RNS Number:5432J
Caspian Holdings plc
27 September 2006
27 September 2006
AIM: CSH
CASPIAN HOLDINGS
Interim Results for the six months ended 30 June 2006 (unaudited)
Caspian Holdings ("Caspian" or "the Company") presents its interim report and
financial statements (unaudited) for the six month period to 30 June 2006.
Highlights for the period include:
* Drilling of 5 new wells in the 6 months to June 30, 2006 and 7 wells
to date.
* Oil production increased 67% to 28,123 barrels of oil (six months to
30 June 2005: 16,874)
* Oil shipments from Zhengeldy increased by 44% to 27,992 barrels (six
months to 30 June 2005: 19,382)
* Receipt of revenue on first export shipment of 7,200 barrels (1,000
tonnes) in first half 2006 being $412,709 (#227,262). Exports in 1,000
tonne lots are continuing.
* Wellhead price through export increases 3.5 times to $56 per barrel
(six months to 30 June 2005: $16 barrel)
* Identification of further scope to increase production rates through
the new drilling and workover programme
* Strengthening of the management team in the appointment of Operations
Manager, Essien Umoren and Chief Financial Officer, Dom Del Borrello
* Equity raising of #3,331,400 to strengthen balance sheet and fund
drilling programme
Michael Masterman, Chairman of Caspian Holdings Plc, commented: "We have
continued to find commercial oil reserves from our drilling programme and
performance has been enhanced by a combination of increased production, the
commencement of exports from the Zhengeldy field and the general increase in oil
prices."
Enquiries:
Caspian Holdings Plc Hoodless Brennan Parkgreen Communications
Michael Masterman Luke Cairns Justine Howarth/Ana Ribeiro
T: +44 (0) 7791288381 T: +44 (0) 20 7538 1166 T: +44 (0) 20 7493 3713
www.caspianoil.co.uk
CASPIAN HOLDINGS Plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2006
Caspian Holdings Plc has had a continued active drilling and production campaign
since the 2005 Annual Report and significant field work and workovers have now
created oil production capacity. The Company has continued to find commercial
oil reserves from its drilling campaign and the continued increasing production
profile has been further enhanced during the half by an expected increase in
wellhead price resulting from the commencement of exports from the Zhengeldy
field and increase in oil prices.
Highlights for the period include:
* Drilling of 5 new wells in the 6 months to June 30, 2006 and 7 wells to
date.
* Production of 28,123 barrels of oil as compared to 16,874 for the same
period in 2005 being an increase of 67 %
* Increase in shipments from Zhengeldy by 44% (27,992 barrels) building up
required export inventory at the Karsak export terminal. Previously oil was
sold in Kazakhstan with 19,382 barrels shipped in the previous corresponding
period.
* Receipt of revenue on first export shipment of 7,200 barrels (1,000
tonnes) in first half 2006 being $412,709 (#227,262). Exports in 1,000
tonne lots are continuing.
* Increase in wellhead price through export from an average of $16 barrel in
the same period for 2005 to $56 barrel for the corresponding period in 2006
* Identification of further scope to increase production rates through the
new drilling and workover program
* Strengthening of the management team in the appointment of Operations
Manager, Essien Umoren and Chief Financial Officer, Dom Del Borrello
* Equity raising of #3,331,400 to strengthen balance sheet and fund drilling
program
Since January 2006, Caspian has drilled 7 new wells and in total 17 new wells
have been drilled by Caspian since the commencement of field development
operations in mid 2004. This brings total cumulative field production to date in
excess of 70,000 barrels of oil since commencement of operations.
The interim financial results reflect the early stage of development and oil
production of the company. For the six months to 30th June 2006, turnover was
#250,227 (2005 #159,494) and the Profit after taxation was #25,118 (2005 loss
-#522,633)
............................................
Michael Masterman
Chairman
25th September, 2006
CASPIAN HOLDINGS Plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2006
GROUP INCOME STATEMENT Unaudited Unaudited
Six Six Year to
Months to Months to 31st
30th June 30th June December
Notes 2006 2005 2005
REVENUE 250,227 159,494 318,578
Cost of sales (266,339) (182,590) (428,497)
GROSS LOSS (16,112) (23,096) (109,919)
Administrative expenses (510,141) (510,640) (1,299,637)
OPERATING LOSS (526,253) (533,736) (1,409,556)
Exchange gains in year 723,858 (42,044) 161,658
Adjustment in fair values of fixed assets (55,633) - -
Provisions created in period (145,634) - -
Finance income 37,143 55,632 82,788
Finance costs (8,363) (2,485) (18,766)
PROFIT/(LOSS) BEFORE TAXATION 25,118 (522,633) (1,183,876)
Taxation
- - -
RETAINED PROFIT/(LOSS) FOR THE 5
FINANCIAL PERIOD #25,118 #(522,633) #(1,183,876)
Basic and diluted profit/(loss) per share 4 0.02p 0.62p (1.4p)
CASPIAN HOLDINGS Plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2006
GROUP BALANCE SHEET
Unaudited Unaudited 31st
30th June 30th June December
Notes 2006 2005 2005
ASSETS
NON-CURRENT ASSETS
Goodwill 1,307,985 1,307,985 1,307,985
Intangible assets 654,908 490,280 662,146
Property, plant and equipment 3,321,343 1,516,002 2,135,393
5,284,236 3,314,267 4,105,524
CURRENT ASSETS
Inventories 570,309 6,389 16,349
Trade and other receivables 857,599 586,483 425,168
Cash and cash equivalents 1,723,819 1,695,466 477,747
3,151,727 2,288,338 919,264
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 483,267 251,412 330,705
Financial liabilities - borrowings
Interest bearing loans and borrowings 8,108 12,519 6,423
Provisions 211,453 21,174 29,859
702,828 285,105 366,987
NET CURRENT ASSETS 2,448,899 2,003,233 552,277
NON CURRENT LIABILITIES
Trade and other payables 114,586 114,605 117,870
Financial liabilities - borrowings
Interest bearing loans and borrowings 6,581 10,245 8,524
121,167 124,850 126,394
NET ASSETS #7,611,968 #5,192,650 #4,531,407
SHAREHOLDERS EQUITY
Called up share capital 5 98,699 84,492 84,492
Share premium account 5 9,444,938 6,227,445 6,227,445
Revaluation reserve 5 30,288 - -
Translation reserve 5 (206,545) - -
Profit and loss account 5 (1,755,412) (1,119,287) (1,780,530)
TOTAL SHAREHOLDERS EQUITY #7,611,968 #5,192,650 #4,531,407
CASPIAN HOLDINGS Plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2006
GROUP CASH FLOW STATEMENT
Unaudited Unaudited
Six Six Year to
Months to Months to 31st
30th June 30th June December
Notes 2006 2005 2005
Cash flows from operating activities
Cash generated from operations 1 (952,366) (770,776) (1,059,797)
Finance cost (8,363) (2,485) (18,766)
Net cash from operating activities (960,729) (773,261) (1,078,563)
Cash flows from investing activities
Proceeds from disposal of fixed assets 1,899 117,308 -
Purchase of intangible fixed assets (1,063,683) (38,853) (188,430)
Purchase of tangible fixed assets - (905,969) (1,571,392)
Finance income 37,143 55,632 82,788
Net cash from investing activities (1,024,641) (771,882) (1,677,034)
Cash flows from financing activities
Share issue 3,231,700 140,300 140,300
Repayment of financial liabilities - borrowings
Interest bearing loans and borrowings (258) (276) (7,541)
Net cash from financing activities 3,231,442 140,024 132,759
(Decrease)/Increase in cash and cash equivalents 1,246,072 (1,405,119) (2,622,838)
Cash and cash equivalents at beginning of year 2 477,747 3,100,585 3,100,585
Cash and cash equivalents at end of year 2 #1,723,819 #1,695,466 #477,747
CASPIAN HOLDINGS Plc
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2006
NOTES TO THE GROUP CASH FLOW STATEMENT
1. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Unaudited Unaudited
Six Six Year to
Months to Months to 31st
30th June 30th June December
2006 2005 2005
Operating loss (526,253) (533,736) (1,409,556)
Exchange gains/(losses) in period 738,388 (42,044) 161,658
Translation adjustments (206,545) - (63,202)
Translation adjustments relating to fixed assets (337,932) 9,633 125,258
Loss on disposal of tangible assets 776 - -
Depreciation charges 114,076 54,582 143,210
Amounts written off intangible assets 76,671 - -
(Increase)/decrease in inventories (553,960) 66,080 56,120
(Increase) in trade and other receivables (432,431) (283,980) (122,665)
Increase/(decrease) in trade and other payables 149,278 (58,388) 23,618
Increase in other provisions 25,566 17,077 25,762
Net cash outflow
from operating activities #(952,366) #(770,776) #(1,059,797)
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the cash flow in respect of cash and cash equivalents
are in respect of these balance sheet amounts.
Six months ended 30th June 2006
30.06.06 30.06.05 01.01.06
Cash and cash equivalents #1,723,819 #1,695,466 #477,747
Year ended 31st December 2005
31.12.05 01.01.05 01.01.05
Cash and cash equivalents #477,747 #3,100,585 #3,100,585
CASPIAN HOLDINGS Plc
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2006
NOTES TO THE INTERIM RESULTS
1. BASIS OF PREPARATION
These financial statements have been prepared in accordance with International
Financial Reporting Standards and IFRIC interpretations and with those parts of
the Companies Act 1985 applicable to companies reporting under IFRS. The
financial statements have been prepared under the historical cost convention.
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 profit on ordinary activities for the six
months ended 30th June 2006.
4. PROFIT PER ORDINARY SHARE
The calculation of the profit/(loss) per ordinary share is based on a Group
profit of #25,118 for the 6 months ending 30th June 2006 (#1,183,876 loss for
the year ended 31st December 2005), and the weighted average ordinary shares
outstanding of 94,037,802 (84,339,184 for the year ended 31st December 2005).
On the basis of the above calculations, the profit per ordinary share for the 6
months to 30th June 2006 is 0.02p (31st December 2005 loss 1.4p).
5. RESERVES AND RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS FOR THE
PERIOD 1ST JANUARY 2006 TO 3OTH JUNE 206
Total
Share Revaluation Translation Share Profit and Shareholders
Group Capital Reserve Reserve Premium Loss Account Fund
Profit for the financial year - - - - 25,118 25,118
Adjustment in fair values 30,288 - - 30,288
Translation Adjustment - (206,545) - - (206,545)
Shares issued 14,207 - - 3,217,493 - 3,231,700
Net additions to shareholders' 14,207 30,288 (206,545) 3,217,493 25,118 3,080,561
funds
Opening shareholders' funds 84,492 - - 6,227,445 (1,780,530) 4,531,407
Closing shareholders' funds #98,699 #30,288 #(206,545) #9,444,938 #(1,755,412) #7,611,968
This information is provided by RNS
The company news service from the London Stock Exchange
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