TIDMGED
RNS Number : 4099I
Global Energy Development PLC
11 March 2010
+-------------------------------+-------------------------------+
| Immediate Release | 11 March 2010 |
+-------------------------------+-------------------------------+
GLOBAL ENERGY DEVELOPMENT PLC
("Global", the "Company" or the "Group")
AUDITED FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
Global Energy Development PLC, the Latin America focused petroleum exploration
and production company (LSE-AIM: "GED"), is pleased to announce its audited
final results for the year ended 31 December 2009.
2009 Highlights:
* Revenue down at $22.2 million primarily as a result of lower oil prices as
production relatively unchanged (year ended 31 December 2008: $32.8 million);
* Successful efforts to control and lower costs during the year: total cost of
sales reduced to $13.8 million (2008: $15.5 million) and general and
administrative costs reduced by 30% to $4.4 million (2008: $6.3 million);
· Remained profitable despite depressed oil prices with gross profit and
operating profit of $8.3 million and $4.1 million respectively (2008: gross
profit $17.3 million; operating profit $11.2 million) and a profit before tax of
$2.7 million (2008: $9.9 million);
* Average operating cash netback per barrel of $17.75 during 2009 against an
average price for West Texas Intermediate ("WTI") crude oil invoiced by the
Company of $61.08 (2008: average operating cash netback per barrel $35.31;
average price for WTI invoiced $88.55);
* Proved plus probable ("2P") reserves increased against 2008, totalling 147.1
million barrels of oil equivalent ("BOE") as at 31 December 2009 per an
independently prepared report, giving a net present value at a 10% discount
("NPV10") of $5.0 billion (2008: 2P reserves 131.0 million; NPV10 $1.5
billion);
2010 Activity:
* Capital expenditure during 2010 to be focused on Colombian Rio Verde contract
where two wells are scheduled to be drilled before year end; and
* Rig mobilisation underway to the first well, with this well representing the
commencement of the Three Year Plan ("Plan") prepared by the Company in
conjunction with independent consultants to develop reserves and increase
production.
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.
Proven and probable oil and gas reserves are estimated quantities of
commercially producible hydrocarbons which the existing geological, geophysical
and engineering data show to be recoverable in future years from known
reservoirs. The proved reserves reported by Ralph E. Davis Associates, Inc.
("RED"), independent petroleum engineers, conform to the definition approved by
the Society of Petroleum Engineers ("SPE") and the World Petroleum Council
("WPC"). The probable and possible reserves reported by RED conform to
definitions of probable and possible reserves approved by the SPE/WPC using the
deterministic methodology.
The information contained within this announcement has been reviewed by RED. In
addition, the information contained within this announcement has been reviewed
by Mr. Stephen Voss, a Director of the Company, for the purpose of the Guidance
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.
Forward-looking statements
This release may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can be identified
by the use of forward-looking terminology, including the terms "believes",
"estimates", "plans", "projects", "anticipates", "expects", "intends", "may",
"will" or "should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans, objectives, goals,
future events or intentions. These forwardlooking statements include all matters
that are not historical facts. They appear in a number of places throughout this
release and include, but are not limited to, statements regarding the Group's
intentions, beliefs or current expectations concerning, among other things, the
Group's results of operations, financial position, liquidity, prospects, growth,
strategies and expectations of the industry. By their nature, forward-looking
statements involve risk and uncertainty because they relate to future events and
circumstances. Forward-looking statements are not guarantees of future
performance and the development of the markets and the industry in which the
Group operates may differ materially from those described in, or suggested by,
any forward-looking statements contained in this release. In addition, even if
the development of the markets and the industry in which the Group operates are
consistent with the forward-looking statements contained in this release, those
developments may not be indicative of developments in subsequent periods. A
number of factors could cause developments to differ materially from those
expressed or implied by the forward-looking statements including, without
limitation, general economic and business conditions, industry trends,
competition, commodity prices, changes in law or regulation, currency
fluctuations (including the US dollar), the Group's ability to recover its
reserves or develop new reserves, changes in its business strategy, political
and economic uncertainty. Save as required by law, the Company is under no
obligation to update the information contained in this release.
Past performance cannot be relied on as a guide to future performance.
EXECUTIVE CHAIRMAN'S STATEMENT
2009 was a challenging year for the oil industry. In the face of volatile and
generally low oil prices, especially in the first half, the Company was forced
to shelve scheduled activity and significantly reduce costs. However, I would
consider Global among the top of its peer group since it remained profitable,
required no external funds in order to survive, streamlined its organisation and
fulfilled all of its contractually required work obligations thereby retaining
all its reserve rich contracts. In fact, Global managed to increase its reserve
position against 2008, and the improved closing oil price in 2009 has afforded
the Company a net present value at a 10% discount of $2.0 billion for its proved
reserves alone.
Reflecting the Company's desire to now actively develop its reserve base and
increase production levels, the Company has prepared a Three Year Plan ("Plan")
commencing this year (details of which are given below and were announced
separately today) and strengthened its organisation through personnel additions
and upgraded systems in order to support this Plan. The Plan details activity
levels much increased against any point in the Company's history and the
drilling campaign outlined within the Plan is already underway. Through
execution of this Plan, Global expects to exit 2010 with increased production,
cash flow and proved reserves.
Mikel Faulkner
Executive Chairman
11 March 2010
VICE CHAIRMAN'S REVIEW OF OPERATIONS
Revenue for the year ended 31 December 2009 was down at $22.2 million (2008:
$32.8 million), primarily as a result of lower oil prices as production was
relatively unchanged despite four wells being shut-in for several months due to
them being uneconomical at the lower oil prices. The average WTI price utilised
in sales invoices by the Company during 2009 was $61.08 per barrel, $27.47 lower
than 2008 (2008: $88.55), and production was 401,700 barrels of oil ("bbls") net
to the Company (2008: 438,007 bbls).
Anticipating lower oil prices, much was done to control and lower costs during
the latter half of 2008 and throughout 2009. These successful efforts are
evidenced through a reduction of total cost of sales to $13.8 million against
the prior year (2008: $15.5 million) and general and administrative costs being
reduced by 30% to $4.4 million (2008: $6.3 million). As a result, despite the
oil price environment the Company was able to remain profitable and record a
gross profit and operating profit of $8.3 million and $4.1 million respectively
(2008: gross profit $17.3 million; operating profit $11.2 million) and a profit
before tax of $2.7 million (2008: $9.9 million). During the year the Company's
average operating cash netback per barrel (average sales revenues less
royalties, operating and administrative costs and taxes) was $17.75 against the
aforementioned average price invoiced of $61.08 (2008: cash netback $35.31;
price invoiced $88.55).
The Company had no bank debt during the year and continues to have no bank debt
to service. Nor did it have to secure external financing during the year,
instead relying on cash flow from production to fund operations. Cash generated
from operations was significantly reduced in 2009 due to the depressed oil price
and as such capital expenditure was limited at $6.4 million (2008: $22.7
million). Capital expenditure was primarily directed at the acquisition and
processing of 2D and 3D seismic at the Colombian Rio Verde contract area where
two wells are scheduled to be drilled in 2010. In addition, in preparation for
the further development of the Rio Verde contract, the Company undertook an
electrification programme whereby the Company replaced diesel-engine generators
with grid power. The resulting efficiencies and future cost savings are expected
to increase as production is anticipated to be added in 2010 through the
drilling of the Rio Verde 2 and Tilodiran 4 wells.
Rig mobilisation activities to the Rio Verde 2 well have commenced and spudding
is estimated to occur late March 2010. The well has a proposed total depth of
approximately 12,500 feet and will target three different formations - Mirador,
Gacheta and Ubaque - all being proved formations with other wells inside the
contract area. The Company has also recently completed the structural mapping of
the Tilodiran field and expects to select soon the location of the Tilodiran 4
development well planned for later in 2010. This well will target the same
formations as the Rio Verde 2 well.
The Company's Peruvian contract, Block 95, continues to be temporarily suspended
due to delays in receiving three sub-permits requested from the government.
These sub-permits are necessary for the Company to initiate its Phase III
exploratory programme which includes the drilling of the Bretana 2 well. The
Company expects eventual approval of the pending sub-permits and is currently in
discussions with a number of contractors regarding platform design and
formulation of logistical plans for producing the Bretana 2 well.
Separately today, the Company has announced details of its Three Year Plan
("Plan") prepared in conjunction with independent consultants. The primary aim
of the Plan is to move the majority of the Company's current probable and
possible reserves totalling 212.1 million barrels of oil equivalent ("BOE") to
the proved reserve category predominately through drilling. The Plan, designed
to be self-funding, is estimated to cost approximately $110 million and
represents much increased activity when compared to historic levels. The Plan
is already underway, commencing with the drilling of the Rio Verde 2 well
described above.
In conclusion, 2010 looks to be a far more productive year than 2009 and should
pave the way for accelerating growth in the following years.
Stephen Voss
Vice Chairman
11 March 2010
PRIMARY FINANCIAL STATEMENTS
+-------------------------------------------+----+----------+----------+
| Consolidated Statement of Comprehensive Income |
| For the year ended 31 December 2009 |
+----------------------------------------------------------------------+
| | | 2009 | 2008 |
| | | $'000 | $'000 |
+-------------------------------------------+----+----------+----------+
| Revenue | | 22,166 | 32,800 |
+-------------------------------------------+----+----------+----------+
| Cost of sales | | (13,843) | (15,461) |
+-------------------------------------------+----+----------+----------+
| Gross profit | | 8,323 | 17,339 |
+-------------------------------------------+----+----------+----------+
| Other income | | 219 | 122 |
+-------------------------------------------+----+----------+----------+
| Administrative expenses | | (4,448) | (6,304) |
+-------------------------------------------+----+----------+----------+
| Operating profit | | 4,094 | 11,157 |
+-------------------------------------------+----+----------+----------+
| Finance income | | 41 | 183 |
+-------------------------------------------+----+----------+----------+
| Finance costs | | (1,440) | (1,417) |
+-------------------------------------------+----+----------+----------+
| Profit before tax | | 2,695 | 9,923 |
+-------------------------------------------+----+----------+----------+
| Income tax expense | | (1,997) | (2,627) |
+-------------------------------------------+----+----------+----------+
| Profit for the year | | 698 | 7,296 |
+-------------------------------------------+----+----------+----------+
| | | | |
+-------------------------------------------+----+----------+----------+
| Total comprehensive income for the year | | 698 | 7,296 |
+-------------------------------------------+----+----------+----------+
| Profit and total comprehensive income for the | 698 | 7,296 |
| year attributable to the owners of the parent | | |
+------------------------------------------------+----------+----------+
| | | | |
+-------------------------------------------+----+----------+----------+
| Earnings per share attributable the | | | |
| owners of the parent | | | |
+-------------------------------------------+----+----------+----------+
| Basic | | $0.02 | $0.21 |
| | | | |
+-------------------------------------------+----+----------+----------+
| Diluted | | $0.05 | $0.20 |
| | | | |
+-------------------------------------------+----+----------+----------+
+----------------------------+--------------+---------------+----------+------------+-----------------+---------+
| Consolidated statement of changes in equity |
+---------------------------------------------------------------------------------------------------------------+
| | Share | Share | Capital | Other | Retained | Total |
| | Capital | Premium | Reserve | Reserve | Earnings | Equity |
+----------------------------+--------------+---------------+----------+------------+-----------------+---------+
| | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
+----------------------------+--------------+---------------+----------+------------+-----------------+---------+
| At 1 January 2008 | 539 | 26,439 | 210,844 | 1,826 | (166,543) | 73,105 |
+----------------------------+--------------+---------------+----------+------------+-----------------+---------+
| Total comprehensive income | - | - | - | - | 7,296 | 7,296 |
| for the year | | | | | | |
+----------------------------+--------------+---------------+----------+------------+-----------------+---------+
| Share based payment - | - | - | - | | 165 | 165 |
| options | | | | - | | |
+----------------------------+--------------+---------------+----------+------------+-----------------+---------+
| At 1 January 2009 | 539 | 26,439 | 210,844 | 1,826 | (159,082) | 80,566 |
+----------------------------+--------------+---------------+----------+------------+-----------------+---------+
| Total comprehensive income | - | - | - | - | 698 | 698 |
| for the year | | | | | | |
+----------------------------+--------------+---------------+----------+------------+-----------------+---------+
| Share based payment - | - | - | - | - | 264 | 264 |
| options | | | | | | |
+----------------------------+--------------+---------------+----------+------------+-----------------+---------+
| Share based payment - | 1 | 105 | - | - | - | 106 |
| shares for services | | | | | | |
+----------------------------+--------------+---------------+----------+------------+-----------------+---------+
| At 31 December 2009 | 540 | 26,544 | 210,844 | 1,826 | (158,120) | 81,634 |
+----------------------------+--------------+---------------+----------+------------+-----------------+---------+
+--------------------------------+-----+-----------+---+-----------+
| Consolidated Statement of Financial Position |
| As at 31 December 2009 |
+------------------------------------------------------------------+
| | | 2009 | | 2008 |
| | | $'000 | | $'000 |
+--------------------------------+-----+-----------+---+-----------+
| Assets | | | | |
+--------------------------------+-----+-----------+---+-----------+
| Non-current assets | | | | |
+--------------------------------+-----+-----------+---+-----------+
| Intangible assets | | 5,757 | | 5,358 |
+--------------------------------+-----+-----------+---+-----------+
| Property, plant and equipment | | 98,413 | | 98,294 |
+--------------------------------+-----+-----------+---+-----------+
| Deferred tax assets | | 1,358 | | 1,214 |
+--------------------------------+-----+-----------+---+-----------+
| | | 105,528 | | 104,866 |
+--------------------------------+-----+-----------+---+-----------+
| Current assets | | | | |
+--------------------------------+-----+-----------+---+-----------+
| Inventories | | 1,148 | | 1,290 |
+--------------------------------+-----+-----------+---+-----------+
| Trade and other receivables | | 4,805 | | 5,245 |
+--------------------------------+-----+-----------+---+-----------+
| Term deposits | | 1,405 | | 1,508 |
+--------------------------------+-----+-----------+---+-----------+
| Cash & cash equivalents | | 3,068 | | 3,722 |
+--------------------------------+-----+-----------+---+-----------+
| | | 10,426 | | 11,765 |
+--------------------------------+-----+-----------+---+-----------+
| Total assets | | 115,954 | | 116,631 |
+--------------------------------+-----+-----------+---+-----------+
| | | | | |
+--------------------------------+-----+-----------+---+-----------+
| Liabilities | | | | |
+--------------------------------+-----+-----------+---+-----------+
| Current liabilities | | | | |
+--------------------------------+-----+-----------+---+-----------+
| Trade and other payables | | (4,474) | | (7,099) |
+--------------------------------+-----+-----------+---+-----------+
| | | | | |
+--------------------------------+-----+-----------+---+-----------+
| Non-current liabilities | | | | |
+--------------------------------+-----+-----------+---+-----------+
| Convertible loan notes | | (16,582) | | (16,197) |
+--------------------------------+-----+-----------+---+-----------+
| Deferred tax liabilities | | (12,233) | | (11,768) |
+--------------------------------+-----+-----------+---+-----------+
| Long term provisions | | (1,031) | | (1,001) |
+--------------------------------+-----+-----------+---+-----------+
| | | (29,846) | | (28,966) |
+--------------------------------+-----+-----------+---+-----------+
| Total liabilities | | (34,320) | | (36,065) |
+--------------------------------+-----+-----------+---+-----------+
| Total net assets | | 81,634 | | 80,566 |
+--------------------------------+-----+-----------+---+-----------+
| | | | | |
+--------------------------------+-----+-----------+---+-----------+
| Capital and reserves | | | | |
| attributable to equity holders | | | | |
| of the Company | | | | |
+--------------------------------+-----+-----------+---+-----------+
| Share capital | | 540 | | 539 |
+--------------------------------+-----+-----------+---+-----------+
| Share premium | | 26,544 | | 26,439 |
+--------------------------------+-----+-----------+---+-----------+
| Other reserve | | 1,826 | | 1,826 |
+--------------------------------+-----+-----------+---+-----------+
| Capital reserve | | 210,844 | | 210,844 |
+--------------------------------+-----+-----------+---+-----------+
| Retained losses | | (158,120) | | (159,082) |
+--------------------------------+-----+-----------+---+-----------+
| Total equity | | 81,634 | | 80,566 |
+--------------------------------+-----+-----------+---+-----------+
+-------------------------------+---------+-------------------------------+----------+
| Consolidated Statement of Cash Flows |
| For the year ended 31 December 2009 |
+------------------------------------------------------------------------------------+
| | | 2009 | 2008 |
+ + +-------------------------------+----------+
| | | $'000 | $'000 |
+-------------------------------+---------+-------------------------------+----------+
| Cash flows from operating | | | |
| activities | | | |
+-------------------------------+---------+-------------------------------+----------+
| Operating profit before | | 4,094 | 11,157 |
| interest and taxation | | | |
+-------------------------------+---------+-------------------------------+----------+
| Depreciation, depletion and | | 5,641 | 6,356 |
| amortisation | | | |
+-------------------------------+---------+-------------------------------+----------+
| (Increase)/decrease in trade | | 390 | 3,321 |
| and other receivables | | | |
+-------------------------------+---------+-------------------------------+----------+
| Decrease/(increase) in | | 142 | (406) |
| inventories | | | |
+-------------------------------+---------+-------------------------------+----------+
| (Decrease)/increase in trade | | (2,775) | 2,412 |
| and other payables | | | |
+-------------------------------+---------+-------------------------------+----------+
| Increase in long-term | | 30 | 127 |
| provisions | | | |
+-------------------------------+---------+-------------------------------+----------+
| Accretion expense on | | - | 387 |
| convertible notes | | | |
+-------------------------------+---------+-------------------------------+----------+
| Provision against unitisation | | - | 800 |
| receivable | | | |
+-------------------------------+---------+-------------------------------+----------+
| Loss on disposal of assets | | 143 | 25 |
+-------------------------------+---------+-------------------------------+----------+
| Other non-cash items | | 58 | 46 |
+-------------------------------+---------+-------------------------------+----------+
| Shared based payments | | 370 | 165 |
+-------------------------------+---------+-------------------------------+----------+
| Cash generated from | | 8,093 | 24,390 |
| operations | | | |
+-------------------------------+---------+-------------------------------+----------+
| Income taxes paid | | (1,628) | (2,178) |
+-------------------------------+---------+-------------------------------+----------+
| Net cash flows from operating | | 6,465 | 22,212 |
| activities | | | |
+-------------------------------+---------+-------------------------------+----------+
| Investing activities | | | |
+-------------------------------+---------+-------------------------------+----------+
| Capital expenditure and | | | |
| financial investment | | | |
+-------------------------------+---------+-------------------------------+----------+
| - Expenditure on tangible | | (5,917) | (21,810) |
| fixed assets | | | |
+-------------------------------+---------+-------------------------------+----------+
| - Expenditure on intangible | | (457) | (939) |
| fixed assets | | | |
+-------------------------------+---------+-------------------------------+----------+
| Disposal of office equipment | | 83 | 46 |
| and other | | | |
+-------------------------------+---------+-------------------------------+----------+
| Interest received | | 41 | 183 |
+-------------------------------+---------+-------------------------------+----------+
| Decrease in short-term | | 103 | 323 |
| deposits | | | |
+-------------------------------+---------+-------------------------------+----------+
| Net cash flows from investing | | (6,147) | (22,197) |
| activities | | | |
+-------------------------------+---------+-------------------------------+----------+
| Financing activities | | | |
+-------------------------------+---------+-------------------------------+----------+
| Interest paid | | (972) | (895) |
+-------------------------------+---------+-------------------------------+----------+
| Net cash flows from financing | | (972) | (895) |
| activities | | | |
+-------------------------------+---------+-------------------------------+----------+
| Decrease in cash and cash | | (654) | (880) |
| equivalents | | | |
+-------------------------------+---------+-------------------------------+----------+
| Cash and cash equivalents at | | 3,722 | 4,602 |
| beginning of year | | | |
+-------------------------------+---------+-------------------------------+----------+
| Cash and cash equivalents at | | 3,068 | 3,722 |
| the end of year | | | |
+-------------------------------+---------+-------------------------------+----------+
ABRIDGED NOTES TO THE PRIMARY FINANCIAL STATEMENTS
For the twelve months ended 31 December 2009
1. Basis of Preparation
The financial statements of the Group for the twelve months ended 31 December
2009 have been prepared in accordance with International Financial Reporting
Standards, International Accounting Standards and Interpretations (collectively
"IFRS") issued by the International Accounting Standards Board ("IASB") as
adopted by European Union.
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 December 2009 or 2008 but is derived
from those accounts. Statutory accounts for 2008 have been delivered to the
registrar of companies, and those for 2009 will be delivered in due course. The
auditors have reported on those accounts; their reports were (i) unqualified,
and (ii) did not include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying their report and (iii) did not
contain a statement under section 237 (2) or (3) of the Companies Act 1985 in
respect of the accounts for 2008 nor a statement under section 498 (2) or (3) of
the Companies Act 2006 in respect of the accounts for 2009.
This announcement does not constitute the Group's annual report and statutory
accounts.
2. Segmental analysis
In the opinion of the Directors, the operations of the Group companies comprise
one single operating segment conducting exploration, development, production,
and sale of hydrocarbons and related activities. The Group operates in one
geographic area, Latin America. The primary financial statements presented
reflect all the activities of this single operating segment.
3. Earnings per share (EPS)
Basic 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 shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the profit for the
years attributable to ordinary equity holders of the parent by the weighted
average number of Ordinary shares outstanding during the year, plus the weighted
average number of shares that would be issued on the conversion of dilutive
potential Ordinary shares into Ordinary shares. The calculation of the dilutive
potential Ordinary shares related to employee and director share option plans
includes only those options with exercise prices below the average share trading
price for each period.
+----------------------------------------+------------+------------+
| | 2009 | 2008 |
| | $'000 | $'000 |
+----------------------------------------+------------+------------+
| Net profit attributable to equity | 698 | 7,296 |
| holders used in basic calculation | | |
+----------------------------------------+------------+------------+
| Add back interest and accretion charge | 1,338 | 1,280 |
| in respect of convertible loan notes | | |
+----------------------------------------+------------+------------+
| Net profit attributable to equity | 2,036 | 8,576 |
| holders used in dilutive calculation | | |
+----------------------------------------+------------+------------+
| | | |
+----------------------------------------+------------+------------+
| Basic weighted average number of | 35,386,898 | 35,328,428 |
| shares | | |
+----------------------------------------+------------+------------+
| | | |
+----------------------------------------+------------+------------+
| Earnings Per Share | | |
+----------------------------------------+------------+------------+
| - Basic | $0.02 | $0.21 |
+----------------------------------------+------------+------------+
| - Diluted | | $0.20 |
| | $0.05 | |
+----------------------------------------+------------+------------+
| | | |
+----------------------------------------+------------+------------+
| Dilutive potential ordinary shares | | |
+----------------------------------------+------------+------------+
| Shares related to convertible | 4,565,027 | 4,565,027 |
| notes | | |
+----------------------------------------+------------+------------+
| Employee and Director share | 2,945,196 | 3,145,196 |
| option plans | | |
+----------------------------------------+------------+------------+
| Diluted weighted average number of | 42,897,121 | 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.
4. Post balance sheet events
In February 2010, the Group signed a rig contract with Saxon Energy Services de
Panama S.A. ("Saxon") for the drilling of the Rio Verde 2 exploratory well
within the Colombian Rio Verde contract. Rig mobilization has commenced and the
well is scheduled to be drilled, completed and tested prior to May 2010.
In March 2010, one of the Group's two crude oil sales contracts expired.
Management are in the process of evaluating offers from potential purchasers and
expect to sign a new contract in the near future. No negative impact on cash
flows from revenue streams is forecasted.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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