TIDMSLE
RNS Number : 4075J
San Leon Energy PLC
30 June 2011
Thursday 30 June 2011
San Leon Energy Plc
Final audited results for year ended 31 December 2010
San Leon Energy plc ("San Leon", "Group" or the "Company"), the
AIM listed company focused on oil and gas exploration in Europe and
North Africa today announces its audited final results for the year
ended 31 December 2010.
2010 Highlights:
Financial:
-- Raised US$93 million (GBP GBP59.6m) via an equity placing
-- Loss for the year decreased to EUR3.98m (2009: EUR5.52m) with
a resulting decrease in loss per share to 1.02 cent per share
(2009: 1.92 cent per share).
-- Administrative expenses decreased to EUR4.21m (2009:
EUR5.08m)
-- Group net assets increased by EUR88.2m to EUR121.23m (2009:
EUR33.03m)
-- Cash balances of EUR67.17m at 31 December 2010 (2009:
EUR1.98m)
Operational:
-- Signed Farm-in Agreement with Talisman across Baltic Basin
acreage
-- Awarded 1,167 km(2) Nida Concession, Poland
-- Awarded 603 km(2) Szczawno Concession, Baltic Basin,
Poland
-- Completed 300 km(2) 3D seismic acquisition programme,
offshore Ireland
-- Awarded expansion to the Gdansk W Concession, Baltic Basin,
Poland
-- Acquired Gora, Winsko and Rawicz Concessions totalling 1,314
km(2) , Southern Permian Basin, Poland
-- Commenced 480 km(2) Baltic Basin 2D seismic acquisition
programme
-- Signed Iraq Joint Venture Agreement with Al Meinaa Oil
Services Company
Corporate:
-- Completed acquisition of Island Oil & Gas Plc
-- Appointed Macquarie Capital (Europe) Limited as corporate
broker
Outlook:
-- Drilling up to 13 wells in 2011
-- Three well drilling programme commencing in Q3 2011 on Baltic
Basin acerage
-- First of a three well programme targeting conventional oil in
Poland will be drilled in Q3 2011
-- Drilling of two wells at Tarfaya Oil Shale project began in
Q2 2011, a third well is currently being planned
-- 1,200 km 2D seismic survey to be acquired over Tarfaya and
Zag licences - expected to be completed by the end of 2011
-- Acquiring 220 km(2) of 3D seismic over Barryroe licensing
option
-- Seeking Farm-in partners to drill wells / acquire seismic
data on Atlantic Margin licences
-- Established seismic acquisition Company - Novaseis Sp.z
o.o.
-- Joint Participation Agreement signed in March 2011 with
Governorate Council of Karbala in central Iraq
Oisin Fanning, Chairman of San Leon, commented:
"Throughout 2010, the board raised significant finance to fund
our operations. These financing efforts culminated in the
successful US$93m (GBP59.6m) equity placing in December 2010. This
placing marked a sea change in the financial position of the Group
and provides sufficient resources to fund our comprehensive planned
work programme, across our portfolio, over the next 18 months. We
have delivered on our stated objectives to date and now have an
extensive drilling campaign ahead of us which will continue to
generate significant value for our shareholders."
Enquiries to:
San Leon Energy plc
Oisin Fanning, Executive Chairman
John Buggenhagen, Director of Exploration
Macquarie Capital (Europe) Limited
+44 (0) 3037 2000
John Dwyer
Paul Connolly
Ben Colegrave
Fox-Davies Capital Limited
+44 (0) 203 463 5010
David Porter
Arbuthnot Securities Limited
Nominated Adviser
+44 (0) 20 7012 2000
Nick Tulloch
Henry Willcocks
College Hill
Investment Relations Adviser
+44 (0) 20 7457 2020
Nick Elwes
Qualified person
John Buggenhagen has over 15 years experience in the oil &
gas industry. He has a Ph.D. and M.Sc. in Geophysics from the
University of Wyoming and a B.Sc. in Geophysics from the University
of Arizona. He is currently the Director of Exploration for the San
Leon Energy Group and based in San Leon's Warsaw office in
Poland.
Chairman's Statement
2010 was a pivotal year for San Leon. We have successfully built
a diversified and high-impact portfolio of assets comprising
acreage positions in Poland, Albania, Morocco, Ireland and Italy.
We completed a US$93m (GBP59.6m) equity placing in December 2010
that added significant strength to our shareholder register. This
placement was very well received and signalled our shift in
strategic emphasis from acreage acquisition to putting the
drill-bit to work in 2011 and beyond.
We have delivered on our stated objectives to date and now have
an extensive drilling campaign ahead of us which will continue to
generate significant value for our shareholders.
We accumulated two major shale gas positions in Poland, one of
which was farmed out to a leading North American shale operator,
Talisman Energy, in February 2010. We expanded our acreage in
Morocco; secured new licence interests in Albania and Ireland; and
underpinned our future growth.
We are extremely grateful for the support of all our
shareholders. San Leon has truly established itself as a strong
niche player in the oil and gas industry and we are continuing to
build on that success through 2011.
San Leon delivered high growth and a strong financial
performance in 2010. Two key contributing factors have been the
ability of the Board to generate funds to finance its activities
through successful equity placings and prudent use of equity to
finance acquisitions which have expanded our asset base.
Throughout 2010, the board raised significant finance to fund
operations and the group also issued approximately EUR14.9m in
non-cash share consideration to complete the Island Oil & Gas
Plc ("IOG") and Gora Energy Resources Sp. z o.o. acquisitions. The
Board's financing efforts culminated in the hugely successful
US$93m (GBP59.6m) equity placing in December 2010. This placing
marked a sea change in the financial position of the Group and will
provide the resources to fund an extensive planned work programme
over the next 18 months. This placing also added strong
institutional shareholders to the existing base.
The net loss for the year attributable to equity shareholders
decreased to EUR3.98m in 2010 (2009: EUR5.52m) with a resulting
decrease in loss per share to 1.02 cent per share (2009: 1.92 cent
per share). Administrative expenses decreased to EUR4.21m (2009:
EUR5.08m). The group also received EUR1.5m under the terms of its
Polish Baltic Basin farm out agreement with Talisman Energy. We
also received GBP3m post year end from OMV when they relinquished
their interest in the Rockall Licence, offshore Ireland. Finance
expenses increased to EUR1.41m (2009: EUR0.45m) primarily due to
the interest charge on debt acquired on the IOG acquisition.
Group net assets increased by EUR88.2m to EUR121.23m (2009:
EUR33.03m). The Group had cash balances of EUR67.17m at 31 December
2010 (2009: EUR1.98m).
2010 Highlights
-- January - announced award of 1,167 km(2) Nida Concession,
Poland
-- January - signed Joint Venture Agreement in Iraq
-- February - signed Talisman Farm-in Agreement in the Baltic
Basin Poland
-- April - awarded 603 km(2) Szczawno Concession, Baltic Basin,
Poland
-- May - completed acquisition of IOG
-- August - completed 300 km(2) 3D seismic acquisition
programme, offshore Ireland
-- September - appointed Macquarie Capital (Europe) Limited as
corporate broker
-- September - awarded expansion to the Gdansk W Concession,
Baltic Basin, Poland
-- November - agreed to acquire Gora, Winsko and Rawicz
Concessions totalling 1,314 km(2) , Southern Permian Basin,
Poland
-- December - raised US$93 million (GBP GBP59.6 m)
-- December - started 480 km(2) Baltic Basin 2D seismic
acquisition programme
Poland
Throughout 2010, we continued to secure and develop a diverse
portfolio of exploration opportunities consisting of both
large-scale company game-changers such as our Baltic Basin and
Carboniferous Basin shale gas plays in Poland and several low-cost,
onshore oil targets focused on producing short-term cash flow that
will continue to fuel our long-term growth.
Our Polish Baltic Basin farm out agreement with Talisman is a
significant milestone for the company. The deal offers our
shareholders huge upside potential in the most active shale gas
exploration play in Europe with minimal cash outlay. Talisman has
agreed to fully fund the drilling and operations of up to six wells
where we will retain a 40% interest going forward.
Recent drilling results on licences adjacent to our Gdansk W
Concession have been very encouraging. San Leon completed the
acquisition of 480 km of 2D seismic data over its Baltic Basin
concessions in June 2011 and we now look forward to Q3 2011 when
Talisman is scheduled to start a three well drilling programme.
Our decision to invest heavily in our Polish based technical
team continues to pay dividends. In addition to adding conventional
targets to our Polish portfolio, we have identified a new shale gas
play in the Carboniferous area of the Southern Permian Basin where
we have now amassed over 880,000 acres through licence applications
and corporate acquisitions.
We are also pushing forward on our Polish conventional acreage
where low cost oil and gas exploration wells could see production
in late 2011. While 2010 was marked primarily by expansion, 2011
will be defined by a significant seismic acquisition campaign which
will be followed by the drilling of up to 13 wells.
The acquisition of 60 km(2) of 3D seismic data over the
Szczecinek Block in the Northern Permian Basin was completed in
late 2010 and a conventional oil exploration well is now planned
for 2012.
In Q2 2011 Geofizyka Krakow acquired 120 km of 2D seismic data
over our 100% owned Nida Concession, which is on trend with
significant oil production in Poland. The first of up to three
wells targeting conventional oil will be drilled in Q3 2011.
San Leon has also awarded Hungary-based Acoustic Geophysical the
contract to acquire 165 km(2) of 3D seismic data over its Nowa Sol
Concession in Q3 2011. A drilling campaign is planned to commence
shortly afterwards.
We have found an appropriate solution to the high costs quoted
for carrying out our planned seismic acquisition programmes.
Through our wholly-owned subsidiary, Novaseis Sp. z o.o., we have
established a seismic acquisition company using state-of-the-art
wireless technology from OyoGeospace (USA) and vibrators from
Sercel (France).
Novaseis will carry out its first operations in Morocco before
returning to Poland, where we expect increased countrywide
exploration activity to tighten availability of acquisition
services and increase costs. Novaseis is expected to become a
standalone profit-making subsidiary that will primarily offer
services to the San Leon Group as we develop our Polish assets
quickly and provide services to third parties when there is spare
capacity.
Morocco
In Morocco, we increased our acreage position in our onshore
Tarfaya and Zag Licences through the takeover of IOG in 2010.
Novaseis is currently preparing for an upcoming 1,200 km 2D seismic
acquisition programme over both licences which is expected to be
completed by the end of 2011.
Interests in the Foum Draa and Sidi Moussa licences, offshore
Morocco, were also acquired in the 2010 IOG takeover. Reprocessing
and a full re-interpretation of the seismic data are nearly
complete and we plan to seek farm-in partners for drilling in the
near future.
Drilling of two wells at our Moroccan Tarfaya Oil Shale pilot
project began in Q2 2011 and a third well is currently being
planned. Pilot operations are ongoing as we continue to refine our
understanding of the geological parameters and technical
requirements to extract oil using our in-situ process.
Albania
We have made huge strides in Albania since the acquisition of
IOG. Much groundwork in 2010 paved the way for Council of
Ministers' approval for the offshore Durresi Block agreement signed
in January 2011. No time was wasted in acquiring an 840 km(2) 3D
seismic survey by mid-April 2011. The 3D seismic programme will
evaluate a number of highly prospective structures in the Block,
including the existing A4-1X discovery, which has an estimated 60
million barrels of oil equivalents ("MMBOE"), in preparation for a
planned 2012 appraisal drilling programme.
This under-explored area is situated on the proven Apulian
Margin which extends from Italy into Albania, where one of the
largest onshore oil accumulations in Europe, the Patos-Marinza
field, is estimated to contain up to 5.7 billion barrels of
original-oil-in-place ("OOIP").
While we see Albania as being under-explored and offering huge
potential, we believe the same to be true of the Atlantic Margin,
offshore Ireland.
Ireland
The Atlantic Margin offers giant structures in an area as
under-explored as the North Sea was circa 40 years ago. Recent
onerous tax hikes on UK production should lead to more companies
evaluating Ireland, where the fiscal terms are favourable and there
is a potentially very large upside. Through the use of our US$50m
PGS seismic acquisition facility, we have participated in two
Atlantic Margin 3D seismic acquisition programmes in the twelve
months since the takeover of IOG. 300 km(2) of seismic data was
acquired over the Slyne Licence in August 2010, which is currently
being interpreted.
A further 250 km(2) of 3D data was acquired over the 300 million
barrel potential C1 Lead in the North Porcupine Licence in May
2011. The Porcupine Connemara Oil field already offers a future
development opportunity within the licence and the C1 Lead could
anchor regional development.
OMV assigned its 50% interest in the Rockall Licence to San Leon
in March 2011. We now have a 100% working interest in the licence,
which has two multi-TCF gas targets.
We are seeking farm-in partners to drill wells and/or acquire
further seismic data on the Atlantic Margin licences, including the
South Porcupine Basin. Work carried out by our team of
geophysicists suggests our South Porcupine Licence area contains
features similar to the recent Mizzen discovery in the Flemish Pass
Basin, offshore Newfoundland.
We also have a position in the Celtic Sea where a seismic vessel
has been contracted to acquire 220 km(2) of 3D data over the
Barryroe Licensing Option in June 2011. The survey is being
acquired to further delineate the Barryroe oil discovery which was
last drilled in 1990 and flowed at over 1,600 barrels of oil per
day ("BOPD").
As Barryroe oil is situated below the existing Seven Heads gas
field, this 3D survey will also provide San Leon with valuable
information on any remaining gas that could be produced from the
Seven Heads gas field.
Iraq
Further afield, we have been carefully building relationships in
Iraq that we hope will bear fruit for shareholders in the future.
San Leon signed a joint venture agreement with Al Meinaa Oil
Services Company in early 2010. The partners succeeded in signing a
Joint Participation Agreement in March 2011 with the Governorate
Council of Karbala in Central Iraq.
Under this agreement, the consortium (San Leon, Al-Meinaa and
the Governorate Council of Karbala) plan to submit a joint proposal
to the Ministry of Oil in Iraq for the development of the fields of
Kifil, West Kifil and Merjan.
Iraq is another slow-burning interest in the growing portfolio
of high impact assets that could catapult us to another level.
Conclusion
While we continue to grow, I can assure shareholders we have not
lost sight of our primary goal to deliver value from our Polish
assets. Within the next twelve months, and subject to timing on
interpretation and permitting, we expect to have drilled up to 13
wells in Poland, including three to six shale gas wells committed
to by Talisman Energy in the Baltic Basin.
We know real success in this industry is only achieved by
producing oil and gas. 2010 positioned San Leon to drill wells.
2011 will see us executing that part of our development, and by
this time next year, I sincerely expect that I will be reporting on
discoveries and strong first revenues to our shareholders.
Oisin Fanning
Chairman
Consolidated Income Statement
For the year ended 31 December 2010
2010 2009
EUR EUR
Continuing operations
Revenue 592,047 -
Cost of sales (447,750) -
_________ _________
Gross profit 144,297 -
Other income 1,501,100 -
Administrative expenses (4,215,347) (5,077,322)
_________ _________
Operating loss (2,569,950) (5,077,322)
Finance expenses (1,414,193) (450,574)
Finance income 8,825 11,618
_________ _________
Loss before income tax (3,975,318) (5,516,278)
Income tax expense (1,057) (4,448)
_________ _________
Loss for the year (3,976,375) (5,520,726)
_________ _________
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2010
Loss for the year (3,976,375) (5,520,726)
Foreign currency translation
differences 382,768 -
_________ _________
Total comprehensive loss
for the year (3,593,607) (5,520,726)
_________ _________
Earnings per share:
Basic loss per ordinary (1.02 cent) (1.92 cent)
share
_________ _________
Diluted loss per ordinary (1.02 cent) (1.92 cent)
share
_________ _________
Consolidated Statement of Changes
in Equity
For the year ended 31
December 2010
Shares Share based
Share Share to be Payment Retained Total
Capital Premium Issued Reserve Earnings Equity
EUR EUR EUR EUR EUR EUR
2009
Balance at 1 January
2009 13,566,469 18,312,892 114,653 1,512,721 (3,802,639) 29,704,096
_________ _________ _________ _________ _________ _________
Total comprehensive
income for year
Loss for the year - - - - (5,520,726) (5,520,726)
_________ _________ _________ _________ _________ _________
Total comprehensive
income for year - - - - (5,520,726) (5,520,726)
_________ _________ _________ _________ _________ _________
Transactions with
owners recognised
directly in equity
Contributions by and
distributions to
owners
Share based payment - - - 808,314 - 808,314
Issue of shares 2,492,727 5,663,631 (114,653) - - 8,041,705
_________ _________ _________ _________ _________ _________
Total transactions
with owners 2,492,727 5,663,631 (114,653) 808,314 - 8,850,019
_________ _________ _________ _________ _________ _________
Balance at 31
December 2009 16,059,196 23,976,523 - 2,321,035 (9,323,365) 33,033,389
_________ _________ _________ _________ _________ _________
Currency Share based
Share Share Translation Payment Retained Total
Capital Premium Reserve Reserve Earnings Equity
2010 EUR EUR EUR EUR EUR EUR
Balance at 1 January
2010 16,059,196 23,976,523 - 2,321,035 (9,323,365) 33,033,389
_________ _________ _________ _________ _________ _________
Total comprehensive
income for year
Loss for the year - - - - (3,976,375) (3,976,375)
Other comprehensive
income
Foreign currency
translation
differences - - 382,768 - - 382,768
_________ _________ _________ _________ _________ _________
Total comprehensive
income for year - - 382,768 - (3,976,375) (3,593,607)
_________ _________ _________ _________ _________ _________
Transactions with
owners recognised
directly in equity
Contributions by and
distributions to
owners
Issue of shares 23,040,584 67,612,692 - - - 90,653,276
Share based payment - - - 1,133,534 - 1,133,534
Effect of share
options exercised - - - (37,424) 37,424 -
_________ _________ _________ _________ _________ _________
Total transactions
with owners 23,040,584 67,612,692 - 1,096,110 37,424 91,786,810
_________ _________ _________ _________ _________ _________
Balance at 31
December 2010 39,099,780 91,589,215 382,768 3,417,145 -(13,262,316) 121,226,592
_________ _________ _________ _________ _________ _________
Consolidated Statement of Financial
Position
As at 31 December 2010
2010 2009
Assets EUR EUR
Non-Current Assets
Intangible assets 76,064,855 36,478,500
Property, plant and equipment 2,398,186 118,650
_________ _________
78,463,041 36,597,150
_________ _________
Current Assets
Trade and other receivables 1,593,592 558,234
Other financial assets 1,491,802 155,569
Cash and cash equivalents 67,168,659 1,982,519
_________ _________
70,254,053 2,696,322
_________ _________
Total Assets 148,717,094 39,293,472
_________ _________
Equity and Liabilities
Equity
Called up share capital 39,099,780 16,059,196
Share premium account 91,589,215 23,976,523
Share based payments reserve 3,417,145 2,321,035
Currency translation reserve 382,768 -
Retained loss (13,262,316) (9,323,365)
_________ _________
Attributable to equity holders
of the Parent 121,226,592 33,033,389
_________ _________
Non-Current Liabilities
Provisions 5,345,211 -
Loans and borrowings 7,886,287 2,750,000
_________ _________
13,231,498 2,750,000
_________ _________
Current Liabilities
Trade and other payables 5,759,517 2,791,537
Loans and borrowings 8,499,487 718,546
_________ _________
14,259,004 3,510,083
_________ _________
Total Liabilities 27,490,502 6,260,083
_________ _________
Total Equity and Liabilities 148,717,094 39,293,472
_________ _________
Consolidated Statement of Cash Flows
For the year ended 31 December 2010
2010 2009
EUR EUR
Cash flows from operating activities
Loss before tax (3,975,318) (5,516,278)
Adjustments for:
Depletion and depreciation 55,316 99,157
Loss on disposal of property, plant and
equipment 5,089 -
Finance expenses 1,414,193 450,574
Finance income (8,825) (11,618)
Share based payments charge 428,438 808,314
Foreign exchange (6,624) 5,466
(Increase) / decrease in trade and other
receivables (760,769) 3,250,236
Increase in trade and other payables 891,230 858,067
Tax paid (2,870) -
_________ _________
Net cash (used) in operating activities (1,960,140) (56,082)
_________ _________
Cash flows from investing activities
Expenditure on exploration and evaluation
assets (7,310,595) (4,465,672)
Purchases of property, plant and equipment (2,225,931) (201,394)
Interest received 8,825 11,618
Cash acquired with subsidiary 244,092
_________ _________
Net cash (used) in investing activities (9,283,609) (4,655,448)
_________ _________
Cash flows from financing activities
Proceeds of issue of share capital, net
of costs 75,140,429 7,137,056
Repayment of convertible loan (600,000) -
Proceeds from drawdown of other loans 2,343,321 -
Interest paid (520,566) (450,574)
_________ _________
Net cash generated from financing activities 76,363,184 6,686,482
_________ _________
Net increase in cash and cash equivalents 65,119,435 1,974,952
Effect of foreign exchange fluctuation
on cash and cash equivalents 66,705 (5,466)
Cash and cash equivalents at start of
year 1,982,519 13,033
_________ _________
Cash and cash equivalents at end of year 67,168,659 1,982,519
_________ _________
Notes to the Financial Statements
General
San Leon Energy Plc ("the Company") is a company incorporated in
Ireland. The Group financial statements consolidate those of the
Company with those of its subsidiaries (together referred to as
"the Group"). These consolidated financial statements were
authorised for issue by the Board of Directors on 27 June 2011.
These results are extracted from the full annual report and audited
accounts. The annual report and audited accounts are being
distributed to shareholders, and the full annual report and audited
accounts including all the notes to the accounts are available at
the Company's website www.sanleonenergy.com. The notice of AGM is
also being distributed to shareholders and is also available on the
Company's website.
Independent Auditors' Report
We have audited the Group and Company financial statements (the
"financial statements") of San Leon Energy Plc for the year ended
31 December 2010 which comprise the Consolidated Income Statement,
the Consolidated Statement of Comprehensive Income, the Group and
Company Statement of Changes in Equity, the Group and Company
Statement of Financial Position, the Group and Company Statement of
Cash Flows and the related notes. These financial statements have
been prepared under the accounting policies set out on therein.
This report is made solely to the Company's members as a body in
accordance with Section 193 of the Companies Act, 1990. Our audit
work has been undertaken so that we might state to the Company's
members those matters that we are required to state to them in the
auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the Company or the Company's members as a body
for our audit work, for this report, or for the opinions we have
formed.
Respective Responsibilities of Directors and Auditors
The Directors' responsibilities for preparing the Annual Report
and the financial statements in accordance with applicable law and
International Financial Reporting Standards as adopted by the
European Union ("IFRSs") are set out in the Directors'
Responsibility Statement on page 20.
Our responsibility is to audit the financial statements in
accordance with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial
statements give a true and fair view in accordance with IFRSs as
adopted by the European Union and in the case of the Company in
accordance with the Companies Acts 1963 to 2009. We also report to
you to whether, in our opinion; proper books of account have been
kept by the Company; whether at the Statement of Financial Position
date, there exists a financial situation requiring the convening of
an extraordinary general meeting of the Company; and whether the
information given in the Directors' Report is consistent with the
financial statements. In addition, we state whether we have
obtained all the information and explanations necessary for the
purposes of our audit and whether the Company's Statement of
Financial Position is in agreement with the books of account.
We report to the shareholders if, in our opinion, any
information specified by law or the listing rules of AIM regarding
Directors' remuneration and Directors' transactions is not
disclosed and, where practicable, include such information in our
report.
We read the other information contained in the Annual Report and
consider whether it is consistent with the audited financial
statements. This other information comprises only the Directors'
Report and the Chairman's Statement and Operating Review. We
consider the implications for our audit report if we become aware
of any apparent misstatements or material inconsistencies with the
financial statements. Our responsibilities do not extend to any
other information.
Basis of audit opinion
We conducted our audit in accordance with International
Standards on Auditing (UK and Ireland) issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of
evidence relevant to the amounts and disclosures in the financial
statements. It also includes an assessment of the significant
estimates and judgements made by the directors in the preparation
of the financial statements, and whether the accounting policies
are appropriate to the Group's and Company's circumstances,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary in order
to provide us with sufficient evidence to give reasonable assurance
that the financial statements are free from material misstatement,
whether caused by fraud or other irregularity or error. In forming
our opinion we also evaluated the overall adequacy of the
presentation of information in the financial statements.
Opinion
In our opinion
- the Group financial statements give a true and fair view, in
accordance with IFRSs as adopted by the EU, of the state of the
Group's affairs as at 31 December 2010 and of its loss for the year
then ended;
- the Company financial statements give a true and fair view, in
accordance with IFRSs as adopted by the EU and as applied in
accordance with the provisions of the Companies Acts, 1963 to 2009,
of the state of the Company's affairs as at 31 December 2010;
and
- the financial statements have been properly prepared in
accordance with the Companies Acts, 1963 to 2009.
Emphasis of matter
In forming our opinion, we have considered the adequacy of
disclosures made in Note 9 to the financial statements in relation
to the Directors' assessment of the carrying value of the Group's
exploration and evaluation assets amounting to EUR76,064,855 at 31
December 2010. In view of this we consider that it should be drawn
to your attention but our opinion is not qualified in this
respect.
Other matters
We have obtained all the information and explanations we
consider necessary for the purposes of our audit. In our opinion,
proper books of account have been kept by the Company. The Company
Statement of Financial Position is in agreement with the books of
account.
In our opinion, the information given in the Directors' Report
is consistent with the financial statements.
The net assets of the Company, as at the financial position
date, are more than half of the amount of its called up share
capital and, in our opinion, on that basis there did not exist at
31 December 2010 a financial situation which under Section 40(1) of
the Companies (Amendment) Act 1983 may require the convening of an
extraordinary general meeting of the Company.
______________________
KPMG
Chartered Accountants
and Registered Auditor
1 Stokes Place
St Stephens Green
Dublin 2
This information is provided by RNS
The company news service from the London Stock Exchange
END
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