TIDMGED
RNS Number : 5239D
Global Energy Development PLC
24 March 2011
For Immediate Release 24 March 2011
GLOBAL ENERGY DEVELOPMENT PLC
("Global", the "Company" or the "Group")
AUDITED FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010
Global Energy Development PLC (AIM: GED), the Latin America
focused petroleum exploration and production company, is pleased to
announce its audited final results for the year ended 31 December
2010.
2010 Highlights:
-- Revenue increased by 8% to US$23.8m (2009: US$22.1m), mainly
as a result of the oil price recovery
-- Gross cumulative annual production in 2010 of 401,379 bbls
(460,144 bbls in 2009)
-- Exploratory investment write-off of US$1.2 million in
Panamian Garachine Block (Exceptional charge in 2010)
-- Higher cost in crude oil truck transportation due to current
pipeline restrictions in Colombia
-- Administrative expenses increased to support the development
drilling program
-- External financing of US$3.3 million with BBVA (Colombian
branch of an international bank) and US$5.0 million with HKN, Inc.
to continue executing Company's development drilling plan
-- Farm-out agreement with Gran Tierra Energy, Inc. (NYSE Amex:
GTE, TSX: GTE), in relation to 60% interest in the Peruvian Block
95 Licence Contract (the "Contract") with the Company retaining 40%
interest in the Contract through its wholly-owned subsidiary Harken
del Peru Limitada. Under the terms of the agreement, GTE will
become the operator of the Contract, subject to and following
approval from the Peruvian authorities, and will assume 100% of the
costs of an exploration well up to a maximum of US$15 million. GTE
also assumed its share of the past costs incurred by the Company on
the Contract for US$2 million. Expectations are to drill the well
before the end of 2011, once final environmental sub-permits are
received
-- Proved and probable ("2P") reserve volumes decreased since
2009, totalling 123.6 mmboe (147.1 mmboe in 2009) as at 31 December
2010 following an independently prepared U.K. reserves report. The
overall decrease in reserve volumes is due primarily to the
Company's Farm-Out of a 60% working interest of Block 95 in Peru,
the reclassification of gas reserves, production, accelerated
reversionary interests and minor field revisions. Approximately 6.1
mmboe of gas volumes (previously included in the 2P reserves as at
31 December 2009) no longer qualify as reserves in accordance with
existing industry standard rules due to a current lack of a
commercial gas sales contract. Upon execution of a future sales
contract, gas volumes may then qualify and be restored to company
reserves.
-- The Company also completed an additional reserve data
document this year reflecting the requirements of Canadian Form
51-101. Ralph E. Davis Associates, Inc. ("RED") prepared the 51-101
in accordance with these features and other required rules and
determined that the reserve volumetric data presented in the
previously described UK reserves report were in agreement except
for economic limit revisions related to oil price guideline
differences (as mandated by Canadian 51-101 rules). The net
reserves on the Form 51-101 report were largely the same as the UK
report, however, the net present value calculations were slightly
lower due to the required lower oil price assumptions (as mandated
by Canadian annual requirement).
-- For the first time the Company is reporting this year
reserves of natural gas liquids based upon recovered condensates in
our Bolivar block.
Stephen Voss, Managing Director of Global Energy Development
commented:
"2010 has been a year of consolidation for the Company which has
positioned it ideally for growth in 2011. Following the Block 95
farmout, the development plan re-evaluation and an anticipated
accelerated development programme, the Company is well placed to
increase production levels and financial performance in 2011."
Notes to Editors:
The Company's shares have been traded on AIM, a market operated
by the London Stock Exchange, since March 2002 (AIM: GED). The
Company's balanced portfolio includes the countries of Colombia and
Peru and comprises a base of production, developmental drilling and
workover opportunities and several high-potential exploration
projects. The Company currently holds six contracts: five in
Colombia and one in Peru.
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 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
forward-looking 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.
For further information:
Global Energy Development PLC
Stephen Voss, Managing Director of
Global Energy Development +001 281 574 1910
Anna Williams, Director of Corporate
Communications and Special Projects +001 817 773 1502
www.globalenergyplc.com
Matrix Corporate Capital LLP
Louis Castro +44 (0)20 3206 7204
Tim Graham +44 (0)20 3206 7206
Buchanan Communications
Tim Thompson +44 (0)20 7466 5126
Chris McMahon +44 (0)20 7466 5156
CHAIRMAN'S STATEMENT
The improved pricing of oil experienced throughout 2010, as well
as the increased attractiveness of Colombia as a regional oil
industry centre, created a number of competitive challenges for the
Company. Principal among those challenges were the increased costs
of services and transportation. The latter being further
exacerbated by the lack of sufficient oil pipeline infrastructure
to meet the exponentially increasing rates of production
experienced nationwide in Colombia. Several pipeline infrastructure
projects have been announced in Colombia to address the limited
capacity issues. In the short-term, the Company will continue to
work with its purchasers and vendors to manage the trucking
transportation costs.
Global Energy Development continued to consolidate its standing
as a leading operator in Colombia. The Company did so in part by
meeting its obligation to drill the Rio Verde 2 well within the
stipulated contractual time limits. The Rio Verde 2 constituted the
Company's last exploratory work commitment with all remaining
drilling now being focused on the development of the Company's
large reserves base. The disappointing results of the Rio Verde 2
well have provided the Company with an opportunity to re-evaluate
its development drilling programme. Having completed a
comprehensive re-evaluation, the Company is now well underway to
complete the drilling of two further developmental wells (Tilodiran
4 and Tilodiran 5) during 2011.
2010 also saw the Company complete a vigorous and successful
compliance program across all disciplines of its operations
including environmental, social and technical operational efforts.
In addition, the Company reorganised its administrative structure
to concentrate most administrative functions in Colombia where its
principal operations are located. We look forward to reaping the
benefits of these efficiency and cost reduction actions in
2011.
As announced in 2010, the Company successfully farmed-out a 60%
interest in its Peru Block 95 Contract, retaining a 40%
non-operated interest in exchange for a carry of the first well
costs up to a maximum of US$15 million and a recoupment of costs
incurred prior to the farm-out. Given the success of its farm-out
efforts in Peru, the Company began an aggressive plan in 2011 to
seek partners for the development of its Rio Verde Contract. The
funding and operational support from well-qualified industry
partners will allow the Company to further accelerate its
development drilling program while mitigating the risks and costs.
The results of the Company's farm-out and accelerated development
drilling are anticipated to show improved production rates and
financial performance throughout 2011.
Mikel D. Faulkner
Chairman
24 March 2011
MANAGING DIRECTOR'S REVIEW OF OPERATIONS
Throughout 2010, the Company averaged a daily production rate of
1,100 bbls ending the year with a gross cumulative production
volume of 401,379 barrels. Given the improved pricing environment,
the Company generated gross sales revenues of US$24 million,
exceeding 2009 sales revenues by approximately US$2 million. While
the year provided the Company improved sales revenues, the
increasingly competitive market in Colombia also lead the Company
to experience increasing service costs and unanticipated escalation
in the costs of transportation. Due to insufficient pipeline
capacity infrastructure in Colombia to meet the demand of increased
production, the Company, along with many other operators in
Colombia, had to truck portions of its production to unloading
facilities wherever those facilities became available throughout
the country. To meet this new challenge, the Company expanded its
purchaser base. With an expanded purchaser base the Company was
able to maintain low inventories and sell its production on a
timely basis.
The Company completed the last of its exploratory drilling
commitments in 2010 with the drilling of the Rio Verde 2 well in
the central Llanos basin. Rio Verde 2 was drilled in the most
advantageous structural geologic position in the only remaining,
qualified exploratory fault block anywhere on the contract acreage
that complied with contract requirements. The timely completion of
the well ensured the Company did not default under the terms of the
contract which would have subjected the Company to the loss of all
of its assets on the Rio Verde license. Unfortunately, the well was
unproductive and resulted in the Company releasing its remaining
Rio Verde exploratory contract acreage. The reserve effect of this
well caused the Company to lose less than 1 million 2P barrels out
of 147 million BOE reported in early 2010. This cost remained
capitalised in accordance with the Group's accounting policies
related to oil and gas assets.
In an effort to maintain its production levels, the Company
undertook workovers of the Boral 1 and Tilodiran 3 wells toward the
end of 2010. Both of those wells are back on line and producing at
a combined rate of over 400 BOPD with continuing improvement
expected from Tilodiran 3 in 2011.
With the Company now focused on accelerating the development
drilling of its much larger Magdalena River Valley properties, the
number of personnel in our Colombian office has been increased. In
addition, the Company focused on identifying Farm-Out partners
interested in participating alongside it on its various development
projects. To allow the Company further flexibility for its
development program, the Company entered into two working capital
loans. A short term loan was concluded with a Colombian branch of
an international bank. That loan is scheduled to be re-paid in full
by 3 June 2011. A second loan for US$5million was obtained from
HKN, Inc., a major shareholder of the Company, with a revised
maturity date of September 2012. The funds received from these
sources are targeted primarily for incremental production or cost
reduction projects throughout the Company's fields.
The Company recently initiated the planning and contracting for
the drilling of the Tilodiran 4 and Tilodiran 5 development wells
located in its Rio Verde Contract Area, both wells will target the
Gacheta and Ubaque formations. Those zones proved productive in the
Company's Tilodiran 2 and Tilodiran 3 wells showing initial daily
production rates of over 800 BOPD.
The Company's efforts and results in 2010 have laid a strong
foundation for the implementation of its accelerated drilling
program. With the participation of well-qualified partners in that
program, as well as the availability of external capital sources,
2011 promises to be a productive year for the Company.
Stephen Voss
Managing Director
24 March 2011
PRIMARY FINANCIAL STATEMENTS
Consolidated statement of comprehensive income for the year
ended 31 December 2010
2010 2009
$'000 $'000
------------------------------------------- --------- ---------
Revenue 23,763 22,166
------------------------------------------- --------- ---------
Impairment of Oil & Gas assets (1,185) -
Other cost of sales including DD&A (17,419) (13,978)
------------------------------------------- --------- ---------
Cost of sales (18,604) (13,978)
------------------------------------------- --------- ---------
Gross profit 5,159 8,188
------------------------------------------- --------- ---------
Other income 26 219
------------------------------------------- --------- ---------
Administrative expenses (6,558) (4,313)
------------------------------------------- --------- ---------
Operating (loss)/ profit (1,373) 4,094
------------------------------------------- --------- ---------
Finance income 28 41
------------------------------------------- --------- ---------
Finance expense (1,840) (1,440)
------------------------------------------- --------- ---------
(Loss)/ profit before tax (3,185) 2,695
------------------------------------------- --------- ---------
Tax credit / (expense) 1,125 (1,997)
------------------------------------------- --------- ---------
(Loss)/ profit for the year (2,060) 698
------------------------------------------- --------- ---------
Total comprehensive income for the year
attributable to the equity owners of the
parent (2,060) 698
------------------------------------------- --------- ---------
(Loss)/earnings per share attributable
to the equity owners of the parent
------------------------------------------- --------- ---------
Basic $(0.06) $0.02
------------------------------------------- --------- ---------
Diluted $(0.06) $0.05
------------------------------------------- --------- ---------
Consolidated statement of changes in equity
Share Share Capital Other Retained Total
Capital Premium Reserve Reserve Losses Equity
$'000 $'000 $'000 $'000 $'000 $'000
--------------- -------- -------- -------- --------- ---------- --------
At 1 January
2009 539 26,439 210,844 1,826 (159,082) 80,566
--------------- -------- -------- -------- --------- ---------- --------
Total
comprehensive
income for
the year - - - - 698 698
--------------- -------- -------- -------- --------- ---------- --------
Share based
payment -
options - - - - 264 264
--------------- -------- -------- -------- --------- ---------- --------
Share based
payment -
shares for
services 1 105 - - - 106
--------------- -------- -------- -------- --------- ---------- --------
At 1 January
2010 540 26,544 210,844 1,826 (158,120) 81,634
--------------- -------- -------- -------- --------- ---------- --------
Total
comprehensive
income for
the year - - - - (2,060) (2,060)
--------------- -------- -------- -------- --------- ---------- --------
Share based
payment -
options
equity
settled - - - - 252 252
--------------- -------- -------- -------- --------- ---------- --------
At 31 December
2010 540 26,544 210,844 1,826 (159,928) 79,826
--------------- -------- -------- -------- --------- ---------- --------
Consolidated statement of financial position as at 31 December
2010
2010 $'000 2009 $'000
---------------------------------------- ------------ ------------
Assets
Non-current assets
---------------------------------------- ------------ ------------
Intangible assets 5,034 5,757
---------------------------------------- ------------ ------------
Property, plant and equipment 102,896 98,413
---------------------------------------- ------------ ------------
107,930 104,170
---------------------------------------- ------------ ------------
Current assets
---------------------------------------- ------------ ------------
Inventories 1,550 1,148
---------------------------------------- ------------ ------------
Trade and other receivables 4,881 4,805
---------------------------------------- ------------ ------------
Term deposits 1,466 1,405
---------------------------------------- ------------ ------------
Cash and cash equivalents 7,344 3,068
---------------------------------------- ------------ ------------
15,241 10,426
---------------------------------------- ------------ ------------
Total assets 123,171 114,596
---------------------------------------- ------------ ------------
Liabilities
Current liabilities
---------------------------------------- ------------ ------------
Trade and other payables (15,266) (4,474)
---------------------------------------- ------------ ------------
Provision (96) (152)
---------------------------------------- ------------ ------------
(15,362) (4,626)
Non-current liabilities
---------------------------------------- ------------ ------------
Convertible loan notes (16,967) (16,582)
---------------------------------------- ------------ ------------
Deferred tax liabilities (8,034) (10,875)
---------------------------------------- ------------ ------------
Long term provisions (2,982) (879)
---------------------------------------- ------------ ------------
(27,983) (28,336)
---------------------------------------- ------------ ------------
Total liabilities (43,345) (32,962)
---------------------------------------- ------------ ------------
Total net assets 79,826 81,634
---------------------------------------- ------------ ------------
Capital and reserves attributable
to equity holders of the Company
---------------------------------------- ------------ ------------
Share capital 540 540
---------------------------------------- ------------ ------------
Share premium 26,544 26,544
---------------------------------------- ------------ ------------
Other reserve 1,826 1,826
---------------------------------------- ------------ ------------
Capital reserve 210,844 210,844
---------------------------------------- ------------ ------------
Retained losses (159,928) (158,120)
---------------------------------------- ------------ ------------
Total equity 79,826 81,634
---------------------------------------- ------------ ------------
Consolidated statement of cash flows for the year ended
31 December 2010
-------------------------------------------------------------
2010 2009
----------------------------------------
$'000 $'000
---------------------------------------- --------- --------
Cash flows from operating activities
---------------------------------------- --------- --------
Operating (loss)/profit before
interest and taxation (1,373) 4,094
---------------------------------------- --------- --------
Depreciation, depletion and
amortisation 6,031 5,641
---------------------------------------- --------- --------
(Increase)/decrease in trade
and other receivables (26) 390
---------------------------------------- --------- --------
(Increase)/decrease in inventories (402) 142
---------------------------------------- --------- --------
Increase /(decrease) in trade
and other payables 1,670 (2,775)
---------------------------------------- --------- --------
Increase in long-term provisions 1,959 30
---------------------------------------- --------- --------
Loss on disposal of assets 692 143
---------------------------------------- --------- --------
Other non-cash items (11) 58
---------------------------------------- --------- --------
Shared based payments 252 370
---------------------------------------- --------- --------
Cash generated from operations 8,792 8,093
---------------------------------------- --------- --------
Taxes paid (1,766) (1,628)
---------------------------------------- --------- --------
Net cash flows from operating
activities 7,026 6,465
---------------------------------------- --------- --------
Investing activities
---------------------------------------- --------- --------
- Expenditure on property, plant
and equipment (10,354) (5,917)
---------------------------------------- --------- --------
- Expenditure on intangible
assets (462) (457)
---------------------------------------- --------- --------
Disposal of office equipment
and other assets 687 83
---------------------------------------- --------- --------
Interest received 28 41
---------------------------------------- --------- --------
(Decrease)/increase in short-term
deposits (61) 103
---------------------------------------- --------- --------
Net cash flows from investing
activities (10,162) (6,147)
---------------------------------------- --------- --------
Financing activities
---------------------------------------- --------- --------
Short term loans subscribed
during the period 8,768 -
---------------------------------------- --------- --------
Interest paid (1,356) (972)
---------------------------------------- --------- --------
Net cash flows from financing
activities 7,412 (972)
---------------------------------------- --------- --------
Increase / (decrease) in cash
and cash equivalents 4,276 (654)
---------------------------------------- --------- --------
Cash and cash equivalents at
the beginning of year 3,068 3,722
---------------------------------------- --------- --------
Cash and cash equivalents at
the end of year 7,344 3,068
---------------------------------------- --------- --------
ABRIDGED NOTES TO THE PRIMARY FINANCIAL STATEMENTS
For the twelve months ended 31 December 2010
1. Accounting Policies
Basis of preparation
The financial statements of the Group for the twelve months
ended 31 December 2010 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 2010
or 2009 as defined by section 435 of the Companies Act 2006 but is
derived from those accounts. Statutory accounts for 2009 have been
delivered to the registrar of companies, and those for 2010 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 498 (2) or (3) of
the Companies Act 2006 in respect of the accounts.
2. (Loss)/ earnings per share (EPS)
Basic (loss)/earnings per share amount is calculated by dividing
the (loss)/ 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 (loss)/earnings per share amount is calculated by
dividing the (loss)/ 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.
2010 2009
$'000 $'000
------------------------------------------- ----------- -----------
Net (loss)/ profit attributable to equity
holders used in basic calculation (2,060) 698
------------------------------------------- ----------- -----------
Add back interest and accretion charge
in respect of convertible loan notes 1,457 1,338
------------------------------------------- ----------- -----------
Net (loss)/profit attributable to equity
holders used in dilutive calculation (603) 2,036
------------------------------------------- ----------- -----------
Basic weighted average number of shares 35,439,009 35,386,898
------------------------------------------- ----------- -----------
Dilutive potential ordinary shares
------------------------------------------- ----------- -----------
Shares related to convertible notes 4,565,027 4,565,027
------------------------------------------- ----------- -----------
Employee and Director share option plans 3,651,862 2,945,196
------------------------------------------- ----------- -----------
Diluted weighted average number of shares 43,655,898 42,897,121
------------------------------------------- ----------- -----------
(Loss)/Earnings Per Share
------------------------------------------- ----------- -----------
- Basic $(0.06) $0.02
------------------------------------------- ----------- -----------
- Diluted $(0.06) $0.05
------------------------------------------- ----------- -----------
Further detail relating to the dilutive share schemes and
options is included within the notes to the full annual report. 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 31 December 2010 the
Group reported a loss, therefore, because the effect of the
potentially dilutive shares related to convertible loan notes and
outstanding share options would be anti-dilutive, a separate
diluted loss per share has not been reported because it is deemed
to equal the basic loss per share.
3. Capital commitments
Capital commitments at the end of the financial year, for which
no provision has been made, are as follows:
2010 2009
$'000 $'000
--------------------------------------------- ------- -------
Rio Verde (Colombia) - Drilling of
two wells (1) 21,294 13,800
--------------------------------------------- ------- -------
Block 95 (Peru) (2) 15,000 2,000
--------------------------------------------- ------- -------
Garachine (Panama) - Seismic reprocessing - 252
--------------------------------------------- ------- -------
Total 36,294 16,052
--------------------------------------------- ------- -------
(1) The Rio Verde contract requires the drilling of two wells in
2011.
(2) The contractual obligation to drill a well or perform
seismic works in Peru, reflected on above relates to the gross
contractual obligation. The commitment is currently suspended owing
to force majeure, declared by Harken del Peru Limitada and approved
by Perupetro, the local authority on the matter. Force majeure was
declared based on the unjustified delay by the Peruvian Government
to grant the required environmental permits for the contractual
obligation activities. During the reporting period a Farm-Out
agreement has been signed between Harken de Peru Limitada and Gran
Tierra, which transfers 60% of the contract interests, as well as
the operatorship of the contract to the latter. Thus, upon approval
by Perupetro of the farm-out and of Gran Tierra as the Operator for
Block 95, the commitment is for Gran Tierra to assume 100% of the
burden and cost of drilling the commitment well or performing the
obligations, up to a maximum of $15,000,000. Beyond this cap, each
party will assume their respective burdens as allocated within the
agreement with Gran Tierra remaining as the contract Operator.
Therefore if force majeure is lifted this commitment passes to Gran
Tierra and does not reside with the Group in accordance with the
above.
4. Post reporting date events
(i) On 3 February 2011, the Company signed an amendment to the
loan with HKN Inc. to extend the maturity date of the loan for one
year to September 2012. In exchange for this extension, the Company
agreed to increase the interest rate from 10% per annum to 10.5%
per annum.
(ii) On 17 January 2011, the Company issued 317,000 ordinary
shares of 1p in consideration for the repurchase and cancellation
of $600,000 variable coupon convertible notes due 2012 (the
"Notes") plus all accrued interest due under the Notes.
(iii) On 1 January 2011 and 15 January 2011, the Company awarded
425,000 long term incentive grants pursuant to the terms and
conditions of the Long Term Bonus Scheme as adopted by the Board on
7 April 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAFDDAFFFEAF
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