RNS Number : 4126E
Caspian Holdings plc
26 September 2008
26 September 2008
CASPIAN HOLDINGS PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2008
Caspian Holdings (the "Company"), the oil and gas development company with assets in the USA and Kazakhstan, announces its interim
results for the 6 months to 30 June 2008.
Highlights
* Acquisition of Pine Meadows Lease
* Mixed Progress on the restart of production on Zhengeldy oil field
* Operating loss reduced by 55% to �299,449 (2007 loss �663,268)
Events since the balance sheet date
* Acquisition of 50% interest in Black Gold of Kentucky and following expansion of Black Gold Lease Holdings in Irvine Field
* Geological Study on Pine Meadows Lease completed
In first half of 2008 Caspian Holdings decision to significantly diversify its asset base towards the United States is proving to be a
successful and timely decision.
Extracts of the interim statements appear below and a full version is available on the Company's website www.caspianoil.com
Enquiries:
Caspian Holdings Plc Grant Thornton UK LLP Hoodless Brennan
Michael Masterman Fiona Owen Luke Cairns
T: +44 (0) 7791 288381 T: +44 (0) 20 7383 5100 T: +44 (0) 20 7538 1166
www.caspianoil.co.uk
CASPIAN HOLDINGS Plc
CHAIRMANS STATEMENT TO THE INTERIM RESULTS
FOR THE SIX MONTHS TO 30TH JUNE 2008
Over the last 6 months Caspian Holdings Plc has expand the number of oil development fields in portfolio and diversified its business
with acquisition of the Pine Meadows lease in California, USA and, post the review period, through its acquisition of a 50% interest in
Black Gold of Kentucky, owners of 2 oil production leases in the Irvine field, Kentucky, USA.
During the six month period Zhengeldy oil production was limited as the field was shut down at the beginning of the year pending
resolution of regulatory issues with respect to exports and 2008 work program approval. Following a change of local management, the Company
made solid progress in achieving a series of approvals necessary to restart production and exports. In particular ZapKazNedra (The Ministry
of Energy and Mineral Resources Regional Competent Authority) signed off the work program and restart of production subject to Committee of
Geology approval. The Committee of Geology approved restart of production subject to Central Commission approval. Subsequent to the end of
the half year, the Secretary of the Ministry issued a letter purporting to cancel the Zhengeldy Subsoil Contract. The Company has taken
legal advice and expects to be able to overturn the Ministry letter and reinstate full Zhengeldy licence conditions. Until this is achieved
the Company has deemed it prudent to carry a general provision of �1m against the Zhengeldy assets.
The Company expects a significantly more positive second half of 2008 with production expected from our leases in the Irvine field in
Kentucky and good progress in Pine Meadows. There also remains the prospect, subject to regulatory outcomes of a return to production and
exports from the Zhengeldy field.
The interim financial results reflect a period of very limited production and no exports from the Zhengeldy field in Kazakhstan. Costs
have been reduced in line with activity. For the six months to 30th June 2008 the Operating Loss before taxation, foreign exchange gains and
adjustments/provisions was �376,432 (2007 Loss �662,268). The Loss after taxation (including the provision of �1m) was �1,176,224 (2007 loss
�433,145).
Michael Masterman
Chairman
25th September, 2008
CASPIAN HOLDINGS Plc
GROUP INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30TH JUNE 2008
Unaudited Six Months Unaudited Six Months Year to
to 30thJune to 30thJune 31stDecember
Notes 2008 2007 2007
REVENUE 48,870 601,524 820,798
Cost of sales (110,093) (653,576) (1,000,222)
GROSS LOSS Administrative expenses (61,223) (238,226) (52,052) (611,216) (179,424)
(1,708,922)
OPERATING LOSS (299,449) (663,268) (1,888,346)
Exchange gains in periodAdjustment in fair values 249,446-(5,282)- 354,858-5,104-
of fixed assetsProvisions created in periodDeferrals 143,838(1,000,000)( 11,476 16,689
created in the period Finance income 15,120)11,128 1,148
Finance costs (17,769) (25,517) (58,900)
PROFIT/(LOSS) BEFORE TAXATION (1,176,224) (433,145) (1,570,595)
Taxation - - -
RETAINED PROFIT/(LOSS) FOR THE 5 (�1,176,224) �(433,145) �(1,570,595)
FINANCIAL PERIOD
Basic and diluted profit/(loss) per share 4 (1.15)p (0.43)p (1.60p)
CASPIAN HOLDINGS Plc
GROUP BALANCE SHEET
30TH JUNE 2008
Notes Unaudited Unaudited 31stDecember2007
30thJune2008 30thJune2007
ASSETSNON-CURRENT ASSETS
GoodwillIntangible assets -145,354 326,998352,333 -195,138
Property, plant and equipment 2,144,132 3,268,433 3,209,092
2,289,486 3,947,764 3,404,230
CURRENT ASSETS
Inventories 211,477 148,772 197,021
Trade and other receivables 767,174 762,052 560,265
Cash and cash equivalents 246,412 596,114 83,254
1,225,063 1,506,938 840,540
LIABILITIESCURRENT 535,782 -50,297 537,660 - 441,594 76,983
LIABILITIESTrade and other 586,079 77,769 615,429 61,439 580,016
payablesFinancial liabilities
* borrowings Interest bearing
loans and borrowingsProvisions
NET CURRENT ASSETS 638,984 891,509 260,524
NON CURRENT LIABILITIESTrade 91,468 799,969 95,848 93,913
and other payablesFinancial 891,437 700,000 699,976793,889
liabilities - borrowings 795,848
Interest bearing loans and
borrowings
�2,037,033 �4,043,425 �2,870,865
NET ASSETS
SHAREHOLDERS EQUITYCalled up 5 118,399 98,699 98,699
share capital
Share premium 555 9,940,14526,272(117, 9,474,64524,94571, 9,474,64526,33429,
accountRevaluation 846) 399 700
reserveTranslation reserve
Profit and loss account 5 (7,929,937) (5,626,263) (6,758,513)
TOTAL SHAREHOLDERS EQUITY �2,037,033 �4,043,425 �2,870,865
CASPIAN HOLDINGS Plc
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30TH JUNE 2008
Notes Unaudited Six Months Unaudited Six Months Year to 31st
to 30thJune2008 to 30thJune2007 December2007
Cash flows from operating 1 (324,502) 134,305 (393,769)
activitiesCash generated from (17,769) (342,271) (10,835) 123,470 (58,900)
operationsFinance cost Net (452,669)
cash from operating activities
Cash flows from investing -(76,883)(4,029) -(241,451)
activitiesProceeds from 1,148 (79,764) -(257,434)(180,297) (220,373)
disposal of fixed 11,476 16,689 (445,135)
assetsPurchase of intangible (426,255)
fixed assetsPurchase of
tangible fixed assetsFinance
income Net cash from investing
activities
Cash flows from financing 485,20099,993 -700,000 -776,959
activitiesShare issueReceipt - 585,193 - (1,753) 698,247 - (1,753)
of loanRepayment of financial - - 775,206 (4,800)
liabilities * borrowings - - 10,000 5,200
Interest bearing loans and
borrowings Net cash from
financing activities Cash flow
from Acquisitions and
DisposalsAcquisition of
Subsidiary
New asset acquired with
Subsidiary
(Decrease)/Increase in cash 2 163,158 83,254 395,462 (117,398)
and cash equivalents Cash and 200,652 200,652
cash equivalents at beginning
of year
Cash and cash equivalents at 2 �246,412 �596,114 �83,254
end of year
This information is provided by RNS
The company news service from the London Stock Exchange
END
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