TIDMPET
RNS Number : 2102D
Petrel Resources PLC
20 June 2023
162 Clontarf Road
Dublin 3, D03 F6T0 Ireland
Tel: +353 1 833 2833
Fax: +353 1 833 3505
info@petrelresources.com
www.petrelresources.com
20 June 2023
Petrel Resources plc
("Petrel" or "the Company")
Audited Results for the Year Ended 31(st) December 2022
Petrel announces its results for the year ended 31(st) December
2022.
A copy of the Company's Annual Report and Accounts for 2022 will
be mailed shortly only to those shareholders who have elected to
receive it and extracts are set out in the announcement below.
Otherwise shareholders will be notified that the Annual Report will
be available on the website at www.petrelresources.com . Copies of
the Annual Report will also be available for collection from the
Company's registered office, 162 Clontarf Road, Dublin 3,
Ireland.
The Company's Annual General Meeting will be held on 27(th) July
2023 in the Hotel Riu Plaza The Gresham, 23 O'Connell Street Upper,
Dublin 1, D01 C3W7 at 12.00 pm.
E NDS
For further information please visit http://www.petrelresources.com/ or contact:
Enquiries:
Petrel Resources
+353 (0) 1 833 2833
David Horgan, Chairman
John Teeling, Director
Nominated Adviser and Broker
Beaumont Cornish - Nominated Adviser
Roland Cornish
Felicity Geidt +44 (0) 020 7628 3396
Novum Securities Limited - Broker
Colin Rowbury +44 (0) 20 399 9400
BlytheRay - PR +44 (0) 207 138 3206
Megan Ray +44 (0) 207 138 3553
Said Izagaren +44 (0) 207 138 3208
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). The person
who arranged for the release of this announcement on behalf of the
Company was Jim Finn, Director.
CHAIRMAN'S STATEMENT
Europe is de-industrialising, due to policies hostile to
reliable fuels. But global oil & gas demand continues to
recover, as Asia and especially China recovers from C-19 policies,
including lock-downs.
The withdrawal of most major oil and gas players from non-core
basins killed the farm-out market from 2014. Majors who had entered
projects in OPEC specific countries, often on uneconomic terms, now
seek to exit marginally profitable or non-core projects as they buy
shares back and issue record dividends instead of investing in
exploration activities.
At the same time, there has been a shortage of institutional
investor finance in London for several years now. Funds are
available, but mainly from private clients and traders who demand
discounts. In such circumstances, we have avoided issuing stock and
incurring expensive work commitments which would only have diluted
shareholders by issuing shares at too low a price. It is wiser to
keep our powder dry and prepare a portfolio of early-stage projects
to fund or farm out when markets turn.
However, it is worth remembering that Europe is now less than
15% of global energy consumption. BRICS+ now have a larger GDP than
the G-7. Europe is in decline, but Asia is not. The future is in
the emerging economies. Australian brokers and investors have
profited through the liquidity of Petrel's sister company, Clontarf
Energy plc. They are pressing Petrel Resources plc to open its
books for greater Australian and Asian participation. So far, the
board has been keen to avoid dilution, but as we roll out
high-potential new projects, it may be worthwhile to accept funding
- hopefully at much higher share prices.
Petrel has assessed a number of expansion projects in recent
months. So far, none have completed necessary due diligence or in
some cases demonstrated available funds on satisfactory terms.
Financing
The directors and their supporters have funded working capital
needs during C-19, etc. and are prepared to participate in any
necessary, future financing.
David Horgan
Chairman
19 June 2023
PETREL RESOURCES PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2022
2022 2021
EUR EUR
Administrative expenses (310,813) (322,077)
-
---------- ----------
Operating loss (310,813) (322,077)
---------- ----------
Loss before taxation (310,813) (322,077)
Income tax expense - -
---------- ----------
Loss for the financial year (310,813) (322,077)
Other comprehensive income - -
---------- ----------
Total comprehensive income for the financial year (310,813) (322,077)
========== ==========
Earnings per share attributable to the ordinary equity holders of the parent 2022 2021
Cents Cents
Loss per share - basic and diluted (0.19) (0.21)
========== ==========
PETREL RESOURCES PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
2022
2022 2021
EUR EUR
Assets
Non-current assets
Intangible assets 933,167 933,167
933,167 933,167
------------- -------------
Current assets
Trade and other receivables 33,807 25,663
Cash and cash equivalents 166,309 101,843
------------- -------------
200,116 127,506
------------- -------------
Liabilities
Current liabilities
Trade and other payables (889,927) (792,430)
------------- -------------
Total liabilities (889,927) (792,430)
------------- -------------
Net assets 243,356 268,243
============= =============
Equity
Share capital 2,223,398 1,962,981
Capital conversion reserve fund 7,694 7,694
Capital redemption reserve 209,342 209,342
Share premium 21,811,520 21,786,011
Share based payment reserve 26,871 26,871
Retained deficit (24,035,469) (23,724,656)
------------- -------------
Total equity 243,356 268,243
============= =============
PETREL RESOURCES PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEARED 31 DECEMBER 2022
Capital Share Based
Capital Conversion Payment
Share Share Redemption Reserve Fund Reserve Retained
Capital Premium Reserve EUR EUR Deficit Total
EUR EUR EUR EUR EUR
At 1 January
2021 1,962,981 21,786,011 209,342 7,694 26,871 (23,402,579) 590,320
Total
comprehensive
income for
the financial
year - - - - - (322,077) (322,077)
------------- -------------- ------------- ------------- ------------- ------------- ----------
At 31 December
2021 1,962,981 21,786,011 209,342 7,694 26,871 (23,724,656) 268,243
Issue of
shares 260,417 25,509 - - - - 285,926
Total
comprehensive
income for
the financial
year - - - - - (310,813) (322,077)
------------- -------------- ------------- ------------- ------------- ------------- ----------
At 31 December
2022 2,223,398 21,811,520 209,342 7,694 26,871 (24,035,469) 243,356
============= ============== ============= ============= ============= ============= ==========
PETREL RESOURCES PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEARED 31 DECEMBER 2022
2022 2021
EUR EUR
Cash flows from operating activities
Loss for the year (310,813) (322,077)
Foreign exchange 2,527 (9,622)
---------- ----------
Operating cashflow before movements in working capital (308,286) (331,699)
Increase in trade and other payables 97,497 81,889
(Increase)/decrease in trade and other receivables (8,144) 9,331
---------- ----------
Cash used in operations 89,353 91,220
---------- ----------
Net cash used in operating activities (218,933) (240,479)
---------- ----------
Investing activities
Payments for exploration and evaluation assets - (1,200)
---------- ----------
Net cash used in investing activities - (1,200)
---------- ----------
Financing activities
Shares issued 285,926 -
---------- ----------
Net cash generated from financing activities 285,926 -
---------- ----------
Net cash increase/(decrease) in cash and cash equivalents 66,993 (241,679)
Cash and cash equivalents at the beginning of year 101,843 333,900
Exchange gains / (loss) on cash and cash equivalents (2,527) 9,622
---------- ----------
Cash and cash equivalents at the end of the year 166,309 101,843
========== ==========
NOTES:
1. ACCOUNTING POLICIES
There were no changes in accounting policies from those used to
prepare the Group's Annual Report for financial year ended 31
December 2021. The financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRSs)
as adopted by the European Union and in accordance with the
provisions of the Companies Act 2014.
2. LOSS PER SHARE
Basic loss per share is computed by dividing the loss after
taxation for the year attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue and ranking for
dividend during the year. Diluted loss per share is computed by
dividing the loss after taxation for the year by the weighted
average number of ordinary shares in issue, adjusted for the effect
of all dilutive potential ordinary shares that were outstanding
during the year.
The following tables set out the computation for basic and
diluted earnings per share (EPS):
2022 2021
EUR EUR
Numerator
For basic and diluted EPS Loss after taxation (310,813) (322,077)
================ ===============
Denominator No. No.
For basic and diluted EPS 160,919,745 157,038,467
================ ===============
Basic EPS (0.19c) (0.21c)
Diluted EPS (0.19c) (0.21c)
================ ===============
Basic and diluted loss per share are the same as the effect of the outstanding share options
and warrants is anti-dilutive.
3. GOING CONCERN
The Group incurred a loss for the financial year of EUR310,813
(2021: loss of EUR322,077) and had net current liabilities of
EUR689,811 (2021: EUR664,924) at the balance sheet date. These
conditions as well as those noted below, represent a material
uncertainty that may cast significant doubt on the Group and
Company's ability to continue as a going concern.
Included in current liabilities is an amount of EUR857,531
(2021: EUR767,531) owed to key management personnel in respect of
remuneration due at the balance sheet date. Key management have
confirmed that they will not seek settlement of these amounts in
cash for a period of at least one year after the date of approval
of the financial statements or until the Group has generated
sufficient funds from its operations after paying its third-party
creditors.
The Group had a cash balance of EUR166,309 (2021: EUR101,843) at
the balance sheet date. The directors have prepared cashflow
projections for a period of at least twelve months from the date of
approval of these financial statements which indicate that
additional finance may be required to fund working capital
requirements and develop existing projects. As the Group is not
revenue or cash generating it relies on raising capital from the
public market.
These conditions as well as those noted below, represent a
material uncertainty that may cast significant doubt on the Group's
ability to continue as a going concern.
As in previous years the Directors have given careful
consideration to the appropriateness of the going concern basis in
the preparation of the financial statements and believe the going
concern basis is appropriate for these financial statements. The
financial statements do not include the adjustments that would
result if the Group was unable to continue as a going concern.
4. INTANGIBLE ASSETS
Group Group
2022 2021
EUR EUR
Exploration and evaluation assets:
Cost:
At 1 January 933,167 931,967
Additions - 1,200
Impairment - -
----------- --------
At 31 December 933,167 933,167
----------- --------
Carrying amount:
At 31 December 933,167 933,167
=========== ========
Segmental analysis
Group Group
2022 2021
EUR EUR
Ghana 933,167 933,167
Iraq - -
-------- --------
933,167 933,167
======== ========
Exploration and evaluation assets relate to expenditure incurred
in exploration in Ghana. The directors are aware that by its nature
there is an inherent uncertainty in exploration and evaluation
assets and therefore inherent uncertainty in relation to the
carrying value of capitalized exploration and evaluation
assets.
During 2018 the Group resolved the outstanding issues with the
Ghana National Petroleum Company (GNPC) regarding a contract for
the development of the Tano 2A Block. The Group has signed a
Petroleum Agreement in relation to the block and this agreement
awaits ratification by the Ghanian government.
Relating to the remaining exploration and evaluation assets at
the financial year end, the directors believe there were no facts
or circumstances indicating that the carrying value of the
intangible assets may exceed their recoverable amount and thus no
impairment review was deemed necessary by the directors. The
realisation of these intangible assets is dependent on the
successful discovery and development of economic reserves and is
subject to a number of significant potential risks, as set out
below:
-- licence obligations;
-- exchange rate risks;
-- uncertainty over development and operational costs;
-- political and legal risks, including arrangements with
Governments for licences, profit sharing and taxation;
-- foreign investment risks including increases in taxes,
royalties and renegotiation of contracts;
-- financial risk management; and
-- ability to raise finance.
Directors' remuneration of EURNil (2021: EURNil) and salaries of
EURNil (2021: EURNil) were capitalised as exploration and
evaluation expenditure during the financial year.
5. OTHER PAYABLES
Group Group
2022 2021
EUR EUR
Amounts due to key personnel 857,531 767,531
Accruals 12,000 16,500
Other payables 20,396 8,399
-------- --------
889,927 792,430
======== ========
It is the Group's normal practice to agree terms of
transactions, including payment terms, with suppliers. It is the
Group's policy that payments are made between 30 - 45 days and
suppliers are required to perform in accordance with the agreed
terms. The Group has financial risk management policies in place to
ensure that all payables are paid within the credit timeframe.
Key management personnel have confirmed that they will not seek
settlement in cash of the amounts due to them in relation to
remuneration for a period of at least one year after the date of
approval of the financial statements or until the Group has
generated sufficient funds from its operations after paying its
third party creditors.
6. SHARE CAPITAL
2022 2022 2021 2021
Number EUR Number EUR
Authorised
Ordinary shares of EUR0.0125 each 800,000,000 10,000,000 800,000,000 10,000,000
============== ============= ============== =============
Ordinary Shares - nominal value of EUR0.0125
Allotted, called-up and fully paid:
Number Share Capital Share Premium
EUR EUR
At 1 January 2021 157,038,467 1,962,981 21,786,011
Issued during the year - - -
--------------- -------------- --------------
At 31 December 2021 157,038,467 1,962,981 21,786,011
Issued during the year 20,833,333 260,417 25,509
--------------- -------------- --------------
At 31 December 2022 177,871,800 2,223,398 21,811,520
=============== ============== ==============
On 24 October 2022 a total of 20,833,333 shares were placed at a
price of 1.2 pence per share. Proceeds were used to provide
additional working capital and fund development costs. For each
share subscribed for, the investors also received one warrant to
subscribe for an additional ordinary share at a price of 1.8p per
share for a period of 2 years.
7. SHARE BASED PAYMENTS
The Group issues equity-settled share-based payments to certain
directors and individuals who have performed services for the
Group. Equity-settled share-based payments are measured at fair
value at the date of grant. Fair value is measured by the use of a
Black-Scholes valuation model.
Options
The Group plan provides for a grant price equal to the average
quoted market price of the ordinary shares on the date of grant.
The options vest immediately.
The options outstanding at 31 December 2022 have a weighted
average remaining contractual life of 4 years.
31 December 2022 31 December 2021
Options Weighted average exercise Options Weighted average exercise
price in pence price in pence
Outstanding at beginning of
year 500,000 10.50 500,000 10.50
Granted during the year - - - -
Outstanding at end of year 500,000 10.50 500,000 10.50
======== =============================== ======== ===============================
Warrants
31 December 2022 31 December 2021
Warrants Weighted average exercise Warrants Weighted average exercise
price in pence price in pence
Outstanding at beginning of - - - -
year
Issued 20,833,333 1.8 - -
Expired - - - -
----------- ----------------------------- --------- ------------------------------
Outstanding at end of year 20,833,333 1.8 - -
=========== ============================= ========= ==============================
On 24 October 2022 a total of 20,833,333 warrants were issued at
an exercise price of 1.8p per warrant as part of a placing. Further
information is note 6 above.
8. OTHER RESERVES
Capital Conversion Reserve
Capital Redemption Reserve Fund Share Based Payment Reserve
EUR EUR EUR
Balance at 1 January 2021 209,342 7,694 127,199
Movement during the year - - 29,295
---------------------------- --------------------------- ----------------------------
Balance at 31 December 2021 209,342 7,694 156,494
Movement during the year - - -
---------------------------- --------------------------- ----------------------------
Balance at 31 December 2022 209,342 7,694 156,494
============================ =========================== ============================
Capital redemption reserve
The Capital redemption reserve reflects nominal value of shares
cancelled by the Company.
Capital conversion reserve fund
The ordinary shares of the company were renominalised from
EUR0.0126774 each to EUR0.0125 each in 2001 and the amount by which
the issued share capital of the company was reduced was transferred
to the capital conversion reserve fund.
Share Based Payment Reserve
The share-based payment reserve arises on the grant of share
options under the share option plan. Share options expired are
reallocated from the share-based payment reserve to retained
deficit at their grant date fair value.
9. RETAINED DEFICIT
2022 2021
EUR EUR
Opening Balance (23,724,656) (23,402,579)
Profit/(Loss) for the year (310,813) (322,077)
------------- -------------
Closing Balance (24,035,469) (23,724,656)
============= =============
Retained deficit
Retained deficit comprises of losses incurred in the current and
prior years.
10. POST BALANCE SHEET EVENTS
There were no material post balance sheet events affecting the
Group.
11. ANNUAL GENERAL MEETING
The Company's Annual General Meeting will be held on 27 July
2023 in the Hotel Riu Plaza The Gresham, 23 O'Connell Street Upper,
Dublin 1, D01 C3W7 at 12.00 pm.
12. GENERAL INFORMATION
The financial information prepared using accounting policies
consistent with International Financial Reporting Standards
("IFRS") as adopted by the European Union included in this
preliminary statement does not constitute the statutory financial
statements for the purposes of Chapter 4 of part 6 of the Companies
Act 2014. Full statutory statements for the year ended 31 December
2022 prepared in accordance with IFRS, upon which the auditors have
given an unqualified report, have not yet been filed with the
Registrar of Companies. Full financial statements for the year
ended 31 December 2021 prepared in accordance with IFRS and
containing an unqualified report, have been filed with the
Registrar of Companies.
A copy of the Company's Annual Report and Accounts for 2022 will
be mailed shortly only to those shareholders who have elected to
receive it. Otherwise shareholders will be notified that the Annual
Report will be available on the website at www.petrelresources.com
. Copies of the Annual Report will also be available for collection
from the Company's registered office, 162 Clontarf Road, Dublin 3,
Ireland.
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