TIDMTOM
RNS Number : 2332F
TomCo Energy PLC
13 June 2012
13 June 2012
TOMCO ENERGY PLC
("Tomco" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH
2012
TomCo Energy Plc (AIM:TOM), the US focused petroleum exploration
and production company, announces its interim results for the six
months ended 31 March 2012.
HIGHLIGHTS:
-- Converted outstanding loans with Kenglo One Ltd into shares.
Company has no outstanding loans
-- Exercise of 34,666,667 warrants raising cash of GBP520,000
-- Invests $5 million in Red Leaf Resources Inc
Post Period End Highlights
-- Paul Rankine continues role as CEO on a permanent basis
-- SRK Consulting updates Holliday Block to 126 million barrels
in the JORC Code Measured category
Paul Rankine, CEO of TomCo, commented "The $5 million investment
in Red Leaf highlights the confidence that we have in Red Leaf and
the EcoShale process whilst the conversion of the outstanding loans
during the period has further consolidated the company's finances
moving forward.
SRK's update on the Company's Holliday Block to a JORC compliant
Measured resource of 126 million barrels, combined with Total's
commitment of $320 million for its 50% participation in Red Leaf's
Utah assets provides us with further confidence that we have an
outstanding, viable asset that will deliver significant shareholder
value and we view the future with confidence."
Enquiries
TomCo Energy - 020 7766 0078
Sir Nicolas Bonsor, Chairman
Numis - Nominated Adviser 020 7260 1000
Alastair Stratton/Oliver Cardigan, Corporate Finance
James Black, Corporate Broking
Newgate Threadneedle - 020 7653 9840
Josh Royston, Richard Gotla
CHAIRMAN'S STATEMENT & REVIEW OF OPERATIONS
A lot has been achieved since we released our Annual Report and
Financial Statements in March this year. We were pleased to
disclose that our $5 million investment in Red Leaf Resources Inc.
("Red Leaf") was part of a $100 million raising by Red Leaf that
created a Joint Venture ("JV") with Total E&P USA Oil Shale,
LLC ("Total"), an affiliate of Total SA, the 5(th) largest
international integrated oil and gas company. The JV is for the
development of the Red Leaf Oil Shale assets in Utah using Red
Leaf's proprietary "EcoShale" processing technology to manufacture
oil from near surface shale rock. These assets are located close to
those of TomCo's Holliday Block in Utah and TomCo has an existing
commercial agreement to utilise the EcoShale technology. This is a
highly significant development, not only for us but also
potentially for energy markets in general. Commercial oil shale
mining could unlock one of the world's great oil resources. The
deal between Total and Red Leaf has fully funded what is
anticipated to be the first commercial scale "EcoShale" process.
Total's full commitment of $320 million for its 50% participation
in Red Leaf's Utah assets is a meaningful investment. Red Leaf's
Seep Ridge is approximately the same size as our Holliday Block and
will have the same target full production rate of 9,800 barrels per
day. Red Leaf has now secured the funding and key permits to fully
develop the Seep Ridge project and TomCo will continue the process
towards production at our Holliday Block.
We were also pleased to announce that SRK Consulting (UK)
Limited ("SRK") has reviewed recent work carried out by TomCo on
the Company's Holliday Block and has issued an updated JORC Code
mineral resource statement. In doing this, SRK has upgraded the 123
million barrels previously reported in the Indicated category to
126 million barrels in the Measured category. The SRK revised
mineral resource statement not only gives us increased confidence
on the oil contained within our Holliday Block lease up to a JORC
compliant Measured Resource, but also increases the resource
magnitude from 123 to 126 million barrels. We are now working on
providing SRK with the required technical reports to enable this
JORC compliant Resource to be upgraded to a JORC compliant Ore
Reserve.
Finally, I am delighted that Paul will continue as CEO of TomCo
on a permanent basis, effective 1(st) June. Paul has vast
experience at board level with AIM-listed mining companies and
coupled with his considerable knowledge of the oil shale process I
am confident that the company will continue to move forward and
deliver on its stated strategy.
Sir Nicholas Bonsor Bt DL
Condensed consolidated statement of comprehensive income
For the period ended 31 March 2012
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2012 2011 2011
------------------------------------ ------------ ------------ --------------
GBP'000 GBP'000 GBP'000
------------------------------------ ------------ ------------ --------------
Revenue 7 8 16
Cost of sales (2) (2) (5)
------------------------------------ ------------ ------------ --------------
Gross profit 5 6 11
Administrative expenses 4 (636) (521) (1,687)
------------------------------------ ------------ ------------ --------------
Operating loss (631) (515) (1,676)
Finance income 1 - 131
Finance costs - (209) (356)
Derivative expense - - (295)
------------------------------------ ------------ ------------ --------------
Loss on ordinary activities
before taxation (630) (724) (2,196)
Taxation - - -
------------------------------------ ------------ ------------ --------------
Loss from continuing operations (630) (724) (2,196)
------------------------------------ ------------ ------------ --------------
Loss for the year and total
comprehensive income attributable
to equity shareholders of the
parent (630) (724) (2,196)
------------------------------------ ------------ ------------ --------------
Unaudited Unaudited Audited
Six months Six months Year
Note ended ended ended
31 March 31 March 30 September
2012 2011 2011
Pence per Pence per Pence per
share share share
-------------------------------- ------ ------------ ------------ --------------
Loss per share attributable
to the equity shareholders of
the parent
-------------------------------- ------ ------------ ------------ --------------
Basic & Diluted Loss per share 5 (0.04) (0.09) (0.25)
-------------------------------- ------ ------------ ------------ --------------
Condensed consolidated statement of financial position
As at 31 March 2012
Note Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2012 2011 2011
GBP'000 GBP'000 GBP'000
---------------------------------- ----- ------------ ------------ --------------
Assets
Non--current assets
Intangible assets 6 11,215 7,923 7,945
Property, plant and equipment 11 15 13
11,226 7,938 7,958
---------------------------------- ----- ------------ ------------ --------------
Current assets
Trade and other receivables 28 38 202
Cash and cash equivalents 905 259 1,363
---------------------------------- ----- ------------ ------------ --------------
933 297 1,565
---------------------------------- ----- ------------ ------------ --------------
TOTAL ASSETS 12,159 8,235 9,523
Liabilities
Current liabilities
Trade and other payables (103) (315) (327)
Convertible loan - (3,865) (888)
Derivative liability - - (295)
(103) (4,180) (1,510)
---------------------------------- ----- ------------ ------------ --------------
Net current assets/(liabilities) 830 (3,883) 55
---------------------------------- ----- ------------ ------------ --------------
TOTAL LIABILITIES (103) (4,180) (1,510)
---------------------------------- ----- ------------ ------------ --------------
Total net assets 12,056 4,055 8,013
---------------------------------- ----- ------------ ------------ --------------
Shareholders' equity
Share capital 7 8,077 3,798 6,555
Share premium 13,724 7,907 10,573
Warrant reserve 360 928 492
Retained deficit (10,105) (8,578) (9,607)
---------------------------------- ----- ------------ ------------ --------------
Total equity 12,056 4,055 8,013
---------------------------------- ----- ------------ ------------ --------------
The financial information on pages 3 to 8 was approved and
authorised for issue by the Board of Directors on 11 June and were
signed on its behalf by:
Paul Rankine Miikka Haromo
Director Director
Condensed consolidated statement of changes in equity
For the six months ended 31 March 2012
Share Share Warrant Retained
capital premium reserve deficit Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- -------- -------- -------- --------- --------
Opening balance at 1 October
2010 (audited) 3,798 7,907 928 (7,854) 4,779
-------------------------------- -------- -------- -------- --------- --------
Total comprehensive loss
for the period - - - (724) (724)
At 31 March 2011 (unaudited) 3,798 7,907 928 (8,578) 4,055
-------------------------------- -------- -------- -------- --------- --------
Total comprehensive loss
for the period - - - (1,472) (1,472)
Issue of warrants - - 7 - 7
Expired warrants - - (443) 443 -
Issue of share capital 2,757 2,666 - - 5,423
-------------------------------- -------- -------- -------- --------- --------
At 30 September 2011 (audited) 6,555 10,573 492 (9,607) 8,013
-------------------------------- -------- -------- -------- --------- --------
Total comprehensive loss
for the period - - - (630) (630)
Expired warrants - - (132) 132 -
Issue of share capital 1,522 3,151 - - 4,673
-------------------------------- -------- -------- -------- --------- --------
At 31 March 2012 (unaudited) 8,077 13,724 360 (10,105) 12,056
-------------------------------- -------- -------- -------- --------- --------
Condensed consolidated statement of cash flows
For the period ended 31 March 2012
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2012 2011 2011
GBP'000 GBP'000 GBP'000
--------------------------------------- ------------ ------------ --------------
Cash flows from operating activities
Loss after tax (630) (724) (2,196)
Depreciation 2 2 4
Share based payments - - 7
Finance income (1) - (131)
Finance costs - 209 651
(Increase)/decrease in trade
and other receivables 174 - (164)
(Decrease)/increase in trade
and other payables (224) 70 109
--------------------------------------- ------------ ------------ --------------
Cash used in operations (679) (443) (1,720)
--------------------------------------- ------------ ------------ --------------
Cash flows from investing activities
Purchase of technology licence - (647) (647)
Investment in oil & gas assets (3,213) (263) (249)
Net cash used in investing activities (3,213) (910) (896)
--------------------------------------- ------------ ------------ --------------
Cash flows from financing activities
Issue of share capital 3,434 - 3,435
Proceeds from issue of loan note - 1,000 1,000
Loan repayment - - (1,000)
Loan interest paid - - (68)
--------------------------------------- ------------ ------------ --------------
Net cash generated from financing
activities 3,434 1,000 3,367
--------------------------------------- ------------ ------------ --------------
Net increase/(decrease) in cash
and cash equivalents (458) (353) 751
Cash and cash equivalents at
beginning of financial period 1,363 612 612
--------------------------------------- ------------ ------------ --------------
Cash and cash equivalents at
end of financial period 905 259 1,363
--------------------------------------- ------------ ------------ --------------
UNAUDITED NOTES FORMING PART OF THE CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
For the six months ended 31 March 2012
1. Accounting Policies
Basis of Preparation
The condensed interim financial information has been prepared
using policies based on International Financial Reporting Standards
(IFRS and IFRIC interpretations) issued by the International
Accounting Standards Board ("IASB") as adopted for use in the EU.
The condensed interim financial information has been prepared using
the accounting policies which will be applied in the Group's
statutory financial information for the year ended 30 September
2012.
Going concern
The Directors are confident that the Group has sufficient funds
to meet its working capital requirements and commitments for a
period of not less than twelve months from the date of signing of
these financial statements and as a result the financial statements
have been prepared on the going concern basis.
2. Financial reporting period
The condensed interim financial information incorporates
comparative figures for the interim period 1 October 2010 to 30
September 2011 and the audited financial year to 30 September 2011.
The condensed interim financial information for the period 1
October 2011 to 31 March 2012 is unaudited. In the opinion of the
Directors the condensed interim financial information for the
period presents fairly the financial position, results from
operations and cash flows for the period in conformity with the
generally accepted accounting principles consistently applied.
The financial information contained in this interim report does
not constitute statutory accounts as defined by the Isle of Man
Companies Act 2006. The comparatives for the full year ended 30
September 2011 are not the Company's full statutory accounts for
that year. A copy of the statutory accounts for the year ended 30
September 2011 has been delivered to the Registrar of Companies.
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 the provisions of the Isle of Man
Companies Act 2006.
3. Revenue
Revenue is attributable to one continuing activity, which is oil
production from a wholly-owned subsidiary of the Group, located in
the United States.
4. Operating Loss
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
(unaudited) (unaudited) (audited)
2012 2011 2011
---------------------------------------------------- ------------- ------------- --------------
The following items have been charged/(credited)in GBP'000 GBP'000 GBP'000
arriving at operating loss:
---------------------------------------------------- ------------- ------------- --------------
Depreciation of property, plant and equipment 2 2 4
Directors' fees 287 139 489
Share--based payments charge - statement
of comprehensive income - - 7
Auditors' remuneration:
- audit services 22 30 62
-non audit services - 6 36
Rentals payable in respect of land and buildings 25 46 60
---------------------------------------------------- ------------- ------------- --------------
In relation to his termination of appointment as director in the
six months to 31 March 2012, Stephen Komlosy received a
compensation payment of GBP123,693.
5. Loss per share
Basic loss per share is calculated by dividing the losses
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the year.
Reconciliations of the losses and weighted average number of shares
used in the calculations are set out below.
Weighted average
Number Per share
Losses of shares Amount
Six months ended 31 March 2012 GBP'000 '000 Pence
---------------------------------------- -------- ------------------ ----------
Basic and Diluted EPS
Losses attributable to ordinary
shareholders on continuing operations (630) 1,416,071 (0.04)
---------------------------------------- -------- ------------------ ----------
Total losses attributable to ordinary
shareholders (630) 1,416,071 (0.04)
---------------------------------------- -------- ------------------ ----------
Weighted average
Number Per share
Losses of shares Amount
Six months ended 31 March 2011 GBP'000 '000 Pence
---------------------------------------- -------- ------------------ ----------
Basic and Diluted EPS
Losses attributable to ordinary
shareholders on continuing operations (724) 759,549 (0.09)
---------------------------------------- -------- ------------------ ----------
Total losses attributable to ordinary
shareholders (724) 759,549 (0.09)
---------------------------------------- -------- ------------------ ----------
Weighted average
Number Per share
Losses of shares Amount
Financial year ended 30 September GBP'000 '000 Pence
2011
---------------------------------------- -------- ------------------ ----------
Basic and Diluted EPS
Losses attributable to ordinary
shareholders on continuing operations (2,196) 877,371 (0.25)
---------------------------------------- -------- ------------------ ----------
Total losses attributable to ordinary
shareholders (2,196) 877,371 (0.25)
---------------------------------------- -------- ------------------ ----------
6. Intangible assets
Oil & Gas Oil & Gas Oil & Gas
Available Exploration Technology Total
for sale and development licence
financial licence
assets
GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ----------- ----------------- ----------- --------
Cost
At 1 October 2010 - 6,382 667 7,049
---------------------- ----------- ----------------- ----------- --------
Additions - 227 647 874
---------------------- ----------- ----------------- ----------- --------
At 31 March 2011 - 6,609 1,314 7,923
---------------------- ----------- ----------------- ----------- --------
Additions - 22 - 22
---------------------- ----------- ----------------- ----------- --------
At 30 September 2011 - 6,631 1,314 7,945
Additions 3,148 122 - 3,270
Net book value
At 31 March 2012 3,148 6,753 1,314 11,215
---------------------- ----------- ----------------- ----------- --------
At 30 September 2011 - 6,631 1.314 7,945
---------------------- ----------- ----------------- ----------- --------
At 31 March 2011 - 6,609 1,314 7,923
---------------------- ----------- ----------------- ----------- --------
On 30 March 2012, the company announced its intention to make a
$5 million investment in Red Leaf Resources Inc. ("Red Leaf") as
part of a $100 million raising from Red Leaf in conjunction with
the closing of a Joint Venture ("JV") with Total E&P USA Oil
Shale, LLC. The completion of the investment was announced on 2
April 2012. The Investment included a GBP2,957,500 subscription by
Altima Global Special Situations Master Fund Ltd ("AGSS"), Dominic
Redfern and Mark Donegan with TomCo at 1.75p per ordinary share
(the closing mid market price the day prior to the announcement of
the Investment). The balance of the Investment was financed from
TomCo's existing cash resources. As a result of the Investment,
TomCo received 3,333.33 shares in Red Leaf Resources Inc.
7. Share Capital
Six months Six months
ended ended Year ended
31 March 31 March 30 September
2012 2011 2011
(Unaudited) (Unaudited) (Audited)
Number of GBP,000 GBP'000 GBP,000
shares
---------------------------------- ------------ ------------- ------------- --------------
Issued and fully paid
At 1 October 6,555 3,798 3,798
Allotted during period:
July 2011 - placing at 1 pence
per share 551,346,803 - - 2,757
October 2011 - loan conversion
at 1 pence per share 100,920,548 504 - -
January 2012 - conversion of
warrants at 1.5 pence per share 34,666,667 173 - -
March 2012 - subscription at
1.75 pence per share 169,000,000 845 - -
---------------------------------- ------------ ------------- ------------- --------------
1,615,483,169 (March 2011:
759,549,151; September 2011:
1,310,895,954) ordinary shares
of GBP0.005 each 8,077 3,798 6,555
---------------------------------- ------------ ------------- ------------- --------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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