RNS Number:0735U
Sodra Petroleum AB
14 November 2000
Sodra Petroleum AB (publ)
Report for the period 1 January 2000 - 30 September 2000
RESULT AND CASH FLOW
The Group
Sodra Petroleum AB (Sodra) reports a group net profit for the nine months
ended 30 September 2000 of TSEK 2,056 (period to 30 September 1999, TSEK
2,494) corresponding to SEK 0.03 (SEK 0.03) per share.
Sodra incurred administration expenses of TSEK 3,298 during the period (TSEK
3,515).
Net financial income and expenses were TSEK 5,354 (TSEK 6,009). Included was
interest received of TSEK 5,666 (TSEK 5,972) and net currency exchange loss of
TSEK 312 (profit of TSEK 37). 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 September 2000
of TSEK 3,419 (profit for the period of TSEK 482). The loss was the result of
service income of TSEK 127 (TSEK 2,819), net financial income of TSEK -382
(TSEK -157) and administration costs of TSEK 3,165 (TSEK 3,144).
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 September 2000 amounted to TSEK 111,841 (TSEK 6,590).
Sodra has entered into a revolving loan agreement with its associated company
Lundin Oil. The outstanding loan balance is currently zero.
Parent Company
Liquid assets at 30 September 2000 amounted to TSEK 99 (TSEK 5,301).
INVESTMENTS
The Group
During the period, investment in oil and gas assets have been made to an
amount of TSEK -1,113 (TSEK 17,155). 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 September 2000 amounted to TSEK 106,013 (TSEK
106,013)
Operations
Sodra holds an 87.5% interest in six exploration and production licenses
covering an area known as Tranche F in Falkland Islands territorial waters.
The remaining 12.5% interest in these licenses is held by Sodra's joint
venture partner Desire Petroleum plc, a company quoted on the Alternative
Investment Market (AIM) of the London Stock Exchange. Sodra is the operator of
Tranche F which is held through Sodra's 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 (BGS) and the Falkland Island Government (FIG) in early 2000. Following
these meetings, a proposal was made to FIG for the transfer of the remaining
well commitment to 2000 kilometers of seismic acquisition on Tranche F and
other areas. This proposal was accepted by FIG in the third quarter.
Preparations are currently being made for the seismic acquisition programme
which is planned to be completed before the end of the first quarter 2001.
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 approximately12.6% 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 Sep 2000 30 Sep 1999 31 Dec 1999
Key Financial Ratios
Equity ratio , %1 98.7 96.1 95.59
Shareholders' equity SEK per share2 1.67 1.37 1.44
Earnings SEK per share3 0.03 0.03 0.05
Number of shares at the period end 81,012,976 81,012,976 81,012,976
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
Expressed in TSEK 1 Jan 2000 1 Jan 1999 1 Jan 1999
30 Sep 2000 30 Sep 1999 31 Dec 1999
Administration expenses (3,298) (3,515) (4,557)
Operating loss (3,298) (3,515) (4,557)
Financial income and expenses, net 5,354 6,009 8,611
Net result 2,056 2,494 4,054
GROUP BALANCE SHEET IN SUMMARY
Expressed in TSEK 30 Sep 30 Sep 31 Dec
2000 1999 1999
ASSETS
Tangible fixed assets
Oil and gas properties 21,194 17,155 19,725
21,194 17,155 19,725
Current Assets
Loans to associated companies - 89,248 92,185
Other current assets 4,145 2,317 2,379
Cash and bank 111,841 6,590 7,946
Total current assets 115,986 98,155 102,510
Total assets 137,180 115,310 122,235
SHAREHOLDERS' EQUITY
AND LIABILITIES
Shareholders' equity including net result for the 135,331 110,848 116,848
financial period
Current liabilities 1,849 4,462 5,387
Total shareholders' equity and liabilities 137,180 115,310 122,235
Contingent liabilities - 250 261
GROUP STATEMENT OF CASH FLOWS
Expressed in TSEK 1 Jan 2000 1 Jan 1999 1 Jan 1999
30 Sep 30 Sep 31 Dec
2000 1999 1999
Cash flow from operations:
Net result 2,056 2,494 4,054
Change in working capital (5,112) (35,170) (36,473)
Total cash flow from operations (3,056) (32,676) (32,419)
Cash flow used for investments:
Investment in oil and gas expenditure 1,113 (17,270) (19,505)
Change in loan to associated company 96,758 (13,198) (10,725)
Total cash flow used for investments 97,861 (30,468) (30,230)
Change in bank and cash 94,805 (63,144) (62,649)
Bank and cash at beginning of the year 7,946 68,916 68,916
Currency exchange difference in bank and 9,090 818 1,679
cash
Bank and cash at end of the period 111,841 6,590 7,946
PARENT COMPANY INCOME STATEMENT IN SUMMARY
Expressed in TSEK 1 Jan 2000 1 Jan 1999 1 Jan 1999
30 Sep 2000 30 Sep 1999 31 Dec 1999
Service income 127 2,819 2,847
Administration expenses (3,165) (3,144) (4,122)
Operating profit / (loss) (3,038) (325) (1,275)
Financial income and expenses, net (382) (157) (49)
Net result (3,420) (482) (1,324)
PARENT COMPANY STATEMENT OF CASH FLOWS
Expressed in TSEK 1 Jan 2000 1 Jan 1999 1 Jan 1999
30 Sep 2000 30 Sep 1999 31 Dec 1999
Cash flow from operations:
Net result (3,420) (482) (1,324)
Change in working capital 1,770 (28,067) (30,777)
Total cash flow from operations (1,650) (28,549) (32,101)
Change in bank and cash (1,650) (28,549) (32,101)
Bank and cash at beginning of the year 1,749 33,850 33,850
Bank and cash at end of the period 99 5,301 1,749
Stockholm, 14 November 2000
Magnus Nordin
Managing Director
For further information, please contact:
Magnus Nordin
Tel: +41 22 319 6600
Simon Rothschild
Millham Communications
Tel: 020 7256 5756
This report has not been subject to review by the auditors of the company.
Spg Media (LSE:SPM)
Historical Stock Chart
From May 2024 to Jun 2024
Spg Media (LSE:SPM)
Historical Stock Chart
From Jun 2023 to Jun 2024
