RNS Number:9856P
Sodra Petroleum AB
25 August 2000
Report for the period
1 January 2000 - 30 June 2000
RESULT AND CASH FLOW
The Group
Sodra Petroleum AB (Sodra) reports a group net profit for the six
months ended 30 June 2000 of TSEK 2,415 (period to 30 June 1999,
TSEK 1,406) corresponding to SEK 0.03 (SEK 0.02) per share.
Sodra incurred administration expenses of TSEK 2,174 during the
period (TSEK 2,560).
Net financial income and expenses were TSEK 4,589 (TSEK 3,966).
Included was interest received of TSEK 4,651 (TSEK 3,985) and net
currency exchange loss of TSEK 62 (loss of TSEK 19). Currency
exchange movements arose primarily as a result of translating
loans receivable from USD to SEK.
Parent Company
The parent company reported a net loss for the period ended 30
June 2000 of TSEK 2,003 (profit for the period of TSEK 477). The
loss was the result of service income of TSEK 128 (TSEK 2,685),
net financial income of TSEK -79 (TSEK 5) and administration costs
of TSEK 2,052 (TSEK 2,213).
GROUP STRUCTURE
Sodra is the parent company of the group also consisting of
Sodra's 100%-owned subsidiary Sodra Petroleum BV, a company
registered in the Netherlands. Sodra is an approximately 50% owned
subsidiary of Lundin Oil AB (Lundin Oil).
FINANCING AND LIQUIDITY
The Group
Liquid assets at 30 June 2000 amounted to TSEK 7,257 (TSEK 9,507).
Loans to associated companies at 30 June 2000 were TSEK 96,500
(TSEK 92,230).
Sodra has entered into a loan agreement with its associated
company Lundin Oil under which Lundin Oil can borrow up to MUSD
12 from Sodra. The loan is callable with a two week notice period.
Under the terms of the loan agreement Lundin Oil is prohibited
from securing assets not currently secured under its existing MUSD
125 bank facility. Under the loan agreement, MUSD 10.9 were
outstanding at the period end. The outstanding loan balance
currently stands at USD nil.
Parent Company
Liquid assets at 30 June 2000 amounted to TSEK 1,112 (TSEK 7,693).
INVESTMENTS
The Group
During the period, investment in oil and gas assets have been made
to an amount of TSEK -1,436 (TSEK 17,293). This decrease in
capital expenditure represents Sodra's share of credits relating
to the reconciliation of the Falklands Islands operating group,
FOSA.
Parent Company
Shares in subsidiaries at 30 June 2000 amounted to TSEK 106,013
(TSEK 106,013).
OPERATIONS
Sodra holds an 87.5% interest in six exploration and production
licences covering an area known as Tranche F in Falkland
territorial waters. The remaining 12.5% interest in these licences
is held by Sodra's partner Desire Petroleum plc. Sodra is the
operator of Tranche F which is held through the Dutch subsidiary
Sodra Petroleum BV.
A study of the North Falkland Basin was carried out in 1999 by
Robertson Research. The results of the study indicate that a
source rock is present in the North Falkland Basin. In Tranche F,
this source rock is generally not buried deep enough to have
expelled any substantial quantities of hydrocarbons. The problem
remains that no reservoir rocks are known to be present in the
area around the deeper parts of the basin to trap this oil.
The results of the Robertson study were presented to the British
Geological Survey and the Falkland Island Government in March
2000. Sodra has one commitment well outstanding which must be
completed by October 2001 provided a drillable prospect can be
identified. A discussion is ongoing with the Falkland Islands
Government with regards to Sodra's remaining obligations. In this
regard, Sodra has suggested that Sodra's remaining well commitment
be waved for lack of prospectivity and, in return, Sodra will
acquire some new seismic data north of the existing tranches in
the North Falkland Basin. This option is currently being
considered. In the meantime, Sodra continues to evaluate the
Falkland concession as well as other business opportunities
SHARE DATA AND OWNERSHIP
The total number of shares in Sodra amount to 81,012,976 divided
into two classes of shares, ordinary shares and convertible
shares. There are 40,506,500 ordinary shares outstanding and
40,506,476 convertible shares outstanding. The convertible shares
can be exchanged for shares in the parent company Lundin Oil AB
(Lundin Oil) according to the ratio 12 convertible shares of Sodra
for one new B share of Lundin Oil at the nominal price of SEK
0.50. The exchange may take place in November 2001. All ordinary
shares are owned by Lundin Oil, corresponding to 50.01% of the
share capital.
Sodra's second largest shareholder is its Chairman Adolf H. Lundin
holding 10,214,834 convertible shares, corresponding to
approximately 12.6% of the share capital.
BOARD OF DIRECTORS
At the Annual General meeting all the directors were re-elected.
GROUP KEY FINANCIAL RATIOS
1 Jan 2000 1 Jan 1999 1 Jan 1999
30 Jun 30 Jun 31 Dec
2000 1999 1999
Key Financial Ratios
Equity ratio , %1 98.1 92.5 95.59
Shareholders' equity SEK 1.52 1.40 1.44
per share2
Earnings SEK per share3 0.03 0.02 0.05
Number of shares at the 81,012,976 81,012,976 81,012,976
period end
Definitions
1 Equity ratio is defined as the Group's shareholders' equity
in relation to total assets.
2 Shareholders' equity SEK per share is defined as the Group's
shareholders' equity divided by the number of shares at the period
end.
3 Earnings SEK per share is defined as the Group's net result
divided by the weighted average number of shares for the period.
GROUP INCOME STATEMENT IN SUMMARY
1 Jan 2000 1 Jan 1999 1 Jan 1999
Expressed in TSEK 30 Jun 30 Jun 31 Dec
2000 1999 1999
Administration expenses (2,174) (2,560) (4,557)
-------------------------------
Operating loss (2,174) (2,560) (4,557)
Financial income and 4,589 3,966 8,611
expenses, net
-------------------------------
Net result 2,415 1,406 4,054
-------------------------------
GROUP BALANCE SHEET IN SUMMARY
Expressed in TSEK 30 Jun 30 Jun 31 Dec 1999
2000 1999
ASSETS
Tangible fixed assets
Oil and gas properties 18,951 17,293 19,725
------------------------------
18,951 17,293 19,725
Current Assets
Loans to associated 96,500 92,230 92,185
companies
Other current assets 2,928 3,490 2,379
Cash and bank 7,257 9,507 7,946
------------------------------
Total current assets 106,685 105,227 102,510
-------------------------------
Total assets 125,636 122,520 122,235
SHAREHOLDERS' EQUITY
AND LIABILITIES
Shareholders' equity
including net result for 123,228 113,299 116,848
the financial period
Current liabilities 2,408 9,221 5,387
-------------------------------
Total shareholders' equity 125,636 122,520 122,235
and liabilities
Contingent liabilities - 250 261
GROUP STATEMENT OF CASH FLOWS
1 Jan 2000 1 Jan 1999 1 Jan 1999
Expressed in TSEK 30 Jun 30 Jun 31 Dec
2000 1999 1999
Cash flow from operations:
Net result 2,415 1,406 4,054
Change in working capital (5,935) (28,374) (36,473)
--------------------------------
Total cash flow from (3,520) (26,968) (32,419)
operations
Cash flow used for
investments:
Investment in oil and gas 1,436 (17,293) (19,505)
expenditure
Change in loan to 1,187 (16,867) (10,725)
associated company --------------------------------
Total cash flow used for 2,623 (34,160) (30,230)
investments
Change in cash at hand and (897) (61,128) (62,649)
in bank --------------------------------
Cash and bank at beginning 7,946 68,916 68,916
of the year
Currency exchange
difference in cash and 208 1,719 1,679
bank
Cash and bank at end of 7,257 9,507 7,946
the period
PARENT COMPANY INCOME STATEMENT IN SUMMARY
1 Jan 2000 1 Jan 1999 1 Jan 1999
Expressed in TSEK 30 Jun 30 Jun 31 Dec
2000 1999 1999
Service income 128 2,685 2,847
Administration expenses (2,052) (2,213) (4,122)
--------------------------------
Operating profit / (loss) (1,924) 472 (1,275)
Financial income and (79) 5 (49)
expenses, net
--------------------------------
Net result (2,003) 477 (1,324)
PARENT COMPANY STATEMENT OF CASH FLOWS
1 Jan 2000 1 Jan 1999 1 Jan 1999
Expressed in TSEK 30 Jun 30 Jun 31 Dec
2000 1999 1999
Cash flow from operations:
Net result (2,003) 477 (1,324)
Change in working capital 1,366 (26,634) (30,777)
------------------------------
Total cash flow from (637) (26,157) (32,101)
operations
Change in cash at hand and (637) (26,157) (32,101)
in bank ------------------------------
Cash and bank at beginning 1,749 33,850 33,850
of the year
Cash and bank at end of 1,112 7,693 1,749
the period
Stockholm 25 August 2000
Magnus Nordin
Managing Director
For further information, please contact:
Magnus Nordin
Tel: +46 8 440 56 85
Simon Rothschild
Tel: +44 207 256 5756
AUDITORS' REPORT
We have performed a limited review of this six months interim
report at 30 June 2000 of Sodra Petroleum AB in accordance with a
recommendation issued by the Swedish Institute of Authorised
Public Accountants (FAR). This limited review is considerably less
in scope than a full audit. Nothing has come to our attention that
caused us to believe that this six months interim report at 30
June 2000 of Sodra Petroleum AB does not comply with the
requirements of the Swedish Annual Accounts Act.
Stockholm, 25 August 2000
Carl-Eric Bohlin Klas Brand
Authorised Public Accountant Authorised Public Accountant
PricewaterhouseCoopers KB
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