Exploration and evaluation expenditure has been incurred in
respect of the Papua New Guinea petroleum exploration project which
has yet to reach a stage of development where a determination of
the technical feasibility and commercial viability of the project
can be assessed on a comprehensive basis. In these circumstances,
the directors have used their experience to determine whether there
is any indication that the asset has been impaired and have
concluded that an impairment adjustment is required in the Group
accounts of $nil (31 December 2012: $nil) in relation to intangible
assets; and of $nil (31 December 2012: $nil) in relation to the
investment in group undertakings.
Exploration and evaluation expenditure has been incurred in
respect of the Morondava uranium exploration project which has yet
to reach a stage of development where a determination of the
technical feasibility and commercial viability of the project can
be assessed on a comprehensive basis. In these circumstances, the
directors have used their experience to determine whether there is
any indication that the asset has been impaired and have concluded
that an impairment
adjustment is required in the Group accounts of $nil (31
December 2012: $3,050,548) in relation to intangible assets.
3. Segmental analysis
The Group has one reportable segment which is that of the
investment directly and indirectly in, and operation of, resource
exploration and development projects. The Group's operational
activities are wholly focused in Papua New Guinea and Madagascar.
The Board of Directors reviews internal management reports at least
monthly.
The Group has not yet commenced commercial resource production
and has no turnover in the year.
Information regarding the results of the reportable segments is
shown below. Performance is measured based on the segment profit
before income tax as included in the internal management reports
that are reviewed by the Board of Directors. There is no
inter-segment pricing.
Reportable segment
Year Year Year Year Year
Ended Ended Ended Ended Ended
31 December 31 December 31 December 31 31 December
2013 2013 2013 December 2012
2013 Restated
$ $ $ $ $
Madagascar Papua New Not
Guinea Identified Total Total
External revenue - - - - -
Financial income - - - - -
Financial expenses - - (1,538,047) (1,538,047) (1,023,978)
Depreciation
and amortisation - - (788) (788) (595)
Impairment charge - - - (3,050,548)
Share based
payment - - (65,216) (65,216) (1,416,949)
Reportable segment
(profit)/ loss (289,355) - - (289,355) (217,871)
Share of associate's
loss - (87,225) - (87,225) (13,437)
Segmental assets - 26,297,657 211,882 26,509,539 26,903,487
Segmental liabilities - - (12,074,280) (12,074,280) (9,943,290)
Additions to
non-current
assets - 146,219 - 146,219 26,253,719
Geographical segments
In presenting information on the basis of geographical segments,
segment assets are based on the geographical location of the
assets.
Year Year
Ended Ended
31 December 31 December 2012
2013 Restated
$ $
Non-current assets
Papua New Guinea 26,297,657 26,238,663
Madagascar - -
The Group did not generate any revenue during the financial year
ended 31 December 2013 (31 December 2012: $nil).
4. Net loss from operations
Net loss from operations is stated after
charging/(crediting):
Year ended Year ended
31 December 31 December 2012
2013 Restated
$ $
Auditors remuneration:
as auditors 38,990 37,003
as reporting accountants 41,122 17,749
tax compliance - 4,643
Audit fee - other auditors 9,579 8,969
Foreign exchange (gains) / losses (1,001,138) (170,189)
Depreciation 788 595
5. Finance costs
Year ended Year ended
31 December 31 December 2012
2013 Restated
$ $
Loan charges and interest 1,538,047 1,023,978
________ ________
1,538,047 1,023,978
6. Particulars of employees and directors
The Group had no employees during the year or previous year.
The Group had 5 (31 December 2012: 5) directors during the year
with aggregate emoluments in respect of qualifying services as
follows:
Year ended Year ended
31 December 31 December 2012
2013 Restated
$ $
Share based payments 65,216 855,738
Amounts paid directly or to third
parties for the provision of services 356,915 244,213
7. Income tax expense
Year ended Year ended
31 December 31 December 2012
2013 Restated
$ $
Current tax:
Current year expense - -
Current year deferred tax assets
not recognised - -
Income tax expense in income
statement - -
Total tax reconciliation
Loss for the year before taxation (2,594,252) (6,482,013)
Income tax expense using the domestic
corporation tax rate of 0% (2012
: 0%). Prima facie income tax benefit
on pre-tax accounting loss:
- at Cayman Islands tax rate of
0% - -
- adjustment for difference between
Cayman Islands and overseas tax
rates - (1,588,093)
Increase in income tax due to
Expenses not taxable/deductible
for tax purposes - 757,550
Decrease in income tax due to:
Deferred tax asset not recognised - 830,543
Income tax expense on pre-tax net
result - -
There is no corporation tax chargeable in the Cayman Islands.
8. Loss per share
Including share of associate's results
Loss per share has been calculated by dividing the loss for the
year after taxation, including share of associate's results
attributable to the equity holders of the parent company of
$2,594,252 (31 December 2012: $6,482,013) by the weighted average
number of shares in issue at the year end of 484,444,763 (31
December 2012: 484,444,763).
Excluding share of associate's results
Loss per share has been calculated by dividing the loss for the
year after taxation, excluding share of associate's results
including share of associate's results, attributable to the equity
holders of the parent company of $2,507,027 (31 December 2012:
$6,468,576) by the weighted average number of shares in issue at
the year end of 484,444,763 (31 December 2012: 484,444,763).
9. Intangible assets
31 December 31 December 2012
2013 Restated
Development expenditure $ $
Cost
Balance brought forward 2,578,626 2,578,626
Additions - -
Translation reserve - -
Balance carried forward 2,578,626 2,578,626
Exploration licences
Balance brought forward 6,642,279 32,894,379
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