RNS Number:5792T
Texas Oil and Gas PLC
22 December 2003
9th Floor St Alphage House
2 Fore Street
London EC2Y 5DA
Telephone: +44 (0)20 7448 9752 Fax: +44 (0)20 7448 9753
TEXAS OIL AND GAS PLC (AIM: TXO)
Results for six months ended 30 September 2003 (un-audited)
Chairman's Statement on Interim Results for period ended 30 September 2003:
Highlights
* Acquired ten oil wells on the BC Christian lease and raised #460,000
through a placement of ordinary shares. Acquired a further well in December
2003 for US$20,000
* BC Christian lease has tripled production increasing from producing 35
barrels of oil per day to a sustainable 105 barrels per day
* The total production for the month of November was up 34% for same period
in 2002
For further information please contact:
Andrew Glendinning Justine Howarth
Texas Oil and Gas PLC Parkgreen Communications Ltd
Tel: 020 7448 9752 Tel: 020 7287 5544
TEXAS OIL AND GAS PLC
("TXO" or the "Company")
Results for six months ended 30 September 2003 (un-audited)
Chairman's Statement on Interim Results for period ended 30 September 2003:
The results for the six months to 30 September 2003 show a slightly reduced
actual loss of #140,235 to the previous year figure of #156,002.
The Company has continued to follow its strategy of increasing and developing
its existing portfolio of producing oil and gas assets in the Woodbine Field,
East Texas. Through its relationship with MC Productions, which has specialist
knowledge of this area, the Company is uniquely placed to benefit from a range
of local area acquisition opportunities, which are constantly under review in
order to offer maximum benefit to shareholders.
TXO assets now comprise interests in 96 oil wells, of which it has a 100%
working interest in 31 and a 50% working interest in 65. Of these, 10 and 43
respectively are now producing oil wells.
As announced on 25 September 2003, and since the end of the period under review,
TXO exercised its option to acquire a 50% working interest in a further ten oil
wells on the BC Christian lease. #460,000 was raised through a placement of
ordinary shares to complete this purchase and to undertake the reworking of the
wells. The Company has now completed the reworking of 5 of these wells. Work to
date has been successful and total gross production from this lease has tripled
from 35 barrels of oil per day to a sustainable 105 barrels of oil per day.
Consequently the total net production for TXO for the month of November was 1966
barrels. For the same month last year production was 1465 barrels, an increase
of 34%.
In addition, TXO has agreed to buy one further well on the BC Christian lease
for US $20,000. This will be re-worked at the beginning of next year and is
pursuant to the terms of the option granted to TXO at the time of the Newport
and Barnwell transaction detailed in the article to shareholders dated February
2002 and approved at the EGM of the Company held on 13th March 2002.
2003 has been a successful year of reorganisation and consolidation for TXO and
on behalf of the Board, I would like to thank you for your continued support.
Robin Baum
Chairman
22 December 2003
PROFIT AND LOSS ACCOUNT
6 months 6 months Year ended
ended ended 31 March
2003
30 30
September September
2003 2002
# # #
Turnover 146,603 124,739 286,989
Operating costs (114,607) (67,216) (206,812)
Gross Profit 31,996 57,523 80,177
Administrative expenses (152,370) (101,315) (234,877)
Exceptional items (54,937) (120,220)
Operating loss (120,374) (98,729) (274,920)
Interest receivable 438 398 829
Interest payable (20,299) (57,671) (106,439)
Loss on ordinary activities before taxation (140,235) (156,002) (380,530)
Taxation on ordinary activities - - -
Loss for the financial year (140,235) (156,002) (380,530)
All amounts devise wholly from continuing activities.
BALANCE SHEETS
30 September 30 September 31 March 2003
2003 2002
# # #
Fixed assets
Intangible fixed asset - negative goodwill (3,525,009) (4,125,465) (3,713,243)
Tangible fixed assets 6,358,098 6,681,952 6,630,423
2,833,089 2,556,487 2,917,180
Current assets
-
Debtors and prepaid expenses 632,943 117,945 10,756
Cash and deposits 32,980 66,340 33,780
665,923 184,285 44,536
Creditors: Amounts falling due within one year (413,619) (244,350) (277,718)
Net current assets (liabilities) 252,304 (60,065) (233,182)
Total assets less current liabilities 3,085,393 2,496,422 2,683,998
Creditors: Amounts falling due after more than one year (323,105) (342,038) (340,089)
Total net assets 2,762,288 2,154,384 2,343,909
Capital and reserves
Called up share capital 2,381,467 1,785,645 2,079,800
Share premium 1,997,503 1,341,338 1,613,675
Profit & loss account (1,616,682) (972,599) (1,349,566)
Total equity shareholders' funds 2,762,288 2,154,384 2,343,909
STATEMENT OF TOTAL RECOGNISED GAINS & LOSSES
6 months 6 months Year ended
ended ended 31 March
2003
30 September 30 September
2003 2002
# # #
Loss for the period (140,235) (156,002) (380,530)
Currency translation differences (126,883) (58,582) (211,021)
Total losses in the period (267,118) (214,584) (591,551)
This information is provided by RNS
The company news service from the London Stock Exchange
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