Final Results
April 03 2006 - 3:06AM
UK Regulatory
RNS Number:8152A
Plectrum Petroleum PLC
03 April 2006
PRESS RELEASE
Under embargo until 7:00am: 3 April 2006
Plectrum Petroleum Plc ("Plectrum" or the "Company")
Preliminary results for the ten months ended 31 December 2005
Plectrum Petroleum plc (PPE), the AIM listed oil and gas explorer, today
announces its maiden preliminary results for the ten months ended 31 December
2005.
Highlights:
* Successful listing on AIM via a reverse takeover of Table Mountain
Minerals plc
* Applications for rights to exploration acreage made, and in progress, in
the UK, Peru, Africa and Australia
* Placing of 30,000,000 new ordinary shares with institutions, raising #3
million before expenses
* Screening and evaluation of a number of potential acquisitions
Chairman's Statement
2005 has been a transitional year for the Company. This is our first report
following our successful reverse takeover and listing on AIM on 28 September
2005.
As expected the Company incurred a loss for the period, but we have had made
significant progress in establishing the Company within the industry.
Background and Review of the Year
Plectrum Petroleum Plc reversed into Table Mountain Minerals Plc, a shell
company which listed on AIM in April 2005 to acquire and operate mining assets
in South Africa. Following lengthy discussions throughout the summer, and the
temporary suspension from trading of Table Mountain shares on 1 August 2005, the
shares were re-admitted to AIM on 2 September 2005. The Company changed its name
to Plectrum Petroleum Plc on 28 October 2005.
Our strategy is to seek out offshore exploration activities around the globe
that can be significantly de-risked before drilling by the application of
innovative electromagnetic (EM) imaging technology.
Since incorporation, we have focused on researching and quantifying a wide range
of acquisitions and establishing the Company as an industry player. A number of
applications have been made, and are in progress, for rights to exploration
acreage around the world including in the UK, Peru, Africa and Australia.
In October, we announced the successful placing of 30,000,000 new ordinary
shares with institutions, raising #3 million before expenses. From this fund
raising and our initial funds we have a healthy balance sheet and cash flow and
are in a good position to take the Company forward and move quickly on
appropriate projects
Results
As expected, the Company incurred a loss for the period of #1,256,571, including
amortisation of goodwill of #313,169 and deal fees of some #95,800. The
activities of the former Table Mountain Minerals Plc accounted for costs
incurred up to August 2005 of approximately #543,415.
We have taken measures to keep costs under strict control, with current
expenditure running at less than #50,000 a month net of interest on bank
deposits.
Prospects
We are confident that our strategy, our commitment to achieve success and the
hard work we have put in over the last year will bear fruit in the form of
acquisitions and investments in the near term. We believe the applications that
we have made and the opportunities we are developing are exciting and offer
great potential for the future of the Company.
Summary
Over the past 12 months, we have made significant progress in establishing
Plectrum in the E&P sector. We have the ambition, drive, commitment and
technical ability to generate opportunities and move fast on appropriate deals.
I look forward to reporting on progress at the half year.
M Whyatt
Executive Chairman
For further information, please contact:
Plectrum Petroleum Plc 01330 826 710
Mike Whyatt, Executive Chairman
Jim Bain, Finance Director
Corporate Synergy 020 7448 4400
John Prior
David Seal
Aquila Financial Ltd 020 7202 2600
Peter Reilly
Vivienne Macey
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Period ended 31 December 2005
Period ended
31 December
2005
#
Project Costs (2,208)
Gross Loss (2,208)
Administrative expenses (1,365,961)
Operating Loss
Continuing operations (1,184,877)
Acquired operations (183,292)
(1,368,169)
Interest receivable (bank interest) 108,013
Loss on ordinary activities before taxation (1,260,156)
Tax on loss on ordinary activities -
Minority Interests 3,585
Loss on ordinary activities after taxation and minority interests for the (1,256,571)
financial year
Basic loss per ordinary share 1p
Diluted loss per ordinary share 1p
CONSOLIDATED BALANCE SHEET
Period ended 31 December 2005
31 December
2005
#
Fixed Assets
Tangible 4,006
Intangible 5,950,214
5,954,220
Current Assets
Debtors 87,259
Cash at bank and in hand 5,197,494
5,284,753
Creditors: amounts falling due within one year (58,446)
Net Current Assets 5,226,307
Total assets less current liabilities 11,180,527
Capital and Reserves
Called up share capital 7,538,478
Share premium account 4,901,555
Profit and loss reserve (1,256,571)
Total Equity Shareholders' Funds 11,183,462
Minority Interests (2,935)
11,180,527
CONSOLIDATED CASH FLOW STATEMENT
Period ended 31 December 2005
Period ended
31 December
2005
#
Net cash outflow in respect of operating activities (1,185,744)
Returns on investments and servicing of finance
Interest received 108,013
Net cash inflow from returns on investments and servicing of finance (108,013)
Capital expenditure and financial investment
Purchase of tangible fixed assets (4,120)
Net cash outflow from capital expenditure and financial investment (4120)
Acquisitions and disposals
Acquisition of subsidiary 394,312
Net cash outflow before financing (687,539)
Financing
Issue of share capital 6,219,000
Costs of issuing share capital (333,967)
Net cash inflow from financing 5,885,033
Increase in cash 5,197,494
NOTES TO THE ACCOUNTS
Period ended 31 December 2005
1. LOSS PER ORDINARY SHARE
Basic loss per share is calculated by dividing the loss attributable to ordinary
shareholders by the weighted average number of shares in issue during the
period. The calculations of loss per share are based on the following profits
and number of shares:
Period ended
31 December
2005
#
Basic loss attributable to ordinary shareholders (#) 1,256,571
Weighted average number of ordinary shares 86,197,156
Loss per share 0.01
Diluted loss per share 0.01
The Company has no share options in issue or other items that dilute the
weighted average number of ordinary share or the basic loss attributable to
ordinary shareholders.
2. The financial information set out in this announcement does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
Statutory accounts for the period ended 31 December 2005, containing an
unqualified auditors' report will be filed with the Registrar of Companies.
The Directors do not propose a payment of a dividend.
This preliminary statement was approved by the Board on 31 March 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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