RNS Number:9193R
Caspian Holdings plc
29 September 2005
29 September 2005
CASPIAN HOLDINGS Plc
("Caspian" or "the Company")
ANNOUNCES INTERIM RESULTS
FOR THE SIX MONTHS TO 30TH JUNE 2005
Caspian Holdings Plc (AIM:CSH) has had an active program since our inaugural
Annual Report and significant field work and evaluation has now created a solid
base from which the Company can deliver substantial increases in oil production
from our flagship Zhengeldy oil field. The profitability of the increased
production should be further enhanced by an expected increase in the wellhead
price resulting from the commencement of exports from the Zhengeldy field.
Highlights for the period include:
*Drilling of 7 new wells and reactivating 2 old wells
*Production in excess of 25,000 barrels of oil
*Schlumberger Zhengeldy gasfield and reservoir review
*Logging and commencement of workover of five wells
*Identification of further scope to increase production rates through new
drilling program
Since January 2005, Caspian has drilled six new wells and reactivated two older
wells drilled by the Soviet Union in the 1930s. In total nine new wells and
three old wells have been drilled by Caspian since the commencement of field
development operations in mid 2004 with commercial oil production successfully
achieved from seven of the new wells and two of the reactivated wells. This
brings total field production to August in excess of 25,000 barrels of oil.
Oil production performance from the field has been mixed with some wells
delivering healthy oil production rates, some being dry and two having lower
than expected production rates.
The mixed results prompted Caspian to commence an extensive reservoir and
reserve evaluation program with Schlumberger Central Asia. This has involved
full petrophsycial evaluation of both old and new wells, new logging and the
construction of a revised geological model. The results of the review have led
to a significantly clearer geological model and identification of a total of
eight potential individual reservoirs and a program to bring into production the
previously dry and poorly performing wells. In addition the review has
identified a large increase in net pay in some of the producing wells, and
therefore significantly increasing the production capabilities of those
producing wells.
The final evaluation report from Schlumberger Central Asia is expected to be
available by the end of October.
The significant increase in the production rates should be achieved as a result
of:
* Identification of new oil bearing levels
* Identification of larger net oil pay zones
* Superior control over perforations.
* Better quality cementation
* Removal of water incursions
* Water disposal well
The workover program, which has commenced, has the objective of bringing all new
wells into commercial production during 2005. An extensive five well logging
program was completed by Schlumberger in Q3 2005 and the workovers of these
wells is underway. The remainder of the wells will commence workover during the
latter part of Q4 2005.
Based on the success of this program, the Company is excited by the potential to
significantly increase oil production rates through a new drilling campaign.
The interim financial results reflect the early stage of development and oil
production of the company. For the six months to 30 June 2005 turnover was
#159,494 and the loss after taxation was (#522,633).
The progress that the Company has made in grappling with the initial technical
challenges of the Zhengeldy field and developing a program to rapidly increase
oil production could not be achieved without the commitment of the management
team under the leadership of Chief Operating Officer Dietmar Greil.
For further information, please contact:
Caspian Holdings Plc Hoodless Brennan Parkgreen Communications
Michael Masterman Edward Hutton Justine Howarth / Ana Ribeiro
T: +447791288381 T: +44 (0) 20 7538 1166 T: +44 (0)20 7493 3713
CASPIAN HOLDINGS Plc
GROUP PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 JUNE 2005
Notes Unaudited 2005 Year to 31st
December 2004*
TURNOVER 2 159,494 -
Cost of sales 182,590 17,057
-------- --------
GROSS LOSS (23,096) (17,057)
Administrative
expenses 552,684 617,112
-------- --------
OPERATING LOSS
Acquisitions - (173,934)
Continuing
operations (575,780) (460,235)
-------- --------
(575,780) (634,169)
Interest
receivable and
similar income 55,632 13,254
Interest payable
and similar
charges (2,485) (6,525)
-------- --------
LOSS ON ORDINARY
ACTIVITES BEFORE
TAXATION (522,633) (627,440)
Tax on
loss/profit on
Ordinary
activities 3 - -
-------- --------
LOSS FOR THE
FINANCIAL YEAR
AFTER TAXATION (522,633) (627,440)
Minority equity
interests - 29,948
-------- --------
RETAINED LOSS
FOR THE
FINANCIAL YEAR #(522,633) #(597,492)
======== ========
Basic and
Diluted loss per
share 4 0.62P 2.33P
* Results are restated for the impact of the transition to International
Financial Reporting Standards (IFRS) see note 5.
CASPIAN HOLDINGS Plc
GROUP BALANCE SHEET
AS AT 30 JUNE 2005
Notes Unaudited 31st December
2005 2004*
FIXED ASSETS
Intangible assets 1,798,265 1,766,962
Tangible assets 1,516,002 784,006
-------- --------
3,314,267 2,550,968
CURRENT ASSETS
Stocks 6,389 72,469
Debtors 586,483 302,503
Cash at bank and in 1,695,466 3,100,585
hand -------- --------
2,288,338 3,475,557
CREDITORS: Amounts
falling due 263,931 318,606
within one year -------- --------
NET CURRENT ASSETS 2,024,407 3,156,951
-------- --------
TOTAL ASSETS LESS
CURRENT 5,338,674 5,707,919
LIABILITIES
CREDITORS: Amounts
falling due after 124,850 128,839
more than one year
PROVISIONS FOR
LIABILITIES AND 21,174 4,097
CHARGES -------- --------
#5,192,650 #5,574,983
======== ========
CAPITAL AND
RESERVES
Called up share 6 84,492 83,882
capital
Share premium 6 6,227,445 6,087,755
account
Profit and loss 6 (1,119,287) (596,654)
account -------- --------
Shareholders' funds #5,192,650 #5,574,983
======== ========
Shareholders' funds
attributable to #5,192,650 #5,574,983
Equity interest ======== ========
* Results are restated for the impact of the transition to International
Financial Reporting Standards (IFRS) see note 5.
CASPIAN HOLDINGS Plc
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2005
Notes Unaudited 2005 Year to 31st
December 2004 *
Net cash outflow from
operating activities 1 (783,887) (1,054,611)
Returns on investments
and servicing of
finance 2 53,147 6,729
Capital expenditure
and financial
investment 2 (817,881) (1,041,622)
Acquisitions and
disposals 2 - (861,428)
-------- --------
(1,548,621) (2,950,932)
Financing 2 137,101 6,149,266
-------- --------
(Decrease)/Increase in
cash in the period #(1,411,520) #3,198,334
======== ========
Reconciliation of net cash flow 3
to movement in net debt
(Decrease)/Increase in cash in the period (1,411,520) 3,198,334
Cash inflow/(outflow) from decrease in debt and
Lease financing 3,199 (119,929)
-------- --------
Change in net debt resulting from cash flows (1,408,321) 3,078,425
Royalty payments acquired - (160,089)
-------- --------
Movement in net debt in the period (1,408,321) 2,918,316
Net cash at 1 January 2005 2,918,316 -
-------- --------
Net cash at 30 June 2005 #1,509,995 #2,918,316
======== ========
* Results are restated for the impact of the transition to International
Financial Reporting Standards (IFRS) see note 5.
CASPIAN HOLDINGS Plc
NOTES TO THE GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2005
1. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING
ACTIVITIES
Unaudited 2005 Year to 31st
------------- December 2004 *
Operating Loss (575,780) (634,169)
Depreciation charges 54,582 36,902
Decrease/(Increase) in stocks 66,080 (72,339)
(Increase) in debtors (283,980) (235,899)
(Decrease) in creditors (61,866) (151,901)
---------- -----------
Increase in provisions 17,077 2,795
-------- ---------
Net cash outflow from
operating activities #(783,887) #(1,054,611)
======== =========
2. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT
Return on investments and servicing of finance
Interest received 55,632 13,254
Interest paid (2,485) (6,525)
-------- ---------
Net cash outflow for returns on
Investments and servicing of finance #53,147 #6,729
======== =========
Capital expenditure and financial investment
Purchase of intangible fixed assets (38,853) (241,014)
Purchase of tangible fixed assets (905,969) (795,132)
Disposal of tangible fixed assets 117,308 -
Exchange differences 9,633 (5,476)
-------- ---------
Net cash outflow for capital expenditure
and financial investment #(817,881) #(1,041,622)
======== =========
Acquisitions and disposals
Purchase of subsidiaries - (864,546)
Cash acquired - 3,118
--- -------
Net cash outflow for acquisitions and
disposals #- #861,428
======== =========
Financing
Share issue 140,300 6,029,337
Capital element of hire purchase of
finance leases (276) 22,488
Capital element of royalty payments (2,923) 97,441
-------- ---------
Net cash (outflow)/inflow from financing #137,101 #6,149,266
======== =========
* Results are restated for the impact of the transition to International
Financial Reporting Standards (IFRS) see note 5.
CASPIAN HOLDINGS Plc
NOTES TO THE GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2005
3. ANALYSIS OF CHANGES IN NET DEBT
At 01.01.05 Cashflow At 30.06.05
Net cash:
Cash at bank and in hand 3,100,585 (1,405,119) 1,695,466
-------- -------- --------
Debt:
Hire purchase or finance leases (22,488) (276) (22,764)
Royalty lease payments (159,781) (2,923) (162,707)
-------- -------- --------
(182,269) (3,199) (185,471)
-------- -------- --------
Total #2,918,316 #(1,408,318) #1,509,995
======== ======== ========
Analysed in Balance Sheet
Cash at bank and in hand 1,695,466
Hire purchase or finance leases
within one year (12,519)
after one year (10,245)
Royalty lease payments
Within one year (48,102)
after one year (114,605)
--------
#1,509,995
========
CASPIAN HOLDINGS Plc
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2005
1. BASIS OF PREPARATION
As a European Union Listed company Caspian Holdings Plc has been required to
adopt International Financial Reporting Standards (IFRS) with effect from 1
January 2005. The results for the six months ended 30 June 2005 represent the
group's first interim results prepared in accordance with it's accounting
policies under IFRS. The group's first IFRS annual report and accounts will be
for the year ended 31 December 2005. The detailed reconciliation of shareholders
funds as at 31 December 2004 to those previously declared is shown in note 5.
These financial statements have been prepared by the group using those standards
it expects to be endorsed and applicable when the IFRS accounts are prepared for
the year ending 31 December 2005.
The interim results are unaudited but have been reviewed by the auditors. The
financial statements herein do not amount to full statutory accounts within the
meaning of Section 240 of the Companies Act 1985 (as amended).
2. TURNOVER
Turnover represents sale of oil.
3. TAXATION
There is no taxation arising on the loss on ordinary activities for the six
months ended 30 June 2005.
4. LOSS PER ORDINARY SHARE
The calculation of the loss per ordinary share is based on a Group loss of
#522,633 for the 6 months ending 30th June 2005 (#627,440 for the year ended
31st December 2004 as amended per note 5), and the weighted average ordinary
shares outstanding of 84,187,000 (26,929,102 for the year ended 31st December
2004).
On the basis of the above calculations, the loss per ordinary share for the 6
months to 30th June 2005 is 0.62p (31st December 2004 2.33p).
CASPIAN HOLDINGS Plc
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2005
5. RECONCILIATION OF OPENING SHAREHOLDERS' FUNDS
Group Share Capital Other Reserve Share Premium Profit and Loss Total
Account Shareholders
Fund
Opening
shareholders'
funds as
previously
declared 83,882 2,775 6,087,755 (573,020) 5,601,392
Adjustment for
revision of
historical
cost of
Royalties
shown as
Intangible
Assets - - - (126,142) (126,142)
Adjustment for
discounting of
royalty
liabilities - - - 105,559 105,559
Adjustment for
change in
accounting
policy for
stock - - - (17,643) (17,643)
Adjustment for
restatement of
reserve as
provision - (2,775) - 215 (2,560)
Adjustment for
revision of
historical
cost of
deferred costs - - - 14,377 14,377
------ ------- -------- -------- ---------
Opening
shareholders'
funds restated #83,882 #- #6,087,755 #(596,654) #5,574,983
====== ======= ======== ======== =========
6. RESERVES AND RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Group Share Capital Share Premium Profit and Loss Total
Account Shareholders
Fund
Loss for the
financial year - - (522,633) (522,633)
Shares issued 610 139,690 - 140,300
------- -------- -------- ---------
Net additions
to
shareholders'
funds 610 139,690 (522,633) (382,333)
Opening
shareholders'
funds (Note 6) 83,882 6,087,755 (596,654) 5,574,983
------- -------- -------- ---------
Closing
shareholders'
funds #84,492 #6,227,445 #(1,119,287) #5,192,650
======= ======== ======== =========
CASPIAN HOLDINGS Plc
Independent review report
FOR the SIX MONTHS TO 30TH JUNE 2005
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30th June 2005. We have read the other information
contained in the interim report and considered wither it contains any apparent
misstatements or material inconsistencies with the financial information.
Our report has been prepared in accordance with the terms of our engagement to
assist the company in meeting the requirements of the rules of the London Stock
Exchange for companies trading securities on the Alternative Investment Market
and for no other purpose. No person is entitled to rely on this report unless
such a person is a person entitled to rely upon this report by virtue of and for
the purpose of our terms of engagement or has been expressly authorised to do so
by our prior written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we hereby expressly
disclaim any and all such liability.
Director's Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the rules of the
London Stock Exchange for companies trading securities on the Alternative
Investment Market which require that the half-yearly report be presented and
prepared in a form consistent with that which will be adopted in the company's
annual accounts having regard to the accounting standards applicable to such
annual accounts.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom by auditors
of fully listed companies. A review consists principally of making enquiries of
management and applying analytical procedures to the financial information and
underlying financial data and based thereon, assessing whether the accounting
policies and presentation have been consistently applied unless otherwise
disclosed. A review excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions. It is substantially less
in scope than an audit performed in accordance with United Kingdom Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.
Review Conclusion
On the of our review we are not aware of any material modifications that should
be made to the financial information as presented for the six months ended 30th
June 2005.
COOK AND PARTNERS
Chartered Accountants
This information is provided by RNS
The company news service from the London Stock Exchange
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