TIDMBPC
RNS Number : 5544T
Bahamas Petroleum Company PLC
30 September 2010
30 September 2010
Bahamas Petroleum Company plc
("BPC" or the "Company")
Interim Results for the period ended 30 June 2010
BPC, the AIM quoted oil and gas exploration company with licences in The
Commonwealth of The Bahamas, is pleased to announce its interim results for the
six months ended 30 June 2010.
Highlights:
· a period of significant progress for the business;
· successfully shot the first seismic in the area since 1987, producing some
encouraging results for the Company that indicate large structures containing
hydrocarbon indicators;
· further additional 2D and 3D seismic programs to be carried out by Q1 2011;
· completed re-domicile of the Company to the Isle of Man;
· change of the Company's name to Bahamas Petroleum Company plc, to properly
reflect the Company's focus; and
· active collaboration with the Government of The Bahamas following the
Macondo well situation, to ensure there are appropriate regulations,
environmental protection and safety procedures in place prior to commencing any
drilling programmes.
Alan Burns, Chairman and CEO of BPC, commented:
"The first half of 2010 was an active period for the Company, as we continue to
make advances in our portfolio and seek to identify targets which could be
potentially ready for drilling by 2011.
"We have simplified the business structure, re-domiciled the Company to the Isle
of Man and changed its name to Bahamas Petroleum Company. It is the focus of the
board of directors of the Company (the "Board") and myself to deliver increased
value to all of the Company's shareholders, as we progress the exploration of
our acreage towards possible drilling."
- Ends -
Enquiries:
+----------------------------------------+--------------------+
| Bahamas Petroleum Company plc | |
| Alan Burns, Chairman and CEO | Tel: +44 (0) 1624 |
| Dr Paul Crevello, Chief Operating | 641199 |
| Officer | Tel: +1 720 771 |
| | 7583 |
+----------------------------------------+--------------------+
| Strand Hanson Limited | |
| Rory Murphy / Liam Buswell | Tel: +44 (0) 20 |
| | 7409 3494 |
+----------------------------------------+--------------------+
| Novus Capital Markets Ltd | |
| Charles Goodfellow / Paul Dudley | Tel: +44 (0) 20 |
| | 7107 1872 |
+----------------------------------------+--------------------+
| FirstEnergy Capital LLP | |
| Hugh Sanderson / Derek Smith | Tel: +44 (0) 20 |
| | 7448 0200 |
+----------------------------------------+--------------------+
| Financial Dynamics | |
| Billy Clegg / Ed Westropp | Tel: +44 (0) 20 |
| | 7831 3113 |
+----------------------------------------+--------------------+
Chairman's Statement
Dear Shareholder,
There has been some excellent progress made on our Bahamas project in the last
few months.
From the corporate perspective, and with shareholder approval, we have begun the
rationalisation of the Company and its subsidiaries' (the "Group") previously
complicated asset ownership structure, through the recently completed
re-domicile of the Company to the Isle of Man by way of a scheme of arrangement
and the ongoing process of eliminating unnecessary companies within the Group.
We have also changed our name to Bahamas Petroleum Company, to properly reflect
the Company's focus.
In the field, we have shot the first seismic in the area since 1987. This has
produced some encouraging results indicating large structures containing
hydrocarbon indicators, which will lead us into additional 2D and 3D seismic
programs in the next few months. This will allow us to mature a prospect for
drilling next year, subject to Bahamian Government approval, which would be much
earlier than previously anticipated. The water depths of 400 to 500 metres are
modest by industry standards, with suitable rigs being widely available for
deployment.
Given the problems with the Macondo well blowout in the Gulf of Mexico, we are
working with the Government of The Bahamas to ensure there are appropriate
regulations, environmental protection and safety procedures in place prior to
commencing any drilling programmes. It is nonetheless worth highlighting that
our geological formations are quite different to that of the Macondo prospect,
being more stable and with the shallower water depths, allowing the application
of more commonplace drilling techniques and equipment. Unlike the Macondo well,
we are not at the frontier of drilling technology and are therefore not faced
with the risks associated with such advanced techniques and equipment. In
addition, it is worth noting that rig owners are increasing the routine
maintenance and servicing of their equipment and revising their safety
procedures in the light of the loss of eleven lives and the cost and damage
suffered in the wake of the accident.
The environmental damage suffered in the Gulf of Mexico was nowhere near as
severe as many originally feared and I am pleased to say that the Company was
able to assist the Bahamas Government by performing a baseline environmental
study of the coastline to determine if oil from the BP spill would hit Bahamian
shores, which it has not. We did, however, find tar balls and evidence of oil
washed ashore in the southern Bahamas, that were not from the spill in the Gulf
Of Mexico and most probably originated from natural oil seeps in our region,
which is positive news in terms of our exploration focus.
Our licence applications with Statoil were gazetted this summer and we
understand these to be progressing in the normal fashion. We are currently
working with The Bahamian Government to ensure that the Group's exploration
activities follow best practice regarding both safety and preservation of the
environment.
The next few months will be an active time for all of us at the Bahamas
Petroleum Company and we look forward to keeping you informed of all
developments through our website and future announcements.
Finally, I would like to emphasize our commitment to the generation of
shareholder value. It is the focus of the Board and myself to deliver increased
value to all of the Company's shareholders as we progress the exploration of our
acreage towards possible drilling in 2011.
Alan Burns
Chairman and CEO
Consolidated statement of comprehensive income
+----------------------+-+---------------------+--+-------------+--+-------------+
| | | Six | | Six | | Year |
| | | months | | months | | ended |
| | | ended | | ended | | 31 |
| | | 30 June | | 30 June | | December |
| | | 2010 | | 2009 | | 2009 |
| | | (Unaudited) | | (Unaudited) | | (Audited) |
| | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| | | $ | | $ | | $ |
+----------------------+-+---------------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| Employee benefits | | (696,793) | | (351,957) | | (924,056) |
| expense | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| Depreciation and | | (18,705) | | (39,213) | | (92,056) |
| amortisation expense | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| Loss on disposal of | | - | | (13,147) | | (13,147) |
| fixed assets | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| Other expenses | | (1,301,145) | | (145,053) | | (1,400,188) |
+----------------------+-+---------------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| Operating loss | | (2,016,643) | | (549,370) | | (2,429,447) |
+----------------------+-+---------------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| Finance income | | - | | 4,251 | | 4,026 |
+----------------------+-+---------------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| Loss before income | | (2,016,643) | | (545,119) | | (2,425,421) |
| tax | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| Income tax credit | | 61,787 | | | | |
| | | | | - | | - |
+----------------------+-+---------------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------+-+---------------------+--+-------------+--+-------------+
| Loss for the year | | (1,954,856) | | (545,119) | | (2,425,421) |
+----------------------+-+---------------------+--+-------------+--+-------------+
Other comprehensive income
+----------------------+-+-------------+--+------------------------+--+-------------------------+
| | | | | | | |
+----------------------+-+-------------+--+------------------------+--+-------------------------+
| | | 106,615 | | (125,370) | | (231,913) |
| Currency translation | | | | | | |
| differences | | | | | | |
+----------------------+-+-------------+--+------------------------+--+-------------------------+
| | | | | | | |
+----------------------+-+-------------+--+------------------------+--+-------------------------+
| Total comprehensive | | (1,848,241) | | (670,489) | | (2,657,334) |
| income for the | | | | | | |
| period | | | | | | |
+----------------------+-+-------------+--+------------------------+--+-------------------------+
+----------------------+-+----------+--+----------+--+----------+
| Basic and diluted | | (0.22) | | (0.08) | | (0.31) |
| loss per share | | | | | | |
| (cents per share) | | | | | | |
+----------------------+-+----------+--+----------+--+----------+
Consolidated statement of changes in equity for the six months ended 30 June
2010 (unaudited)
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| | Share | Share | | Reverse | Share | Other | Retained | Total |
| | capital | premium | | acquisition | based | reserves | earnings | equity |
| | | reserve | Merger | reserve | payment | | | |
| | | | reserve | | reserve | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| | $ | $ | $ | $ | $ | $ | $ | $ |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| At 1 | 28,764 | 73,634,186 | | (53,846,526) | 347,361 | (106,615) | (14,319,340) | 5,737,830 |
| January | | | - | | | | | |
| 2010 - as | | | | | | | | |
| previously | | | | | | | | |
| reported | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| Reorganisation | (5,522) | (73,634,186) | | - | - | - | - | - |
| - Scheme of | | | | | | | | |
| arrangement | | | 73,639,708 | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| At 1 | 23,242 | - | | (53,846,526) | 347,361 | (106,615) | (14,319,340) | 5,737,830 |
| January | | | 73,639,708 | | | | | |
| 2010 - | | | | | | | | |
| after | | | | | | | | |
| reorganisation | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| Changes in | | | | | | | | |
| | | | | | | | | |
| equity 1 | | | | | | | | |
| Jan 2010 | | | | | | | | |
| to 30 June | | | | | | | | |
| 2010 | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| Total | - | - | | - | - | 106,615 | (1,954,856) | (1,848,241) |
| comprehensive | | | - | | | | | |
| income for | | | | | | | | |
| the year | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| Share | - | - | | - | 22,683 | - | - | 22,683 |
| options - | | | - | | | | | |
| value of | | | | | | | | |
| services | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| Issue of | 2,056 | - | | - | - | - | - | 3,493,032 |
| ordinary | | | 3,490,976 | | | | | |
| shares | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
| Balance at | 25,298 | - | | (53,846,526) | 370,044 | - | (16,274,196) | 7,405,304 |
| 30 June | | | 77,130,684 | | | | | |
| 2010 | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-------------+
Consolidated statement of 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 | Merger | reserve | payment | | | |
| | | | reserve | | reserve | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| | $ | $ | $ | $ | $ | $ | $ | $ |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| At 1 | 28,764 | 73,634,186 | | (53,846,526) | 300,139 | 125,298 | (11,893,919) | 8,347,942 |
| January | | | - | | | | | |
| 2009 - as | | | | | | | | |
| previously | | | | | | | | |
| reported | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| Reorganisation | (5,522) | (73,634,186) | | - | - | - | - | - |
| - Scheme of | | | | | | | | |
| arrangement | | | 73,639,708 | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| At 1 | 23,242 | - | | (53,846,526) | 300,139 | 125,298 | (11,893,919) | 8,347,942 |
| January | | | 73,639,708 | | | | | |
| 2009 - | | | | | | | | |
| after | | | | | | | | |
| reorganisation | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| Changes in | | | | | | | | |
| | | | | | | | | |
| equity 1 | | | | | | | | |
| Jan 2009 | | | | | | | | |
| to 30 June | | | | | | | | |
| 2009 | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| Total | - | - | | - | - | (125,373) | (545,119) | (670,492) |
| comprehensive | | | - | | | | | |
| income for | | | | | | | | |
| the year | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
| Balance at | 23,242 | - | | (53,846,526) | 300,139 | (75) | (12,439,038) | 7,677,450 |
| 30 June | | | 73,639,708 | | | | | |
| 2009 | | | | | | | | |
+----------------+---------+--------------+------------+--------------+---------+-----------+--------------+-----------+
Consolidated statement of changes in equity for the year ended 31 December 2009
(Audited)
+----------------+---------+------------+-+------------+---------------------------+---------+-----------+--------------+-------------+
| | Share | Share | | Reverse | Share | Other | Retained | Total |
| | capital | premium | | acquisition | based | reserves | earnings | equity |
| | | reserve | Merger | reserve | payment | | | |
| | | | reserve | | reserve | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| | $ | $ | $ | $ | $ | $ | $ | $ |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| At 1 | 28,764 | 73,634,186 | | (53,846,526) | 300,139 | 125,298 | (11,893,919) | 8,347,942 |
| January | | | - | | | | | |
| 2009 - as | | | | | | | | |
| previously | | | | | | | | |
| reported | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| Reorganisation | (5,522) | (73,634,186) | | - | - | - | - | - |
| - Scheme of | | | | | | | | |
| arrangement | | | 73,639,708 | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| At 1 | 23,242 | - | | (53,846,526) | 300,139 | 125,298 | (11,893,919) | 8,347,942 |
| January | | | 73,639,708 | | | | | |
| 2009 - | | | | | | | | |
| after | | | | | | | | |
| reorganisation | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| Total | - | - | | - | - | (231,913) | (2,425,421) | (2,657,334) |
| comprehensive | | | - | | | | | |
| income for | | | | | | | | |
| the year | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| Share | - | - | | - | 47,222 | - | - | 47,222 |
| options - | | | - | | | | | |
| value of | | | | | | | | |
| services | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
| Balance at | 23,242 | - | | (53,846,526) | 347,361 | (106,615) | (14,319,340) | 5,737,830 |
| 31 December | | | 73,639,708 | | | | | |
| 2009 | | | | | | | | |
+----------------+---------+--------------+------------+---------------------------+---------+-----------+--------------+-------------+
| | | | | | | | | |
+----------------+---------+------------+--------------+---------------------------+---------+-----------+--------------+-------------+
| | | | | | | | | | |
+----------------+---------+------------+-+------------+---------------------------+---------+-----------+--------------+-------------+
Consolidatedbalance sheet at 30 June 2010
+-------------------------+--+----------+---+-----------+-+---+----------+----------+----------+--+----------+-----------+
| | | 30 June | | 30 June | | 31 |
| | | 2010 | | 2009 | | December |
| | | (Unaudited) | | (Unaudited) | | 2009 |
| | | | | | | (Audited) |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | $ | | $ | | $ |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| Non-current assets | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| Cash not available for use | | 113,039 | | 165,111 | | 119,555 |
| | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| Property, plant and | | 128,295 | | 70,200 | | 18,706 |
| equipment | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| Exploration and evaluation | | 4,838,792 | | 4,170,426 | | 4,063,824 |
| assets | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | 5,080,126 | | 4,405,737 | | 4,202,085 |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| Current assets | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| Cash and cash equivalents | | 2,126,571 | | 2,883,656 | | 1,337,885 |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| Trade and other | | 556,223 | | 553,554 | | 469,677 |
| receivables | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | 2,682,794 | | 3,437,210 | | 1,807,562 |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| Total assets | | 7,762,920 | | 7,842,947 | | 6,009,647 |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| Current liabilities | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| Trade and other payables | | 357,616 | | 165,497 | | 271,817 |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | | | | | |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| Total liabilities | | 357,616 | | 165,497 | | 271,817 |
+----------------------------+--------------+-------------+---+---------------------+------------------------+-----------+
| | | | | | | |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| Equity | | | | | | |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| Ordinary shares | | 25,298 | | 23,242 | | 23,242 |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| Merger Reserve | | 77,130,684 | | 73,639,708 | | 73,639,708 |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| Reverse acquisition | | (53,846,526) | | (53,846,526) | | (53,846,526) |
| reserve | | | | | | |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| Share based payments | | 370,044 | | 300,139 | | 347,361 |
| reserve | | | | | | |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| Other reserves | | - | | (75) | | (106,615) |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| Retained earnings | | (16,274,196) | | (12,439,038) | | (14,319,340) |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| | | | | | | |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| Total equity | | 7,405,304 | | 7,677,450 | | 5,737,830 |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| | | | | | | |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| Total equity and | | 7,762,920 | | 7,842,947 | | 6,009,647 |
| liabilities | | | | | | |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| | | | | | | |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| | | | | | | |
+-------------------------+-------------+---------------+----------------+---------------------+--+----------------------+
| | | | | | | | | | | | | |
+-------------------------+--+----------+---+-----------+-+---+----------+----------+----------+--+----------+-----------+
These financial statements were approved by the Directors and authorised for
issue on 24 September 2010
+------------------------------+------------------------------+
| Alan Burns, Chairman | Michael Proffitt, Director |
+------------------------------+------------------------------+
Consolidated cash flow statement
+---------------------------------+--------------+----------+---------------+----------+-------------+
| | 30 | | 30 | | 31 |
| | June | | June | | December |
| | 2010 | | 2009 | | 2009 |
| | (Unaudited) | | (Unaudited) | | (Audited) |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| | $ | | $ | | $ |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Payments to suppliers and | (1,807,597) | | (944,515) | | (2,823,096) |
| employees | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Net cash used in operating | (1,807,597) | | (944,515) | | (2,823,096) |
| activities | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Cash flows from investing | | | | | |
| activities | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Payments for property, plant | (128,295) | | - | | - |
| and equipment | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Proceeds from sale of property, | - | | 20,209 | | 4,619 |
| plant and equipment | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Payments for exploration and | (774,968) | | (114,839) | | (8,237) |
| evaluation assets | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Deposits for bank guarantees | - | | 1,052,328 | | 1,085,061 |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Interest received | | | 4,251 | | 4,026 |
| | - | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Net cash (used in)/generated | (903,263) | | | | |
| from investing activities | | | 961,949 | | 1,085,469 |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Cash flows from financing | | | | | |
| activities | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Proceeds from issuance of | 3,493,032 | | - | | - |
| ordinary shares | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Net cash generated from | 3,493,032 | | - | | - |
| financing activities | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Net increase/(decrease) in cash | 782,172 | | 17,434 | | (1,737,627) |
| and cash equivalents | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Cash and cash equivalents at | 1,337,855 | | 3,004,451 | | 3,004,451 |
| the beginning of the period | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Effects of exchange rate | | | | | |
| changes on cash and cash | 6,544 | | (138,229) | | 71,031 |
| equivalents | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| | | | | | |
+---------------------------------+--------------+----------+---------------+----------+-------------+
| Cash and cash equivalents at | 2,126,571 | | 2,883,656 | | 1,337,855 |
| the 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 2009. It is not expected that there will be any changes or additions to
these in the annual financial statements for the year ended 31 December 2010.
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 2010 and 30 June 2009
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 2009 has, however, been derived from the statutory financial
statements for that period. The auditors' report on those accounts was
unqualified and did not include references to any matters to which the auditors
drew attention by way of emphasis without qualifying their report.
2. Scheme of Arrangement
On 15 June 2010, Bahamas Petroleum Company plc (formerly BPC plc) ("BPC plc"), a
company incorporated in the Isle of Man, became the ultimate holding company of
BPC Limited pursuant to a scheme of arrangement approved by the Chief Justice of
the Falkland Islands and the shareholders of BPC Limited, the then AIM listed
holding company of the Group (the "Scheme of Arrangement"). Pursuant to the
Scheme of Arrangement, ordinary shares, each having a nominal value of
GBP0.00002, of BPC Limited ("BPC Limited Ordinary Shares") were exchanged, on a
one-for-one basis, for ordinary shares, each having a nominal value of
GBP0.00002, of BPC plc ("BPC plc Ordinary Shares").
As a result of the Scheme of Arrangement, BPC Limited is now a wholly owned
subsidiary of BPC plc. The BPC plc Ordinary Shares carry substantially the same
rights as did the BPC Limited Ordinary Shares. The Scheme of Arrangement did
not involve any cash payment for the BPC plc Ordinary Shares. Immediately after
the Scheme of Arrangement became effective, BPC plc had the same Board,
management and corporate governance arrangements as BPC Limited had immediately
prior thereto. The consolidated assets and liabilities of BPC plc immediately
after the effective time of the Scheme of Arrangement are the same as the
consolidated assets and liabilities of BPC Limited immediately prior thereto.
BPC plc was incorporated on 25 August 2009. Prior to 15 June 2010, BPC plc was
held in trust for the Group. The Group at the time maintained full control over
the economic decisions of the company.
All BPC Limited share options that were in existence immediately prior to the
Scheme of Arrangement were exchanged on a one-for-one basis for share options in
BPC plc, with no change in terms or conditions.
The Scheme of Arrangement falls outside the scope of IFRS 3 "Business
Combinations". Accordingly, following the guidance regarding the selection of
appropriate accounting policy provided by IAS 8 "Accounting policies, changes in
accounting estimates and errors", the Scheme of Arrangement has been accounted
for in these interim financial statements using the principles of merger
accounting. This policy reflects the economic substance of the Scheme of
Arrangement. Although the Scheme of Arrangement did not become effective until
15 June 2010, the consolidated interim financial statements of BPC plc for the
six months ended 30 June 2010 are presented as if the Scheme of Arrangement had
been effective on 1 January 2009. In accordance with the requirements of merger
accounting, the comparative information in these consolidated interim financial
statements has been extracted from the BPC Limited consolidated financial
statements for the year ended 31 December 2009 and period ended 30 June 2009.
Those financial statements incorporated the results of BPC Limited and its
subsidiary undertakings for the financial year and interim period then ended.
Earnings per share are unaffected by the Scheme of Arrangement.
3. Events after the balance sheet date
On 2 September 2010, a special resolution was passed at an extraordinary meeting
of the members of the Company to change the name of the Company to Bahamas
Petroleum Company plc.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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