Sodra Petroleum AB - 1st Quarter Results
May 20 1999 - 8:46AM
UK Regulatory
RNS No 5599a
SODRA PETROLEUM AB
20 May 1999
Sodra Petroleum AB (publ)
Report for the period
1 January 1999 - 31 March 1999
RESULT AND CASH FLOW
(Sodra's first public report was for the period ending 30 June 1998. Therefore
no comparative figures for 31 March 1998 are shown.)
The Group
Sodra Petroleum AB (Sodra) reports a group net result of TSEK 11.0
corresponding to SEK 0.00 per share for the period ended 31 March 1999.
Sodra incurred administration expenses of TSEK -917 during the period.
Net financial income and expenses were TSEK 928. Included was interest
received of TSEK 2,040 and net currency exchange losses of TSEK -1,112.
Currency exchange losses arose primarily as a result of translating loans
receivable from USD to SEK.
Parent Company
The parent company reported a net result for the period ended 31 March 1999 of
TSEK -45. The loss was the result of administration costs of TSEK -733 offset
by service income of TSEK 687 and net financial income of TSEK 1.
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 and IPC
Falklands Ltd, a Bermudan registered company. Sodra in its turn is a 50% owned
subsidiary of Lundin Oil AB.
FINANCING AND LIQUIDITY
Liquid assets at 31 March 1999 amounted to TSEK 7,383.
Sodra has entered into a loan agreement with its parent company Lundin Oil AB
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 11.8 were
outstanding at year end.
INVESTMENTS
During the period, investment in oil and gas assets have been made to an
amount of TSEK 19,166. This represented Sodra's share of ongoing
exploration/interpretation expenditure offshore the Falkland Islands.
OPERATIONS
Sodra holds an 87.5% interest in six exploration and production licenses
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, 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.
During the period demobilisation of last years drilling campaign has been
completed. A study from independent engineers Robertson Research International
Ltd. of the Falklands Basin is being carried out on Sodras behalf. The result
of the Robertson study is expected in October of 1999. Sodra has one
commitment well outstanding which must be completed by October 2001. Sodra's
Annual General Meeting of shareholders on May 20 1999 will consider changing
the bylaws of the company to enable Sodra to look for oil in any part of the
world.
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 according to the ratio 12 convertible shares of Sodra for
one new 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 12.6% of the share capital.
KEY FINANCIAL RATIOS
1 Jan 15 Dec 1 Jan 15 Dec
1999 1997 1999- 1997 -
31 Mar -31 Dec 31 Mar 31 Dec
1999 1998 1999 1998
Group Group Parent Parent
Company Company
Key Financial Ratios
Equity ratio, % 1 87.68 72.31 95.90 76.20
Shareholders' equity SEK 1.36 1.32 1.32 1.32
per share 2
Earnings SEK per share 3 - (2.48) - (2.64)
Number of shares at the 81,012,976 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 AND PARENT COMPANY INCOME STATEMENTS IN SUMMARY
1 Jan 15 Dec 1 Jan 15 Dec
Expressed in TSEK 1999 1997- 31 1999- 1997 -
31 Mar Dec 1998 31 Mar 31 Dec
1999 Group 1999 1998
Group Parent Parent
Company Company
Service income - - 687 -
Write off of exploration - (209,861) - -
expenditure
Administration expenses (917) (3,255) (733) (3,127)
---- ------ ---- ------
Operating loss (917) (213,116) (46) (3,127)
Financial income and 928 12,086 1 (210,555)
expenses, net --- ------ - --------
Net result 11 (201,030) (45) (213,682)
GROUP AND PARENT COMPANY BALANCE SHEETS IN SUMMARY
Expressed in TSEK 31 March 31 Dec 31 March 31 Dec
1999 1998 1999 1998
Group Group Parent Parent
Company Company
ASSETS
Tangible fixed assets
Oil and gas properties 19,166 - - -
Financial fixed assets
Shares in subsidiaries - - 106,013 106,013
19,166 - 106,013 106,013
Current Assets
Other current assets 98,676 78,496 - 29
Cash and bank 7,383 68,916 5,095 33,850
------ ------ ----- ------
Total current assets 106,059 147,412 5,095 33,879
------- ------- ----- ------
Total assets 125,225 147,412 111,108 139,892
SHAREHOLDERS' EQUITY
AND LIABILITIES
Shareholders' equity 109,798 106,597 106,552 106,597
including net result for
the financial period
Current liabilities 15,427 40,815 4,556 33,295
------ ------ ----- ------
Total shareholders' 125,225 147,412 111,108 139,892
equity and liabilities
STATEMENTS OF CASH FLOWS
Expressed in TSEK 1 Jan 15 Dec 1 Jan 15 Dec
1999 1997 - 1999- 1997 -
31 Mar 31 Dec 31 Mar 31 Dec
1999 1998 1999 1998
Group Group Parent Parent
Company Company
Cash flow from
operations:
Net result 11 (201,030) (44) (213,682)
Adjustments for:
Write-down of shares in - - - 209,169
subsidiaries
Write-down of oil and gas - 209,861 - -
exploration expenditure
Share issue costs - (11,418) - -
Change in working capital (45,569) (37,681) (28,711) 33,266
------ ------ ------ ------
Total cash flow from (45,558) (40,268) (28,755) 28,753
operations
Cashflow used for investments:
Investment in oil and gas (19,166) (209,861) - -
expenditure
Investments in - - - (315,182)
subsidiaries -------
Total cash flow used for (19,166) (209,861) - (315,182)
investments
Cash flow from financing
Proceeds from share - 320,279 320,279
issues ------- -------
Total cash flow from - 320,279 320,279
financing
Currency translation 3,190 (1,234) - -
adjustment
Change in cash at bank (61,534) 68,916 (28,755) 33,850
and in hand ------ ------ ------ ------
For further information, please contact:
Magnus Nordin, Managing Director Tel: +46 8 440 54 50
Sodra Petroleum AB
Judith Parry/Simon Rothschild Tel: 0171 256 5756
Millham Communications
END
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