TIDMGED
RNS Number : 4168Y
Global Energy Development PLC
03 September 2009
+-------------------------------------+-------------------------------------+
| For Immediate Release | 3 September 2009 |
+-------------------------------------+-------------------------------------+
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009
Global Energy Development PLC, the Latin America focused petroleum exploration
and production company (LSE-AIM: "GED"), announces its interim results for the
six months ended 30 June 2009 (the "Period").
HIGHLIGHTS:
* Revenues down 49.6% at US$9.0 million reflecting the decline in the oil price
(first half of 2008: US$17.9 million);
* Costs of Sales and Administrative Expenses reduced by 14.7% and 16.1%
respectively during the Period through dedicated cost-cutting efforts;
* Profit from Operations of US$0.3 million (first half of 2008: Profit from
Operations of US$7.7 million);
* Loss before Taxation of US$0.4 million (first half of 2008: Profit before
Taxation of US$7.1 million);
* Net production moderately higher in the Period, and previously uneconomic wells
put back on production in May and June due to higher oil prices; and
* Seismic acquisition underway at the Colombian Rio Verde contract with drilling
scheduled to commence during first quarter of 2010.
FOR FURTHER INFORMATION:
Global Energy Development PLC
+--------------------------------------------+----------------------+
| Catherine Miles, Company Secretary | +44 (0)20 7228 |
| | 4266 |
+--------------------------------------------+----------------------+
| www.globalenergyplc.com | +44 (0)7909918034 |
+--------------------------------------------+----------------------+
Matrix Corporate Capital LLP
+--------------------------------------------+----------------------+
| Alastair Stratton | +44 (0)20 3206 7204 |
+--------------------------------------------+----------------------+
| Tim Graham | +44 (0)20 3206 7206 |
+--------------------------------------------+----------------------+
NOTES TO EDITORS:
The Company's shares have been traded on AIM, a market operated by the London
Stock Exchange, since March 2002 (LSE-AIM: "GED"). The Company's balanced
portfolio covers the countries of Colombia, Peru and Panama and comprises a base
of production, developmental drilling and workover opportunities and several
high-potential exploration projects. The Company currently holds seven
contracts: five in Colombia; one in Peru; and one in Panama.As at 31 December
2008, Ralph E. Davis Associates, Inc. ("Ralph E. Davis"), independent petroleum
engineers, reported that proved plus probable ("2P") reserves net to the Company
totalled 131.0 million barrels of oil equivalent ("BOE").
The information contained within this announcement has been reviewed by Mr.
Stephen Voss, a Director of the Company, for the purpose of the Note for Mining,
Oil and Gas Companies issued by the London Stock Exchange in respect of AIM
companies which outlines standards of disclosure for natural resource projects.
Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of
SPE for 26 years.
CHAIRMAN'S STATEMENT & REVIEW OF OPERATIONS
Whilst 2008 saw the Company report record annual financial results, the swift
decline in the oil price through the second half of 2008 continued into 2009.
The resultant average West Texas Intermediate ("WTI") crude oil price in the
first half of 2009 was US$51.57 per barrel, a 53.6% decline against the first
half of 2008 (first half of 2008: average WTI: US$111.14).
The decline in the oil price was reflected in the Company's Revenues, down 49.6%
to US$9.0 million (first half of 2008: US$17.9 million), with net production
(after all royalty payments) for the first half of 2009 moderately higher at
199,403 barrels of oil ("bbls") (first half of 2008: 181,790 bbls).
The Company took efforts to cut costs against the depressed oil price. Cost of
Sales was reduced by 14.7% to US$6.4 million (first half of 2008: US$7.5
million) and Administrative Expenses were cut by 16.1% to US$2.4 million, mainly
due to a reduction in the number of employees and consultants (first half of
2008: US$2.8 million). Despite this, Profit from Operations was US$0.3 million
against US$7.7 million for the first half of 2008 and the Company recorded a
Loss before Taxation of US$0.4 million for the first half of 2009 (first half of
2008: Profit before Taxation US$7.1 million). The Company had no bank debt
during the Period and continues to have no bank debt to service.
Activity levels during the first half of 2009 were hampered due to the
aforementioned oil price and the ensuing reduced cash flow from operations.
Capital expenditure was confined to production-lifting cost reduction and
environmental protection projects.
The oil price recovered slightly towards the end of the Period and three of the
four wells previously shut-in for uneconomic reasons were put back on production
during May and June 2009 and are now averaging approximately 325 barrels of oil
per day ("bopd") gross.
The second half of 2009 looks brighter with a continued concentration on
reducing costs and higher oil prices (averaging approximately US$66 per barrel
of WTI to date). In tandem, operating activity levels have increased with,
notably, the acquisition of 3D and 2D seismic underway at the Colombian Rio
Verde contract in preparation for planned drilling in the first quarter of 2010.
This seismic acquisition represents the vast majority of the Company's
contractually required spend for the next six months and therefore the Company
is confident that it can remain compliant with all its contracts.
During July 2009, the Company requested that Phase 3 of the Peruvian Block 95
contract be suspended due to delays in receiving certain environmental and
community sub-permits necessary to initiate the Company's exploratory programme.
Confirmation of the suspension has since been received from Perupetro S. A.,
the Peruvian State Oil Company. Phase 3 will recommence once the sub-permits
are received and will be extended by the length of the suspension. Phase 3
requires a US$2.0 million seismic acquisition programme or the drilling of a
well within the Bretana field.
The Company believes that the industry will continue to strengthen and that it
will have increased available cash flow. In preparation for this the Company is
assessing, along with its independent reserve engineers, projects within the
Company's portfolio that would result in the quickest return on investment and
have a positive impact on production volumes and reserves.
The Company continues to be well placed despite the recent industry downturn and
is confident of being able to resume growth in the near future.
Mikel Faulkner
Executive Chairman
Stephen Voss
Vice Chairman & Operations Director
3 September 2009
INDEPENDENT REVIEW REPORT TO GLOBAL ENERGY DEVELOPMENT PLC
Introduction
We have been engaged by the Company to review the condensed set of financial
information in the half-yearly financial report for the six months ended 30 June
2009 which comprises the Consolidated Statement of Comprehensive Income, the
Consolidated Statement of Financial Position, the Consolidated Cash Flow
Statement, the Consolidated Statement of Changes in Equity and related
explanatory notes 1 to 6.
We have read the other information contained in the half-yearly financial report
and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of and has been approved by the Directors. The Directors are
responsible for preparing the interim report in accordance with the rules of the
London Stock Exchange for companies trading securities on AIM which require that
the half-yearly report be presented and prepared in a form consistent with that
which will be adopted in the Company's annual accounts having regard to the
accounting standards applicable to such annual accounts.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial information in the half-yearly financial report based on our
review.
Our report has been prepared in accordance with the terms of our engagement to
assist the Company in meeting the requirements of the rules of the London Stock
Exchange for companies trading securities on AIM and for no other purpose. No
person is entitled to rely on this report unless such a person is a person
entitled to rely upon this report by virtue of and for the purpose of our terms
of engagement or has been expressly authorised to do so by our prior written
consent. Save as above, we do not accept responsibility for this report to any
other person or for any other purpose and we hereby expressly disclaim any and
all such liability
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity", issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information 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 International Standards on Auditing (UK and Ireland) 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.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial information in the half-yearly financial
report for the six months ended 30 June 2009 is not prepared, in all material
respects, in accordance with the rules of the London Stock Exchange for
companies trading securities on AIM.
BDO Stoy Hayward LLP
Chartered Accountants and Registered Auditors
55 Baker Street
London W1U 7EU
UK
3 September 2009
+--------------------------------+--------+-------------+-------------+---------------+
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
+-------------------------------------------------------------------------------------+
| For the period ended 30 June 2009 |
+-------------------------------------------------------------------------------------+
| | Note | Six Months | Six Months | Twelve Months |
| | | ended | ended | ended |
| | | 30 June | 30 June | 31 December |
| | | 2009 | 2008 | 2008 |
| | | $'000 | $'000 | $'000 |
| | | (Unaudited) | (Unaudited) | (Audited) |
+--------------------------------+--------+-------------+-------------+---------------+
| Revenue | | 9,003 | 17,873 | 32,800 |
+--------------------------------+--------+-------------+-------------+---------------+
| Cost of sales | | (6,361) | (7,458) | (15,461) |
+--------------------------------+--------+-------------+-------------+---------------+
| Gross Profit | | 2,642 | 10,415 | 17,339 |
+--------------------------------+--------+-------------+-------------+---------------+
| | | | | |
+--------------------------------+--------+-------------+-------------+---------------+
| Other income | | 54 | 104 | 122 |
+--------------------------------+--------+-------------+-------------+---------------+
| Administrative expenses | | (2,363) | (2,818) | (6,304) |
+--------------------------------+--------+-------------+-------------+---------------+
| Profit from Operations | | 333 | 7,701 | 11,157 |
+--------------------------------+--------+-------------+-------------+---------------+
| | | | | |
+--------------------------------+--------+-------------+-------------+---------------+
| Finance income | | 15 | 80 | 183 |
+--------------------------------+--------+-------------+-------------+---------------+
| Finance expense | | (705) | (666) | (1,417) |
+--------------------------------+--------+-------------+-------------+---------------+
| (Loss)/Profit before taxation | | (357) | 7,115 | 9,923 |
+--------------------------------+--------+-------------+-------------+---------------+
| Tax expense | | (464) | (3,172) | (2,627) |
+--------------------------------+--------+-------------+-------------+---------------+
| (Loss)/Profit from continuing | | (821) | 3,943 | 7,296 |
| operations | | | | |
+--------------------------------+--------+-------------+-------------+---------------+
| | | | | |
+--------------------------------+--------+-------------+-------------+---------------+
| Total Comprehensive (loss)/income | (821) | 3,943 | 7,296 |
| attributable to the equity holders of | | | |
| the parent | | | |
+-----------------------------------------+-------------+-------------+---------------+
| | | | | |
+--------------------------------+--------+-------------+-------------+---------------+
| (Loss)/Earnings Per Share | | | | |
+--------------------------------+--------+-------------+-------------+---------------+
| - Basic | 4 | $ (0.02) | $ 0.11 | $ 0.21 |
+--------------------------------+--------+-------------+-------------+---------------+
| - Diluted | 4 | $ (0.02) | $ 0.10 | $ 0.20 |
+--------------------------------+--------+-------------+-------------+---------------+
| | | | | |
+--------------------------------+--------+-------------+-------------+---------------+
| | | | | |
+--------------------------------+--------+-------------+-------------+---------------+
+---------------------+-----+-------------+------+-------------+------+-----------+
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
+---------------------------------------------------------------------------------+
| As at 30 June 2009 | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| | | 30 June | | 30 June | | 31 |
| | | 2009 | | 2008 | | December |
| | | $'000 | | $'000 | | 2008 |
| | | (Unaudited) | | (Unaudited) | | $'000 |
| | | | | | | (Audited) |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Assets | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Non-current assets | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Intangible assets | | 5,598 | | 4,792 | | 5,358 |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Property, plant and | | 95,928 | | 92,691 | | 98,294 |
| equipment | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Deferred tax assets | | 1,809 | | 335 | | 1,214 |
+---------------------+-----+-------------+------+-------------+------+-----------+
| | | 103,335 | | 97, 818 | | 104,866 |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Current assets | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Inventories | | 1,265 | | 1,029 | | 1,290 |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Trade and other | | 7,662 | | 9,285 | | 5,245 |
| receivables | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Short term | | 1,444 | | 1,812 | | 1,508 |
| investments | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Cash & cash | | 995 | | 5,976 | | 3,722 |
| equivalents | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| | | 11,366 | | 18,102 | | 11,765 |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Total assets | | 114,701 | | 115,920 | | 116,631 |
+---------------------+-----+-------------+------+-------------+------+-----------+
| | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Liabilities | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Non-current | | | | | | |
| liabilities | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Convertible loan | | (16,388) | | (16,003) | | (16,197) |
| notes | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Deferred tax | | (12,068) | | (12,265) | | (11,768) |
| liabilities | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Long term | | (839) | | (698) | | (1,001) |
| provisions | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| | | (29,295) | | (28,966) | | (28,966) |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Current liabilities | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Trade and other | | (5,418) | | (9,765) | | (7,099) |
| payables | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Total liabilities | | (34,713) | | (38,731) | | (36,065) |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Net assets | | 79,988 | | 77,189 | | 80,566 |
+---------------------+-----+-------------+------+-------------+------+-----------+
| | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Equity | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Called up share | | 540 | | 539 | | 539 |
| capital | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Share premium | | 26,543 | | 26,439 | | 26,439 |
| account | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Other reserve | | 1,826 | | 1,826 | | 1,826 |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Capital reserve | | 210,844 | | 210,844 | | 210,844 |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Retained earnings | | (159,765) | | (162,459) | | (159,082) |
+---------------------+-----+-------------+------+-------------+------+-----------+
| Total equity | | 79,988 | | 77,189 | | 80,566 |
+---------------------+-----+-------------+------+-------------+------+-----------+
| | | | | | | |
+---------------------+-----+-------------+------+-------------+------+-----------+
The financial information on pages 7 to 12 were approved and authorised for
issue by the Board of Directors on 3 September 2009 and were signed on its
behalf by:
+-----------+---------+---------+---------+-------------+--+-------------+--+---------+---------+
| Mikel Faulkner | Stephen Voss |
| Executive | Vice Chairman & Operations Director |
| Chairman | |
+---------------------+-----------------------------------------------------+
| 3 September 2009 | 3 September 2009 |
+---------------------+-----------------------------------------------------+
| CONSOLIDATED CASH FLOW STATEMENT |
+-----------------------------------------------------------------------------------------------+
| For the period | | | | | | |
| ended 30 June | | | | | | |
| 2009 | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| | | Six months | | Six months | | Twelve months |
| | | ended | | ended | | ended 31 December |
| | | 30 June | | 30 June | | 2008 |
| | | 2009 | | 2008 | | $'000 |
| | | $'000 | | $'000 | | (Audited) |
| | | (Unaudited) | | (Unaudited) | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Cash flows from | | | | | | |
| operating | | | | | | |
| activities | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Operating Profit | | 333 | | 7,701 | | 11,157 |
| before interest | | | | | | |
| and taxation | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Depreciation, | | 2,910 | | 3,238 | | 6,356 |
| depletion and | | | | | | |
| amortization | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| (Increase)/decrease | | (2,136) | | (718) | | 3,321 |
| in trade and other | | | | | | |
| receivables | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Decrease/(increase) | | 23 | | (145) | | (406) |
| in inventories | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| (Decrease)/increase | | (2,567) | | (778) | | 2,412 |
| in trade and other | | | | | | |
| payables | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Increase in | | 162 | | 24 | | 127 |
| long-term | | | | | | |
| provisions | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Accretion expense | | 191 | | 193 | | 387 |
| on convertible | | | | | | |
| loans | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Provision against | | - | | 800 | | 800 |
| unitization | | | | | | |
| receivable | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Loss on disposal | | 55 | | - | | 25 |
| of assets | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Other non-cash | | (56) | | - | | 46 |
| items | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Share-based | | 243 | | 141 | | 165 |
| payments | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Cash (used | | (842) | | 10,456 | | 24,390 |
| in)/generated | | | | | | |
| from operations | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Income taxes paid | | (651) | | (988) | | (2,178) |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Net cash flows | | (1,493) | | 9,468 | | 22,212 |
| from operating | | | | | | |
| activities | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Investing | | | | | | |
| activities | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Capital | | | | | | |
| expenditure and | | | | | | |
| financial | | | | | | |
| investment | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| - Expenditure on | | (584) | | (7,293) | | (21,810) |
| tangible fixed | | | | | | |
| assets | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| - Expenditure on | | (253) | | (373) | | (939) |
| intangible fixed | | | | | | |
| assets | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Disposal of | | - | | 27 | | 46 |
| Property, plant | | | | | | |
| and equipment | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Interest received | | 15 | | 80 | | 183 |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Increase in | | 64 | | 19 | | 323 |
| short-term | | | | | | |
| investments | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Net cash flows | | (758) | | (7,540) | | (22,197) |
| from investing | | | | | | |
| activities | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Financing | | | | | | |
| activities | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Interest paid | | (476) | | (554) | | (895) |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Net cash flows | | (476) | | (554) | | (895) |
| from financing | | | | | | |
| activities | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| (Decrease)/increase | | (2,727) | | 1,374 | | (880) |
| in cash and cash | | | | | | |
| equivalents | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Cash and cash | | 3,722 | | 4,602 | | 4,602 |
| equivalents at | | | | | | |
| beginning of | | | | | | |
| period | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| Cash and cash | | 995 | | 5,976 | | 3,722 |
| equivalents at | | | | | | |
| end of period | | | | | | |
+---------------------+-------------------+-------------+--+-------------+--+-------------------+
| | | | | | | |
+-----------+---------+---------+---------+-------------+--+-------------+--+---------+---------+
+--------------------------------------+----------+----------+----------+-----------+----------+----------+--------------------------------------+
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| For the six months ended 30 June 2009 |
+---------------------------------------------------------------------------------------------------------+
| | Share | Capital | Share | Retained | Other | Total |
| | Capital | Reserve | Premium | | Reserves | $'000 |
| | $'000 | $'000 | $'000 | Earnings | $'000 | |
| | | | | $'000 | | |
+ + + + + + + +
| | | | | | | | |
+ + + + + + + +--------------------------------------+
| | | | | | | | |
+ + + + + + + +--------------------------------------+
| | | | | | | | |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+--------------------------------------+
| | | | | | | |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| At 1 January 2008(Audited) | 539 | 210,844 | 26,439 | (166,543) | 1,826 | 73,105 |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| Total comprehensive income for the | - | - | - | 3,943 | - | 3,943 |
| period | | | | | | |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| Share-based payments | - | - | - | 141 | - | 141 |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| At 30 June 2008 (Unaudited) | 539 | 210,844 | 26,439 | (162,459) | 1,826 | 77,189 |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| Total comprehensive income for the | - | - | - | 3,353 | - | 3,353 |
| period | | | | | | |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| Share-based payments | - | - | - | 24 | - | 24 |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| At 31 December 2008 (Audited) | 539 | 210,844 | 26,439 | (159,082) | 1,826 | 80,566 |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| Total comprehensive loss for the | - | - | - | (821) | - | (821) |
| period | | | | | | |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| Share-based payments | 1 | - | 104 | 138 | - | 243 |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+
| At 30 June 2009 (Unaudited) | 540 | 210,844 | 26,543 | (159,765) | 1,826 | 79,988 |
+--------------------------------------+----------+----------+----------+-----------+----------+----------+--------------------------------------+
UNAUDITED NOTES FORMING PART OF THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
For the six months ended 30 June 2009
1. Accounting Policies
Basis of Preparation
The condensed interim financial information has been prepared using policies
based on International Financial Reporting Standards (IFRS and IFRIC
interpretations) issued by the International Accounting Standards Board
("IASB") as adopted for use in the EU. The condensed interim financial
information has been prepared using the accounting policies which will be
applied in the Group's statutory financial information for the year ended 31
December 2009.
This results in the adoption of the revision to IAS 1; this revision prohibits
the presentation of items of income and expenses (that is, "non-owner changes in
equity") in the statement of changes in equity, requiring "non-owner changes in
equity" to be presented separately from owner changes in equity. All non-owner
changes in equity
will be required to be shown in a performance statement. This revision has been
applied throughout these interim financial information. In addition IFRS 8
"Segmental reporting" will affect the disclosure notes of the financial
statements for the full year.
2. Financial reporting period
The condensed interim financial information for the period 1 January 2009 to 30
June 2009 is unaudited. In the opinion of the Directors the condensed interim
financial information for the period presents fairly the financial position, and
results from operations and cash flows for the period in conformity with the
generally accepted accounting principles consistently applied. The condensed
interim financial information incorporates comparative figures for the interim
period 1 January 2008 to 30 June 2008 and the audited financial year to 31
December 2008.
The financial information contained in this interim report does not constitute
statutory accounts as defined by section 435 of the Companies Act 2006.
The comparatives for the full year ended 31 December 2008 are not the Company's
full statutory accounts for that year. A copy of the statutory accounts for that
year has been delivered to the Registrar of Companies. The auditors' report on
those accounts was unqualified, did not include references to any matters to
which the auditors drew attention by way of emphasis without qualifying their
report and did not contain a statement under section 237(2)-(3) of the Companies
Act 1985.
3. Revenue
Revenue is attributable to one continuing activity, which is oil production from
Harken de Colombia, Ltd., a wholly-owned subsidiary of the Group, located in
Colombia, South America.
4. Loss per share
Basic earnings per share amounts are calculated by dividing profit/(loss) for
the period attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding for the period.
Diluted earnings per share amounts are calculated by dividing the profit for
the period attributable to ordinary equity holders of the parent by the weighted
average number of ordinary share outstanding during the year plus the weighted
average number of ordinary shares that would be issued on the conversion of all
the dilutive potential ordinary shares into ordinary shares.
The following reflects the income and share data used in the basic and diluted
earnings per share calculations:
+-----------------------------------------+------------+------------+---------------+
| | Six | Six | Twelve months |
| | months | months | |
| | ended | ended | ended |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
| | $'000 | $'000 | $'000 |
+-----------------------------------------+------------+------------+---------------+
| Net (loss)/profit attributable to | (821) | 3,943 | 7,296 |
| equity holders used in basic | | | |
| calculation | | | |
+-----------------------------------------+------------+------------+---------------+
| Add back interest and accretion charge | 667 | 582 | 1,281 |
| in respect of convertible loan notes | | | |
+-----------------------------------------+------------+------------+---------------+
| Net (loss)/profit attributable to | (154) | 4,525 | 8,577 |
| equity holders used in dilutive | | | |
| calculation | | | |
+-----------------------------------------+------------+------------+---------------+
| | | | |
+-----------------------------------------+------------+------------+---------------+
| Basic weighted average number of shares | 35,333,927 | 35,328,428 | 35,328,428 |
+-----------------------------------------+------------+------------+---------------+
| | | | |
+-----------------------------------------+------------+------------+---------------+
| Dilutive potential ordinary shares | | | |
+-----------------------------------------+------------+------------+---------------+
| Shares related to convertible notes | 4,565,027 | 4,565,027 | 4,565,027 |
+-----------------------------------------+------------+------------+---------------+
| Employee and Director share option | 2,945,196 | 3,795,196 | 3,145,196 |
| plans | | | |
+-----------------------------------------+------------+------------+---------------+
| Diluted weighted average number of | 42,844,150 | 43,688,651 | 43,038,651 |
| shares | | | |
+-----------------------------------------+------------+------------+---------------+
The calculation of the diluted EPS assumes all criteria giving rise to the
dilution of the EPS are achieved and all outstanding share options are
exercised.
During the period ended 30 June 2009 the Group reported a loss, therefore,
because the effect of the dilutive shares related to convertible loan notes and
outstanding share options are anti-dilutive, the diluted loss per share equals
the basic loss per share for this period.
5. Interim dividends
No interim dividend has been declared.
6. Subsequent events
There were no material subsequent events between 30 June 2009 and the date of
this document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSWFDESUSELU
Global Energy Development (LSE:GED)
Historical Stock Chart
From May 2024 to Jun 2024
Global Energy Development (LSE:GED)
Historical Stock Chart
From Jun 2023 to Jun 2024
