TIDMELP
RNS Number : 8083O
Elixir Petroleum Ltd
13 March 2009
?
Elixir Petroleum Limited
(AIM : ELP)
13 March 2009
31 DECEMBER 2008 HALF - YEARLY FINANCIAL REPORT
Elixir Petroleum Limited ("Elixir" or the "Company", AIM: ELP, ASX: EXR), the
international oil and gas exploration and production company, provides the
market with its 31 December 2008 Half-Yearly Financial Report.
Results
For the six month period to 31 December 2008, Elixir recorded Earnings Before
Interest, Taxation, Depreciation and Amortisation (including impairment) and
Exploration expenses ("EBITDAX") of $3,132,000 on sales of $4,197,000 (2007:
EBITDAX of $1,334,000) and a consolidated after tax loss of $21,489,000 (2007:
loss of $6,057,000).
At the end of the period, Elixir held cash on hand of $12,531,000. As at the
date of this announcement, Elixir holds cash on hand of approximately $9.8
million, following the repayment in January 2009 of $3.0 million of convertible
loan notes. With the repayment of these notes, the Company is now debt free.
Comment on Significant Non-Recurring Items
The consolidated after tax loss for the period includes a number of non-cash,
non-recurring or otherwise significant items totalling $24,689,000 million, as
set out below.
+---------------------------------+-------------------------------+
| $'000 |
+-----------------------------------------------------------------+
| Exploration & Evaluation | (4,191) |
| Expenses | |
+---------------------------------+-------------------------------+
| Impairment of Oil & Gas | (12,918) |
| Properties* | |
+---------------------------------+-------------------------------+
| Depreciation, Depletion and | (7,580) |
| Amortisation Expense* | |
+---------------------------------+-------------------------------+
| Total | 24,689 |
+---------------------------------+-------------------------------+
* - Non-cash expense items
Exploration & Evaluation Expense
A significant component of the Exploration and Evaluation Expense recognised
during the period relates to the drilling of Well #3 at the Pompano project. The
well has been temporarily suspended whilst a detailed evaluation of data is
undertaken before a decision is made as to whether to complete the well or
utilise it as a sidetrack candidate for future drilling targets. Notwithstanding
this, it was considered prudent by the Board to expense these costs in the
period under review.
Impairment of Oil & Gas Properties
Upon completion of the merger between Elixir and Gawler Resources Limited in
late 2007, applicable Accounting Standards required the share based purchase
consideration paid by Elixir to Gawler shareholders and option holders to be
valued at $0.365 per share and $0.364 per option. The majority of the value of
the share based consideration was required to be apportioned to Gawler's
producing oil and gas properties in the Gulf of Mexico, being the Pompano
Project and the High Island Project. As at 30 June 2008, the carrying value for
accounting purposes of these properties was $31,569,000.
In the period to 31 December 2008, following significant declines in commodity
prices, Elixir's market capitalisation and other factors, applicable Accounting
Standards have now required that an impairment provision be recognised to reduce
the carrying values of Elixir's Gulf of Mexico projects. The revised carrying
values do not in the opinion of the Board necessarily reflect the potential
value that these assets would hold in an improved commodity price environment.
Depreciation, Amortisation & Depletion
The Depreciation, Amortisation and Depletion charge which has been recognised in
the 6 month period to 31 December 2008 is based on the estimated depletion of
reserves through production during that period. Due to the historically high
share based carrying value of the Gulf of Mexico producing properties, the
charge that has been recognised is significant at $7,580,000.
The cost base of these properties for accounting purposes has as a result of the
impairment described above been reduced to $11,106,000. Consequently, the charge
in respect of Depreciation, Amortisation and Depletion is expected to be
substantially less in the second half of the current period and in future
periods.
Yours faithfully,
ELIXIR PETROLEUM LIMITED
Andrew Ross
Managing Director
This report contains some references to forward looking assumptions, estimates
and outcomes. These are uncertain by nature and no assurance can be given by
Elixir that its expectations, estimates and forecast outcomes will be achieved.
Information contained in this report with respect to the High Island and Pompano
Projects, was compiled by Elixir, or from material provided by the project
operators, and reviewed by I L Lusted, BSc (Hons),SPE , who has had more than 15
years experience in the practice of petroleum engineering. Mr Lusted consents to
the inclusion in this report of the information in the form and context in which
it appears.
+----------------------------------------+----------------------------------------+
| For further information, please visit the Company's website at |
| www.elixirpetroleum.com, or contact: |
+---------------------------------------------------------------------------------+
| Elixir Petroleum Limited | Blue Oar Securities Plc |
| Alex Neuling | Jerry Keen / Olly Cairns |
| Tel: (+61) 8 9440 2650 | Tel: (+44) 207 448 4400 / (+61) 8 6430 |
| | 1631 |
| | |
+----------------------------------------+ +
| Conduit PR | |
| Jonathan Charles / Sarah Alexander | |
| Tel: (+44) 207 429 6666 | |
+----------------------------------------+----------------------------------------+
+----------------------+-------------------------------------------------------------+
| | |
+----------------------+-------------------------------------------------------------+
| ABN 51 108 230 995 |
+------------------------------------------------------------------------------------+
| Elixir Petroleum | Interim Financial Report for the half-year ended |
| | 31 December 2008 |
| | |
+----------------------+-------------------------------------------------------------+
| | |
+----------------------+-------------------------------------------------------------+
+----------------------------------------------+---------------------------+
| | Page |
+----------------------------------------------+---------------------------+
| Corporate Directory | 1 |
+----------------------------------------------+---------------------------+
| Directors' report | 2 |
+----------------------------------------------+---------------------------+
| Auditors' independence declaration | 8 |
+----------------------------------------------+---------------------------+
| Independent review report | 9 |
+----------------------------------------------+---------------------------+
| Directors' declaration | 10 |
+----------------------------------------------+---------------------------+
| Consolidated income statement | 11 |
+----------------------------------------------+---------------------------+
| Consolidated balance sheet | 12 |
+----------------------------------------------+---------------------------+
| Consolidated statement of changes in equity | 13 |
+----------------------------------------------+---------------------------+
| Consolidated cash flow statement | 14 |
+----------------------------------------------+---------------------------+
| Notes to the financial statements | 15 |
+----------------------------------------------+---------------------------+
+---------------------------------------+--+------------------------------------+
| Directors | | Share Registry |
| Mr Jonathan Stewart - Executive | | Computershare Investor Services |
| Chairman | | Pty Ltd |
| Mr Andrew Ross - Managing Director | | Level 2 |
| Mr Iain Knott - Executive Director, | | 45 St Georges Terrace |
| Exploration | | Perth WA 6000 |
| Mr Trevor Benson - Non-Executive | | Computershare Investor Services |
| Director | | plc |
| Mr John Robertson - Non-Executive | | The Pavilions |
| Director | | Bridgwater Road |
| Company Secretary | | Bristol BS99 7NH |
| Mr Alex Neuling | | Bankers |
| Registered and Principal | | National Australia Bank Limited |
| Administration Office | | Ground Floor, 50 St Georges |
| Level 20, 77 St Georges Terrace | | Terrace |
| Perth, Western Australia 6000 | | PerthWA 6000 |
| Telephone:(+61) 8 9440 2626 | | Barclays Bank plc |
| Facsimile: (+61) 8 9440 2699 | | 5 The North Colonnade |
| UK Office | | Canary Wharf |
| 8 The Courtyard | | London E14 4BB |
| Eastern Road, Bracknell | | Stock Exchange Listing |
| Berkshire RG12 8XB | | Australian Stock Exchange |
| United Kingdom | | Home Exchange: Perth, Western |
| Telephone: (+44) 207 484 5019 | | Australia |
| Facsimile: (+44) 207 484 4992 | | Code: EXR |
| Auditors | | AIM Market, London Stock Exchange |
| Mack & Co | | Code: ELP |
| Level 2, 35 Havelock Street | | Website |
| West Perth WA 6005 | | www.elixirpetroleum.com |
| | | Email |
| | | info@elixirpetroleum.com |
+---------------------------------------+--+------------------------------------+
Directors' Report
The Directors of Elixir Petroleum Limited present their report on the
Consolidated Entity consisting of Elixir Petroleum Limited ("the Company" or
"Elixir") and the entities it controlled during the half-year ended 31 December
2008 ("Consolidated Entity" or "Group").
Directors
The names of the Directors of Elixir Petroleum Limited in office during the
half-year and until the date of this report are:
Mr Jonathan Stewart (Executive Chairman)
Mr Andrew Ross (Managing Director)
Mr Iain Knott (Executive Director - Exploration)
Mr Trevor Benson (Non-Executive Director)
Mr John Robertson (Non-Executive Director)
All Directors were in office from the beginning of the half-year until the date
of this report.
Review and Results of Operations
Operating Results
The Company recorded EBITDAX of $3,132,000 and a net after tax loss of
$21,489,000 for the half-year ended 31 December 2008 (half-year to 31 December
2007: EBITDAX of $1,334,000 and a net loss of $6,057,000).
Summary Review of Operations
During the half-year ended 31 December 2008, the Company conducted oil and gas
operations offshore the Texas Coast in the Gulf of Mexico, in the UK North Sea
and offshore the Republic of Sierra Leone.
DEVELOPMENT & PRODUCTION INTERESTS
Gulf of Mexico
Project Name:High Island Project (Block 268A)
Location:High Island Area, Offshore Texas, USA
Ownership:30% Working Interest (22.5% Net Revenue Interest)
Operator: Peregrine Oil and Gas, LP
The High Island field is located approximately 65 kilometres southeast of
Houston, Texas in the Gulf of Mexico and was brought into production in
September 2007. Wells A-1 and A-2 at High Island discovered gas and condensate
pay in two separate accumulations, with each well currently producing from only
the lower of the two reservoir zones.
The High Island field was shut-in during the passage of Hurricanes Gustaf and
Ike in early and mid-September 2008 respectively. The High Island facilities
suffered only superficial damage as a result of the passage of the hurricanes,
but the High Island Offshore System ("HIOS"), a regional pipeline system into
which production from High Island is ultimately transported to shore, was
severed preventing production from being re-instated at High Island.
Repairs to the HIOS were completed in late December 2008 and the pipeline was
re-commissioned and in operation in early January 2009. Wells A-1 and A-2 at
High Island were brought back into production from 5 January 2009, with
stabilised flow rates having been achieved by the end of January. At the date of
this report, Well A-1 is producing approximately 0.3 million standard cubic feet
of gas per day ("MMscf/d") and 4 barrels of condensate per day ("bocd") and Well
A-2 is producing approximately 4.5 MMscf/d and 10 bocd.
In the six month period to 31 December 2008, the following production results
were achieved at High Island:
+---------+---------+-----------+-----------+-----------+--------+--------+-----------+----------+----------+--------+
| High | Gas | Oil |
| Island | Production | Production |
| Field - | | |
| 268-A | | |
+ +------------------------------------------------------+---------------------------------------------------+
| | Total | Total | Avg | Avg |Change | Total | Total | Avg | Avg |Change |
| | Dec |June Half | Daily | Daily | (%) | Dec |June Half | Daily | Daily | (%) |
| | Half | (MMscf) | Dec | June | | Half | (Bbls) | Dec | June | |
| |(MMscf) | | Half | Half | |(Bbls) | | Half | Half | |
| | | |(MMscf/d) |(MMscf/d) | | | |(Bbls/d) |(Bbls/d) | |
+---------+---------+-----------+-----------+-----------+--------+--------+-----------+----------+----------+--------+
| Project | 280.8 | 1,167 | 1.53 | 6.4 | -76 |10,711 | 50,312 | 59 | 276 | -79 |
| (100%) | | | | | | | | | | |
+---------+---------+-----------+-----------+-----------+--------+--------+-----------+----------+----------+--------+
| Elixir | 84.2 | 350.3 | 0.46 | 1.9 | -76 | 3,213 | 15,094 | 18 | 83 | -79 |
| (30% | | | | | | | | | | |
| WI) | | | | | | | | | | |
+---------+---------+-----------+-----------+-----------+--------+--------+-----------+----------+----------+--------+
If the extended shut-in period for Wells A-1 and A-2 are excluded from the
results above, a decline in gas production of approximately 21.5% for the period
would have been observed relative to the production results obtained for the
June 2008 half-year.
Production receipts from High Island for the half year to 31 December 2008
totalled approximately US$1.80 million. The average price realised for the sale
of gas produced in these months was US$11.12/Mcf, and for oil was US$127.63/Bbl.
There were approximately 128 days downtime during the reporting period, of which
124 were as a result of the passage of Hurricanes Gustaf and Ike, and the
subsequent shut-in of the HIOS pipeline system for repairs. Excluding these
events, the platform achieved an average uptime of 93% for the period. There
were no reported safety incidents in the period.
One positive from the prolonged shut-in of wells A-1 and A-2 was the sourcing of
data to assist with ongoing reservoir management.
Project Name:Pompano Gas Project (Block 446-L SE/4)
Location:Brazos Area, Offshore Texas, USA
Ownership: 25% Working Interest (18.125% Net Revenue Interest)
Operator: AnaTexas Offshore Inc.
The Pompano gas field lies in the Gulf of Mexico approximately 150 kilometres
southwest of Houston, Texas. Well #1 at Pompano was directionally drilled from a
new caisson installed adjacent to the field's existing "B" satellite platform
and was placed on production in March 2008. Well #2 at Pompano was drilled from
a caisson adjacent to the existing main processing facility, the "A" platform,
and was placed on production in May 2008.
Well #3 at Pompano spudded in late September 2008 and encountered potentially
commercial sands in one horizon, with the deeper sand targets being wet. Well #3
was temporarily suspended pending a detailed review of data before a decision is
made as to whether to complete the well over the 6700 ft Sands or to use the
well bore as a sidetrack candidate for future drilling targets.
At the date of this report, Well #1 is producing approximately 0.2 MMscf/d and
Well #2 is producing approximately 4.7 MMscf/d and negligible condensate
production per day.
In the six month period to 31 December 2008, the following production results
were achieved at Pompano:
+---------+---------+---------+-----------+-----------+--------+--------+--------+----------+----------+--------+
| Pompano | Gas | Oil |
| Field | Production | Production |
| Brazos | | |
| Block | | |
| 446-L | | |
+ +----------------------------------------------------+------------------------------------------------+
| | Total | Total | Avg | Avg |Change | Total | Total | Avg | Avg |Change |
| | Dec | June | Daily | Daily | (%)* | Dec | June | Daily | Daily | (%)* |
| | Half | Half | Dec | June | | Half | Half | Dec | June | |
| |(MMscf) |(MMscf) | Half | Half | |(Bbls) |(Bbls) | Half | Half | |
| | | |(MMscf/d) |(MMscf/d) | | | |(Bbls/d) |(Bbls/d) | |
+---------+---------+---------+-----------+-----------+--------+--------+--------+----------+----------+--------+
| Project | 1,501 | 1,178 | 8.2 | 10.5 | -22 | 971 | 3,650 | 5 | 33 | -84 |
| (100%) | | | | | | | | | | |
+---------+---------+---------+-----------+-----------+--------+--------+--------+----------+----------+--------+
| Elixir | 375.3 | 294.5 | 2.0 | 2.6 | -22 | 243 | 912 | 1 | 8 | -84 |
| (25% | | | | | | | | | | |
| WI) | | | | | | | | | | |
+---------+---------+---------+-----------+-----------+--------+--------+--------+----------+----------+--------+
* Based on Average daily production rates across total days in the respective
periods
Production from Well #1 was restricted in the period due to sand forming bridges
in the short production string which produces from the 6700 ft Sand. Water and
sand production has also affected gas rates in the long production string which
produces from the B Sand. The water is believed to be originating from the
deeper B2 Sand and is channelling up to the B Sand through a leak path in the
annulus cement. It is expected that a well intervention operation will be
conducted in the coming quarter which will seek to remedy these issues with a
view to increasing production from Well #1. Well #2 continues to produce in
accordance with expectations.
Production receipts from Pompano for the half year to 31 December 2008 totalled
approximately US$3.17 million. The average price realised for the sale of gas
produced in these months was US$10.98/Mcf, and for oil was US$120.13/Bbl.
There were approximately 11.6 days downtime during the reporting period, of
which 6.7 were as a result of the passage of Hurricane's Gustaf and Ike.
Excluding these events, the platform achieved an average uptime of 97% for the
period. Despite the passage of two major hurricanes and well operations with the
drilling of Well#3, there were no reported safety incidents in the period.
APPRAISAL
UK North Sea
Project Name:Mulle Prospect (Block 211/22b and 211/27d)
Location: Northern UK North Sea
Ownership: 40% Working Interest
Operator: DNO (UK) Limited
The Mulle accumulation lies in Block 211/22b on the south-western extension of
the Osprey Ridge and is adjacent to the proposed Causeway oil field development.
Elixir's wholly-owned UK subsidiary, Elixir Petroleum (Europe) Limited ("E(EU)")
holds a 40% working interest in the Block.
The operator of Block 211/22b, DNO (UK) Limited, has published a most likely
contingent resource estimate for Mulle of 18 million barrels of oil. This
equates to a most likely net contingent recoverable oil resource to E(EU) of
almost 7 million barrels. In November 2008, the Mulle joint venture was notified
that it had been successful in bidding for Block 211/27d in the UKCS 25th
Seaward Licensing Round. Block 211/27d contains a mapped southern extension to
the Mulle field, and it is likely that this will result in a modest increase to
the resource estimate for the field.
The joint venture has developed an appraisal and testing programme for the Mulle
accumulation and is seeking a further partner, or partners, to enter the Block
to assist with the funding of the programme. To that end, an online data room in
respect of the Mulle accumulation was open during the December quarter and
attracted an encouraging level of interest from industry participants. The data
room closed at year end and the joint venture partners are in discussions with
several parties concerning the project.
EXPLORATION
UK North Sea
Project Name:Tiger Prospect (Block 211/12b)
Location: Northern UK North Sea
Ownership: 100% Working Interest
Operator: Elixir Petroleum (Europe) Limited ("E(EU)")
In November 2008, E(EU) was notified that it had been awarded Block 211/12b in
the UKCS 25th Seaward Licensing Round. The Block is located in the northern
sector of the UK North Sea, approximately 140 kilometres north east of the
Shetland Islands, in a water depth of approximately 125 metres. Block 211/12b
contains a newly mapped prospect named 'Tiger'. The Block lies 5 kilometres to
the east of the Magnus Field which was brought into production in 1983 by BP
with an in-place volume of approximately 1.5 billion barrels of oil.
The target reservoir in the Tiger prospect is the Magnus Sandstone Member, over
500 feet of which was encountered in Well 211/12b-15, which was drilled down dip
of the Tiger prospect in 1992. The equivalent sands in the nearby Magnus Field
have excellent porosity and permeability characteristics. Evidence from the
211/12b-15 well also indicates the presence of a nearby hydrocarbon column.
Reservoir presence and hydrocarbon charge for the Tiger prospect are considered
to be low risk.
Elixir has finalised the forward work programme for 2009, which has now
commenced. The Block has been awarded for a licence term of 4 years with a drill
or drop decision required at the end of year 3.
Project Name:Leopard Prospect (Block 211/18b)
Location: Northern UK North Sea
Ownership: 56% Working Interest
Operator: Elixir Petroleum (Europe) Limited ("E(EU)")
Block 211/18b (Licence P1381) is a traditional licence awarded in the 23rd UKCS
Seaward Licensing Round in December 2005. As announced in December 2008, a four
month extension to the original licence term of the Block has been obtained from
the UK regulator. Efforts to secure another farminee for the proposed Leopard
well are ongoing with several companies currently assessing the opportunity.
The recent Cladhan discovery well drilled in the northern UK North Sea, which
also targeted Upper Jurassic sandstones in a stratigraphically controlled play
type (similar to the Leopard Prospect), further supports the viability of Upper
Jurassic plays in the region and substantially de-risks the Leopard Prospect. We
believe the Cladhan discovery, together with the updated geobody studies
undertaken by E(EU) in the second half of 2008, has upgraded the Leopard
Prospect and we remain hopeful that despite a more difficult farmout market,
E(EU) will secure an additional farmin partner prior to the expiry of the
licence.
Gulf of Mexico
Project Name:Red Fish Prospect (Block 479-L, N/2 and NE/4)
Location:Brazos Area, Offshore Texas, USA
Ownership:25% Working Interest (18.125% Net Revenue Interest)
Operator: AnaTexas Offshore Inc.
During the period under review, the Red Fish lease was awarded to the Pompano
joint venture participants. Work continues to evaluate the opportunities within
the lease area and Elixir is currently considering participation in two further
extensions of the Red Fish area.
West Africa - Sierra Leone
Project Name:Block SL-4
Location: Offshore Sierra Leone
Ownership: 100% Working Interest
Operator: Elixir Petroleum (UK) Limited ("E(UK)")
Block SL-4 comprises an area of 4,429 km2 lying in water depths from 100m to
over 3,500m offshore Sierra Leone, West Africa. An interest in Block SL-4 was
assigned to E(UK) in February 2008. At that time, E(UK) was also approved as
operator of the licence. The acquisition of a 1,222 km2 3D seismic survey over
the Block was completed by TGS-Nopec in early June 2008 with processing of the
dataset completed in November 2008.
As previously announced, E(UK)'s joint venture partner in Block SL-4, Prontinal
Limited, has failed to meet its payment obligations under the various
contractual arrangements between the parties, including payment of amounts found
to be owing to TGS-Nopec in respect of the seismic acquisition. As a result,
E(UK) placed Prontinal in default in late September 2008. Prontinal failed to
remedy its default in payment of the outstanding joint venture expenses within
the required timeframe. E(UK) therefore notified Prontinal in early December of
the forfeiture of its interest in Block SL-4 to E(UK). E(UK) has subsequently
commenced legal proceedings in the British Virgin Islands seeking recovery from
Prontinal of monies owed to E(UK). A hearing date in relation to this matter has
been set for mid-March 2009.
E(UK) received in mid-December a statutory demand for payment in the amount of
approximately US$2.6 million from TGS-Nopec in respect of the seismic
acquisition over Block SL-4. E(UK) addressed this issue with TGS-Nopec's
solicitors and reached an agreement that recovery proceedings be suspended
against the Company. In early March 2009, a Notice of Arbitration was received
from TGS-Nopec concerning the seismic acquisition programme on Block SL-4. The
arbitration is seeking payment in an amount of US$9.3 million and names E(UK) as
a co-Respondent with Prontinal Limited. E(UK) is currently seeking advice from
its legal counsel in relation to the arbitration, but intends to vigorously
defend its position.
It remains the view of the E(UK) that E(UK)'s joint venture partner in Block
SL-4, Prontinal Limited, remains responsible for payment of any amounts found to
be due to TGS-Nopec in respect of the 3D acquisition and processing.
Information contained in this report with respect to the High Island and Pompano
Projects and the Red Fish Prospect, was compiled by Elixir, or from material
provided by the project operators, and reviewed by I L Lusted, BSc (Hons),SPE ,
who has had more than 15 years experience in the practice of petroleum
engineering. Mr Lusted consents to the inclusion in this report of the
information in the form and context in which it appears.
Information contained in this report with respect to the UK North Sea Projects
and Block SL-4 offshore Sierra Leone, was compiled by Elixir or from material
provided by the project operators and reviewed by the Elixir's Exploration
Director, Iain Knott, BSc, MSc, FGS, AAPG, who has had more than 25 years
experience in the practice of geology, including more than 5 years experience in
petroleum geology. Mr Knott consents to the inclusion in this report of the
information in the form and context in which it appears.
MINERAL ASSETS
In December 2008, Elixir elected not to renew the mineral licences in relation
to the Roxby Project and the Pine Row Project, both located in South Australia.
Elixir continued to market its in the period its remaining two mineral asset
licences which are located in the Northern Territory. Discussions have been held
with a number of parties with respect to a possible sale or farm-out of the
licence interests which are prospective for uranium, but to date no offers have
been forthcoming.
Corporate
In late May 2008, Elixir announced a fundraising at $0.27 per share which
involved the placement of new shares and an underwritten rights issue to raise
up to $14.5 million before costs. Due to adverse market conditions resulting in
significant declines in relevant ASX indices just prior to the close of the
offer in late June 2008, in accordance with its terms of engagement, the
underwriter elected to terminate the underwriting arrangements. As a result of
this termination and the limited take-up of the rights issue by shareholders,
the total funds raised amounted to $7.52 million before costs. As a consequence
of the fundraising, 27,870,550 new fully paid ordinary shares in the Company
were issued and admitted to trading on the ASX and AIM in July 2008.
In June 2008, shareholders approved the establishment of the Elixir Employee
Share Option Plan for the incentivisation of the Company's management. Pursuant
to the terms of that approval and the rules of the Plan, 8,000,000 unlisted
options in the Company were issued and allotted to directors of the Company in
July 2008.
The Company held its fourth annual general meeting since its listing on the ASX
in 2004 on Monday, 24 November 2008 at Level 31, 77 St. Georges Terrace, Perth
Western Australia. Both resolutions put to the meeting were passed without
amendment.
At 31 December 2008, Elixir held cash on hand of approximately $12.5 million
(half-year to 30 June 2008: $10.6 million). During January 2009, the Company
repaid on their expiry $3.0 million in convertible loan notes. With the
repayment of these notes, the Elixir Group is debt free.
Auditor's Independence Declaration
The Auditor's independence declaration is included on page 8 of the half-year
financial report.
Rounding of Amounts to the Nearest Thousand Dollars
The company satisfies the requirements of Class Order 98/0100 issued by the
Australian Investments and Securities Commission relating to "rounding off" of
amounts in the Directors' Report and the Financial Report to the nearest
thousand dollars. Amounts have been rounded off in the Directors' Report and
Financial Report in accordance with that Class Order.
Signed in accordance with a resolution of the Directors made pursuant to s.306
(3) of the Corporations Act 2001.
On behalf of the Directors
JONATHAN STEWART
Chairman
Houston, Texas
12 March 2009
Auditors' Independence Declaration
Under Section 307C of the Corporations Act 2001
To the Directors of Elixir petroleum Limited
I declare that to the best of my knowledge and belief, during the half year
ended 31 December 2008 there have been:
a. no contraventions of the auditor independence requirements as set out in
the Corporations Act 2001 in
relation to the review; and
b. no contraventions of any applicable code of professional conduct in
relation to the review.
_____________________________ ______________________________
Mack & CoN.A Calder, Partner
Chartered Accountants
2nd Floor, 35 Havelock Street
West Perth WA 6005
______________________________
Date
Auditors' Independent Review Report
TO THE MEMBERS OF ELIXIR PETROLEUM LIMITED
Report on the Half year Financial Report
We have reviewed the half year financial report of Elixir Petroleum Limited
(company) and Controlled Entities (the consolidated entity) which comprises the
balance sheet as at 31 December 2008, and the income statement, statement of
changes in equity and cash flow statement for the half year ended on that date,
a statement of accounting policies, other selected explanatory notes and the
directors' declaration of the consolidated entity comprising the company and the
entities it controlled at the half year end or from the time during the half
year.
Director's Responsibility for the Half year Financial Report
The directors of the company are responsible for the preparation and fair
presentation of the half year financial report in accordance with the Australian
Accounting Standards (including the Australian Accounting Interpretations) and
the Corporations Act 2001. This responsibility includes designing, implementing
and maintaining internal control relevant to the preparation and fair
presentation of the half year financial report that is free from material
misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the
circumstances.
Auditor's Responsibility
Our responsibility is to express a conclusion on the half year financial report
based on our review. Our review has been conducted in accordance with Auditing
Standards on Review Engagements ASRE 2410 Review on an Interim Financial Report
Performed by the Independent Auditor of the Entity, in order to state whether,
on the basis of the procedures described, we have become aware of any matter
that makes us believe that the financial report is not in accordance with the
Corporations Act 2001 including: giving a true and fair view of the consolidated
entity's financial position as at 31 December 2008 and its performance for the
half year ended on that date; and complying with Accounting Standard AASB 134
Interim Financial Reporting, the Corporation Regulations 2001, and other
mandatory financial reporting requirements in Australia. As the auditor of
Elixir Petroleum Limited and Controlled Entities, ASRE 2410 requires that we
comply with the ethical requirements relevant to the audit of the annual
financial report.
A review of a half year financial report consists of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope
than an audit conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Independence
In conducting our review, we have complied with the independence requirements of
the Corporations Act 2001.
Conclusion
Based on our review, which is not an audit, we have not become aware of any
matter that makes us believe that the half year financial report of Elixir
Petroleum Limited and Controlled Entities is not in accordance with the
Corporations Act 2001 including:
A. giving a true and fair view of the consolidated entity's financial
position as at 31 December 2008 and of its performance
for the half
year ended on that date; and
B. complying with Accounting Standard AASB 134 Interim Financial Reporting
and Corporations Regulations 2001.
_____________________________ ______________________________
Mack & Co N.A Calder, Partner
Chartered Accountants
2nd Floor, 35 Havelock Street
West Perth WA 6005 ___________________________ date
Directors' Declaration
The Directors declare that:
(a) The financial statements of the consolidated entity and notes thereto are
in accordance with the Corporations Act 2001, and
i. give a true and fair view of the consolidated entity's financial position as
at 31 December 2008 and of its
performance for the half-year ended on
that date; and
ii. comply with Accounting Standard AASB 134 "Interim Financial Reporting" and
the Corporations
Regulations 2001; and
(b) in the Directors' opinion there are reasonable grounds to believe that
the Company will be able to pay its debts as when they become due and payable.
This declaration is signed in accordance with a resolution of the Directors made
pursuant to s.303(5) of the Corporations Act 2001.
On behalf of the Directors
Jonathan Stewart
Chairman
Houston, Texas
12 March 2009
Consolidated Income Statement for the half-year ended 31 December 2008
+----------------+--------+--------------+--------+-----------+
| | | Consolidated |
| | | |
+----------------+--------+-----------------------------------+
| | Note | 2008 | | 2007 |
+----------------+--------+--------------+--------+-----------+
| | | $'000 | | $'000 |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| Revenue | | 4,197 | | 2,999 |
| from | | | | |
| oil & | | | | |
| gas | | | | |
| sales | | | | |
+----------------+--------+--------------+--------+-----------+
| Other | (2) | 1,568 | | - |
| income | | | | |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| Operating | | (726) | | (38) |
| and | | | | |
| production | | | | |
| costs | | | | |
+----------------+--------+--------------+--------+-----------+
| General | | (1,907) | | (1,627) |
| & | | | | |
| administrative | | | | |
| costs | | | | |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| EBITDAX1 | | 3,132 | | 1,334 |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| Depreciation, | (2) | (7,580) | | (5,817) |
| depletion and | | | | |
| amortisation | | | | |
| expense | | | | |
+----------------+--------+--------------+--------+-----------+
| Exploration | (2) | (4,191) | | (1,292) |
| & | | | | |
| evaluation | | | | |
| expense | | | | |
+----------------+--------+--------------+--------+-----------+
| Impairment | (2) | (12,918) | | - |
| expense | | | | |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| EBIT2 | | (21,557) | | (5,775) |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| Finance | | 219 | | - |
| income | | | | |
+----------------+--------+--------------+--------+-----------+
| Finance | | (151) | | (282) |
| costs | | | | |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| Loss | (2) | (21,489) | | (6,057) |
| before | | | | |
| income | | | | |
| tax | | | | |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| Income | | - | | - |
| tax | | | | |
| expense | | | | |
| / | | | | |
| benefit | | | | |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| Net | | (21,489) | | (6,057) |
| loss | | | | |
| attributable | | | | |
| to members | | | | |
| of Company | | | | |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| Earnings | | | | |
| / (loss) | | | | |
| per | | | | |
| share | | | | |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| Basic | | (11.4) | | (6.5) |
| loss | | | | |
| per | | | | |
| share | | | | |
| (cents | | | | |
| per | | | | |
| share) | | | | |
+----------------+--------+--------------+--------+-----------+
| | | | | |
+----------------+--------+--------------+--------+-----------+
| Diluted | | (11.4) | | (6.5) |
| loss | | | | |
| per | | | | |
| share | | | | |
| (cents | | | | |
| per | | | | |
| share) | | | | |
+----------------+--------+--------------+--------+-----------+
The above income statement should be read in conjunction with the accompanying
notes.
1 EBITDAX: Earnings before Interest, Tax, Depreciation, depletion and
amortisation (including impairment expense), Exploration &
evaluation
expense.
2 EBIT: Earnings before Interest and Tax.
Consolidated Balance Sheet as at 31 December 2008
+-------------+--------+------------+--------+------------+
| | | Consolidated |
+-------------+--------+----------------------------------+
| | Note | 31-Dec-08 | | 30-Jun-08 |
+-------------+--------+------------+--------+------------+
| | | $'000 | | $'000 |
+-------------+--------+------------+--------+------------+
| Assets | | | | |
+-------------+--------+------------+--------+------------+
| | | | | |
+-------------+--------+------------+--------+------------+
| Current | | | | |
| assets | | | | |
+-------------+--------+------------+--------+------------+
| Cash | | 12,531 | | 10,604 |
| and | | | | |
| cash | | | | |
| equivalents | | | | |
+-------------+--------+------------+--------+------------+
| Trade | | 1,525 | | 3,670 |
| and | | | | |
| other | | | | |
| receivables | | | | |
+-------------+--------+------------+--------+------------+
| Total | | 14,056 | | 14,274 |
| current | | | | |
| assets | | | | |
+-------------+--------+------------+--------+------------+
| | | | | |
+-------------+--------+------------+--------+------------+
| Non-current | | | | |
| assets | | | | |
+-------------+--------+------------+--------+------------+
| Receivables | | 361 | | - |
+-------------+--------+------------+--------+------------+
| Oil & | (4) | 11,105 | | 31,569 |
| Gas | | | | |
| Properties | | | | |
+-------------+--------+------------+--------+------------+
| Other | | 82 | | 10 |
| plant | | | | |
| and | | | | |
| equipment | | | | |
+-------------+--------+------------+--------+------------+
| Deferred | 1,254 | | 1,286 |
| exploration, | | | |
| evaluation and | | | |
| development | | | |
| expenditure | | | |
+----------------------+------------+--------+------------+
| Total | | 12,803 | | 32,865 |
| non-current | | | | |
| assets | | | | |
+-------------+--------+------------+--------+------------+
| | | | | |
+-------------+--------+------------+--------+------------+
| Total | | 26,858 | | 47,139 |
| assets | | | | |
+-------------+--------+------------+--------+------------+
| | | | | |
+-------------+--------+------------+--------+------------+
| Liabilities | | | | |
+-------------+--------+------------+--------+------------+
| | | | | |
+-------------+--------+------------+--------+------------+
| Current | | | | |
| liabilities | | | | |
+-------------+--------+------------+--------+------------+
| Trade | | (1,716) | | (2,983) |
| and | | | | |
| other | | | | |
| payables | | | | |
+-------------+--------+------------+--------+------------+
| Borrowings | | (3,000) | | (3,000) |
+-------------+--------+------------+--------+------------+
| Total | | (4,716) | | (5,983) |
| current | | | | |
| liabilities | | | | |
+-------------+--------+------------+--------+------------+
| | | | | |
+-------------+--------+------------+--------+------------+
| Non-current | | | | |
| liabilities | | | | |
+-------------+--------+------------+--------+------------+
| Provisions | | (1,484) | | (1,484) |
+-------------+--------+------------+--------+------------+
| Total | | (1,484) | | (1,484) |
| non-current | | | | |
| liabilities | | | | |
+-------------+--------+------------+--------+------------+
| | | | | |
+-------------+--------+------------+--------+------------+
| Total | | (6,200) | | (7,467) |
| liabilities | | | | |
+-------------+--------+------------+--------+------------+
| | | | | |
+-------------+--------+------------+--------+------------+
| Net | | 20,659 | | 39,672 |
| assets | | | | |
+-------------+--------+------------+--------+------------+
| | | | | |
+-------------+--------+------------+--------+------------+
| Equity | | | | |
+-------------+--------+------------+--------+------------+
| | | | | |
+-------------+--------+------------+--------+------------+
| Contributed | (7) | 60,644 | | 58,609 |
| equity | | | | |
+-------------+--------+------------+--------+------------+
| Reserves | | 1,904 | | 1,464 |
+-------------+--------+------------+--------+------------+
| Accumulated | | (41,889) | | (20,400) |
| losses | | | | |
+-------------+--------+------------+--------+------------+
| | | | | |
+-------------+--------+------------+--------+------------+
| Total | | 20,659 | | 39,672 |
| parent | | | | |
| entity | | | | |
| interest | | | | |
| in | | | | |
| equity | | | | |
+-------------+--------+------------+--------+------------+
The above balance sheet should be read in conjunction with the accompanying
notes.
Consolidated Statement of changes in equity for the half-year ended 31 December
2008
+-------------+--------+--------+------------+--------+------------+
| | | | Consolidated |
+-------------+--------+--------+----------------------------------+
| | Note | 2008 | | 2007 |
+-------------+-----------------+------------+--------+------------+
| | | | $'000 | | $'000 |
+-------------+--------+--------+------------+--------+------------+
| | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Share | | | | | |
| Capital | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | | | 58,609 | | 22,500 |
| beginning | | | | | |
| of period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Share | | | 2,125 | | 30,264 |
| issues | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Costs | | | (90) | | (35) |
| of | | | | | |
| issue | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | (7) | | 60,644 | | 52,729 |
| end of | | | | | |
| the | | | | | |
| period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Option | | | | | |
| Premium | | | | | |
| Reserve | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | | | 1,973 | | 1,690 |
| beginning | | | | | |
| of period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Options | | | 326 | | 2,951 |
| vesting | | | | | |
| during | | | | | |
| the | | | | | |
| period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Options | | | - | | (2,084) |
| exercised | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | | | 2,299 | | 2,557 |
| end of | | | | | |
| the | | | | | |
| period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Accumulated | | | | | |
| losses | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | | | (20,400) | | (13,986) |
| beginning | | | | | |
| of period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Loss | | | (21,489) | | (6,057) |
| for | | | | | |
| the | | | | | |
| half-year | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | | | (41,889) | | (20,043) |
| end of | | | | | |
| the | | | | | |
| period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Financial | | | | | |
| Asset | | | | | |
| reserve | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | | | - | | 1,786 |
| beginning | | | | | |
| of period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Transfer | | | - | | (1,786) |
| to cost | | | | | |
| of | | | | | |
| investment | | | | | |
| upon | | | | | |
| acquisition | | | | | |
| of Gawler | | | | | |
| Resources | | | | | |
| Ltd | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | | | - | | - |
| end of | | | | | |
| the | | | | | |
| period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Foreign | | | | | |
| Currency | | | | | |
| Translation | | | | | |
| Reserve | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | | | (510) | | (55) |
| beginning | | | | | |
| of period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Recognised | | | 115 | | (181) |
| during the | | | | | |
| period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | | | (395) | | (236) |
| end of | | | | | |
| the | | | | | |
| period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| | | | | | |
+-------------+--------+--------+------------+--------+------------+
| | | | | | |
+-------------+--------+--------+------------+--------+------------+
| Total | | | | | |
| Equity | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | | | 39,672 | | 11,935 |
| beginning | | | | | |
| of the | | | | | |
| period | | | | | |
+-------------+--------+--------+------------+--------+------------+
| At the | | | 20,659 | | 35,007 |
| end of | | | | | |
| the | | | | | |
| period | | | | | |
+-------------+--------+--------+------------+--------+------------+
The above balance sheet should be read in conjunction with the accompanying
notes.
Consolidated Cash Flow Statement for the half-year ended 31 December 2008
+--------------------+--------+--------+-----------+--------+-----------+
| | | | Consolidated |
+--------------------+--------+--------+--------------------------------+
| | | | 2008 | | 2007 |
+--------------------+--------+--------+-----------+--------+-----------+
| | | | $'000 | | $'000 |
+--------------------+--------+--------+-----------+--------+-----------+
| Cash | | | | | |
| flows | | | | | |
| from | | | | | |
| operating | | | | | |
| activities | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Receipts | | | 6,201 | | 235 |
| from | | | | | |
| sales | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Payments | | | (2,795) | | (2,295) |
| to | | | | | |
| suppliers | | | | | |
| and | | | | | |
| employees | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Net | | | 3,406 | | (2,060) |
| cash | | | | | |
| outflow | | | | | |
| from | | | | | |
| operating | | | | | |
| activities | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Cash | | | | | |
| flows | | | | | |
| from | | | | | |
| investing | | | | | |
| activities | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Cash | | | - | | 3,304 |
| acquired | | | | | |
| with | | | | | |
| subsidiary | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Payments for | | (4,529) | | (2,514) |
| exploration, | | | | |
| evaluation and | | | | |
| development | | | | |
+-----------------------------+--------+-----------+--------+-----------+
| Loans | | | - | | (3,220) |
| to | | | | | |
| other | | | | | |
| entities | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Proceeds | | | - | | 210 |
| from | | | | | |
| sale of | | | | | |
| equity | | | | | |
| investments | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Interest | | | 216 | | 106 |
| received | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Net | | | (4,313) | | (2,114) |
| cash | | | | | |
| inflow | | | | | |
| (outflow) | | | | | |
| from | | | | | |
| investing | | | | | |
| activities | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Cash | | | | | |
| flows | | | | | |
| from | | | | | |
| financing | | | | | |
| activities | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Proceeds | | | 1,607 | | 7 |
| from | | | | | |
| issues | | | | | |
| of | | | | | |
| shares | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Proceeds | | | - | | 2,590 |
| from | | | | | |
| issue of | | | | | |
| convertible | | | | | |
| notes | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Interest | | | (150) | | (283) |
| paid | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Share | | | (104) | | (35) |
| issue | | | | | |
| costs | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Net | | | 1,353 | | 2,279 |
| cash | | | | | |
| inflow | | | | | |
| from | | | | | |
| financing | | | | | |
| activities | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Net increase | | 446 | | (1,895) |
| (decrease) in | | | | |
| cash and cash | | | | |
| equivalents | | | | |
+-----------------------------+--------+-----------+--------+-----------+
| Cash and cash | | 10,604 | | 4,406 |
| equivalents at | | | | |
| the beginning | | | | |
| of the period | | | | |
+-----------------------------+--------+-----------+--------+-----------+
| Effect | | | 1,481 | | (22) |
| of | | | | | |
| exchange | | | | | |
| rate | | | | | |
| changes | | | | | |
| on | | | | | |
| foreign | | | | | |
| currency | | | | | |
| denominated | | | | | |
| cash | | | | | |
| balances | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
| Cash | | | 12,531 | | 2,489 |
| and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
| at the end | | | | | |
| of the | | | | | |
| period | | | | | |
+--------------------+--------+--------+-----------+--------+-----------+
The above cash flow statement should be read in conjunction with the
accompanying notes.
Notes to the financial statements for the half-year ended 31 December 2008
1. Basis of preparation of half-year report
This general purpose financial report for the interim half-year reporting period
ended 31 December 2008 has been prepared in accordance with Australian
Accounting Standard 134 Interim Financial Reporting and the Corporations Act
2001.
This interim report does not include all the notes of the type normally included
in an annual financial report. Accordingly, this interim financial report is to
be read in conjunction with the annual report for the year ended 30 June 2008
and any public announcements made by the Company during the interim reporting
period in accordance with the continuous disclosure requirements of the
Corporations Act 2001.
The accounting policies adopted are consistent with those of the previous
financial year and corresponding interim reporting period.
(a) Going Concern
The Financial Report has been prepared on the going concern basis, which
contemplates the continuity of normal business activity and the realisation of
assets and the settlement of liabilities in the normal course of business.
As disclosed in Note 6 to the Financial Report, subsequent to 31 December 2008
the Company's wholly-owned subsidiary, Elixir Petroleum (UK) Limited ("EP(UK)"),
received a notice of arbitration issued by TGS-NOPEC Invest AS ("TGS"), the
seismic contractor which acquired 3D seismic over Block SL-4, located offshore
Sierra Leone during the course of 2008.
The notice of arbitration relates to an alleged dispute concerning payment of
approximately US$9.3 million for the seismic data acquired by TGS. EP(UK) has
been named as a co-Respondent in the arbitration together with Prontinal Limited
("Prontinal"), EP(UK)'s former joint venture partner in the Block SL-4 joint
venture. EP(UK) understands that an existing arbitration in relation to the
dispute is currently in progress between Prontinal and TGS.
It remains the view of EP(UK) that Prontinal is responsible for the payment of
any sums that are found to be due to TGS in respect of the 3D seismic
acquisition and processing, notwithstanding the forfeiture of their interest in
Block SL-4 to EP(UK).
EP(UK) has commenced legal proceedings in the British Virgin Islands seeking
recovery of monies owed to it by Prontinal and the winding up of Prontinal.
Prontinal has lodged documentation to set aside the proceedings, with a hearing
on this matter currently set down for mid-March 2009.
EP(UK) is in the process of obtaining advice from its legal counsel in relation
to the Notice of Arbitration. As at the date of the Financial Report, EP(UK)
intends to vigorously defend its position with respect to the arbitration and it
is the current intention of the Company to provide EP(UK) with the necessary
funding to do so. The Board will continue to review the appropriateness of this
ongoing support in light of future developments as the matter progresses and in
so doing will at all times seek to ensure that the best interests of the
Company's stakeholders are served.
The Directors consider that the claim against EP(UK) is without merit.
Notwithstanding this, there is a risk that EP(UK) could be found to be liable
for some or all of the amounts claimed, which may prejudice EP (UK)'s ability to
continue as a going concern. Should EP(UK) be unable to continue as a going
concern, it may be required to realise its assets and extinguish its liabilities
other than in the normal course of business and at amounts different from those
stated in the Financial Report. The Financial Report does not include any
adjustments relating to the recoverability and classification of recorded asset
amounts or to the amounts and classification of liabilities that may be
necessary should EP(UK) be unable to continue as a going concern.
Having regard to these factors, the Financial Report has been prepared on a
going concern basis which the Directors consider to be appropriate.
(b) Critical accounting estimates and judgements
In preparing this Financial Report the Group has been required to make certain
estimates and assumptions concerning future occurrences. There is an inherent
risk that the resulting accounting estimates will not equate exactly with actual
events and results.
Significant accounting judgments
In the process of applying the Group's accounting policies, management has made
the following judgements, apart from those involving estimations, which have the
most significant effect on the amounts recognised in the financial statements:
Functional currency of US-based subsidiary operations
The Group's US based subsidiaries are at this stage financed primarily by means
of A$ denominated loans and/or equity contributions. As such, the functional
currency of these subsidiaries has been determined to be A$, not withstanding
that they also conduct significant US$ denominated transactions.
Exploration, evaluation and development expenditure (including Oil & Gas
properties)
Application of the Group's accounting policy for exploration, evaluation and
development requires management to make certain estimates and assumptions as to
future events and circumstances, in particular, the assessment of whether
economic quantities of reserves have been found. Any such estimates and
assumptions may change as new information becomes available. If, after having
capitalised expenditure under our policy, we conclude that we are unlikely to
recover the expenditure by future exploitation or sale, then the relevant
capitalised amount will be written off to the Income Statement. As at 31
December 2008 the carrying amount of Oil & Gas Properties is $11,106,000 (30
June 2008: $31,569,000).
Deferred tax assets
The Group has carried forward tax losses which have not been recognised as
deferred tax assets as it is not considered sufficiently probable that these
losses will be recouped by means of future profits taxable in the appropriate
jurisdictions.
In addition, the Group's interests in jointly controlled oil & gas operations
are held through the Company's wholly-owned US subsidiary entities. Taxation of
oil & gas activities in the US allows a number of alternative treatments which
are not available under Australian Taxation Legislation. In particular,
companies may elect to:
(i) claim an immediate deduction for Intangible Drilling Costs ("IDC"); and /
or,
(ii) elect to apply the "Percentage Depletion" method of depreciation to Oil &
Gas Properties.
The Percentage Depletion method permits certain taxpayers with economic
interests in oil and gas operation to deduct a specified percentage (15%) of the
gross income from these operations instead of cost depletion. An election as to
whether to apply Percentage Depletion or Cost Depletion is made each year on a
well-by-well basis and accordingly, application of the method can result in an
effective tax base for the oil & gas operations which is significantly in excess
of their actual cost. The directors have not recognised or disclosed a deferred
tax asset in respect of this potential increase in the tax base of these assets
as they do not believe it is capable of being reliably estimated at this stage.
Claiming an immediate deduction for IDC for the period ended 31 December 2008
would result in an accelerated deduction of the tax base of the Group's jointly
controlled oil and gas operations. This accelerated deduction would result in
recognition of a deferred tax liability and an offsetting deferred tax asset in
relation to the losses claimed. There would be no effect on either gross or net
assets, or on the income statement for the year. As at the date of this report,
the directors have not yet finalised which alternatives will be adopted by the
Group's US subsidiary entities for the period and accordingly have not
recognised or disclosed a deferred tax asset or liability in respect of
immediate IDC deductions which may be claimed in the future.
Significant accounting estimates
The carrying amounts of certain assets and liabilities are often determined
based on estimates and assumptions of future events. The key estimates and
assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of certain assets and liabilities within the next annual
reporting period are:
Amortisation
Upon commencement of production, Elixir amortises the accumulated costs for the
relevant area of interest over the life of the area according to the estimated
rated of depletion of the economically recoverable quantities of reserves.
Estimates of recoverable reserve quantities include judgemental assumptions
regarding commodity prices, exchange rates, discount rates, and production and
transportation costs for future cash flows. It also requires interpretation of
quality of reservoirs, and their anticipated recoveries. The economic,
geological and technical factors used to estimate reserves may change from
period to period. Amortisation charge for the period ended 31 December 2008 was
$7,580,000 (December 2007: 5,808,000).
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees and
consultants by reference to the fair value of the equity instruments at the date
at which they are granted. The fair value is determined using a Binomial model.
Rehabilitation obligations
The Group estimates its share of the future removal and remediation costs of oil
and gas platforms, production facilities, wells and pipelines at the time of
acquisition or installation of the assets. In most instances, removal of assets
occurs many years into the future. This requires judgemental assumptions
regarding removal date, future environmental legislation, the extent of
remediation activities required, the engineering methodology for estimating
cost, future removal technologies in determining the removal cost, and asset
specific discount rates to determine the present value of these cash flows. For
more detail regarding the policy in respect of provision for rehabilitation
refer to Note 1(m). As at 31 December 2008 rehabilitation obligations have a
carrying value of $1,484,000 (30 June 2008: 1,484,000).
Impairment of assets
In the absence of readily available market prices, the recoverable amounts of
assets are determined using estimations of the present value of future cashflows
using asset-specific discount rates. For Oil & Gas Properties, these estimates
are based on assumptions concerning reserves, future production profiles and
costs. As at 31 December 2008, the carrying value of Oil & Gas Properties is
$11,106,000 (2007: Nil).
2. Loss for the half-year
Loss for the half-year includes the following items which are significant
because of their nature, size or incidence:
+--------------+--------+-----------+--------+----------+
| | | 2008 | | 2007 |
+--------------+--------+-----------+--------+----------+
| | | $'000 | | $'000 |
| | | | | |
+--------------+--------+-----------+--------+----------+
| Foreign | | 1,568 | | - |
| exchange | | | | |
| gain | | | | |
+--------------+--------+-----------+--------+----------+
| | | | | |
+--------------+--------+-----------+--------+----------+
| Amortisation | | 7,565 | | 5,808 |
| of oil & gas | | | | |
| properties | | | | |
+--------------+--------+-----------+--------+----------+
| Depreciation | | 15 | | - |
| of plant and | | | | |
| equipment | | | | |
+--------------+--------+-----------+--------+----------+
| Employee | | 229 | | - |
| benefits | | | | |
| expense | | | | |
+--------------+--------+-----------+--------+----------+
| Borrowing | | 151 | | 282 |
| costs | | | | |
+--------------+--------+-----------+--------+----------+
| Exploration | | 4,191 | | 1,292 |
| and | | | | |
| evaluation | | | | |
| expense | | | | |
+--------------+--------+-----------+--------+----------+
| Impairment | | 12,918 | | - |
| of oil & | | | | |
| gas | | | | |
| properties | | | | |
+--------------+ +-----------+--------+----------+
| | | | | |
+--------------+ +-----------+--------+----------+
| | | | | |
+--------------+--------+-----------+--------+----------+
3. Segment Note
Primary reporting - Geographical Segments
Elixir operates in three main geographical segments, Australia, Europe and the
USA.
Australia
Australia is the location of the central management and control of the Company
and its principal administrative base.
Europe
The Group's North Sea exploration activities and license interests are located
in the United Kingdom. The Group's European operations are conducted through its
locally registered subsidiaries, Elixir Petroleum (UK) Limited, Elixir Petroleum
(Europe) Ltd and Elixir Petroleum (Technical Services) Ltd.
USA
The Group's interest in the High Island and Pompano projects are held by a
wholly-owned US subsidiary, Cottesloe Oil & Gas, LLC.
+--------------+------------+-----------+-----------+-------------+------------+
| 2008 | USA | Europe |Australia |Unallocated | Total |
| | | & | | | |
| | | Africa | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| | $'000 | $'000 | $'000 | $'000 | $'000 |
+--------------+------------+-----------+-----------+-------------+------------+
| Sales | 4,197 | - | - | - | 4,197 |
+--------------+------------+-----------+-----------+-------------+------------+
| Other | - | 118 | - | 1,594 | 1,712 |
| revenue | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| Expenses | (24,597) | (978) | - | (1,824) | (27,399) |
+--------------+------------+-----------+-----------+-------------+------------+
| Loss | (20,400) | (859) | - | (230) | (21,490) |
| before | | | | | |
| tax | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| Tax | - | - | - | - | - |
+--------------+------------+-----------+-----------+-------------+------------+
| Loss | (20,400) | (859) | - | (230) | (21,490) |
| after | | | | | |
| tax | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| Total | 13,008 | 2,109 | - | 10,741 | 26,858 |
| assets | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| Total | (1,606) | (628) | - | (3,966) | (6,200) |
| liabilities | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| Depreciation | 7,565 | 15 | - | - | 7,580 |
| and | | | | | |
| Amortisation | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| 2007 | USA | Europe |Australia |Unallocated | Total |
| | | & | | | |
| | | Africa | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| | $'000 | $'000 | $'000 | $'000 | $'000 |
+--------------+------------+-----------+-----------+-------------+------------+
| Sales | 2,883 | - | - | - | 2,883 |
+--------------+------------+-----------+-----------+-------------+------------+
| Other | 7 | 82 | 26 | - | 115 |
| revenue | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| Expenses | (6,026) | (2,085) | (945) | - | (9,056) |
+--------------+------------+-----------+-----------+-------------+------------+
| Loss | (3,136) | (2,003) | (919) | - | (6,058) |
| before | | | | | |
| tax | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| Tax | - | - | - | - | - |
+--------------+------------+-----------+-----------+-------------+------------+
| Loss | (3,136) | (2,003) | (919) | - | (6,058) |
| after | | | | | |
| tax | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| Total | 33,151 | 2,722 | - | 547 | 36,421 |
| assets | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| Total | (1,130) | (193) | - | (90) | (1,413) |
| liabilities | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
| Depreciation | 5,808 | 9 | - | - | 5,817 |
| and | | | | | |
| amortisation | | | | | |
+--------------+------------+-----------+-----------+-------------+------------+
4. Oil & Gas Properties
+--------------+------------+--------+-----------+
| | Consolidated |
+--------------+---------------------------------+
| | 31-Dec-08 | |30-Jun-08 |
+--------------+------------+--------+-----------+
| | $'000 | | $'000 |
+--------------+------------+--------+-----------+
| Producing | | | |
| projects | | | |
+--------------+------------+--------+-----------+
| At | 41,113 | | 41,113 |
| cost | | | |
+--------------+------------+--------+-----------+
| Accumulated | (17,109) | | (9,544) |
| amortisation | | | |
+--------------+------------+--------+-----------+
| Write | (12,898) | | - |
| off | | | |
| during | | | |
| the | | | |
| half-year | | | |
+--------------+------------+--------+-----------+
| Net | 11,106 | | 31,569 |
| carrying | | | |
| amount | | | |
+--------------+------------+--------+-----------+
A reconciliation of movements in Oil & Gas Properties during the half-year is as
follows:
+--------------+-----------+--------+------------+--------+------------+
| | Tangible | |Intangible | | Total |
| | Costs | | Costs | | |
+--------------+-----------+--------+------------+--------+------------+
| | $ | | $ | | $ |
+--------------+-----------+--------+------------+--------+------------+
| Producing | | | | | |
| Projects | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| At | | | | | |
| Cost | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| At 1 | 3,013 | | 36,616 | | 39,629 |
| July | | | | | |
| 2008 | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| Provision | - | | (12,898) | | (12,898) |
| for | | | | | |
| impairment | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| Associated | | | | |
| future | | | | |
| restoration | | | | |
| costs | | | | |
| (capitalised) | | | | |
+--------------------------+--------+------------+--------+------------+
| At 1 | - | | 1,484 | | 1,484 |
| July | | | | | |
| 2008 | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| At 31 | 3,013 | | 25,202 | | 28,215 |
| December | | | | | |
| 2008 | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| Accumulated | | | | | |
| amortisation | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| At 1 | (700) | | (8,844) | | (9,544) |
| July | | | | | |
| 2008 | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| Charge | - | | (7,565) | | (7,565) |
| for | | | | | |
| the | | | | | |
| half-year | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| At 31 | (700) | | (16,409) | | (17,109) |
| December | | | | | |
| 2008 | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| At 1 | 2,313 | | 29,256 | | 31,569 |
| July | | | | | |
| 2008 | | | | | |
+--------------+-----------+--------+------------+--------+------------+
| At 31 | 2,313 | | 8,793 | | 11,106 |
| December | | | | | |
| 2008 | | | | | |
+--------------+-----------+--------+------------+--------+------------+
5. Dividends
No dividend has been paid or is proposed in respect of the half-year ended 31
December 2008 (2007: None).
6. Contingencies
Block SL-4
As disclosed also in Note 1(a), subsequent to 31 December 2008 the Company's
wholly-owned subsidiary, Elixir Petroleum (UK) Limited ("EP(UK)"), received a
notice of arbitration issued by TGS-NOPEC Invest AS ("TGS"), the seismic
contractor which acquired 3D seismic over Block SL-4, located offshore Sierra
Leone during the course of 2008.
The notice of arbitration relates to an alleged dispute concerning payment of
approximately US$9.3 million for the seismic data acquired by TGS. EP(UK) has
been named as a co-Respondent in the arbitration together with Prontinal,
EP(UK)'s former joint venture partner in the Block SL-4 joint venture. EP(UK)
understands that an existing arbitration in relation to the dispute is currently
in progress between Prontinal and TGS.
It remains the view of EP(UK) that Prontinal is responsible for the payment of
any sums that are found to be due to TGS in respect of the 3D seismic
acquisition and processing, notwithstanding the forfeiture of their interest in
Block SL-4 to EP(UK).
EP(UK) has commenced legal proceedings in the British Virgin Islands seeking
recovery of monies owed to it by Prontinal and the winding up of Prontinal.
Prontinal has lodged documentation to set aside the proceedings, with a hearing
on this matter currently set down for mid-March 2009.
EP(UK) is in the process of obtaining advice from its legal counsel in relation
to the Notice of Arbitration. As at the date of the Financial Report, EP(UK)
intends to vigorously defend its position with respect to the arbitration and it
is the current intention of the Company to provide EP(UK) with the necessary
funding to do so. The Board will continue to review the appropriateness of this
ongoing support in light of future developments as the matter progresses and in
so doing will at all times seek to ensure that the best interests of the
Company's stakeholders are served.
The Directors consider that the claim against EP(UK) is without merit.
Notwithstanding this, there is a risk that EP(UK) could be found to be liable
for some or all of the amounts claimed.
Other than as disclosed above, at balance date the Consolidated Entity had no
material contingent assets or liabilities or firm contractual commitments for
expenditure not reflected in the Financial Report.
7. Reconciliation of movements in consolidated equity
Movements in consolidated equity during the six months were as follows:
+-------------+--------+--------+--------+----------------+--------+--------+--------+-----------+
|Description | | Date | | Number | | Issue | | $'000 |
| | | | | of | | Price | | |
| | | | | shares | | | | |
+-------------+--------+--------+--------+----------------+--------+--------+--------+-----------+
| | | | | | | | | |
+-------------+--------+--------+--------+----------------+--------+--------+--------+-----------+
| Opening | | 01 Jul | | 181,117,922 | | | | 58,609 |
| balance | | 08 | | | | | | |
+-------------+--------+--------+--------+----------------+--------+--------+--------+-----------+
| Share | | 01 Jul | | 1,950,550 | | $ | | 527 |
| issue | | 08 | | | | 0.270 | | |
+-------------+--------+--------+--------+----------------+--------+--------+--------+-----------+
| Share | | 08 Jul | | 5,920,000 | | $ | | 1,598 |
| issue | | 08 | | | | 0.270 | | |
+-------------+--------+--------+--------+----------------+--------+--------+--------+-----------+
| Less: | | | | | | | | (90) |
| transaction | | | | | | | | |
| costs | | | | | | | | |
+-------------+--------+--------+--------+----------------+--------+--------+--------+-----------+
| Closing | | 31 Dec | | 188,988,472 | | | | 60,644 |
| balance | | 08 | | | | | | |
+-------------+--------+--------+--------+----------------+--------+--------+--------+-----------+
8. Events occurring after the balance sheet date
Repayment of convertible notes
During January 2009, the Company repaid, upon their expiry $3 million in
convertible loan notes, leaving the Elixir Group debt-free.
De-listing from AIM
On 3 March 2009, the Company announced its intention to cancel the admission of
its ordinary shares to trading on AIM with effect from 31 March 2009.
Other than as disclosed above or elsewhere in this half-year financial report,
no event has arisen since 31 December 2008 that would be likely to materially
affect the operations of the Consolidated Entity, the results of the
Consolidated Entity or the state of affairs of the Consolidated Entity.
9. Risk Management
Elixir's board of directors (Board) performs the duties of a risk management
committee in identifying and evaluating sources of financial and other risks.
The Board seeks to balance the potential adverse effects of financial risks on
Elixir's financial performance and position with the "upside" potential made
possible by exposure to these risks and by taking into account the costs and
expected benefits of the various methods available to manage them.
AASB 132 Financial Instruments Presentation and Disclosure requires the
disclosure of information to assist users of the financial report in assessing
the extent of risks related to financial instruments faced by the Group. These
risks include financial risks such as market risks (including currency risk,
fair value interest rate risk and commodity price risk), credit risk & liquidity
risk. These disclosures are not nor are they intended to be an exhaustive list
of risks to which Elixir is exposed.
(a) Market risk
(i) Commodity price risk
As a result of its operations the Group is exposed to commodity price risk
arising due to fluctuations in the prices of natural gas and crude oil. The
demand for, and prices of, natural gas and crude oil are dependent on a variety
of factors, including:
* Supply and demand;
* The level of consumer product demand;
* Weather conditions;
* The price and availability of alternative fuels;
* Actions taken by governments and international cartels; and,
* Global economic and political developments.
As at balance date, the Board has formed the view that it would not be
beneficial for the Group to purchase forward contracts or other derivative
financial instruments to hedge this commodity price risk. Factors which the
board considered in arriving at this position included the expense of purchasing
such instruments and the inherent difficulties associated with forecasting
future production levels while the Group realises the value of its oil & gas
assets. As development and diversification of the Group's productions assets
progresses and it becomes possible to forecast future production levels with a
greater degree of certainty, the Board may reconsider its position with regard
to hedging against commodity price risk in the future.
(ii) Foreign exchange risk
Elixir's principal office is based in Australia, its shares are listed on the
Australian Stock Exchange and London AIM market and the Consolidated Entity
reports its financial performance and position in Australian dollars (A$). The
Group maintains a UK office and, as its activities are focussed in the oil & gas
exploration, development and production sector, it also has significant United
States dollar (US$) denominated cashflows. As a result of these factors, the
Group is exposed to foreign exchange risk arising from fluctuations in the AU$ /
US$ and AU$ / GBP exchange rates.
As at balance date, the Board has formed the view that it would not be
beneficial for the Group to purchase forward contracts or other derivative
financial instruments to hedge this foreign exchange risk. Factors which the
board considered in arriving at this position included: The expense of
purchasing such instruments; the inherent difficulties associated with
forecasting the timing and quantum of US$ cash inflows and outflows while the
Group realises the value of its oil & gas assets. The Board may reconsider its
position with regard to hedging against foreign exchange risk in the future as
the Group's activities evolve and / or in response to industry or macro-economic
factors.
(iii) Interest rate risk
As at and during the period ended on balance date the Group had no significant
interest-bearing assets or liabilities other than liquid funds on deposit and
convertible notes (fixed rate, repaid in January 2009). As such, the Group's
income and operating cash flows (other than interest income from funds on
deposit) are substantially independent of changes in market interest rates.
(b) Credit risk
The Group seeks to trade only with recognised, trustworthy third parties and it
is the Group's policy to perform credit verification procedures in relation to
any customers wishing to trade on credit terms with the Group.
Notwithstanding the above, the Group is exposed to level of credit risk arising
from the fact that a large proportion of its receivables and non-current oil &
gas assets relate to its interests in projects operated by private companies.
The Board are of the opinion that the credit risk arising as a result of this
concentration of the Group's assets is more than offset by the potential
benefits to be gained through continuing to build on the Group's relationship
with the operators of its existing projects.
Other than as disclosed in Note 1(a) and Note 6 in relation to SL-4 Joint
Venture, the maximum exposure to credit risk at the reporting date is the
carrying amount of trade receivables, being $1,525,000 ($3,670,000 as at 30 June
2008). The Group has a number of recourse options available in the event of
counterparty default, including but not limited to de facto security over
jointly held assets.
(c) Liquidity risk
Prudent liquidity management involves the maintenance of sufficient cash,
marketable securities, committed credit facilities and access to capital
markets. It is the policy of the board to ensure that the Group is able to meet
its financial obligations and maintain the flexibility to pursue attractive
investment opportunities through keeping committed credit lines available where
possible, ensuring the Group has sufficient working capital and preserving the
15% share issue limit available to the Company under the ASX Listing Rules.
Maturities of financial liabilities
Group - As at reporting date the Group had total financial liabilities of
$1,716,000 (30 June 2008: $5,983,000), comprised of convertible notes which were
repaid in January 2009, non interest-bearing trade creditors and accruals with a
maturity of less than 6 months.
(d) Net fair value
The carrying amount of financial assets and liabilities recorded in the
financial statements approximate their fair value as at 31 December 2008.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GUUCAWUPBUQW
Elixir Petroleum (LSE:ELP)
Historical Stock Chart
From May 2024 to Jun 2024
Elixir Petroleum (LSE:ELP)
Historical Stock Chart
From Jun 2023 to Jun 2024