Half-year Report

RNS Number : 8815J

Sound Energy PLC

15 September 2016

 

15 September 2016

SOUND ENERGY PLC

("Sound Energy" or the "Company")

HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2016

Sound Energy, the European and African focused upstream oil and gas company, announces its unaudited half year report for the six months ended 30 June 2016.

Half-year Highlights

Morocco

·     Significant gas discovery with the potential for a multi Tcf connected gas field, at Tendrara (onshore Morocco)

·     First Tendrara well, TE-6, encountered approximately 28 metres of net gas pay in the TAGI reservoir, flow achieved pre-simulation, 17 mmscf/d achieved on test

·     Significant near term development plan to secure near term cash flow

·     Oil & Gas Investment Fund S.A.S. ("OGIF"), the partner on the licence, has expressed interest to fund a new pipeline connecting Tendrara to the Gazoduc Maghreb Europe ("GME") pipeline

·     Second well on Tendrara, was spud on 25 August 2016, with a view to proving a sub-horizontal drilling concept

·     Secured the Meridja exploration permit, adjacent to Tendrara

·     Acquisition and farm-out of Sidi Moktar licences

Italy

·     Final Badile drilling permission received in May 2016

·     First farm-out secured with Schlumberger who will fund €7.5 m of first well at Badile in exchange for an option on 20% of the licence

·     Memorandum of Understanding regarding a rig contract in relation to Badile signed with Pergemina SPA

Corporate

·     Brian Mitchener, a proven world class hydrocarbon finder, joined the team as Executive Vice President, Exploration

·     Inclusion in FTSE AIM UK 50 Index with effect from Monday 19 September 2016 and migration of trading to SETS, the LSE premier electronic trading service

·     Completion of group debt-refinancing with issue of 5-year €28.8 million bonds

Upcoming milestones

·     TE-7 drilling results and extended well test

·     Planned drilling of an outpost well on Tendrara with a view to proving the multi Tcf potential

·     Countdown to second Strategic Play, Badile

For further information please contact:

Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon Alexandra Roper	Tel: [phone]
Sound Energy James Parsons, Chief Executive Officer	[e-mail]
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes	Tel: [phone]
Cantor Fitzgerald Europe - Broker Sarah Wharry David Porter	Tel: [phone]

Statement from the Chairman and Chief Executive Officer

Whilst the challenging sector backdrop continues, Sound Energy is delivering its counter cyclical growth agenda, leveraging its world class portfolio, people and partners.

In August 2016, we were delighted to announce a resounding success at our first strategic play with a material gas discovery at Tendrara following the successful drilling of our first well on the structure. This success was shared with Schlumberger, our strategic partner, who both technically de-risks the asset as well as providing funding for the first three wells.

The results seen at TE-6, together with the lack of a gas/water contact at any of the historical wells, suggests the possibility of a significant gas column within a continuous extended structure and therefore a potential multi Tcf gas field. We are continuing our appraisal of the Tendrara licence area, with the spud of TE-7 on 25 August 2016. This well aims to prove sufficient volumes for a concession application as well as proving the benefits of sub-horizontal drilling.

We will begin to unlock the long term potential of Tendrara with the drilling of one or more outpost wells and the shooting of additional seismic.

The Company has also recently secured, subject to regulatory and other approvals, a 55% interest in the Meridja exploration permit, which is adjacent to the Tendrara licence and shares the same fundamental geology.

Following securing the final permission to drill the Badile prospect, onshore Italy, in May 2016, the countdown to our second Strategic Play has been initiated. A key step in this process has been the expansion of the Schlumberger partnership to include Badile, with Schlumberger gaining access to a 20% profit interest in the licence in exchange for funding 30% of the estimated cost of the first well and 20% of all costs thereafter. We also continue to finalise the acquisition of the 75% operated asset in the Sidi Moktar licences, onshore Morocco, and thus our third Strategic Play, with regulatory approvals expected shortly.

Our portfolio continues to include a blend of high upside exploration assets, low risk appraisal/development assets and production, which is diversified across Italy and Morocco. The pursuit of an onshore regional gas strategy, underpinned by solid European gas fundamentals and a stable, growing, gas-hungry country in Morocco has enabled the Company to continue to flourish.

The Company remains in a strong financial position, with a cash balance of $27 million at 31 August 2016 after the receipt of $1.1 million Indonesian contingent consideration, the drilling of TE-6 and the completion of its planned debt refinancing during the summer.

2016 is looking to be a pivotal year for the Company.

Our achievements would not have been possible without the efforts of our people, the governments and partners we work with and our supportive shareholders. We would like to take this opportunity to thank all of them.

"2016 has been an incredibly exciting period for the Company so far, with Tendrara, Meridja and the Eastern Morocco TAGI play having demonstrated the potential to be a material hydrocarbon province and therefore to transform both Sound Energy and the Moroccan gas industry."

Stephen Whyte                                             James Parsons

Chairman                                                      CEO

Operations update

 

Multi Tcf Potential in Eastern Morocco

"A rate of 17 mmscf/d was achieved. This rate is significantly above initial expectations and represents a highly commercial rate."

Tendrara and Meridja

 

Value from discovery

During the first half of 2016, the first Tendrara well, TE-6, was drilled to a measured vertical depth of 2,665 metres and successfully encountered approximately 28 metres of net gas pay in the TAGI reservoir. Flow was achieved pre-stimulation and, post-stimulation, a rate of 17 mmscf/d (0.5 million scm/d) was achieved. This rate is significantly above initial expectations and represents a highly commercial rate.

The reservoir bottom hole pressure recorded was 420 bars and the static pressure recorded in the well correlates, in terms of gas gradient, with all of the wells previously drilled in the licence area. The combination of these factors together with the fact that none of the historically drilled wells on the licence have identified a gas/water contact, suggests the possibility of a significant gas column within a continuous extended structure.

Realising potential

The Company's second well on the licence, TE-7, was spud on 25 August 2016, with a view to proving sufficient gas volumes and well deliverability to enable finalisation of the field development plan and a concession application. The well objectives include demonstrating the benefits of sub-horizontal drilling, which is expected to be implemented as the production well concept for Tendrara.

The TE-7 site, lies between TE-5 and TE-6 and is approximately 830 metres to the Northeast of TE-5 and 1.6 kilometres from TE-6. Drilling is planned to reach a total measured depth of 3,440 metres with specific tools being used to geo steer the well at close to an 88 degree angle inside the TAGI reservoir to ensure a horizontal drain of between 600 and 900 metres. The sub-horizontal section will run to the North, parallel to the minimum horizontal stress observed in TE-6. An extended well test will follow clean-up and initial testing will take approximately 70 days thereafter to confirm production sustainability and to aid comprehensive field development planning.

The Company, in conjunction with Schlumberger, is currently considering options for one or more outpost wells, as well as further studies, required to prove the potential of the structure. This may include and extend beyond the reservoir identified at TE-2, some 30km to the North East of TE-6.

The Company exercised its option to acquire, subject to regulatory and other approvals, a 55% participating interest in the Meridja exploration permit, onshore Morocco, from OGIF in June 2016. The Meridja licence area is adjacent to the Tendrara licence and is a highly prospective 9,000 km² area with the same fundamental geology as Tendrara.

Condensed Interim Consolidated Income Statement

	Notes	Six months ended 30 June 2016 Unaudited £'000s	Six months ended  30 June  2015 Unaudited £'000s	Year ended  31 Dec 2015 Audited £'000s
Revenue		529	478	859
Other income		715
Operating costs		(801)	(291)	(538)
Impairment of producing assets		-	-	(6,347)
Exploration costs		(28)	(1)	(5,838)
Gross profit/(loss)		415	186	(11,864)
Administrative expenses		(2,346)	(1,490)	(3,181)
Group operating loss from continuing operations		(1,931)	(1,304)	(15,045)
Finance revenue	5	2,717	12	52
Foreign exchange gain/(loss)		807	(2,000)	(1,389)
External interest costs		(1,183)	(602)	(1,905)
Profit/(loss) for period before taxation		410	(3,894)	(18,287)
Tax expense		-	-	-
Profit/(loss) for period after taxation		410	(3,894)	(18,287)
Other comprehensive (loss)/income
Foreign currency translation income/(loss)		631	(100)	(320)
Total comprehensive profit/(loss) for the period		1,041	(3,994)	(18,607)
Profit/(loss) for the period attributable to:
Equity holders of the parent		1,041	(3,994)	(18,607)
Basic and diluted profit/(loss) per share for the period attributable to the equity holders of the parent (pence)	3	0.08	(0.91)	(3.90)

Condensed Interim Consolidated Balance Sheet

As at 30 June 2016

	Notes	30 June 2016 Unaudited £'000s	30 June  2015 Unaudited £'000s	31 Dec 2015 Audited £'000s
Non-current assets
Property, plant and equipment		6,952	12,403	5,558
Intangible assets	4	14,204	13,859	9,564
Land and buildings		1,493	1,294	1,327
		22,649	27,556	16,449
Current assets
Inventories		327	-	-
Other receivables		14,147	2,434	2,506
Prepayments		116	94	99
Cash and short term deposits		14,466	17,489	15,240
		29,056	20,017	17,845
Total assets		51,705	47,573	34,294
Current Liabilities
Trade and other payables		10,028	3,626	2,097
Loans repayable in under one year	5	7,704	-	5,751
		17,732	3,626	7,848
Non-current liabilities
Deferred tax liabilities		2,160	1,958	1,992
Loans due in over one year	5	9,152	13,538	7,157
Provisions		1,780	1,082	1,138
		13,092	16,578	10,287
Total liabilities		30,824	20,204	18,135
Net Assets		20,881	27,369	16,159
Capital and Reserves
Equity share capital		86,868	83,086	86,315
Warrant Reserve		3,209	369	369
Foreign currency reserve		1,699	1,288	1,068
Accumulated deficit		(70,895)	(57,374)	(71,593)
Total Equity		20,881	27,369	16,159

Condensed Interim Consolidated Statement of Changes in Equity

	Share capital £'000s	Share premium £'000s	Accumulated Deficit £'000s	Warrant Reserve £'000s	Foreign currency reserves £'000s	Total equity £'000s
At 1 January 2016	5,039	81,276	(71,593)	369	1,068	16,159
Total Profit for the period	-	-	410	-	-	410
Other comprehensive income	-	-	-	-	631	631
Total comprehensive income for the period	-	-	410	-	631	1,041
Fair value of warrants issued with bonds	-	-	-	2,840	-	2,840
Issue of share capital	53	500	-	-	-	553
Share based payments	-	-	288	-	-	288
At 30 June 2016 (unaudited)	5,092	81,776	(70,895)	3,209	1,699	20,881

 

	Share capital £'000s	Share premium £'000s	Accumulated Deficit £'000s	Warrant Reserve £'000s	Foreign currency reserves £'000s	Total equity £'000s
At 1 January 2015	4,153	67,145	(53,621)	369	1,388	19,434
Total Loss for the period	-	-	(18,287)	-	-	(18,287)
Other comprehensive income	-	-	-	-	(320)	(320)
Total comprehensive income/(loss)	-	-	(18,287)	-	(320)	(18,607)
Issue of share capital	886	15,342	-	-	-	16,228
Transaction costs	-	(1,211)	-	-	-	(1,211)
Share based payments	-	-	315	-	-	315
At 31 December 2015	5,039	81,276	(71,593)	369	1,068	16,159

 

	Share capital £'000s	Share premium £'000s	Accumulated Deficit £'000s	Warrant Reserve £'000s	Foreign currency reserves £'000s	Total equity £'000s
At 1 January 2015	4,153	67,145	(53,621)	369	1,388	19,434
Total Loss for the period	-	-	(3,894)	-	-	(3,894)
Other comprehensive income	-	-	-	-	(100)	(100)
Total comprehensive income/(loss)	-	-	(3,894)	-	(100)	(3,994)
Issue of share capital	675	12,034	-	-	-	12,709
Transaction costs	-	(921)	-	-	-	(921)
Share based payments	-	-	141	-	-	141
At 30 June 2015 (unaudited)	4,828	78,258	(57,374)	369	1,288	27,369

Condensed Interim Consolidated Cash Flow Statement

	Six months ended 30 June 2016 Unaudited £'000s	Six months ended 30 June 2015 Unaudited £'000s	Year ended  31 Dec 2015 Audited £'000s
Cash flow from operating activities
Cash flow from operations	(377)	(1,593)	(3,487)
Interest received	51	12	52
Net cash flow from operating activities	(326)	(1,581)	(3,435)
Cash flow from investing activities
Purchase of drilling inventories	(327)	-	-
Capital expenditure and disposals	(470)	(292)	(1,156)
Exploration and development expenditure	(3,173)	(3,156)	(6,545)
Net cash flow from investing activities	(3,970)	(3,448)	(7,701)
CSTI Funding contract	(13)	(115)	(117)
Net proceeds from debt	5,292	-	-
Repayment of borrowings	(2,724)	-	-
Net proceeds from equity issue	553	11,163	15,017
Interest payments	(461)	(382)	(1,051)
Net cash flow from financing activities	2,647	10,666	13,849
Net (decrease)/increase in cash and cash equivalents	(1,649)	5,637	2,713
Net foreign exchange difference	875	(756)	(81)
Cash and cash equivalents at the beginning of the period	15,240	12,608	12,608
Cash and cash equivalents at the end of the period	14,466	17,489	15,240

 

	Six months ended 30 June 2016 Unaudited £'000s	Six months ended 30 June 2015 Unaudited £'000s	Year ended  31 Dec 2015 Audited £'000s
Cash flow from operations reconciliation
Profit/(loss) before tax	410	(3,894)	(18,287)
Finance revenue	(2,717)	(12)	(52)
Exploration expenditure written off and impairment of assets	-	-	12,185
Increase/(decrease) in accruals and short term payables	7,104	(329)	(97)
Depreciation	181	98	136
Share based payments charge	288	141	315
Finance costs and exchange differences	376	2,602	2,588
Increase in short term receivables	(6,019)	(199)	(275)
Cash flow from operations	(377)	(1,593)	(3,487)

Notes to the Condensed Interim Consolidated Financial Statements

1. Basis of preparation

The condensed interim consolidated financial statements do not represent statutory accounts within the meaning of section 435 of the Companies Act 2016. The financial information for the year ended 31 December 2015 is based on the statutory accounts for the year ended 31 December 2015. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

The condensed interim financial information is unaudited and has been prepared on the basis of the accounting policies set out in the Group's 2015 statutory accounts in accordance with IAS 34 Interim Financial Reporting.

The seasonality or cyclicality of operations does not impact on the interim financial statements.

2. Segment information

The Group categorises its operations into two business segments based on exploration and appraisal and development and production. The Group's exploration and appraisal activities are carried out in Morocco and Italy. The Group's reportable segments are based on internal reports about the components of the Group which are regularly reviewed by the Board of Directors, being the Chief Operating Decision Maker (''COMD''), for strategic decision making and resources allocation to the segment and to assess its performance. Sales during the period arose from producing licences in Italy. The segment results for the period ended 30 June 2016 are as follows:

Segment results for the period ended 30 June 2016

	Corporate £'000s	Development & Production £'000s	Exploration & Appraisal £'000s	Total £'000s
Sales and other operating revenues	-	529	-	529
Other income	715	-	-	715
Operating costs	-	(801)	-	(801)
Exploration costs	-	-	(28)	(28)
Administration expenses	(2,346)	-	-	(2,346)
Operating loss segment result	(1,631)	(272)	(28)	(1,931)
Finance revenue	2,717	-	-	2,717
Finance costs and exchange gains	(376)	-	-	(376)
Profit/(loss) for the period before taxation	710	(272)	(28)	410

The segments assets and liabilities at 30 June 2016 are as follows:

	Corporate £'000s	Development & Production £'000s	Exploration & Appraisal £'000s	Total £'000s
Capital expenditure	274	6,678	15,697	22,649
Other assets	22,802	62	6,192	29,056
Total liabilities	(11,546)	(1,938)	(17,340)	(30,824)

The geographical split of non-current assets is as follows:

	UK £'000s	Italy £'000s	Morocco £'000s
Development and production assets	-	6,678	-
Land and buildings	-	1,493	-
Fixtures, fittings and office equipment	38	170	66
Goodwill	-	2,160	-
Exploration and evaluation assets	-	7,809	4,122
Software	103	8	2
Total	141	18,318	4,190

Segment results for the period ended 30 June 2015

	Corporate £'000s	Development & Production £'000s	Exploration & Appraisal £'000s	Total £'000s
Sales and other operating revenues	-	478	-	478
Operating costs	-	(291)	-	(291)
Exploration costs	-	-	(1)	(1)
Administration expenses	(1,490)	-	-	(1,490)
Operating loss segment result	(1,490)	187	(1)	(1,304)
Finance revenue	12	-	-	12
Finance costs and exchange losses	(2,602)	-	-	(2,602)
Loss for the period before taxation	(4,080)	187	(1)	(3,894)

The segments assets and liabilities at 30 June 2015 were as follows:

	Corporate £'000s	Development & Production £'000s	Exploration & Appraisal £'000s	Total £'000s
Capital expenditure	67	12,336	15,153	27,556
Other assets	20,017	-	-	20,017
Total liabilities	(1,958)	(6,669)	(11,577)	(20,204)

The geographical split of non-current assets is as follows:

	UK £'000s	Italy £'000s
Development and production assets	-	12,336
Land and buildings	-	1,294
Fixtures, fittings and office equipment	42	25
Goodwill	-	1,959
Exploration and evaluation assets	-	11,813
Software	-	87
Total	42	27,514

Segment results for the year ended 31 December 2015

	Corporate £'000s	Development & Production £'000s	Exploration  & Appraisal £'000s	Total £'000s
Sales and other operating revenues	-	859	-	859
Operating costs	-	(538)	-	(538)
Exploration costs	-	-	(5,838)	(5,838)
Impairment of producing assets	-	(6,347)	-	(6,347)
Administration expenses	(3,181)	-	-	(3,181)
Operating loss segment result	(3,181)	(6,026)	(5,838)	(15,045)
Interest receivable	52	-	-	52
Finance costs and exchange losses	(3,294)	-	-	(3,294)
Loss for the period before taxation	(6,423)	(6,026)	(5,838)	(18,287)

The segments assets and liabilities at 31 December 2015 were as follows:

	Corporate £'000s	Development  & Production £'000s	Exploration & Appraisal £'000s	Total £'000s
Non-current assets	137	5,391	10,921	16,449
Current assets	17,845	-	-	17,845
Total liabilities	(7,743)	(1,498)	(8,894)	(18,135)

The geographical split of non-current assets is as follows:

	UK £'000s	Italy £'000s	Morocco £'000
Development and production assets	-	5,391	-
Land and buildings	-	1,327	-
Fixtures, fittings and office equipment	37	101	29
Goodwill	-	1,992	-
Exploration and evaluation assets	-	6,960	512
Software	100	-	-
Total	137	15,771	541

 

3. Profit/(loss) per share

The calculation of basic profit/(loss) per Ordinary Share is based on the profit/(loss) after tax and on the weighted average number of Ordinary Shares in issue during the period. The calculation of diluted profit/(loss) per share is based on the profit/(loss) after tax on the weighted average number of ordinary shares in issue plus weighted average number of shares that would be issued if dilutive options and warrants were converted into shares. Basic and diluted profit/(loss) per share is calculated as follows:

	Profit/(loss) after tax from continuing operations			Weighted average shares in issue			Profit/(loss) per share (basic) from continuing operations
	June 2016 £'000s	June 2015 £'000s	December 2015 £'000s	June 2016 million	June 2015 million	December 2015 million	June 2016 pence	June 2015 pence	December 2015 pence
Basic	410	(3,894)	(18,287)	506	430	467	0.08	(0.91)	(3.90)

	Profit/(loss) after tax from continuing operations			Weighted average shares in issue and dilutive potential ordinary shares			Profit/(loss) per share (diluted) from continuing operations
	June 2016 £'000s	June 2015 £'000s	December 2015 £'000s	June 2016 million	June 2015 million	December 2015 million	June 2016 pence	June 2015 pence	December 2015 pence
Diluted	410	(3,894)	(18,287)	538	430	467	0.08	(0.91)	(3.90)

 

4. Intangibles

	Six months ended 30 June 2016 Unaudited £'000s	Six months ended 30 June 2015 Unaudited £'000s	Year ended  31 Dec 2015 Audited £'000s
Cost
At start of period	20,198	13,948	13,948
Additions	4,000	5,497	6,560
Exchange adjustments	657	(454)	(310)
At end of period	24,855	18,991	20,198
Impairment and Depreciation
At start of period	10,634	5,060	5,060
Charge for period	17	72	5,574
At end of period	10,651	5,132	10,634
Net book amount	14,204	13,859	9,564

On 8 August 2016, the Company announced a significant gas discovery at the Company's Tendrara licence, onshore Morocco. Capital expenditure will be incurred as additional wells are expected to be drilled before the end of 2016.

5. Loans and Borrowings

	Six months ended 30 June 2016 Unaudited £'000s	Six months ended 30 June 2015 Unaudited £'000s	Year ended  31 Dec 2015 Audited £'000s
Current liability
Other loans	7,704	-	5,751
Non-current liability
5-year secured bonds	8,125	-	-
Other loans	1,027	13,538	7,157
	9,152	13,538	7,157

On 21 June 2016, the Company announced that Greenberry S.A (''Greenberry'') had subscribed for 5- year non-amortising secured bonds with an aggregate value of the issue of EUR28.8 million (the ''bonds''). Alongside the bonds, the Company was to issue 70,312,500 warrants to subscribe for new ordinary shares in the Company at an exercise price of 30 pence per ordinary share and an exercise period of approximately five years, concurrent with the term of the bonds, to Greenberry (the ''warrants''). The bonds are secured over the share capital of Sound Energy Holdings Italy Limited. The bonds have a 5% coupon and were issued at a 32% discount to par value. A total cash fee of EUR1.1 million was payable by the Company to Greenberry.

The warrants were recorded within equity at their fair value and the remaining proceeds of the notes net of issue costs were recorded as non-current liability. As per the terms of the subscription agreement with Greenberry the bonds were to be issued in tranches. The liability reported as at 30 June 2016 is attributable to the tranches that had been issued to Greenberry as at that date. The final tranche of the bonds was issued subsequent to the period end.

Part of the proceeds of the bonds was used to settle an existing Reserve Based Lending facility of EUR7.0 million at a discount of 50% which, after allocation of attributable transaction costs, resulted in a credit being recognised in the income statement of £2.7 million during the period.

6. Shares in issue and share based payments

As at 30 June 2016, the Company had 509,211,611 ordinary shares in issue. In the period to 30 June 2016, a total of 5.3 million warrants at 10.4p were exercised.

On 24 March 2016, the Company announced that it had on 23 March 2016 issued a total of 9,050,000 options, of which 3,000,000 were awarded to an officer of the Company, to subscribe for new ordinary shares in the Company at a price of 16 pence per ordinary share. The options will vest on 23 March 2019 and will be exercisable thereafter at any time until 23 March 2021. The Options will vest subject to the pre-determined performance criteria that if the price per ordinary share in the Company increases over the three-year vesting period by 15%, 10%, or 5% on a compounded annualised basis then all, two-thirds, or one-third of the options respectively will vest.

7. Post Balance Sheet events

On 8 August 2016, the Company announced the issue of 70,312,500 warrants at an exercise price of 30 pence per share to Greenberry in line with a subscription agreement entered into on 21 June 2016 in which Greenberry subscribed for 5 year non-amortising bonds (Note 5).

On 8 August 2016, the Company announced the issue of 1,500,000 options to non-executive directors of the Company at an exercise price of 60 pence per share and the exercise of 1,780,000 options by an officer of the Company.

On 29 July 2016, the Company announced issue of 300,000 new ordinary shares following the exercise of 300,000 options to subscribe for new ordinary shares in the Company at a price of 16.5 pence per new ordinary share.

On 27 July 2016, the Company announced the signature of an agreement with Schlumberger group entities (''Schlumberger'') where by Schlumberger has agreed to fund EUR 7.5 million of services to be provided by Schlumberger on the Badile well. The agreement is subject to certain standard conditions precedent and signing of the relevant agreements. In exchange the Company has agreed to grant Schlumberger an option, exercisable at nil additional cost at any time during a six-month period following the completion of a well test and the declaration of a potential commercial discovery at the Badile licence, to acquire a 20% net profit interest in the Badile licence.

On 7 July 2016, the Company announced that it had received a non-binding expression of interest from Oil & Gas Investment Fund (''OGIF''), its partner on the Tendrara licence, expressing OGIF's interest in funding, building and operating a new pipeline connecting Tendrara to the Gazoduc Maghreb Europe (GME) pipeline.

Subsequent to the period end to 31 August 2016, a total of 16.6 million warrants at 10.4p and 8.1 million warrants at 24p were exercised.

 

END

 

 

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