TIDMCHAR
RNS Number : 3538A
Chariot Oil & Gas Ld
29 September 2020
29 September 2020
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
H1 2020 Results
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused energy company, today announces its unaudited interim
results for the six-month period ended 30 June 2020.
-- New Executive Team appointed with new values, mission and
energy to create growth and deliver positive change through
investment in projects that are driving the energy revolution
-- Upgrade of audited total remaining recoverable resource to in
excess of 1 Tcf for Anchois, representing a 148% increase
(comprising 361 Bcf 2C contingent resources and 690 Bcf 2U
prospective resources)
-- New ventures are being evaluated, defined by Chariot's
values, strengths and the scalability of the opportunities
Adonis Pouroulis, Acting CEO of Chariot commented:
"This is an exciting phase in the evolution of the Company as
the new team takes action to drive the Lixus opportunity forward
and bring in value-accretive new ventures that play into the energy
transition theme. With each day that passes more potential in the
Lixus licence is uncovered, delineating a major gas resource with
strong ESG credentials and national significance for Morocco.
Africa is the one continent where population growth and demand
for power are rising rapidly and are projected to continue to rise
throughout this century. With this, Chariot is ideally placed with
its Moroccan gas development foothold to reach out and invest into
other alternative projects that embody our core values, demonstrate
our vision and create value for shareholders as we seek to make the
Company more relevant to future energy needs.
The work the team has undertaken to advance the Anchois project
during the period, in what is shaping up to be a multi-Tcf
prospective licence area, has served to enhance its commerciality
and bring a highly scalable, fundable development opportunity onto
the radar of institutional financing. We look forward to further
project endorsements and hope to announce more progress in the
coming months as the gap narrows between the market's perception of
the Company and what management feel is currently a vastly
undervalued clean energy investment proposition."
Further Information
Anchois Gas Field Development
Resources
-- 3D PSDM seismic reprocessing and updated Independent
Assessment completed, by Netherland Sewell & Associates Inc.
("NSAI"), with material upgrade of audited total remaining
recoverable resource to in excess of 1 Tcf for Anchois (comprising
361 Bcf 2C contingent resources and 690 Bcf 2U prospective
resources)
-- Ability for the low-risk prospective targets (C, M and O
sands) to be drilled at low cost as part of any appraisal or
development drilling activity on the Anchois Discovery (A and B
sands); the development of which brings the potential for material
free cash flow
-- Existing exploration upside of a combined 1.8Tcf 2U audited
prospective resource in other Lixus prospects further added to with
the identification of additional Mio-Pliocene gas play prospects,
with a preliminary internal Chariot estimate of c.1Tcf
Development Plan
-- Reservoir and integrated asset modelling completed, Pre-FEED
study commissioned and optimised development concept finalised with
a major engineering consultancy, with initial reference base case
economics highly encouraging
-- 70MMscfd base case production rate, equivalent to a power
generating potential of c.600MW electricity and with capex reduced
c.30% relative to 2019 feasibility study. Work continues to further
reduce uncertainties in the range of costs
Gas Market
-- Large and growing energy market in Morocco with attractive
indicative pricing of US$8/mmbtu in power generation and
US$10-11/mmbtu in industry based on public information of other
operators in Morocco
-- Engagement continues with potential off-takers both within
the domestic Moroccan gas market and through the Maghreb-Europe
pipeline to potential off-takers in the European gas market
Funding
-- Discussions continue with a variety of parties for the
provision of development debt finance. The feedback is encouraging
and demonstrates the project's fundability and materiality at an
institutional level
-- An active E&P partnering process is ongoing to fund the
appraisal well. New pre-stack depth migration ("PSDM") reprocessed
data with material resource upgrade has encouraged further groups
to come into the data room
New Business
-- Team continues to evaluate new value-accretive business
opportunities that play to our strengths as energy professionals
and our long-standing presence and experience across the African
continent
Capital Discipline Maintained
-- Unaudited cash balance as at 30 June 2020 of US$5.8 million
-- No debt or remaining work commitments
-- Restructuring in April 2020 brought organisational and other
savings to reduce annual cash overheads by c.45%, from US$4.5
million to US$2.5 million
-- Key skills retained and operating capability to scale up when
appropriate, with prevailing market conditions making preservation
of cash an imperative
Exploration Portfolio
-- Non-cash impairments of US$66.7 million in respect of Namibia
and Brazil, reflective of change in strategic direction and
Management's approach to non-core assets in the current challenging
market environment
-- Despite write-downs, Chariot will retain its interest in
Namibia and Brazil with no work commitments going forward and will
continue to host data-rooms for marketing of both assets
-- Key third-party offset wells are expected in 2020-2021 in
Brazil and Namibia which will help to inform prospectivity and
value of Chariot's acreage
-- A further non-cash impairment of US$0.5 million has been
booked against drilling inventory held from previous drilling
campaigns
Board Changes in the Post Period
-- Adonis Pouroulis, previously Non-Executive Director and the
Company founder, took over as Acting CEO in July 2020
-- To further strengthen the Company's leadership team, both
Julian Maurice-Williams and Duncan Wallace joined the Board in July
as executive directors in roles of Chief Financial Officer and
Technical Director respectively
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
For further information please contact:
Chariot Oil & Gas Limited
Adonis Pouroulis, Acting CEO
Julian Maurice-Williams, CFO +44 (0)20 7318 0450
finnCap (Nominated Adviser and Broker)
Christopher Raggett (Corporate Finance)
Andrew Burdis (ECM) +44 (0)20 7220 0500
Celicourt Communications (Financial
PR)
Mark Antelme
Jimmy Lea +44 (0)20 8434 2754
NOTES TO EDITORS
ABOUT CHARIOT
Chariot Oil & Gas Limited is an independent energy company
which holds a high value, low risk gas development project with
strong ESG credentials in a fast growing emerging economy with a
clear route to early monetisation, delivery of free cashflow and
material exploration upside.
The ordinary shares of Chariot Oil & Gas Limited are
admitted to trading on the AIM Market of the London Stock Exchange
under the symbol 'CHAR'.
Chariot Oil & Gas Limited
Chief Executive's Review
Covid-19 and the global social and economic upheaval this year
has brought pause for thought for the E&P sector, as in many
other areas of business, trends that had been gradual are now
accelerating. Consumer preferences for energy consumption have
shifted dramatically towards a more sustainable, clean, renewable
and alternative fuels driven solutions to demand. At the same time,
retail and institutional investors now apply environmental, social
and governance ("ESG") principles to portfolios to such an extent
that those who have not adapted risk becoming irrelevant. Since
being founded we have partnered with majors, drilled four
potentially transformational but dry wells, including two as
operator, and secured c.1 Tcf gas resource. However, investor
appetite for a pure E&P play has declined and been overtaken by
an approach that considers ESG metrics in all investment decisions.
This impact is felt in all levels of funding to the company,
including direct equity investment into Chariot but also partnering
with companies across the energy value chain at the asset level
and, most importantly, providers of debt finance for
development.
We believe the Anchois Gas Development Project possesses these
highly sought-after ESG criteria due to its potential as an enabler
of Morocco's stated aim to transition to renewables and increase
the use of gas in power generation. Gas has been a growing
component of the power generation mix as part of the national
strategy to reduce imports and transition to lower carbon energy,
however, facilities in Morocco are underutilised and coal still
dominates, accounting for around two thirds of power generation in
2019. Much of the installed power capacity in the form of Combined
Cycle Gas Turbines ("CCGT"), which are a form of highly efficient
energy generation technology that combines a gas-fired turbine with
a steam turbine, are not fully utilised. Connection into these
installed power stations could be easily achieved through the
nearby Mahgreb-Europe gas pipeline. By increasing the proportion of
gas in that energy mix there is potential for substantial savings
in carbon emissions throughout the time of transition to a wider
uptake of renewable energy. In a market where quality ESG
investments with a clear path to free cashflow are scarce, we see
this development as a rare opportunity to help a country deliver on
its stated energy transition goals but also build a high performing
business supplying a reliable source of cheap, sustainable energy
to the population of a power hungry, growing economy. Chariot wants
to be part of the
energy transition solution for Morocco.
The Company has gone through significant change this year.
Firstly, steps were taken in April to restructure to a lower cost
base whilst retaining key skills and operational capabilities.
Secondly, and more fundamentally, the changes to the Board and new
Executive Team have ushered in a new vision and energy for future
growth. Building on the already strong technical skills and dynamic
culture in place, the new team is taking an entrepreneurial
approach as it seeks out new ventures that are value accretive and
play to our strengths as energy professionals with a wide footprint
across the continent of Africa.
We believe this change in strategy will yield near term
cashflow, bring superior financial performance, high growth in
shareholder value, helping to accelerate the transition to a
lower-carbon global economy and redraw the profile of the Company
as it seeks to invest in projects that are driving the new energy
revolution.
Lixus Offshore Licence - Building a Sustainable Moroccan Energy
Business
The completion of the reprocessing of the 3D PSDM seismic data
has resulted in a significant upgrade of audited total remaining
recoverable resource to in excess of 1 Tcf for Anchois (comprising
361 Bcf 2C contingent resources and 690 Bcf 2U prospective
resources). The reprocessed data has derisked existing exploration
prospects and also uncovered new prospects in the Mio-Pliocene gas
play, with early internal estimates of c.1 Tcf. Adding these
further exploration targets could lift the total licence resources
to c.4 Tcf (sum of 2C plus 2U resources including independent and
preliminary internal estimates).
We have completed additional reservoir and integrated-asset
modelling leading on to a Pre-FEED study with Xodus, a major
engineering consultancy. Work to date has defined an optimised
development concept and an initial reference base case. With
improved metrics, the base case now provides for 70MMscfd plateau
production rate, equivalent to power generation potential of
c.600MW electricity and with a reduction in the expected capex of
c.30% relative to the earlier 2019 feasibility study. Work
continues to reduce uncertainties in the range of costs, but
factoring in the already favourable fiscal regime in Morocco the
results of these studies are highly encouraging and further serve
to fully describe a highly commercially valuable project.
Discussions are ongoing with state electricity company, private
power generators and industrial users within the domestic Moroccan
gas market and through the Mahgreb-Europe pipeline to potential
off-takers in the European gas markets.
In the post period discussions have progressed with a range of
interest parties to provide development debt finance. These
discussions take into account the estimated capex required to bring
the development online, anticipated to be in the region of
US$300-500 million, but they also identify Lixus as being an
important strategic asset, with strong ESG credentials, that has
the potential to help Morocco transition to a low carbon economy,
as it seeks to satisfy an anticipated doubling in domestic demand
for energy over the next 20 years.
Separately the Company is currently engaged with a consortium of
industry players looking to participate in the Anchois Gas
Development and an active E&P partnering process is ongoing
with further groups due to attend the data room in the coming
period.
Exploration Portfolio
Whilst an impairment has been recognised in respect of the
non-core Namibian and Brazilian assets, reflecting the changing
macro environment and the strategy, Chariot will retain its
interest in the assets with no work commitments going forward and
will continue to host data-rooms for marketing of both assets.
Financial Review
The Group remains debt free and had a cash balance of US$5.8
million at 30 June 2020 (US$9.6 million at 31 December 2019), with
no remaining work commitments across the portfolio.
In light of the challenging business environment which has been
further compounded by the impact of Covid-19, exploration in both
Namibia and Brazil has been assessed as non-core with any potential
future value to be derived from drilling of offset wells by third
parties nearby, which are anticipated to spud in 2020-2021. Whilst
the Company retains the Central Blocks, Namibia and BAR-M Blocks,
Brazil and will continue to host data-rooms for potential
partnering, a non-cash impairment charges totalling US$66.7 million
have been recorded against the full book value of Namibia and
Brazil.
The Group has further assessed the carrying value of its
remaining inventory from earlier drilling campaign and has provided
fully against the remaining value, resulting in a charge of US$0.5
million.
Other administrative expenses of US$1.7 million (30 June 2019:
US$1.5 million) are slightly higher than the prior period
reflecting one-time restructuring costs incurred in the period
which are expected to decrease annual cash overhead from c.US$4.5
million to c.US$2.5 million.
Finance income of US$0.4 million (30 June 2019: US$0.1 million)
relates to the holding of higher cash balances in Sterling to meet
administrative expenses in the current year resulting in higher
foreign exchange gains. Finance expenses of less than US$0.1
million (30 June 2019: <US$0.1 million) reflect the unwinding of
the discount on the lease liability under IFRS 16.
Share-based payments charges of US$0.2 million (30 June 2019:
US$0.4 million) are marginally lower than the prior period due to
the vesting of historic awards of employee deferred shares.
Corporate
In the post period a new executive leadership team has been
assembled and as I step into the role of Acting CEO, I would like
to welcome Julian Maurice-Williams and Duncan Wallace onto the
Board as executive directors as Chief Financial Officer and
Technical Director respectively. Together with the Chariot team we
are focused and energised to deliver on the new strategy.
Outlook
The recent strides forward made in sub-surface description of
Lixus with the completion of the 3D PSDM seismic reprocessing and
independently audited resource upgrades have elevated this project
to a materiality that is grabbing the attention of the industry and
wider market. In addition to the active farm-out process,
discussions being held with gas off-takers are encouraging. The
discussions held with institutional lenders have underlined the
quality of the asset and development opportunity and we now look
ahead to the next steps in our objective to secure project
finance.
As demonstrated by the recent development concept work with a
high calibre engineering consultancy, this project has a clear path
to first gas using existing technologies and engineering design. As
all the elements of the Anchois Gas Development Project come
together and we seek out new ventures, this is an exciting time for
shareholders and all who are involved in the Company and we look
forward to providing more progress updates throughout the remainder
of 2020 as value is generated for shareholders.
Adonis Pouroulis
Acting Chief Executive Officer
28 September 2020
Chariot Oil & Gas Limited
Consolidated statement of comprehensive income for the six
months ended 30 June 2020
Six months Six months Year ended
ended 30 ended 30 31 December
June 2020 June 2019 2019
US$000 US$000 US$000
Notes Unaudited Unaudited Audited
Share based payments (236) (355) (651)
Provision against inventory (524) - -
Impairment of exploration
asset 4 (66,666) - -
Other administrative expenses (1,736) (1,543) (3,395)
--------------------------------------- ------- -------------- -------------- ---------------
Total operating expenses (69,162) (1,898) (4,046)
--------------------------------------- ------- -------------- -------------- ---------------
Loss from operations (69,162) (1,898) (4,046)
Finance income 361 102 190
Finance expense (38) (69) (183)
--------------------------------------- ------- -------------- -------------- ---------------
Loss for the period before
taxation (68,839) (1,865) (4,039)
Tax expense (1) (11) (11)
--------------------------------------- ------- -------------- -------------- ---------------
Loss for the period and total
comprehensive loss for the
period attributable to equity
owners of the parent (68,840) (1,876) (4,050)
--------------------------------------- ------- -------------- -------------- ---------------
Loss per ordinary share attributable 3 US$(0.19) US$(0.01) US$(0.01)
to the equity holders of the
parent - basic and diluted
--------------------------------------- ------- -------------- -------------- ---------------
Chariot Oil & Gas Limited
Consolidated statement of changes in equity for the six months
ended 30 June 2020
Share Total
based Foreign attributable
Share Share Contributed payment exchange Retained to equity
capital premium equity reserve reserve deficit holders of
the parent
US$000 US$000 US$000 US$000 US$000 US$000 US$000
---------------- ---------- ---------- -------------- ---------- ----------- ----------- --------------
For the six
months ended
30 June 2020
(unaudited)
As at 1
January 2020 6,268 356,503 796 5,408 (1,241) (281,174) 86,560
Loss and total
comprehensive
loss for the
period - - - - - (68,840) (68,840)
Share based
payments - - - 236 - - 236
Transfer of
reserves due
to issue of
share awards 157 2,101 - (2,258) - - -
As at 30 June
2020 6,425 358,604 796 3,386 (1,241) (350,014) 17,956
---------------- ---------- ---------- -------------- ---------- ----------- ----------- --------------
For the six
months ended
30 June 2019
(unaudited)
As at 1
January 2019 6,264 356,336 796 4,928 (1,241) (277,124) 89,959
Loss and total
comprehensive
loss for the
period - - - - - (1,876) (1,876)
Share based
payments - - - 355 - - 355
Transfer of
reserves due
to issue of
share awards 4 167 - (171) - - -
As at 30 June
2019 6,268 356,503 796 5,112 (1,241) (279,000) 88,438
---------------- ---------- ---------- -------------- ---------- ----------- ----------- --------------
For the year
ended 31
December 2019
(audited)
As at 1
January 2019 6,264 356,336 796 4,928 (1,241) (277,124) 89,959
Loss and total
comprehensive
loss for the
year - - - - - (4,050) (4,050)
Share based
payments - - - 651 - - 651
Transfer of
reserves due
to issue of
share awards 4 167 - (171) - - -
As at 31
December 2019 6,268 356,503 796 5,408 (1,241) (281,174) 86,560
---------------- ---------- ---------- -------------- ---------- ----------- ----------- --------------
Chariot Oil & Gas Limited
Consolidated statement of financial position as at 30 June
2020
30 June 30 June 31 December
2020 2019 2019
US$000 US$000 US$000
Notes Unaudited Unaudited Audited
Non-current assets
Exploration and appraisal
costs 4 12,311 76,006 78,264
Property, plant and equipment 59 134 94
Right of use asset: office
lease 819 1,147 983
------------------------------------ ------- ----------- ----------- ------------
Total non-current assets 13,189 77,287 79,341
------------------------------------ ------- ----------- ----------- ------------
Current assets
Trade and other receivables 711 1,347 781
Inventory - 524 524
Cash and cash equivalents 5 5,845 12,137 9,635
------------------------------------ ------- ----------- ----------- ------------
Total current assets 6,556 14,008 10,940
------------------------------------ ------- ----------- ----------- ------------
Total assets 19,745 91,295 90,281
------------------------------------ ------- ----------- ----------- ------------
Current liabilities
Trade and other payables 848 1,549 2,535
Lease liability: office lease 355 339 366
------------------------------------ ------- ----------- ----------- ------------
Total current liabilities 1,203 1,888 2,901
------------------------------------ ------- ----------- ----------- ------------
Non-current liabilities
Lease liability: office lease 586 969 820
------------------------------------ ------- ----------- ----------- ------------
Total non-current liabilities 586 969 820
------------------------------------ ------- ----------- ----------- ------------
Total liabilities 1,789 2,857 3,721
------------------------------------ ------- ----------- ----------- ------------
Net assets 17,956 88,438 86,560
------------------------------------ ------- ----------- ----------- ------------
Capital and reserves attributable
to equity holders of the parent
Share capital 6 6,425 6,268 6,268
Share premium 358,604 356,503 356,503
Contributed equity 796 796 796
Share based payment reserve 3,386 5,112 5,408
Foreign exchange reserve (1,241) (1,241) (1,241)
Retained deficit (350,014) (279,000) (281,174)
------------------------------------ ------- ----------- ----------- ------------
Total equity 17,956 88,438 86,560
------------------------------------ ------- ----------- ----------- ------------
Chariot Oil & Gas Limited
Consolidated cash flow statement for the six months ended 30
June 2020
Six months Six months Year ended
ended 30 ended 30 31 December
June 2020 June 2019 2019
US$000 US$000 US$000
Unaudited Unaudited Audited
-------------------------------------------- -------------- -------------- ---------------
Operating activities
Loss for the period before taxation (68,839) (1,865) (4,039)
Adjustments for:
Provision against inventory 524 - -
Impairment of exploration asset 66,666 - -
Finance income (361) (102) (190)
Finance expense 38 69 183
Depreciation and amortisation 198 196 401
Share based payments 236 355 651
Net cash outflow from operating
activities before changes in working
capital (1,538) (1,347) (2,994)
Decrease in trade and other receivables 67 479 1,036
(Decrease) / increase in trade and
other payables (1,100) 120 930
Cash outflow from operating activities (2,571) (748) (1,028)
Tax payment (1) (11) (11)
-------------------------------------------- -------------- -------------- ---------------
Net cash outflow from operating
activities (2,572) (759) (1,039)
-------------------------------------------- -------------- -------------- ---------------
Investing activities
Finance income 29 124 217
Payments in respect of property,
plant and equipment - (66) (67)
Payments in respect of intangible
assets (1,300) (6,752) (8,828)
Net cash outflow used in investing
activities (1,271) (6,694) (8,678)
-------------------------------------------- -------------- -------------- ---------------
Financing activities
Payment of lease liabilities (245) (164) (287)
Finance expense on lease (38) (52) (97)
Net cash outflow from financing
activities (283) (216) (384)
-------------------------------------------- -------------- -------------- ---------------
Net decrease in cash and cash equivalents
in the period (4,126) (7,669) (10,101)
Cash and cash equivalents at start
of the period 9,635 19,822 19,822
Effect of foreign exchange rate
changes on cash and cash equivalent 336 (16) (86)
Cash and cash equivalents at end
of the period 5,845 12,137 9,635
-------------------------------------------- -------------- -------------- ---------------
Chariot Oil & Gas Limited
Notes to the interim financial statements for the six months
ended 30 June 2020
1. Accounting policies
Basis of preparation
The interim financial statements have 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 interim financial information has been prepared using the
accounting policies which were applied in the Group's statutory
financial statements for the year ended 31 December 2019. The Group
has not adopted IAS 34: Interim Financial Reporting in the
preparation of the interim financial statements.
There has been no impact on the Group of any new standards,
amendments or interpretations that have become effective in the
period. The Group has not early adopted any new standards,
amendments or interpretations.
2. Financial reporting period
The interim financial information for the period 1 January 2020
to 30 June 2020 is unaudited. The financial statements also
incorporate the unaudited figures for the interim period 1 January
2019 to 30 June 2019 and the audited figures for the year ended 31
December 2019.
The financial information contained in this interim report does
not constitute statutory accounts as defined by sections 243-245 of
the Companies (Guernsey) Law 2008.
The figures for the year ended 31 December 2019 are not the
Group's full statutory accounts for that year. The auditors' report
on those accounts was unqualified, did not contain references to
matters to which the auditors drew attention by way of emphasis and
did not contain a statement under section 263 (3) of the Companies
(Guernsey) Law 2008.
3. Loss per share
The calculation of the basic earnings per share is based on the
loss attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period.
Six months Six months Year ended
ended 30 ended 30 31 December
June 2020 June 2019 2019
Loss for the period US$000 (68,840) (1,876) (4,050)
------------- ------------- --------------
Weighted average number of
shares 371,519,129 367,274,992 367,405,011
------------- ------------- --------------
Loss per share, basic and diluted* US$(0.19) US$(0.01) US$(0.01)
------------- ------------- --------------
*Inclusion of the potential ordinary shares would result in a
decrease in the loss per share and, as such, is considered to be
anti-dilutive. Consequently a separate diluted loss per share has
not been presented.
4. Exploration and appraisal costs
30 June 2020 30 June 2019 31 December 2019
US$000 US$000 US$000
-------------- -------------- ------------------
Balance brought forward 78,264 74,236 74,236
-------------- -------------- ------------------
Additions 713 1,770 4,028
-------------- -------------- ------------------
Impairment (66,666) - -
-------------- -------------- ------------------
Net book value 12,311 76,006 78,264
-------------- -------------- ------------------
As at 30 June 2020 the net book values of the three cost pools
are Morocco US$12.3 million (31 December 2019: US$11.5 million),
Central Blocks offshore Namibia US$Nil (31 December 2019: US$51.1
million), and Brazil US$Nil (31 December 2019: US$15.7
million).
In light of the challenging conditions since Covid-19 and
general lack of appetite in the market for oil exploration, the
activities in Namibia and Brazil have been assessed as non-core and
as such full impairments have been recorded against each respective
cost pool.
5. Cash and cash equivalents
As at 30 June 2020 the cash balance of US$5.8 million (31
December 2019: US$9.6 million ) contains the following cash
deposits that are secured against bank guarantees given in respect
of exploration work to be carried out:
30 June 2020 30 June 2019 31 December 2019
US$000 US$000 US$000
-------------- -------------- ------------------
Moroccan licences 650 650 650
-------------- -------------- ------------------
650 650 650
-------------- -------------- ------------------
The funds are freely transferrable but alternative collateral
would need to be put in place to replace the cash security.
6. Share capital
Allotted, called up and fully paid
At At At At 31 December 31
30 June 30 June 30 June 30 June 2019 December
2020 2020 2019 2019 2019
--------------- ---------- --------------- ---------- --------------- -----------
Number US$000 Number US$000 Number US$000
--------------- ---------- --------------- ---------- --------------- -----------
Ordinary
shares
of 1p
each 378,868,721 6,425 367,532,909 6,268 367,532,909 6,268
--------------- ---------- --------------- ---------- --------------- -----------
Details of the Ordinary shares issued during the six month
period to 30 June 2020 are given in the table below:
Date Description Price No of shares
US$
1 January
2020 Opening Balance 367,532,909
----------------------- ------- --------------
27 April
2020 Issue of share award 0.18 463,768
----------------------- ------- --------------
27 April
2020 Issue of share award 0.42 133,334
----------------------- ------- --------------
27 April
2020 Issue of share award 0.53 154,285
----------------------- ------- --------------
27 April
2020 Issue of share award 4.38 42,000
----------------------- ------- --------------
27 April
2020 Issue of share award 0.50 913,822
----------------------- ------- --------------
27 April
2020 Issue of share award 0.33 700,000
----------------------- ------- --------------
27 April
2020 Issue of share award 0.39 937,500
----------------------- ------- --------------
27 April
2020 Issue of share award 0.12 1,352,875
----------------------- ------- --------------
27 April
2020 Issue of share award 0.20 1,369,541
----------------------- ------- --------------
27 April
2020 Issue of share award 0.05 864,134
----------------------- ------- --------------
27 April
2020 Issue of share award 0.02 2,958,329
----------------------- ------- --------------
27 April
2020 Issue of share award 0.11 278,082
----------------------- ------- --------------
27 April
2020 Issue of share award 0.19 1,168,142
----------------------- ------- --------------
30 June 2020 378,868,721
------- --------------
The ordinary shares have a nominal value of 1p. The share
capital has been translated at the historic rate at the date of
issue, or, in the case of the LTIP, the date of grant.
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