosed in the group's financial statements for the year ended 31
December 2008. It is not expected that there will be any changes or additions to
these in the 2009 annual financial statements.
While the financial information included in this interim consolidated financial
information has been prepared in accordance with the recognition and measurement
criteria of International Financial Reporting Standards as adopted by the EU
(IFRSs), this interim consolidated financial information does not itself contain
sufficient information to comply fully with IFRSs.
The financial information for the six months ended 30 June 2009 and 30 June 2008
is unaudited and does not constitute the group's statutory financial statements
for those periods. The comparative financial information for the full year ended
31 December 2008 has, however, been derived from the statutory financial
statements for that period. The auditors' report on those accounts was
unqualified, did not include references to any matters to which the auditors
drew attention by way of emphasis without qualifying their report and did not
contain a statement under section 15.4 of the Isle of Man Companies Act 1982.
2. Events after the balance sheet date
On the 13 July 2009 BPC Limited signed a joint venture agreement with Norwegian
energy company StatoilHydro to launch a major exploration project in Bahamian
waters.
The licences included in this joint venture agreement are new licence areas for
BPC in the south west of the Bahamas and are still under application pending the
approval of the Government of the Commonwealth of the Bahamas. The joint venture
area is adjacent to four wholly owned licenses held by BPC in the Bahamas, as
well as near an existing license held by StatoilHydro in adjacent Cuban waters.
The agreement is conditional on the relevant new licences being awarded to BPC
and
assignment with StatoilHydro. It is hoped the applications will be processed
before the end of 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR CKCKKABKDNCB
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