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Interim Results

26 Feb 2010

INTERIM FINANCIAL REPORT FOR THE SIX MONTHS TO 30 NOVEMBER 2009



CHAIRMAN'S STATEMENT

 

Dear Shareholder

It is my pleasure to report to you again on the progress of your Company, Victoria Oil & Gas Plc ("VOG" or the "Company").

Since the release of our 2009 annual accounts, we have made exceptional progress at the Logbaba gas and condensate field in Cameroon and it is worth reflecting briefly on these achievements:

  • Completion of La-105, the first onshore well to be drilled in the Douala Basin in Cameroon for over 50 years. Despite some delays, the well encountered over 300 feet of gross sandstone pay and has been cased ready for testing and production;
  • Spudding in early February of La-106, the second of our initial two-well campaign. Progress so far has been excellent and we hope to complete the well on schedule within 60 days;
  • Testing of La-105, which commenced on 22 February and for which composite results should be available at the beginning of Q2;
  • Completion and interpretation of a passive seismic spectroscopy survey, the first new geophysical data on the Logbaba block since Elf abandoned the field in the 1950s. The survey has not only given us valuable additional information on the existing discovery, which we have integrated into our design for La-106, but also highlighted a significant new prospect (potentially much larger than the existing discovery), which has not been seen before;
  • Continuation of the design phase of the engineering for the gas processing facilities and pipeline.

Whilst it is easy to get distracted by the daily market movements, it is always important to keep a clear view of the fundamentals of your Company: Logbaba is the only proven onshore gas field in Cameroon and has had significant upside potential highlighted by the passive spectroscopy survey; the field lies beneath the largest industrial market in Central Africa, which is starved of cheap energy; Cameroon itself is facing a power crisis and recent initiatives announced by the Government point to huge future investment in thermal as well as hydroelectric power stations in the country.

At present, La-106 has reached a measured depth of 4,450 feet after the 13 3/8 - inch casing was set to 3,208 feet. With some hard-earned experience from our first well, our progress to date as been excellent. We are on course to reach total depth of around 8,700 feet within the 60 day schedule, possibly even earlier. The design of La-106 has been modified following the passive seismic spectroscopy survey to favour the northern flank of the sands intersected by La-101 in 1955 and access new areas with potentially higher prospectivity. If the drill bit continues to perform, we will have first data back from logging of this new well in early Q2.

Now that we are at a safe depth at La-106, testing of La-105 has commenced. The testing programme started in the lower sands and will progressively introduce shallower zones while monitoring flow rates, pressures and taking gas and liquid samples. The first sands being flowed are actually part of a new horizon, below the Logbaba Formation, and so could be an addition to the known reserves if productive. The total testing period will depend on the rates achieved at the various intervals, but by the beginning of Q2 we should have enough data to enable a recalculation of the July 2008 reserve estimate for the Logbaba field. At that time, using only data from Elf's operations in the 1950s, the independent reserve auditors calculated proven and probable reserves for the field of over 100 billion cubic feet of gas.

Since acquiring the asset and throughout all of the activities so far, we have worked closely with the Government of Cameroon and State companies to ensure their approval of our operations. We have been delighted by the interest and support of the local regulators in the development of Logbaba and we hope that this relationship will only strengthen as we progress. As announced previously, we are now qualified to apply for the exploitation rights to the field and we do not perceive any difficulties in process. Cameroon has a huge demand for energy and needs a great deal of foreign investment to assist in the development of its natural resources. This makes it an excellent location for companies such as VOG to do business. There is a structured process for the granting of an exploitation licence and we cannot accurately forecast when this might be achieved, but we anticipate that it will be by mid-year.

Of course, any natural resource is only as good as its available market and this is where the strength of Logbaba truly lies. When Elf abandoned the field 50 years ago it was because there was no market for natural gas close to Douala to make the project economically viable, but now Douala is one of the trading and manufacturing hubs of Central Africa. Major international and domestic firms such as Guinness, SABC, Nestle and Chococam rely solely on imported liquid fuels to power their facilities and Douala has become the most expensive city in Africa. Half the available customers have signed in-principle agreements to take natural gas from us at a price of US$16 per thousand cubic feet, which is a 30 percent or more discount to the equivalent fuel prices they are currently paying. So far, these agreements cover around 8 million cubic feet of gas per day from Logbaba and we know from speaking to our future consumers that their demand will grow. We expect new binding contracts will be signed as part of the financial closing of the project finance for the downstream elements of this project.

There remains the obvious question of how we would monetise any additional reserves that may be proven up, for instance through exploration of the big prospect revealed by the passive seismic spectroscopy, given that the industrial market can only grow to a certain size. In our eyes and those of the Government, the answer lies in the massive drive for power which has already begun in Cameroon. Through the addition of new hydroelectric and thermal, gas-fired power stations, the Government is looking to treble its generating capacity to 3,000 megawatts by 2020 and any source of accessible natural gas will be a key player in helping to achieve this aim. We have been working with the State electricity company on a small-scale project to take gas from Logbaba for purely local power generation, but we have also seen the reports of a deal for a much larger gas-fired power station to be constructed in Douala by Hyundai. If such a project does come into fruition then it would be excellent news for us, but we are in no way dependent upon it.

Accessing the industrial market, through a basic processing facility and a short pipeline, is not a huge feat in engineering terms, but is a significant step for VOG and Cameroon as it would be the only gas infrastructure in the whole region. Whilst it is rare for small upstream companies to get involved in downstream facilities, owning our own transmission system will cement our competitive advantage. At present, there is no competition for gas in the country as all offshore operations currently face major problems in bringing production to land. As the onshore potential is explored, our status as the sole gas provider will change, but we have a valuable opportunity to mould the market with our first mover advantage.

We have recently engaged a major international engineering group to head up the engineering of the downstream phase and are assessing a number of options for efficient transport of the gas to the customers. We are under no illusions as to how long these projects can take, but we have challenged both management and our advisers to find a process to allow early-stage revenue production, even if this begins before the pipeline is completed. As fellow investors, I am sure you will agree that cash flow is the key to re-rating VOG as a growth company and so getting revenue from Logbaba as soon as possible is our priority. A number of banks have approached us with interest in financing and so we are confident that this stage of the project can be funded with debt.

The West Medvezhye story should not be forgotten in the excitement surrounding Logbaba. For us, it is still the Company's most exciting asset. With recoverable prospective resources of over a billion barrels of oil equivalent, West Med dwarfs Logbaba, but it is still in its infancy and the pace of development is slow. Given the long periods when activity on the ground is impossible, it is best to have multiple target locations before embarking on any prolonged drilling campaign to save on costs. With that in mind, most of 2010 will be dedicated to adding further prospects to the existing discovery location around Well 103. We have two surveys, one passive and one geochemical, planned for the coming spring and we hope that the findings will give us enough information to be able to specify areas for acquisition of further 2D seismic or justify new drilling. Ideally, we could be drilling in 2011 if the analysis shows clear areas for exploration and we are able to mobilise swiftly. By that time, we should also be producing significant revenues from Logbaba to help support West Med's development.

Despite the amount of activity going on in Russia and Africa at the moment, we feel that it is very important that VOG maintains a strong pipeline of new projects and I am pleased to announce that we recently signed the 12 month extension to our option to acquire Falcon Petroleum Limited. Falcon has over 45,000 square kilometers of exploration acreage in Ethiopia and Mali, two very prospective new regions which have already stirred up interest with major producers. We are also seeing more and more attractive projects coming to market both in Africa and the FSU, which could augment our portfolio and ensure we have a clear path to further growth. Logbaba is forging a solid platform, but the real excitement of VOG is yet to come.

 

Kevin Foo

Chairman
 

 

 

UNAUDITED INTERIM CONSOLIDATED INCOME STATEMENT

FOR THE HALF YEAR ENDED 30 NOVEMBER 2009

 

 

 

 

 

 

 

6 months ended

30 November

2009

6 months ended

30 November

2008

 

Notes

$000

$000

 

 

 

 

Continuing operations

 

 

 

Other losses

6

(472)

(5,631)

Administrative expenses

 

(3,155)

(4,757)

 

 

 

 

 

 

 

 

OPERATING LOSS

 

(3,627)

(10,388)

Interest received

 

18

116

Finance revenue

7

-

1,230

Finance costs

8

(863)

(282)

 

 

 

 

 

 

 

 

LOSS BEFORE TAXATION

 

(4,472)

(9,324)

Income tax expense

9

-

-

 

 

 

 

 

 

 

 

LOSS AFTER TAXATION

 

 

 

FOR THE PERIOD

 

(4,472)

(9,324)

 

 

 

 

 

 

 

 

Cents

Cents

Loss per share - basic

4

(1.11)

(3.35)

Loss per share - diluted

 

(1.11)

(3.35)

 

 

 

 

 

 



 

 

UNAUDITED INTERIM CONSOLIDATED BALANCE SHEET

AS AT 30 NOVEMBER 2009

 

 

 

 

 

 

 

 

 

30 November

2009

30 November

2008

31 May

2009

 

 

Notes

$000

$000

$000

 

 

 

 

 

 

 

ASSETS:

 

 

 

 

 

NON CURRENT ASSETS

 

 

 

 

 

Intangible assets

10

102,360

100,180

83,149

 

Property, plant and equipment

 

143

1,926

37

 

Investments

 

-

258

-

 

Restricted cash

 

-

123

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102,503

102,487

83,186

8883

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

Receivables

11

1,038

3,070

737

 

Cash and cash equivalents

 

14,196

268

711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,234

3,338

1,448

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

117,737

105,825

84,634

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade and other payables

12

(11,635)

(1,578)

(3,885)

 

Borrowings

 

(1,184)

-

(1,000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,819)

(1,578)

(4,885)

 

 

 

 

 

 

 

 

 

 

 

 

 

NET CURRENT ASSETS

 

2,415

1,760

(3,437)

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-CURRENT LIABILITIES

 

 

 

 

 

Borrowings

 

(762)

(3,086)

-

 

Convertible loan - debt portion

 

(1,150)

(240)

(1,055)

 

Derivative financial instruments

 

(925)

(288)

(642)

 

Deferred tax liabilities

 

(6,599)

-

(6,599)

 

Provisions

 

(2,945)

(1,440)

(2,882)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,381)

(5,054)

(11,178)

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

92,537

99,193

68,571

 

 

 

 

 

 

 

EQUITY:

 

 

 

 

 

Share capital

13

8,351

2,708

4,289

 

Share premium

 

137,987

103,010

114,620

1

 

ESOP Trust reserve

 

(271)

(95)

(124)

 

Translation reserve

 

(10,556)

2

(10,774)

 

Other reserves

 

3,820

2,852

2,882

 

Retained earnings - deficit

 

(46,794)

(9,284)

(42,322)

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL EQUITY

 

92,537

99,193

68,571

 

 

 

 

 

 

 

 

 

 

 

 

 

                 

 

 




 

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES

IN EQUITY FOR THE HALF YEAR ENDED 30 NOVEMBER 2009

 

 

 

 

 

 

 

 

 

 

 

Share capital

Share premium

ESOP Trust reserve

Investment revaluation reserve

Retained earnings / (deficit)

Translation reserve

Other reserve

Total

 

$000

$000

$000

$000

$000

$000

$000

$000

 

 

 

 

 

 

 

 

 

At 31 May 2008

2,621

100,133

(124)

295

40

110

2,852

105,927

Shares issued for cash

87

2,877

-

-

-

-

-

2,964

Loss for the period

-

-

-

-

(9,324)

-

-

(9,324)

Exchange differences on translation of foreign operations

-

-

-

-

-

(108)

-

(108)

Revaluation to fair value

-

-

-

(295)

-

-

-

(295)

Credit re value of shares vested by ESOP

-

-

29

-

-

-

-

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 30 November 2008

2,708

103,010

(95)

-

(9,284)

2

2,852

99,193

Shares issued

364

1,955

-

-

-

-

-

2,319

Bramlin acquisition

1,217

9,859

-

-

-

-

-

11,076

Share issue costs

-

(204)

-

-

-

-

-

(204)

Recognition of share based payments

-

-

-

-

-

-

30

30

Currency translation adjustment

-

-

-

-

-

(10,776)

-

(10,776)

Movement in ESOP trust

-

-

(29)

-

-

-

-

(29)

Loss for the period

-

-

-

-

(33,038)

-

-

(33,038)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 May 2009

4,289

114,620

(124)

-

(42,322)

(10,774)

2,882

68,571

Shares issued

4,062

25,416

(147)

-

-

-

-

29,331

Loss for the period

-

-

-

-

(4,472)

-

-

(4,472)

Exchange differences on translation of foreign operations

-

-

-

-

-

218

-

218

Share issue costs (note 3)

-

(2,049)

-

-

-

-

938

(1,111)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 30 November 2009

8,351

137,987

(271)

-

(46,794)

(10,556)

3,820

92,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





 

 

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

FOR THE HALF YEAR ENDED 30 NOVEMBER 2009

 

 

 

 

 

 6 months ended

 30 November

 

2009

2008

 

$000

$000

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

Loss for the period

(4,472)

(9,324)

Finance costs recognised in the income statement

63

282

Investment revenue recognised in income statement

-

(116)

Fair value loss / (gain) on embedded derivatives

373

(1,230)

Loss on revaluation of listed investments

-

143

Depreciation and amortisation of non-current assets

104

125

Net foreign exchange (gain) / loss

(500)

4,551

Value of shares vested by Victoria Oil & Gas ESOP Trust

-

29

 

 

 

 

 

 

 

(4,432)

(5,540)

MOVEMENTS IN WORKING CAPITAL

 

 

Decrease in trade and other receivables

(293)

(1,844)

Decrease in inventories

-

3

Increase / (decrease) in trade and other payables

8,697

(3,369)

 

 

 

 

 

 

CASH GENERATED / USED IN OPERATIONS

3,972

(10,750)

Interest paid

-

-

 

 

 

 

 

 

NET CASH USED IN OPERATING ACTIVITIES

3,972

(10,750)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

Interest received

-

116

Payments for intangible fixed assets

(22,291)

(1,296)

Payments for tangible fixed assets

(124)

(53)

VAT recovered that had previously been capitalised

3,569

-

Proceeds from sale of tangible fixed assets

-

13

Transfer to fund for asset retirement obligations

-

(1)

 

 

 

 

 

 

NET CASH USED IN INVESTING ACTIVITIES

(18,846)

(1,221)

CASH FLOW FROM FINANCING ACTIVITIES

 

 

Proceeds from issue of equity shares

29,331

2,964

Payment of equity share issue costs

(1,111)

 

 

 

 

 

 

 

NET CASH GENERATED FROM FINANCING ACTIVITIES

28,220

2,964

 

 

 

 

 

 

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

13,346

(9,007)

CASH AND CASH EQUIVALENTS BEGINNING OF THE PERIOD

711

9,270

Effects of exchange rate changes on the balance of cash held in foreign currencies

139

5

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS END OF THE PERIOD

14,196

268

 

 

 

 

 

 

 

 

 

 

SELECTED EXPLANATORY NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2009
1.       GENERAL INFORMATION

          The information for the six months ended 30 November 2009 and the comparative amounts for the six months ended 30 November 2008 are unaudited. The financial information above does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors' report on those financial statements was unqualified, but it did include a reference to going concern, the valuation of intangible assets, the valuation of investments and the recoverability of amounts due from subsidiaries, to which the auditors drew attention by way of emphasis without qualifying the report. There has been no change in respect to these matters in the period. The auditors' report did not contain a statement under section 498 (2) or 498 (3) of the Companies Act 2006.

          The interim financial statements have not been audited or reviewed by the auditors of the Group pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

2.       PRINCIPAL ACCOUNTING POLICIES

          The annual financial statements of Victoria Oil & Gas Plc are prepared in accordance with IFRSs as adopted by the European Union. The financial statements included in this half-yearly financial report have been prepared in accordance with International Accounting Standard 34 `Interim Financial Reporting'.

          The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 May 2009.

          The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual consolidated financial statements as at 31 May 2009.

          The Group has adopted the following new or revised standards:

          IFRS8 Operating Segments (effective for accounting periods beginning on or after 1 January 2009)

          IAS1 (Revised 2007) Presentation of Financial Statements (effective for accounting periods beginning on or after 1 January 2009)

          The adoption of these standards has not led to any changes in the Group's accounting policies.

3.       Share option expense

          The fair value of warrants issued by the Company in respect of fees for share placings has been offset against Share Premium. The amount for the six months to 30 November 2009 was $938,000 (six months to 30 November 2008: Nil).

4.       Loss per share

          Basic earnings or loss per share is computed by dividing the profit or loss after tax for the year available to ordinary shareholders by the weighted average number of ordinary shares in issue and ranking for dividend during the year, excluding those held by the ESOP Trust. Diluted earnings or loss per share is computed by dividing the profit or loss after taxation for the financial year by the weighted average number of ordinary shares in issue, each adjusted for the effect of all dilutive potential ordinary shares that were outstanding during the year.



 

          The following table sets forth the computation for basic and diluted loss per share.

 

 

 

 

 

30 November

2009

30 November

2008

 

$000

$000

 

 

 

Numerator:

 

 

Numerator for basic EPS - retained loss

(4,472)

(9,324)

 

 

 

 

 

 

Number

Number

Denominator:

 

 

Denominator for basic EPS and diluted EPS

403,555,842

278,232,720

 

 

 

 

 

Cents

Cents

Loss per share - basic and diluted

(1.11)

(3.35)

 

 

 

 

 

 

 

          Basic and diluted loss per share are the same, as the effect of the outstanding warrants is anti-dilutive and is therefore excluded.

5.       SEGMENTAL ANALYSIS

          The Group operates in one class of business being the exploration for, development and production of oil and gas and in three geographical segments, namely the Russian Federation, Republic of Cameroon and the Republic of Kazakhstan.

          The analysis of the loss before taxation by geographical segment is shown below:

 

 

 

 

 

2009

2008

 

$000

$000

 

 

 

Russian Federation

12

(5,840)

Republic of Cameroon

-

-

Republic of Kazakhstan

-

(1,156)

 

 

 

 

 

 

Total for continuing operations

12

(6,996)

Unallocated Head Office

(4,484)

(2,328)

 

 

 

 

 

 

 

(4,472)

(9,324)

 

 

 

 

 

 

 

          There was no inter-segmental revenue and the operations are not seasonal or cyclical.

 

          The analysis of total assets by geographical segment is shown below:

 

 

 

 

 

 

30 November

2009

30 November

2008

31 May

2009

 

$000

$000

$000

 

 

 

 

Russian Federation

59,334

59,850

58,653

Republic of Cameroon

47,513

-

24,398

Republic of Kazakhstan

-

42,672

103

 

 

 

 

 

 

 

 

Total for continuing operations

106,847

102,522

83,154

Unallocated Head Office

10,890

3,303

1,480

 

 

 

 

 

 

 

 

 

117,737

105,825

84,634

 

 

 

 

 

 

 

 

 

          The above analysis is based on the location of the assets.




6.       OTHER LOSSES

 

 

 

 

 

2009

2008

 

$000

$000

 

 

 

Write-off of intangibles

(43)

-

Foreign exchange losses

(429)

(5,631)

 

 

 

 

 

 

 

(472)

(5,631)

 

 

 

 

 

 

 
7.       FINANCE REVENUE

 

 

 

 

 

2009

2008

 

$000

$000

 

 

 

Fair value gain on embedded derivatives

-

1,230

 

 

 

 

 

 

 

8.       FINANCE COSTS

 

 

 

 

 

2009

2008

 

$000

$000

 

 

 

Convertible loan interest

(427)

(48)

Other interest expense

-

(187)

Fair value loss on embedded derivatives

(373)

-

Unwinding of discount on decommissioning costs

(63)

(47)

 

 

 

 

 

 

 

(863)

(282)

 

 

 

 

 

 

 

          Interest payable relating to the convertible loans includes both the stated and effective interest charge.

 

9.       INCOME TAX EXPENSE

 

 

 

 

 

 

30 November

2009

30 November

2008

31 May

2009

 

$000

$000

$000

 

 

 

 

 

Income tax expense

-

-

-

 

 

 

 

 

Factors affecting the tax expense:

 

 

 

Loss on ordinary activities before tax

(4,472)

(9,324)

(42,362)

 

 

 

 

 

 

 

 

Group corporation tax calculated at 28%

(1,252)

(2,797)

(11,861)

(30 November 2008 30%)

 

 

 

 

 

 

 

Impairment losses that are not deductible for tax

-

-

9,951

Effect of expenses not deductible for tax

29

80

158

Effect of finance costs not deductible for tax

120

85

153

Fair value adjustment on derivative not taxable

104

(369)

(392)

Effect of other timing differences

-

-

129

Effects of losses taxable at a lower rate

-

-

(528)

Increase of income tax losses

999

3,001

2,390

 

 

 

 

 

 

 

 

Tax charge

0

0

0

 

 

 

 

 

 

 

 

 

10.     INTANGIBLE ASSETS

 

 

 

 

 

 

30 November

2009

30 November

2008

31 May

2009

 

$000

$000

$000

 

 

 

 

Exploration and evaluation assets

 

 

 

Cost

 

 

 

Opening balance

116,757

104,880

104,880

Exchange adjustments

573

(5,473)

(13,075)

Additions

22,291

1,281

1,903

Subsidiaries acquired

-

-

24,304

Disposals

-

-

(1,255)

Transfers to current assets

(3,569)

-

-

 

 

 

 

 

 

 

 

Closing balance

136,052

100,688

116,757

 

 

 

 

Accumulated amortisation and impairment

 

 

 

Opening balance

33,608

515

515

Exchange adjustments

(1)

(7)

(9)

Charge for the year

85

-

386

Disposals

-

-

(339)

Provision for impairment

-

-

33,055

 

 

 

 

 

 

 

 

Closing balance

33,692

508

33,608

 

 

 

 

Net book amount

 

 

 

Opening balance

83,149

104,365

104,365

 

 

 

 

Closing balance

102,360

100,180

83,149

 

 

 

 

 

 

 

 

 

11.     RECEIVABLES

 

 

 

 

 

 

30 November

2009

30 November

2008

31 May

2009

 

$000

$000

$000

 

 

 

 

Amounts due within one year:

 

 

 

VAT recoverable

137

498

13

Prepayments

31

27

31

Other receivables

870

2,545

693

 

 

 

 

 

 

 

 

 

1,038

3,070

737

 

 

 

 

 

 

 

 

 

12.     TRADE AND OTHER PAYABLES

 

 

 

 

 

 

30 November

2009

30 November

2008

31 May

2009

 

$000

$000

$000

 

 

 

 

Amounts due within one year:

 

 

 

Trade creditors

10,199

1,011

2,052

Taxes and social security costs

10

8

31

Accruals and deferred income

242

559

1,028

Other creditors

1,184

-

774

 

 

 

 

 

 

 

 

 

11,635

1,578

3,885

 

 

 

 

 

 

 

 

 

13.     SHARE CAPITAL

          Share capital as at 30 November 2009 amounted to $8.35 million. During the six months to 30 November 2009, the Group issued 494,343,098 shares for cash or in settlement of amounts due to creditors, increasing the number of shares in issue from 496,915,889 to 991,258,987

 

14.     RELATED PARTY TRANSACTIONS

          Payments to Directors and other key management personnel are set out below. No retirement benefits were paid in either period

 

 

 

 

 

 6 months to

 30 November

 

2009

2008

 

$000

$000

 

 

 

Directors' remuneration

354

352

Other key management - short term benefits

82

327

Other key management - termination benefits

-

27

 

 

 

 

          The following table provides the total amount of transactions entered into by the Group with other related parties:

 

 

 

 

 

 

 

Purchases from related parties

Loans from related parties

Cash advances to related parties

Amounts due from / (to) related parties

 

$000

$000

$000

$000

 

 

 

 

 

6 months to 30 November 2009

 

 

 

Subsidiaries

-

-

33,275

83,289

Directors' other interests

-

(414)

-

(810)

Professional fees

705

-

-

-

6 months to 30 November 2008

 

 

 

Subsidiaries

-

-

2,239

61,667

Directors' other interests

-

-

-

(3,086)

 

 

 

 

 

          There was no intergroup trading or transactions between Group subsidiaries.

15.     APPROVAL OF INTERIM FINANCIAL STATEMENTS

          The financial statements were approved by the Board of Directors on 25th February 2010.

 

16.     AVAILABILITY OF  RESULTS

A copy of the interim report will be available on request from the Company's Registered Office  at Hatfield House, 1st Floor, 52-54 Stamford Street, London SE1 9LX or on the Company's website at www.victoriaoilandgas.com

 

For further information, please contact:

Victoria Oil & Gas Plc - Tel: +44 (0) 20 7921 8820

George Donne / Kevin Foo

 

Strand Hanson Limited - Tel: +44 (0) 20 7409 3494

Simon Raggett / Angela Peace

 

Fox-Davies Capital - Tel: +44 (0) 20 7936 5220

Daniel Fox-Davies / Oliver Stansfield

 

Conduit PR - Tel: +44 (0) 20 7429 6607

Jonathan Charles / Ed Portman

 

Download PDF:

View the Interim Report 26th Feb 2010