TIDMMTA
RNS Number : 2745L
Matra Petroleum PLC
08 August 2013
08 August 2013
Matra Petroleum plc
("Matra" or the "Company")
Half Year Results
Matra Petroleum plc, the oil and gas Investing Company, today
announces its results for the six-month period ending 30 June
2013.
Highlights
Operational
-- Successfully completed 2D and 3D seismic survey on the Sokolovskoe Field
-- Average production from the Sokolovskoe Field of 126.4 bopd
Corporate
-- ALLTECH introduced as a cornerstone investor
-- Negotiated and completed the sale of the Arkhangelovskoe
Licence for a consideration of up to $35 million
-- On 1(st) July 2013 Matra became an Investing Company for the purposes of the AIM rules
Financial
-- Revenue from production from the Sokolovskoe Field was $ 0.28 million in the period
-- Cash or cash equivalents of $2.36 million as at 30 June 2013
-- $25 million ( GBP16.4 million) raised from sale of Arkhangelovskoe Licence
-- Cash or cash equivalents of $26.1 million as at 31 July 2013
(Post completion of Arkhangelovskoe Licence disposal)
Implementing the Investment strategy
-- Primarily onshore or near shore oil and gas assets, in
existing proven hydrocarbon basins, with production potential and
exploration / appraisal upside
-- Initial geographic focus on Russia and CIS also potentially Latin America and the USA
-- Focus on politically and fiscally stable countries favourable for investors
-- Aim to develop a balanced portfolio with production, appraisal and exploration potential
Maxim Barskiy, CEO, commented:
"The completion of the sale of the Arkhangelovskoe Licence was a
significant achievement for Matra in the first half of this year
and has considerably strengthened the Company's balance sheet,
leaving us better placed to make a value accretive acquisition. We
continue to undertake due-diligence on several opportunities and I
remain very positive about Matra's outlook."
For further information, please contact:
Matra Petroleum plc c/o Pelham Bell Pottinger
Henry Lerwill 020 7861 3169
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor 0207 523 8000
Company Number 5375141 (England & Wales)
MATRA PETROLEUM PLC
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2013
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
CONTENTS
Page
Directors, secretary and advisers 2
Chairman's Review 3
Independent Review Report 4
Consolidated Income Statement 6
Consolidated Statement of Comprehensive Income 7
Consolidated Statement of Changes in Equity 8
Consolidated Statement of Financial Position 9
Consolidated Statement of Cash Flows 10
Notes to the Consolidated Interim Financial Statements 11
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
DIRECTORS, SECRETARY AND ADVISERS
Directors James William Guest - Non-Executive
Director
Matthias Brandl - Non-Executive
Director
Maxim Barskiy - Chief Executive
Officer
Vladimir Lenski - Managing Director
Ekaterina Sapozhnikova - Chief
Financial Officer
Company Secretary John Bottomley
Registered Office and 101 Finsbury Pavement
Business Address London
EC2A 1RS
United Kingdom
Company Number 05375141
Nominated Adviser & Broker Canaccord Genuity Limited
88 Wood Street
London
EC2V 7QR
United Kingdom
Solicitors Watson, Farley & Williams LLP
15 Appold Street
London EC2A 2HB
United Kingdom
Auditors BDO LLP
55 Baker Street
London W1U 7EU
United Kingdom
Share Registrars Computershare Investor Services
plc
PO Box 82
The Pavilions
Bridgewater Road
Bristol BS99 7NH
United Kingdom
Public Relations Pelham Bell Pottinger
300 High Holborn
London
WC1V 7QD
United Kingdom
Principal Banker Barclay's Bank plc
One Churchill Place
London
E14 5HP
United Kingdom
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
CHAIRMAN'S REVIEW
Dear Shareholder,
The first half of 2013 has been one of great activity for Matra
as we have consolidated our financial position through the sale of
the Arkhangelovskoe Licence and continued to make progress in
assessing potential acquisitions.
We completed the seismic survey on the Sokolovskoe Field in
March this year, which showed the field to be more complex than
previously thought. The Board recognised the potential cost and
risk implications of this increased complexity hence the company
elected to seek a buyer for the asset who would be better suited to
developing this type of asset. Following a competitive process, we
were delighted to receive an offer with a potential total
consideration of $35 million which represented compelling value for
shareholders. This transaction was overwhelmingly approved at the
Company's General Meeting in June.
The completion of the sale shortly after reporting period-end
has significantly strengthened the Company's balance sheet as we
continue to search for an acquisition which fits our strategy to
build a mid-sized E&P company. Our primary focus is to invest
in those opportunities where the company's relationships, track
record and particular skill base potentially provide it with a
competitive edge. The type of assets we will be looking at are
onshore or near shore oil and gas assets, in existing proven
hydrocarbon basins, with current or near term production potential
and with exploration and/or appraisal upside.
In the first half of this year we also welcomed the ALLTECH
Group as one of the cornerstone investors in the Company. They
share the Board's vision for Matra and we are grateful for their
on-going support.
We look forward to updating shareholders in the coming months as
we move forward with our strategy to create a mid-sized E&P
company. As ever, I am very grateful for the hard work of everyone
in the Company in what has been a transformational six months.
James William Guest
Chairman
8 August 2013
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
INDEPENDENT REVIEW REPORT
INDEPENDENT REVIEW REPORT TO MATRA PETROLEUM PLC
Introduction
We have been engaged by the company to review the financial
statements in the half-yearly financial report for the six months
ended 30 June 2013 which comprises the consolidated income
statement, the consolidated statement of comprehensive income, the
consolidated statement of changes in equity, the consolidated
statement of financial position, the consolidated statement of cash
flows and the related explanatory notes.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the half-yearly financial statements.
Directors' responsibilities
The interim report, including the financial information
contained therein, is the responsibility of and has been approved
by the directors. The directors are responsible for preparing the
interim report in accordance with the rules of the London Stock
Exchange for companies trading securities on AIM which require that
the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the company's annual
accounts having regard to the accounting standards applicable to
such annual accounts.
Our responsibility
Our responsibility is to express to the company a conclusion on
the set of financial statements in the half-yearly financial report
based on our review.
Our report has been prepared in accordance with the terms of our
engagement to assist the company in meeting the requirements of the
rules of the London Stock Exchange for companies trading securities
on AIM and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon
this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we
hereby expressly disclaim any and all such liability.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
INDEPENDENT REVIEW REPORT
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the financial statements in the
half-yearly financial report for the six months ended 30 June 2013
arenot prepared, in all material respects, in accordance with the
rules of the London Stock Exchange for companies trading securities
on AIM.
BDO LLP
Chartered Accountants and Registered Auditors
Location
United Kingdom
8 August 2013
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
CONSOLIDATED INCOME STATEMENT
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
Restated
Notes US$'000 US$'000 US$'000
---------------------------------- ------ --------------------- ---------- ------------
Other administrative expenditure (1,039) (1,647) (2,838)
Share-based payments 599 (127) (599)
Total administrative expenditure (440) (1,774) (3,437)
---------------------------------- ------ --------------------- ---------- ------------
Loss from operations 3 (440) (1,774) (3,437)
Finance income - 10 16
---------------------------------- ------ --------------------- ---------- ------------
Loss before and after taxation
from continuing operations (440) (1,764) (3,421)
---------------------------------- ------ --------------------- ---------- ------------
Profit/(loss) on discontinued
operations, net of tax 2 12,630 (528) (1,395)
---------------------------------- ------ --------------------- ---------- ------------
Profit / (loss) attributable
to the equity holders of the
parent 12,190 (2,292) (4,816)
================================== ====== ===================== ========== ============
Basic and diluted earnings
per share 5
Continuing operations (0.02) (0.12) (0.20)
Discontinued operations 0.65 (0.03) (0.08)
Profit/(loss) for the period 0.63 (0.15) (0.28)
---------------------------------- ------ --------------------- ---------- ------------
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
Restated
US$'000 US$'000 US$'000
-------------------------------------- ---------- ---------- ------------
Profit/ (loss) after taxation 12,190 (2,292) (4,816)
-------------------------------------- ---------- ---------- ------------
Other comprehensive income / (loss): - - -
Exchange differences on translating (1,212) - -
foreign operations on continuing
operations
Exchange differences on translating
foreign operations on discontinued
operations* (1,988) (405) 799
--------------------------------------
Other comprehensive income / (loss)
for the period (3,200) (405) 799
---------- ---------- ------------
Total comprehensive income/(loss)
for the period attributable to the
equity holders of the parent 8,990 (2,697) (4,017)
====================================== ========== ========== ============
*Items that may be reclassified to profit or loss.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Foreign Retained Total
capital premium currency deficit
translation
reserve
Audited US$'000 US$'000 US$'000 US$'000 US$'000
------------------------------------- -------- -------- ------------ --------- --------
Total equity as at 1 January
2012 (restated) 2,178 46,801 3,933 (39,151) 13,761
Loss after taxation - - - (4,816) (4,816)
Exchange differences on translating
foreign operations - - 799 - 799
------------------------------------- -------- -------- ------------ --------- --------
Total comprehensive loss for
the year - - 799 (4,816) (4,017)
Shares issued 934 6,470 - - 7,404
Recognition of share based
payment - - - 599 599
Total equity as at 31 December
2012 3,112 53,271 4,732 (43,368) 17,747
===================================== ======== ======== ============ ========= ========
Share Share Foreign Retained Total
capital premium currency deficit
translation
reserve
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
------------------------------------- -------- -------- ------------ --------- --------
Total equity as at 1 January
2012 (restated) 2,178 46,801 3,933 (39,151) 13,761
Loss after taxation - - - (2,292) (2,292)
Exchange differences on translating
to presentational currency - - (405) - (405)
------------------------------------- -------- -------- ------------ --------- --------
Total comprehensive loss for
the period - - (405) (2,292) (2,697)
Shares issued 934 6,470 - - 7,404
Recognition of share based
payment - - - 127 127
Total equity as at 30 June
2012 (restated) 3,112 53,271 3,528 (41,316) 18,595
===================================== ======== ======== ============ ========= ========
Share Share Foreign Retained Total
capital premium currency deficit
translation
reserve
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
------------------------------------- -------- -------- ------------ --------- --------
Total equity as at 1 January
2013 3,112 53,271 4,732 (43,368) 17,747
Profit after taxation - - - 12,190 12,190
Disposal of subsidiary - - (1,988) - (1,988)
Exchange differences on translating
to presentational currency - - (1,212) - (1,212)
------------------------------------- -------- -------- ------------ --------- --------
Total comprehensive income
for the period - - (3,200) 12,190 8,990
Reversal of recognised share
based payment - - - (599) (599)
Total equity as at 30 June
2013 3,112 53,271 1,532 (31,777) 26,138
===================================== ======== ======== ============ ========= ========
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
Restated
------------------------------- ------ ---------- ---------- ------------
Notes US$'000 US$'000 US$'000
------------------------------- ------ ---------- ---------- ------------
Non-current assets
Property, plant and equipment 6 13 19
Intangible assets - 11,470 13,691
------------------------------- ------ ---------- ---------- ------------
6 11,483 13,710
Current assets
Inventories - 22 21
Consideration receivables 2 25,000 - -
Trade and other receivables 108 263 420
Cash and cash equivalents 2,363 7,236 4,000
------------------------------- ------ ---------- ---------- ------------
27,471 7,521 4,441
27,477 19,004 18,151
=============================== ====== ========== ========== ============
Capital and reserves attributable to the equity holders
of the parent
Share capital 3,112 3,112 3,112
Share premium 53,271 53,271 53,271
Foreign currency translation
reserve 1,532 3,528 4,732
Retained deficit (31,777) (41,316) (43,368)
------------------------------- ------ ---------- ---------- ------------
Total equity 26,138 18,595 17,747
Current liabilities
Trade and other payables 1,339 409 404
------------------------------- ------ ---------- ---------- ------------
Total liabilities 1,339 409 404
27,477 19,004 18,151
=============================== ====== ========== ========== ============
The financial statements were approved and authorised for issue
by the Board on 8 August 2013 and signed on their behalf by
Chief Executive Officer
Maxim Barskiy
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
CONSOLIDATED STATEMENT OF CASH FLOWS
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
Restated
US$'000 US$'000 US$'000
--------------------------------------------- ---------- ---------- ------------
Profit / (Loss) before taxation 12,190 (2,292) (4,813)
Adjustments for:
Depreciation 3 2 5
Finance income (note 2) (21) (10) (42)
Profit on sale of discontinued (14,063) - -
operations, net of tax (note 2)
Profit on disposal of property,
plant and equipment - - (24)
Cost related to sales of test production 282 88 503
Share based payments (599) 127 599
Foreign currency differences (159) 11 130
---------- ---------- ------------
Cash generated from operations before
changes in working capital (2,367) (2,074) (3,642)
(Increase) / decrease in inventories 2 5 6
(Increase) / decrease in receivables 224 (150) (295)
Increase / (decrease) in payables 1,046 166 141
Interest received 21 10 42
---------- ---------- ------------
Net cash from operating activities (1,074) (2,043) (3,748)
Proceeds from sale of property,
plant and equipment - - 24
Disposal of subsidiary undertaking (72) - -
(note 2)
Purchase of property, plant and
equipment - - (13)
Expenditure on oil and gas assets (437) (325) (1,954)
--------------------------------------------- ---------- ---------- ------------
Net cash from investing activities (509) (325) (1,943)
Proceeds from issue of shares - 7,404 7,404
--------------------------------------------- ---------- ---------- ------------
Net cash from financing activities - 7,404 7,404
Net increase / (decrease) in cash
and cash equivalents (1,583) 5,036 1,713
Cash and cash equivalents at beginning
of period 4,000 2,333 2,333
Effect of foreign exchange rate differences (54) (133) (46)
Cash and cash equivalents at end
of period 2,363 7,236 4,000
============================================== ========== ========== ============
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Basis of Preparation
The consolidated interim financial statements of Matra Petroleum
plc (the "Company") for the six months ended 30 June 2013 comprise
the Company and its subsidiaries (together referred to as the
'Group'). The corresponding amounts are for the year ended 31
December 2012 and the six month period ended 30 June 2012.
These consolidated interim financial statements have been
prepared in accordance with the rules of the London Stock Exchange
for companies trading securities on Alternative Investment Market
and on a basis consistent with the accounting policies and methods
of computation as published by the Group in its annual report for
the year ended 31 December 2012, which is available on the
Company's website. They do not include all disclosures that would
otherwise be required in a complete set of financial statements and
should be read in conjunction with the 2012 Annual Report.
The financial information for the half years ended 30 June 2013
and 30 June 2012 is unaudited, but was the subject of an
independent review carried out by the Company's auditors, BDO
LLP.
The annual financial statements of Matra Petroleum Plc are
prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union. The comparative
financial information for the year ended 31 December 2012 included
within this report does not constitute the full statutory accounts
for that period. The statutory Annual Report and Financial
Statements for 2012 have been filed with the Registrar of
Companies. The Independent Auditors' Report on that Annual Report
and Financial Statement for 2012 was unqualified, did not draw
attention to any matters by way of emphasis, and did not contain a
statement under 498(2) or 498(3) of the Companies Act 2006.
After making enquiries, the directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the half-yearly consolidated financial statements.
The same accounting policies, presentation and methods of
computation are followed in these financial statements as were
applied in the Group's latest annual audited financial statements
except that in the current financial year the Group has adopted a
number of revised Standards and Interpretations. However, none of
these has had a material impact on the Group's reporting. In
addition, the IASB has issued a number of IFRS and IFRIC amendments
or interpretations since the last annual report
Restatement - Change in presentation currency
The Directors have elected to present for the first time the
Group's financial statements for the year ended 31 December 2012 in
US Dollars in order to make them comparable with the financial
statements of its peers. The change represents a change in
accounting policy and has been applied retrospectively.
Consequently, the comparative information for the half-yearly
period ended 30 June 2012 previously presented in Euros has been
restated to reflect the change.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
2. Discontinued operations
On 28 June 2013 the Company disposed of its 100% interest in
Matra Cyprus Petroleum Limited which owns 100% of the share capital
in OOO Arkhangelovskoe for a potential total consideration of US$35
million of which US$25 million was received on 1 of July 2013 with
the remaining US$10 million to be received on 1 April 2014
conditional upon the outcome of the drilling works to be carried
out by the buyer by 1 April 2014. Should the drilling results not
meet the specified criteria then the final consideration will be
US$1.
At the date of this report the outcome of the drilling results
remains highly uncertain and no contingent consideration has been
recognised when determining post-tax gain on disposal of
discontinued operations.
The post-tax gain on discontinued operation has been determined
as follows:
30 June
2013
US$'000
---------
Cash consideration receivable 25,000
Less net assets disposed:
PPE 8
Intangibles 12,849
Inventories 19
Trade and other receivables 88
Cash 72
Trade and other payables (111)
-------
(12,925)
Add release of cumulative translation reserve* 1,988
Gain on disposal of discontinued operations before
and after tax 14,063
=========
Add results of discontinued operations for the
period (1,433)
Net gain on disposal of discontinued operations
before and after tax 12,630
=========
The cash flow comprises:
Consideration received at 30 June 2013 -
Cash disposed
of (72)
---------
Net cash outflow (72)
---------
* The US$1.9 million release of cumulative translation reserves
represents the previously capitalised translation gains and losses
attributed to the interest sold.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
______________________________________________________________________________
2. Discontinued operations (continued)
Result of discontinued operations 30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
Restated
US$'000 US$'000 US$'000
--------------------------------------- ---------- ---------- --------------------------
Revenue 282 88 503
Cost of sales (282) (88) (503)
Administration expenses (1,454) (528) (1,418)
Finance income 21 26
Taxation - - (3)
Loss for the period from discontinued
operations (1,433) (528) (1,395)
======================================= ========== ========== ==========================
Statement of cash flows
The statement of cash flows includes the following amounts relating
to discontinued operations:
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
Restated
US$'000 US$'000 US$'000
--------------------------------------- ---------- ---------- --------------------------
Operating activities 127 (298) (1,036)
Investing activities (437) (325) (1,954)
Financing activities - - -
Net cash from discontinued
operations (310) (623) (2,990)
======================================= ========== ========== ==========================
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
______________________________________________________________________________
3. Loss from operations
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
Restated
US$'000 US$'000 US$'000
----------------------------- ---------- ---------- ------------
Staff costs 463 978 1,250
Travel costs 198 116 388
Office costs 142 90 326
Corporate costs 193 155 389
Legal & professional costs 35 271 463
General costs - 25 2
Exchange loss 7 12 20
Gain on disposal - - -
Depreciation / amortization 1 - -
Share-based payments (599) 127 599
440 1,774 3,437
============================= ========== ========== ============
Loss from operations consist of administrative expenditure of
Matra Petroleum plc and its subsidiary Matra Cyprus Petroleum
(Alpha) Limited. Loss from operations of the disposed subsidiaries
Matra Cyprus Petroleum Limited and OOO Arkhangelvoskoe is shown
separately in the note 2.
The significant decrease of US$1,334,000 in the administrative
expenditure for the six-month period ended 30 June 2013 (H1 2012:
US$1,774,000) is attributed to a decrease in the staff costs and
reversal of the warrant.
The decrease in the staff costs is attributed to the termination
payment of US$569,700 (EUR399,116) to Peter Hind, former Managing
Director, made May 2012.
In May 2013 the warrants granted to Maxim Barskiy lapsed as the
qualifying vesting conditions have not been met. The previously
recognised share-based payments charge of US$599,000 has
consequently been reversed.
4. Options granted
On 28 June 2013 the Company granted 179,722,824 options at an
exercise price of 0.85 pence per share to its directors and
employees in recognition of the sale of Arkhangelovskoe Licence.
The options were granted to executive directors and employees under
Matra's Enterprise Management Incentive Scheme and non-executive
directors were granted unapproved options. 50 per cent of the
options for executive directors and employees vest on the first
anniversary of the date of grant and the remaining 50 per cent vest
on the second anniversary of the date of grant. Options for
non-executive directors vest in 3 equal tranches on the anniversary
of the date of grant over a three year period.
Where options are exercised the Board may in its absolute
discretion determine to vary the number of options and the exercise
price such that the option holder is in the same position but
dilution is reduced.
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE
2013
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
5. Loss Per Share
Loss per share of is calculated by dividing the earnings/ (loss)
attributable to ordinary shareholders for the period by the
weighted average number of ordinary shares outstanding during the
period.
The effect of all potential ordinary shares arising from the
exercise of options going forward is considered to be anti-dilutive
and therefore diluted earnings per share has not been calculated.
At the reporting date there were 188,922,823 potentially dilutive
ordinary shares.
6. Interim Report
Copies of this interim report for the six months ended 30 June
2013 will be available from the offices of Matra Petroleum plc, 101
Finsbury Pavement, London, EC2A 1RS, United Kingdom and on the
company's website www.matrapetroleum.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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