TIDMJUB
RNS Number : 0447W
Jubilant Energy N.V.
20 December 2013
20 December 2013
Jubilant Energy NV
("Jubilant" or "the Company")
Interim Results for the period ended 30 September 2013
Jubilant Energy N.V, an upstream oil and gas company with assets
in major proven and prolific hydrocarbon basins, primarily in India
and Myanmar, is pleased to announce its interim results for the six
months ended 30 September 2013.
Highlights
-- Two gas discoveries at the Tripura block, North Atharamura-1 (NA-1) exploration well;
-- 180-200 BOPD oil flow tested at each of the SE-4 and SE-3 wells, Sanand-Miroli block;
-- High quality 3D seismic data successfully recorded at the Kharsang field.
-- Ongoing development of the Deen Dayal West field in the KG
offshore block; first commercial gas expected in H1 2014;
Production
-- 338,360 barrels gross oil production (84,590 barrels net to
Jubilant) at the Kharsang field during the reporting period
including incremental production from the new Phase III extension
development drilling programme wells as against 339,626 barrels
gross oil production (84,906.5 barrels net to Jubilant) in H1
2012-13;
-- Oil production commenced in November 2013 from the Sanand Miroli Block;
-- First gas at the Deen Dayal West field (DDW) in the KG
offshore block expected in the near term.
Operations
-- All six wells drilled as part of the Kharsang Phase III
extension development drilling programme;
-- Seismic processing of 125 lkm 2D data on the Atharamura
anticline in the Tripura block completed;
-- HongHua awarded the contract for 2D seismic data acquisition
on the Company's Myanmar block; contract for seismic reprocessing
also awarded to Quantum Geophysical.
Financial
-- Revenues: USD 8.4 million (H1 2012-13: USD 8.6 million);
-- Profit from operating activities: USD 4.9 million, increased
from USD 2.2 million in H1 2012-13;
-- Total outstanding debt: remains at USD 425 million as at 30 September 2013;
-- USD 57 million in cash balance and undrawn facilities for the
KG Block available to the Company.
Outlook
-- Developing a strategy to fast track potential production of
first gas from the Kathalchari discovery, Tripura block; DOC
approval expected shortly;
-- Finalising appraisal programme for the North Atharamura discovery, Tripura block;
-- The recent commencement of oil production from the Sanand
Miroli field will be incremental to the Company's net
production;
-- Jubilant is funded to carry out its anticipated work
programme in the coming year with available cash, undrawn
facilities and funding support from the Promoters up to December
2014.
Mr. Shyam Bhartia, Chairman and Mr. Hari Bhartia, Co-Chairman of
Jubilant Group commented:
"Throughout 2013 we have continued to focus on our key assets.
In terms of production, the Company continues to work closely with
the Operator to enhance production at the Kharsang field.
Meanwhile, the KG basin continues to be our most significant asset,
with first gas expected in H1 2014. The upside development
potential of the block has been further enhanced by the recent
approval by DGH of the Declaration of Commerciality, covering all
the other six discoveries in the block. In addition, the new gas
tariff due to be announced by the Government of India is expected
to contribute significantly to the value of the DDW gas.
Our exploration programme is also continuing in parallel. We are
excited about the recent gas discoveries at the Tripura block and
we are currently developing a strategy to fast track first gas at
the Kathalchari discovery. In addition, an appraisal program at the
North Atharamura discovery is being finalised. The commencement of
oil production from the Sanand Miroli field will also have an
incremental impact on the Company's net production.
We look forward to further value creation and cost optimisation
initiatives in 2014, and we will update the market further over the
course of the year."
Enquiries:
Jubilant Energy Vipul Agarwal +91 120 4025700
Panmure Gordon Callum Stewart, Adam James +44 20 7886 2500
College Hill David Simonson, Anca Spiridon +44 20 7457 2020
Competent Person's - Consent for Release
Mr. Ramesh Bhatia -Chief Operating Officer, holds a Master's of
Science degree in Applied Petroleum Geology and has over 20 years
of experience in the Oil and Gas Exploration, Development and
Production industry. He has reviewed and approved the technical
information contained in this announcement pursuant to the AIM
guidance note for mining and oil and gas companies.
Glossary of abbreviations
Bopd Barrels oil per day
----- ------------------------------------
DDW DeenDayal West
----- ------------------------------------
DGH Directorate General of Hydrocarbons
----- ------------------------------------
DOC Declaration of Commerciality
----- ------------------------------------
lkm Line Kilometres
----- ------------------------------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(In thousands of US dollars) As at
Note 30 September 31 March 30 September
2013 2013 2012
------------- ---------- -------------
(Unaudited) (Audited) (Unaudited)
Assets
Inventories 777 969 926
Short-term investments - - 3,688
Current tax assets 1,530 1,719 1,637
Trade and other receivables 26,571 30,380 30,190
Other current assets 1,113 922 3,481
Cash and cash equivalents 18,605 22,607 15,965
------------- ---------- -------------
Total current assets 48,596 56,597 55,887
Property, plant and equipment 7 199,024 195,971 153,775
Intangible exploration
and other intangible
assets 8 212,155 224,064 219,178
Trade and other receivables 986 1,057 1,040
Other non-current assets 863 1,683 3,668
------------- ---------- -------------
Total non-current assets 413,028 422,775 377,661
------------- ---------- -------------
Total assets 461,624 479,372 433,548
------------- ---------- -------------
Equity
Issued and paid-up share
capital 5,581 5,581 5,581
Share premium 105,047 105,047 105,047
Retained earnings (116,287) (111,807) (110,605)
Stock options outstanding
reserve 3,441 6,066 11,962
Foreign currency translation
reserve (24,766) (17,323) (15,651)
------------- ---------- -------------
Total equity (26,984) (12,436) (3,666)
Liabilities
Loans and borrowings 10 51,973 48,440 20,661
Trade and other payables 21,705 21,557 38,747
Current tax liabilities 445 513 616
Other current liabilities 364 809 768
------------- ---------- -------------
Total current liabilities 74,487 71,319 60,792
Loans and borrowings 10 389,478 393,945 352,646
Employee benefits 686 673 828
Provisions 13 2,762 2,972 1,451
Deferred tax liabilities 21,085 22,765 21,359
Other non-current liabilities 110 134 138
------------- ---------- -------------
Total non-current liabilities 414,121 420,489 376,422
------------- ---------- -------------
Total liabilities 488,608 491,808 437,214
------------- ---------- -------------
Total equity and liabilities 461,624 479,372 433,548
------------- ---------- -------------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(In thousands of US dollars) For the six-months
period ended
30 September
--------------------------
Note 2013 2012
------------ ------------
(Unaudited) (Unaudited)
Oil and natural gas revenue 8,413 8,605
Other income 649 375
------------ ------------
9,062 8,980
Production and operating expenses 887 1,456
Personnel costs 1,378 1,331
Share-based payment (reversal)/
expense (720) 397
Depletion, depreciation and amortisation 1,214 1,110
Impairment loss/(reversal) on
intangible exploration assets 11 (9)
Other expenses 1,408 2,517
------------ ------------
Results from operating activities 4,884 2,178
Finance income 428 2,782
Finance expenses 8,785 7,075
------------ ------------
Net finance expense (8,357) (4,293)
------------ ------------
Loss before income taxes (3,473) (2,115)
Income tax expense 15 (2,825) (3,374)
------------ ------------
Loss for the period (6,298) (5,489)
------------ ------------
Other comprehensive income
Items that will never be reclassified
to profit or loss:
Remeasurement of defined benefit
liability 3(f) (87) -
Tax on items that will never be - -
reclassified to profit or loss
Items that are or may be reclassified
subsequently to profit or loss:
Foreign currency translation difference
for foreign operations (7,443) (772)
Tax on items that are or may be - -
reclassified subsequently to profit
or loss
------------ ------------
Other comprehensive loss for the
period, net of income tax (7,530) (772)
Total comprehensive loss for the
period (13,828) (6,261)
------------ ------------
Loss attributable to:
Owners of the Company (6,298) (5,489)
Total comprehensive income attributable
to:
Owners of the Company (13,828) (6,261)
Basic and diluted loss per share
(USD) (0.015) (0.013)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTHS PERIOD ENDED 30 September 2012
Attributable to owners of the Company
(In thousands of Share Share Retained Stock Foreign Total
US dollars) capital premium earnings options currency equity
outstanding translation
reserve reserve
Balance as at 1
April 2012 5,581 105,047 (105,909) 12,358 (14,879) 2,198
Total comprehensive
income for the
period
Loss for the period - - (5,489) - - (5,489)
Other comprehensive
loss - - - - (772) (772)
--------- --------- ---------- ------------- ------------- --------
Total comprehensive
income for the
period - - (5,489) - (772) (6,261)
--------- --------- ---------- ------------- ------------- --------
Transactions with
owners of the Company
recognised directly
in equity
Contribution by/to
owners of Equity
Share-based payment
transactions
- Transfer to retained
earnings for vested
share options forfeited
during the period - - 793 (793) - -
- Share-based payment
expense/(reversal)
for the period
(net) - - - 397 - 397
--------- --------- ---------- ------------- ------------- --------
- - 793 (396) - 397
--------- --------- ---------- ------------- ------------- --------
Balance as at 30
September 2012 5,581 105,047 (110,605) 11,962 (15,651) (3,666)
--------- --------- ---------- ------------- ------------- --------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 March 2013
Attributable to owners of the Company
(In thousands of Share Share Retained Stock Foreign Total
US dollars) capital premium earnings options currency equity
outstanding translation
reserve reserve
Balance as at 1
April 2012 5,581 105,047 (105,909) 12,358 (14,879) 2,198
Total comprehensive
income for the
year
Loss for the year - - (9,704) - - (9,704)
Other comprehensive
loss - - - - (2,444) (2,444)
--------- --------- ---------- ------------- ------------- ---------
Total comprehensive
income for the
year - - (9,704) - (2,444) (12,148)
--------- --------- ---------- ------------- ------------- ---------
Transactions with
owners of the Company
recognised directly
in equity
Contribution by/to
owners of Equity
Share-based payment
transactions
- Transfer to retained
earnings for vested
share options forfeited
during the year - - 3,806 (3,806) - -
- Share-based payment
expense/ (reversal)
for the year (net) - - - (2,486) - (2,486)
--------- --------- ---------- ------------- ------------- ---------
- - 3,806 (6,292) - (2,486)
--------- --------- ---------- ------------- ------------- ---------
Balance as at 31
March 2013 5,581 105,047 (111,807) 6,066 (17,323) (12,436)
--------- --------- ---------- ------------- ------------- ---------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTHS PERIOD ENDED 30 September 2013
Attributable to owners of the Company
(In thousands of Share Share Retained Stock Foreign Total
US dollars) capital premium earnings options currency equity
outstanding translation
reserve reserve
Balance as at 1
April 2013 5,581 105,047 (111,807) 6,066 (17,323) (12,436)
Total comprehensive
income for the
period
Loss for the period - - (6,298) - - (6,298)
Other comprehensive
loss - - (87) - (7,443) (7,530)
--------- --------- ---------- ------------- ------------- ---------
Total comprehensive
income for the
period - - (6,385) - (7,443) (13,828)
--------- --------- ---------- ------------- ------------- ---------
Transactions with
owners of the Company
recognised directly
in equity
Contribution by/to
owners of Equity
Share-based payment
transactions
- Transfer to retained
earnings for vested
share options forfeited
during the period - - 1,905 (1,905) - -
- Share-based payment
expense/(reversal)
for the period
(net) - - - (720) - (720)
--------- --------- ---------- ------------- ------------- ---------
- - 1,905 (2,625) - (720)
--------- --------- ---------- ------------- ------------- ---------
Balance as at 30
September 2013 5,581 105,047 (116,287) 3,441 (24,766) (26,984)
--------- --------- ---------- ------------- ------------- ---------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands of US dollars) For the six-month
period ended
30 September
--------------------------
2013 2012
------------ ------------
(Unaudited) (Unaudited)
Cash flows from operating activities
Loss after tax for the period (6,298) (5,489)
Adjustments for:
Depletion and depreciation 1,116 1,023
Amortization of other intangible assets 98 87
Impairment losses on intangible exploration
assets 11 -
Net finance expenses 8,028 3,997
Equity-settled share-based payment
expense (720) 397
Income tax expense 593 1,069
Deferred tax expense 2,232 2,305
Loss on sale of property, plant and
equipment 17 -
Change in assets and liabilities, net
Change in inventories 67 (38)
Change in receivables and other assets (1,579) (2,205)
Change in payables, provisions and
other liabilities (30) (515)
Change in employee benefits 23 222
------------ ------------
Cash generated from operating activities 3,558 853
Income tax paid, net (11) (608)
------------ ------------
Net cash generated from operating activities 3,547 245
------------ ------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(continued from previous page)
(In thousands of US dollars) For the six-month
period ended
30 September
--------------------------
2013 2012
------------ ------------
(Unaudited) (Unaudited)
Cash flows from investing activities
Interest received 754 572
Acquisition of property, plant and
equipment, intangible exploration assets
and other intangible assets (24,608) (33,046)
Proceeds from disposal of property,
plant and equipment 34 1
Change in advances to co-venturers 1,752 (1,130)
Investment in non-trade investments
(mutual funds) - (41,689)
Proceeds from disposal of non-trade
investments
(mutual funds) - 63,005
Investment in term deposits and restricted
cash (3,473) (1,233)
Proceeds from disposal of term deposits
and restricted cash 2,919 92
Tax paid on interest income (627) (207)
------------ ------------
Net cash used in investing activities (23,249) (13,635)
------------ ------------
Cash flows from financing activities
Proceeds from loans and borrowings 44,547 -
Payment of debt transaction and share
issuance cost - (1,376)
Repayment of loans and borrowings (3,398) (2,755)
Interest paid (24,267) (20,907)
Net cash generated from/ (used in)
financing activities 16,882 (25,038)
------------ ------------
Net decrease in cash and cash equivalents (2,820) (38,428)
CASH AND CASH EQUIVALENTS
Cash and cash equivalents at 1 April 22,607 56,287
Effect of exchange rate fluctuations (1,182) (1,894)
------------ ------------
Cash and cash equivalents at 30 September 18,605 15,965
------------ ------------
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT
1. Organisation and nature of operations
Incorporation and history
Jubilant Energy NV ('the Company' or 'JENV') was incorporated on
12 June 2007, in Amsterdam, the Netherlands, as a company with
limited liability. The registered office of the Company is
Orlyplein 10, Floor 24, 1043 DP Amsterdam, the Netherlands. The
Company is a subsidiary of Jubilant Energy (Holding) B.V. (JEHBV),
a Netherlands company, which in turn is a wholly-owned subsidiary
of Jubilant Enpro Private Limited ('Jubilant Enpro'), a company
incorporated under the laws of India. Trading of the shares of the
Company commenced on Alternative Investment Market (AIM), London
on
24 November 2010.
The Condensed Consolidated Interim Financial Report of the Group
as at and for the six-months period ended 30 September 2013
comprise the Company and its subsidiaries (together referred to as
the 'Group' and individually as 'Group entity') and the Group's
proportionate interest in unincorporated joint arrangements.
The Group is engaged in the exploration for and development and
production of oil and natural gas. It conducts many of its
activities jointly with others. This Condensed Consolidated Interim
Financial Report reflects only the Group's proportionate interest
in such activities.
The list of subsidiaries of the Company along with their
principal activity, their respective date of incorporation and
country of incorporation is as follows:
Name of the subsidiary Principal activity Date of incorporation Country of Ownership
companies incorporation
------------------------------ ----------------------- ---------------------- --------------- ----------
Jubilant Energy International Oil and natural 28 June 2007 Netherlands Direct
B.V. (JEIBV) gas exploration,
development and
production
------------------------------ ----------------------- ---------------------- --------------- ----------
Jubilant Energy Limited Investment company 21 September Canada Direct
(JEL Canada) and oil and natural 2004
gas exploration,
development and
production
------------------------------ ----------------------- ---------------------- --------------- ----------
Jubilant Energy India Investment company 4 August Cyprus Indirect
Holding Limited (JEIHL) (intermediate holding 2004
company of JOGIL)
------------------------------ ----------------------- ---------------------- --------------- ----------
Jubilant Oil & Gas Investment company 5 August Cyprus Indirect
India Holding Limited (intermediate holding 2004
(JOGIHL) company of JOGIL)
------------------------------ ----------------------- ---------------------- --------------- ----------
Jubilant Resources Investment company 5 August Cyprus Indirect
India Holding Limited (intermediate holding 2004
(JRIHL) company of JOGIL)
------------------------------ ----------------------- ---------------------- --------------- ----------
Jubilant Energy Holding Investment company 13 May 2005 Cyprus Indirect
(V) Limited (JEHVL) (intermediate holding
company of JOGIL)
------------------------------ ----------------------- ---------------------- --------------- ----------
Name of the subsidiary Principal activity Date of incorporation Country of Ownership
companies incorporation
--------------------------- ----------------------- ---------------------- --------------- ----------
Jubilant Oil & Gas Investment company 5 August Cyprus Indirect
India Limited (JOGIL) (intermediate holding 2004
company of JOGPL)
--------------------------- ----------------------- ---------------------- --------------- ----------
Jubilant Offshore Oil and natural 12 March India Indirect
Drilling Private gas exploration, 2004
Limited (JODPL) development and
production
--------------------------- ----------------------- ---------------------- --------------- ----------
Jubilant Oil & Gas Oil and natural 4 September India Indirect
Private Limited (JOGPL) gas exploration, 1992
development and
production
--------------------------- ----------------------- ---------------------- --------------- ----------
Jubilant Energy (Kharsang) Oil and natural 20 January India Indirect
Private Limited (JEKPL) gas exploration, 1997
development and
production
--------------------------- ----------------------- ---------------------- --------------- ----------
Jubilant Energy (NELP Oil and natural 13 March India Indirect
- V) Private Limited gas exploration, 2007
(JENVPL) development and
production
--------------------------- ----------------------- ---------------------- --------------- ----------
The Group has a 100% controlling interest in all of the
subsidiaries except as follows:
- JOGIL holds a 99.99% controlling interest in JODPL, JOGPL and
JEKPL as at 30 September 2013 and 31 March 2013.
- JOGIL holds a 99.80% controlling interest in JENVPL as at 30 September 2013 and 31 March 2013.
The Group is a member of eleven unincorporated joint
arrangements for the exploration and development of the following
blocks:
Name of blocks Participating interest
(PI)
--------------------------- -----------------------
Kharsang 25%
--------------------------- -----------------------
Krishna Godavari (KG) 10%
--------------------------- -----------------------
Tripura 20%
--------------------------- -----------------------
Manipur (2 blocks)* 100%
--------------------------- -----------------------
Myanmar** 77.5%
--------------------------- -----------------------
Ahmedabad (Sanand Miroli) 20%
--------------------------- -----------------------
Golaghat # 10%
--------------------------- -----------------------
Cauvery # @ 30%
--------------------------- -----------------------
Mehsana # @ 30%
--------------------------- -----------------------
Australia # *** 38.46%
--------------------------- -----------------------
* Joint arrangement between three subsidiaries (JODPL, JOGPL and
JEKPL), hence 100% for the Group as a whole.
** The Production Sharing Contract (PSC) for the block was
executed at Nay Pyi Taw on 28 May 2012 between the Group, Parami
Energy Development Company Limited (Parami) and Myanmar Oil &
Gas Enterprise (MOGE) (an enterprise formed by the Government of
the Republic of the Union of Myanmar).
# The Group has already impaired the carrying amounts of the
blocks.
@ The Group is in the process of relinquishment of the
blocks.
*** Refer note 19.
2. Basis of preparation and measurement
a) Statement of compliance
This condensed consolidated interim financial report has been
prepared in accordance with International Accounting Standard (IAS)
34, Interim Financial Reporting. Selected explanatory notes are
included to explain events and transactions that are significant to
an understanding of the changes in the financial position and
performance of the Group since the last annual consolidated
financial statements as at and for the year ended 31 March 2013.
This condensed consolidated interim financial report does not
include all the information required for complete set offinancial
statements prepared in accordance with International Financial
Reporting Standards.
The Condensed Consolidated Interim Financial Report has been
authorised for issue by the Board of Directors in its meeting held
on 19 December 2013.
b) Preparation of Condensed Consolidated Interim Financial Report on a going-concern basis
The Group has incurred significant losses during the six months
period ended 30 September 2013 and during the year ended 31 March
2013, and has a negative equity of USD 26,984 thousand and negative
working capital of USD 25,891 thousand. The group has obtained from
the ultimate parent company - Jubilant Enpro Private Ltd -
unequivocal assurance for financial support for continued
operations of JENV up to December 2014, should this be required and
has prepared the financial statements on a going concern basis. In
assessing whether the going-concern assumption is appropriate, the
management has taken into consideration the following additional
factors:
i) The Group has significant hydro carbon reserves/resources as
confirmed in competent person's report.
ii) The Group is working on a range of strategic options for the
business and its medium to long term funding.
iii) The Group had, during the year ended 31 March 2013, tied up
funding arrangements for the capital expenditure on development of
its key asset, viz., KG block.
iv) Kharsang block is a producing block and has a history of
profitable operations, generating internal accruals on a consistent
basis. Additionally, its key asset, KG block is likely to commence
production of hydro carbons in near future, thus there would be
additional internal accruals.
v) The Group may approach various financing resources from
outside agencies/banks/financial institutions based on the
estimates of reserves/resources as evaluated by independent
expert.
Based on the above, the management has assessed that
going-concern assumption is appropriate.
3. Significant accounting policies
Except as described below, the accounting policies applied by
the Group in these condensed consolidated interim financial
statements are the same as those applied by the Group in its
consolidated financial statements as at and for the year ended 31
March 2013. The following changes in accounting policies are also
expected to be reflected in the group consolidated financial
statements as at and for the year ending 31 March 2014:
The Group has adopted the following new standards and amendment
to standards, including any consequential amendment to other
standards, with a date of initial application from 01 April
2013.
- Amendments to IFRS 7 Financial Instruments: Disclosures [see
foot note (a)]
- IFRS 12 Disclosure of Interests in other entities [see foot
note (a)]
- IFRS 10 Consolidated Financial Statements [see foot note
(b)]
- IFRS 11 Joint Arrangements [see foot note (c)]
- IFRS 13 Fair Value Measurement [see foot note (d)]
- Presentation of Items of Other Comprehensive Income
(Amendments to IAS 1) [see foot note (e)]
- IAS 19 Employee Benefits (2011) [see foot note (f]
- Annual Improvements to IFRS 2009-2011 Cycle [see foot note
(g)]
The nature and the effect of the changes are further explained
below:
(a) The adoption of these standards does not have any impact on
the condensed interim financial statements of the Group.
(b) As a result of IFRS 10 (2011), the Group has changed its
accounting policy for determining whether it has control over and
consequently whether it consolidates its investees. IFRS 10 (2011)
introduces a new control model that is applicable to all investees,
by focusing on whether the Group has power over an investee,
exposure or rights to variable returns from its involvement with
the investee and ability to use its power to affect those returns.
In particular, IFRS 10 (2011) requires the Group consolidate
investees that it controls on the basis of de facto
circumstances.
In accordance with the transitional provisions of IFRS 10
(2011), the Group reassessed the control conclusion for its
investees at 1 April 2013. The change had no significant impact on
the condensed interim financial statements of the Group.
(c) As a result of IFRS 11, the Group has changed its accounting
policy for its interests in joint arrangements. Under IFRS 11, the
Group classifies its interests in joint arrangements as either
joint operations or joint ventures depending on the Group's rights
to the assets and obligations for the liabilities of the
arrangements. When making this assessment, the Group considers the
structure of the arrangements, the legal form of any separate
vehicles, the contractual terms of the arrangements and other facts
and circumstances. Previously, the structure of the arrangement was
the sole focus of classification.
The Group has evaluated the impact of IFRS 11 on its joint
arrangements and has reclassified its jointly controlled assets as
joint operations under IFRS 11. IFRS 11 requires the Group to
recognise its involvement in a joint operation, its assets,
liabilities and transactions including its share as specified in
the contractual arrangement. Notwithstanding the reclassification,
there is no impact on the recognised assets, liabilities and
comprehensive income of the Group.
(d) IFRS 13 establishes a single framework for measuring fair
value and making disclosures about fair value measurements, when
such measurements are required or permitted by other IFRSs. In
particular, it unifies the definition of fair value as the price at
which an orderly transaction to sell an asset or to transfer a
liability would take place between market participants at the
measurement date. It also replaces and expands the disclosure
requirements about fair value measurements in other IFRSs,
including IFRS 7 Financial Instruments: Disclosures. Some of these
disclosures are specifically required in condensed interim
financial statements for financial instruments. However, since the
Group does not have assets and liabilities that are measured at
fair value on a recurring or non-recurring basis in the statement
of financial position after initial recognition, no additional
disclosure has been incorporated in the condensed consolidated
interim financial report.
In accordance with the transitional provisions of IFRS 13, the
Group has applied the new fair value measurement guidance
prospectively, and has not provided any comparative information for
new disclosures. Notwithstanding the above, the change had no
significant impact on the measurements of the Group assets and
liabilities.
(e) As a result of the amendments to IAS 1, the Group has
modified the presentation of items of other comprehensive income in
its condensed statement of comprehensive income, to present
separately items that would be reclassified to profit or loss in
the future from those that would never be. Comparative information
has also been re-presented accordingly.
The adoption of the amendment to IAS 1 has no impact on the
recognised assets, liabilities and comprehensive income of the
Group.
(f) As a result of IAS 19 (2011), the Group has changed its
accounting policy with respect to recognition of actuarial gain and
losses/remeasurement related to defined benefit plan.
Under IAS 19 (2011), the Group has adopted the policy of
immediately recognizing actuarial gain and loss/remeasurement
related to defined benefit liability in other comprehensive
income.
Previously, the Group recognized all actuarial gains and losses
arising from defined benefit plan in the income statement.
Details of the effect of the change are set below:
For the six months ended 30 September 2013
Effect of changes
in
(In thousands of accounting policies
US dollars)
Defined benefit
plan
--------------------
Decrease in employee benefit
expense 87
Overall decrease in loss for
the period 87
Remeasurements of the defined
benefit liability (87)
Overall increase in other comprehensive loss
for the period (87)
Overall impact on total comprehensive loss -
for the period
The Group has adopted IAS19 (2011) with effect from 1 April
2013. Comparative information has not been restated for the changes
as the effect of the change in accounting policy is not material
.The impact on account of revision in accounting policy is a
reduction in loss for the year ended March 2013 by USD 68 thousand
(30 September 2012 by USD 155 thousand) and an increase in other
comprehensive loss by USD 68 thousand (30 September 2012 by USD 155
thousand).
(g) Segment information - amendments to IAS 34
The Company has only one reportable segment i.e. oil and natural
gas. Therefore, this amendment does not have any impact on the
condensed consolidated interim financial statements of the
Company
4. Estimates
The preparation of interim financial statements requires
management to make judgments, estimates and assumptions that affect
the application of accounting policies and the reported amounts of
assets and liabilities, income and expense. Actual results may
differ from these estimates.
In preparing this condensed consolidated interim financial
report, the significant judgments made by the management in
applying the Company's accounting policies and the key sources of
estimation uncertainty were the same as those applied to the
consolidated financial statements as at and for the year ended 31
March 2013.
5. Financial risk management
The Group's financial risk management objectives and policies
are consistent with those disclosed in the consolidated financial
statements as at and for the year ended 31 March 2013.
6. Segment reporting
The Chief Operating Decision Maker analyses the operating
results of each of the oil and natural gas assets separately. Since
all the oil and natural gas assets have similar characteristics
such as nature of production process, nature of products, etc., the
Group has aggregated all such oil and natural gas assets, and
accordingly, it has only one reportable segment, i.e., oil and
natural gas. Hence, no separate segment information has been
furnished herewith.
7. Property, plant and equipment (including capital work-in progress)
During the six-months period ended 30 September 2013, the Group
has acquired assets with cost (including capitalized borrowing cost
(also refer note 9)) of USD 34,153 thousand (30 September 2012: USD
39,735 thousand and 31 March 2013: USD 88,993 thousand).
Movements in property, plant and equipment are as follows:
(In thousands of US dollars) For the six-months For the year
period ended ended 31 March
30 September 2013
2013 2012
Opening balance as at 1
April 195,971 117,694 117,694
Additions (including borrowing
cost and transfer from capital
work in progress) 34,153 39,735 88,993
Disposals/adjustments (51) (1) (106)
Transfer from capital work
in progress (2,749) (2,505) (3,182)
Depletion/depreciation for
the period/ year charged
to comprehensive income (1,116) (1,023) (2,095)
Depreciation for the period/
year transferred to exploration
and evaluation assets (CWIP) (8) (9) (16)
Effect of movements in foreign
exchange rates (27,175) (116) (5,318)
Closing balance 199,024 153,775 195,971
----------- -------- ----------------
During the year ended 31 March 2013, based on the report of an
independent expert, the Group made a substantial upward revision in
the quantity of proved developed reserves of oil including on
account of drilling additional infill and step-out development
wells which were drilled under the Phase III drilling programme and
the successful work-over activities. The impact of such change has
resulted in a decrease in depletion by USD 787 thousand for the six
months period ended 30 September 2012.
8. Intangible exploration and other intangible assets
(In thousands of US dollars) For the six-months For the year
period ended ended 31 March
30 September 2013
2013 2012
Opening balance as at 1
April 224,064 193,153 193,153
Acquisitions 3 451 454
Internally developed * 19,698 27,187 40,811
Transfers to capital work
in progress - PPE - - 212
Amortisation for the period/year
charged to comprehensive
income (98) (87) (196)
Amortisation for the period/year
transferred to exploration
and evaluation assets - (4) (9)
Impairment loss (11) (30) (1,698)
Reversal of impairment loss - 39 51
Effect of movements in foreign
exchange rates (31,502) (1,531) (8,713)
Closing balance 212,155 219,178 224,064
----------- -------- ----------------
*Represents exploration and evaluation CWIP, which consists of
the Group's exploration projects which are pending determination of
technical feasibility and commercial viability of extracting a
mineral resource. Costs under the head 'Internally developed'
represent the Group's share of costs incurred on exploration and
evaluation assets during the period/year.
9. Borrowing cost
The capitalization rate used to determine the borrowing cost
eligible for capitalization in respect of general purpose
borrowings is 12.78% p.a. for the six-months period ended 30
September 2013 (30 September 2012: 12.90% p.a.).
Further, the effective rate used to determine the borrowing cost
eligible for capitalization in respect of specific purpose
borrowings is in the range of 14.20% - 14.30% p.a. for six-months
period ended 30 September 2013 (30 September 2012: 14.25%
p.a.).
During the six-months period ended 30 September 2013, the
Company has allocated borrowing cost of USD 24,709 thousand (30
September 2012: USD 18,127 thousand) to property, plant and
equipment/capital work-in progress/ intangible assets, being
directly attributable to the acquisition or construction of
qualifying assets. The balance borrowing cost of USD 8,456 thousand
(30 September 2012: USD 6,784 thousand) has been charged to
comprehensive income.
10. Loans and borrowings (including accrued interest)
(In thousands of US dollars) As at
30 September 31 March 30 September
2013 2013 2012
Financial liabilities at amortised
cost
Secured foreign currency term
loans 91,653 89,811 88,741
Secured term loans from banks 280,417 304,818 256,949
Unsecured inter corporate deposits
from related parties 43,422 19,506 -
12% Redeemable preference shares 25,953 28,240 27,597
Others 6 10 20
Total 441,451 442,385 373,307
------------- --------- -------------
Current 51,973 48,440 20,661
Non-current 389,478 393,945 352,646
441,451 442,385 373,307
------------- --------- -------------
i. There has been no change in the terms and conditions of the
outstanding loans including securities from the financial year
ended 31 March 2013 except as detailed below :
Movement during the current period
Secured foreign currency term loans
a) During the period, in relation to the foreign currency term
loan of USD 50,000 thousand taken by the Company from Export Import
Bank of India ("EXIM"), JEKPL and JODPL signed Indenture of
Mortgage in favour of EXIM to create first pari-passu charge over
JEKPL's PI in Kharsang and receivables thereof and second and
subservient pari-passu charge over JODPL's PI in KG block and
receivables thereof.
Secured term loan from banks
a) During the period, in relation to term loan facility
amounting to INR 13,400,000 thousand taken by JODPL from State Bank
of India (SBI) led consortium of Banks, SBI approved an alternate
arrangement of Right of Sale of shares (by way of Project Support
Undertaking / non-disposal undertaking and Power of Attorney on the
DMAT account) in lieu of Pledge of paid-up shares of JENV held by
JEHBV, having market value equivalent to INR 2,000,000 thousands.
Approval from other consortium lenders is awaited. The security /
arrangement is yet to be created.
During the period, JODPL has further drawn down INR 1,181,900
thousand (equivalent to USD 20,066 thousand) out of the above term
loan facility.
b) During the period, in relation to term loan facility
amounting to INR 3,250,000 thousand taken by JEKPL from Central
Bank of India, JEKPL and JODPL signed Indenture of Mortgage in
favour of Central Bank of India to create first pari-passu charge
over JEKPL's PI in Kharsang and receivables thereof and second and
subservient pari-passu charge over JODPL's PI in KG block and
receivables thereof. Further, JENV signed a deed of corporate
guarantee in favour of Cenral Bank of India.
Unsecured loans from related parties
a) During the period, JOGPL and JODPL have entered into loan
agreements with Jubilant Enpro Private Limited for loans of INR
50,000 thousand (equivalent to USD 797 thousand) and INR 120,000
thousand (equivalent to USD 1,914 thousand) respectively. These
loans would be repayable after a period of 3 years from the date of
first disbursement of the loan. The loans are at the interest rate
of 15% per annum, payable quarterly.
As of 30 September 2013, JOGPL and JODPL has drawn down INR
50,000 thousand (equivalent to USD 797 thousand) and INR 120,000
thousand (equivalent to USD 1,914 thousand) respectively from
Jubilant Enpro Private limited.
b) During the period, JODPL has entered into a loan agreement
with Tower Promoters Private Limited for loan of INR 300,000
thousand (equivalent to USD 4,785 thousand). This loan is repayable
after a period of 3 years from the date of first disbursement of
the loan. The loan is at the interest rate of 15.5% per annum,
payable within 30 days of the end of financial year.
As of 30 September 2013, JODPL has drawn down INR 300,000
thousand (equivalent to USD 4,785 thousand) from Tower Promoters
Private limited.
c) During the period, JENV has entered into a loan agreement
with JEHBV for a loan of USD 2,500 thousand. The loan is for a
period of 3 years at an interest rate of 6 month USD LIBOR plus 300
bps, payable quarterly.
As of 30 September 2013, JENV has drawn down USD 2,500 thousand
from JEHBV.
d) During the year ended 31 March 2013 and period ended 30
September 2013, JOGIL has entered into loan agreements with JEHBV
for an amount aggregating to USD 20,000 thousand. The loans are for
a period of 3 years at an interest rate of 6 month USD LIBOR plus
300 bps, payable quarterly.
As of 30 September 2013, JOGIL has drawn down USD 14,000
thousand from JEHBV.
ii. There has been no change in Non-fund based facility from the
financial year ended 31 March 2013.
11. Employee benefits
The Group's provident fund scheme is a defined contribution
plan. The Group's gratuity scheme is a defined benefit plan.
Gratuity is paid as a lump sum amount to employees at retirement or
termination of employment at an amount based on the respective
employee's eligible salary and the years of employment with the
Group. The Group has made provision for gratuity on the basis of
actuarial valuation.
12. Share-based payment plans
In January 2010, the Group had established a share option
programme that entitles share options of the Company to all
employees of the Group and others providing similar services under
the Stock Option Plan. All the options would vest in four staggered
installments on an annual basis over a four-year period. In
general, the options are exercisable in accordance with the vesting
schedule over a period of four years beginning from the date of
vesting.
The Board of Directors, at its meeting held in November 2010,
approved the modification in the terms and conditions of the Stock
Option Plan and also decided to increase the reserved number of
ordinary shares of JENV from 15,304,586 to 17,671,098 (face value
of EUR 0.01 each).
As a part of modification, the exercise price of the option was
reduced to GBP 0.696 (equivalent to USD 1.12) per share and the
vesting period was changed to start from 1 April 2010 onwards.
Further, in the same board meeting, the Group granted further
options for 4,225,680 shares and 667,843 shares to the employees
with the vesting period commencing from 1 April 2010 and 15 October
2010 respectively.
During the year ended 31 March 2012, the Group further granted
options for 100,000 shares with the vesting period commencing from
01 April 2011.
The Group has adopted Black-Scholes Model to measure the fair
value of the option by taking into account the terms and conditions
upon which the options were granted.
A. Charge to the Statement of Comprehensive Income towards
equity-settled share-based payments and the movement in share-based
compensation reserve is as given below.
For the six-months For the
period year ended
ended 30 September 31 March
2013
(In thousands of US dollars) 2013 2012
Balance at the beginning
of the period/ year 6,066 12,358 12,358
Add: Share-based payment
expense/(reversal) for the
period/year (net) * (720) 397 (2,486)
Less: Transfer to retained
earnings for share options
forefeited during the period/
year * (1,905) (793) (3,806)
Balance at the end of the
period/year 3,441 11,962 6,066
----------- --------- ------------
* Refer footnote (c).
B. Movement in the share options outstanding
For the six-months
period ended 30 September
2013
Number of Weighted
options average
exercise
price
(USD per
share)
Balance at the beginning of
the period 8,139,979 1.12
Granted during the period - -
Exercised during the period - -
Forfeited/lapsed during the
period
(refer to Footnote a) (589,323) 1.12
Balance at the end of the
period 7,550,656 1.12
-------------- -------------
Exercisable at the end of
the period 5,131,062 1.12
For the six-months
period ended 30 September
2012
Number of Weighted
options average
exercise
price
(USD per
share)
Balance at the beginning
of the period 16,109,874 1.12
Granted during the period - -
Exercised during the period - -
Forfeited/lapsed during the
period
(refer to Footnote a) (1,645,485) 1.12
Balance at the end of the
period 14,464,389 1.12
--------------- ------------
Exercisable at the end of
the period 5,659,431 1.12
Footnotes:
a) The options have lapsed due to the employees leaving the
services during the period ended 30 September
2013 and 30 September 2012.
b) The Group has assumed 5% attrition rate per annum.
c) Subsequent to 30 September 2013, the Group has forfeited
2,094,337 options due to voluntary resignation of employees. The
current period reversal includes the impact of the above
forfeiture.
The Group had estimated the volatility in the share price based
on the standard deviation of the natural
logarithm of returns over the period in the share prices of the
companies comparable with the Group.
Estimated remaining contractual life of the options as at 30
September 2013 is 4.53 years [30 September 2012 : 5.53 years and 31
March 2013 : 5.04 years]
13. Provisions
(In thousands of US dollars) Site restoration
obligation
Balance as at 1 April 2012 1,332
Provisions made during the period 46
Unwinding of discount 62
Revisions (change in estimate) 23
Effect of movements in foreign
exchange rates (12)
-----------------
Balance as at 30 September 2012 1,451
-----------------
Balance as at 1 April 2012 1,332
Provisions made during the year 1,071
Provisions reversed/utilised during
the year 43
Unwinding of discount 240
Revisions (change in estimate) 343
Effect of movements in foreign
exchange rates (57)
-----------------
Balance as at 31 March 2013 2,972
-----------------
Balance as at 1 April 2013 2,972
Provisions made during the period 133
Provisions reversed/(utilised)
during the period (71)
Unwinding of discount 131
Revisions (change in estimate) -
Effect of movements in foreign
exchange rates (403)
Balance as at 30 September 2013 2,762
-----------------
The Group's site restoration obligations arise from its
ownership interest in oil and natural gas assets.
The total future site restoration obligation is estimated based
on the Group's net ownership interest in all wells and facilities,
estimated costs to reclaim and abandon these wells and facilities
and the estimated timing of the costs to be incurred in future
years. The Group has estimated the net present value of its total
site restoration obligation based on an undiscounted total future
liability. The majority of costs are expected to be incurred within
a period of next 25 years. The estimation is based on existing
technology of site restoration of the Group's oil and natural gas
fields and production facilities.
14. Operating leases
The Group had taken office premises and various residential
premises under operating lease arrangements. The leases were
cancellable at the option of the Group. Rental expenses under these
leases for the six-months period ended 30 September 2013 amounted
to USD 7 thousand (net of expenses recovered USD 1 thousand) [30
September 2012: USD 8 thousand (net of expenses recovered USD 13
thousand)].
The Group had also taken additional office premises on operating
lease. The lease term was for a non-cancellable period of five
years, renewable for a further period of four years at the mutual
agreement of both the parties. Rental expense under this lease for
the six months period ended 30 September 2013 amounted to USD 49
thousand (net of expenses recovered USD 97 thousand) [30 September
2012: USD 67 thousand (net of expenses recovered USD 108
thousand)].
Non-cancellable operating lease rentals are payable as
follows:
(In thousands of US dollars) As at
30 September 31 March 30 September
2013 2013 2012
Less than one year - - 46
Between one and five years - - -
Total - - 46
-------------- ---------- -------------
15. Income tax expense
Income tax expense is recognised based on Management's best
estimate of the weighted average annual income tax rate expected
for the full financial year applied to the pre-tax income of the
interim period.
Effective tax reconciliation:
(In thousands of US dollars) For the six-months
period ended 30
September
2013 2012
Loss for the period (6,298) (5,489)
Total income tax expense 2,825 3,374
Loss before income taxes (3,473) (2,115)
---------- ---------
Income tax using enacted tax rate (367) (277)
Impact of change in tax laws/tax (60) -
rate on current tax
Effect of higher tax rate on capital
items 28 (32)
Foreign exchange (10) (46)
Non-taxable income (235) (90)
Non-deductible expenses 339 698
Change in unrecognised tax losses 3,115 3,053
Others 15 68
Total income tax expense recognised
in Statement of Comprehensive Income 2,825 3,374
---------- ---------
16. Related parties
(a) Related parties and nature of relationships where control exists
Relationship Name of related parties
Ultimate holding company Jubilant Enpro Private
Limited
Holding company Jubilant Energy Holding
BV
(b) Related parties and nature of relationships where
transactions have taken place during the period
Relationship Name of related parties
Fellow subsidiary 1) Western Drilling Contractors Private
Limited
2) Enpro Oil Private Limited
Enterprises that are directly 1) Jubilant Securities Private Limited
or indirectly under the control 2) Jubilant Capital Private Limited
or significant influence of 3) Jubilant Life Science Limited
key management personnel 4) Tower Promoters Private Limited
Joint venture of the ultimate Geo Enpro Petroleum Limited
holding company
(c) Key management personnel 1) Shyam S Bhartia (Promoter and Director)
2) Hari S Bhartia (Promoter and Director)
3) Sir Robert Paul Reid
4) Arun Kumar Duggal
5) Dr. Andrew William Wood
6) Shahzaad S Dalal
7) Radhey Shyam Sharma (appointed w.e.f.
21 March 2013)
8) Ajay Khandelwal (resigned w.e.f. 7
February 2013)
9) Rakesh Jain (appointed w.e.f 12 August
2013)
10) Vipul Agarwal
11) Ramesh Bhatia
12) Apoorva Ranjan (resigned w.e.f. 12
October 2012)
13) Premanand Mishra (appointed w.e.f.
12 October 2012)
14) Anil Mathur (appointed w.e.f. 17
December 2012)
15) Sandeep Budhiraja (resigned w.e.f.
26 September 2013)
(a) Related party transactions
Particulars Ultimate Holding company Joint venture
holding company of the ultimate
holding company
(In thousands of For the six-month For the six-month For the six-month
US dollars) period ended period ended period ended
30 September 30 September 30 September
2013 2012 2013 2012 2013 2012
--------- --------- ----------- ------- --------- ---------
(i) Transactions
Loans taken 2,886 - 16,500 - - -
Share of joint
operative expenditure
paid - - - - 4,665 4,686
Expenses incurred
by the Group
on their behalf - - - 36 335 317
Bank charges
and guarantee
commission 251 251 - - - -
Expenses incurred
on behalf of
the Group 2 7 - - 4,774 4,698
Interest on
redeemable preference
shares 1,568 1,507 - - - -
Interest expense
on inter corporate
deposits 506 - 384 - - -
Ultimate holding Holding company Joint venture of
company the ultimate holding
company
(ii) Balances As at As at As at
outstanding
30 31 30 30 31 30 30 31 30
September March September September March September September March September
2013 2013 2012 2013 2013 2012 2013 2013 2012
---------- ------- ---------- ---------- ------- ---------- ---------- ------ ----------
Trade and other
receivables
(loans and
advances
recoverable) - - 695 - - - 122 313 112
Loans and borrowings
including interest
payable (unsecured
interoperate
deposits) 7,741 5,309 - 29,831 13,071 - -
Trade and other
payables (sundry
creditors) 251 511 492 270 332 365 87 -
Redeemable
preference
shares 25,953 28,240 27,597 - - - - -
Particulars Fellow subsidiary Enterprises that
are directly
or indirectly
under the control
or significant
influence of
key management
personnel
(In thousands of US For the six-month For the six-month
dollars) period ended period ended
30 September 30 September
2013 2012 2013 2012
------------- ------- ------------- -------
(i) Transactions
Loans taken - - 5,094 -
Expenses incurred - - 50 -
on behalf of the Group
Expenses incurred 132 - - -
by the Group on their
behalf
Interest expense on
inter corporate deposits 77 - 30 -
Fellow subsidiary Enterprises that are
directly or indirectly
under the control or
significant influence
of key management personnel
(ii) Balances outstanding As at As at
30 September 31 30 September 30 September 31 30 September
2013 March 2012 2013 March 2012
2013 2013
------------- ------- ------------- ------------- ------- -------------
Trade and other receivables
(loans and advances
recoverable) 125 2 2 10,427 12,024 12,415
Trade and other payables - - - 47 - -
(sundry creditors)
Loans and borrowings
including interest
payable (unsecured
interoperate deposits) 1,041 1,126 - 4,810 - -
------------- ------- ------------- ------------- ------- -------------
(b) Key management personnel compensation*
The key management personnel compensation (net of
reimbursements) is as follows:
(In thousands of US For the six-months
dollars) period ended 30
September
2013 2012
Short-term employee
benefits 529 634
Post-employment benefits 19 17
Share-based payment
expense 23 524
Directors' fee 100 60
--------- ----------
Total 671 1,235
--------- ----------
* Provision for defined benefit obligation and other long-term
employee benefits has not been considered, since the provisions are
based on actuarial valuations for the Group's entities as a
whole.
(c) There is no change in guarantees/securities given by related
parties in respect of performance of blocks/loans taken by the
Group as compared to 31 March 2013, except for the following:
i. With regard to loans refer to note 10.
17. Capital commitments
In accordance with the terms of the production sharing contracts
entered into by the Group along with other consortium partners with
the Government of India in respect of oil and natural gas
fields/blocks, the Group has certain minimum exploration and
development commitments with estimated expenditure of USD 785
thousand as at 30 September 2013
(31 March 2013: USD 2,723 thousand and 30 September 2012: USD
269 thousand). Capital commitments are identified based on the
contracts entered into with the suppliers/service providers.
The Group has continuing commitments towards minimum work
programmes, etc., in terms of production sharing contracts for
various oil and natural gas assets. Such commitments aggregate to
USD 95,884 thousand as at 30 September 2013 (31 March 2013: USD
115,154 thousand and 30 September 2012: USD 125,727 thousand).
18. Contingencies
There are no significant changes in the contingencies disclosed
in the consolidated financial statements as at and for the year
ended 31 March 2013 except for the following matter:
Jubilant Energy Kharsang Private Limited (JEKPL):
- The Operator had entered into a contract with C.A.T. Geodata
GmbH (CAT) for acquisition, processing and interpretation (API) of
3D seismic data of Kharsang Oil Field area during the financial
year 2011-12. On repeated failure of CAT to perform its contractual
obligations, the Operator terminated the contract and encashed the
unconditional performance Bank Guarantee of USD 524 thousand
(JEKPL's share USD 131 thousand). During the year 2012-13, CAT
filed an Arbitration Petition before Hon'ble Supreme Court for
appointment of Sole Arbitrator to resolve the dispute and claimed
return of Bank Guarantee of USD 524 thousand (JEKPL's share USD 131
thousand), payment for unpaid Invoice of USD 57 thousand (JEKPL's
share USD 14 thousand) and direct operational expenses of USD 2,487
thousand (JEKPL's share USD 622 thousand). Disposing of the
Arbitration Petition, Hon'ble Supreme Court has appointed the Sole
Arbitrator to resolve the dispute.
During the period ended 30 September 2013, the Sole Arbitrator
passed a procedural order inter-alia issued certain directions with
respect to filing of pleadings by the parties. The Operator has
filed its Statement of Defense along with counter claim of USD 864
thousand (JEKPL's share USD 216 thousand). CAT filed their reply
and the operator filed rejoinder to its counter claim. Pending
resolution, the Operator has not acknowledged and accounted for the
claim amounting to USD 3,068 thousand (JEKPL's share USD 767
thousand) plus interest as liability. The Operator is of the belief
that its position is likely to be upheld. Therefore, no provision
for the same has been made in the books of account.
19. During the period ended 30 September 2013, in respect of
T-47/P permit in Australia, the National Offshore Petroleum Titles
Administrator ("NOPTA") had given its consent to the title holders
to the block to enter into a Good Standing Agreement ("GSA") before
31 May 2013 in relation to the unfinished third year work program.
The Group has decided not to enter into a GSA with NOPTA.
Subsequent to the period end, the permit has been cancelled by
NOPTA. This has no financial implication.
20. Events occurring after the balance sheet date
Subsequent to the period ended 30 September 2013, as a part of
rationalization of its Group Structure, the Group has approved the
voluntary dissolution of its wholly owned subsidiary, Jubilant
Energy Limited, Canada after which the JENV will be directly
holding 100% shares in JEIHL, JOGIHL, JRIHL and JEHVL.
21. Foreign currency translation
The Group has converted Indian Rupees ('INR') balances to 'USD'
equivalent balances on the following basis:
-- For conversion of all assets and liabilities, other than
equity, as at the reporting dates, the exchange rates prevailing as
at the reporting date have been used, which are as follows:
- as at 30 September 2013: USD 1 = INR 62.70
- as at 31 March 2013: USD 1 = INR 54.36
- as at 30 September 2012: USD 1 = INR 52.65
-- For conversion of all expenses and income on statement of
comprehensive income and the cash flow statement, for the
respective periods, periodic average exchange rates have been used,
which are as follows:
- For the six months ended 30 September 2013: USD 1 = INR 58.90
- For the six months ended 30 September 2012: USD 1 = INR 54.70
This information is provided by RNS
The company news service from the London Stock Exchange
END
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