Sound Oil
|
07903 861 145
|
Gerry Orbell, Chairman
|
|
|
|
Smith & Williamson Corporate Finance Limited
|
020 7131 4000
|
Azhic Basirov
|
|
David Jones
|
|
|
|
Buchanan Communications
|
020 7466 5000
|
Tim Thompson
|
|
Nick Melson
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|
|
Notes
|
Six months ended 30 June 2008
|
Six months ended 30 June 2007
|
Year ended
31 December 2007
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
£'000
|
£'000
|
£'000
|
Exploration costs
|
|
(293)
|
(307)
|
(630)
|
Gross loss
|
|
(293)
|
(307)
|
(630)
|
Administrative expenses
|
|
(668)
|
(628)
|
(1,513)
|
Group trading loss
|
|
(961)
|
(935)
|
(2,143)
|
Share of post-tax loss of associate
|
6
|
–
|
(7)
|
(59)
|
Group operating loss
|
|
(961)
|
(942)
|
(2,202)
|
Finance revenue
|
|
221
|
386
|
704
|
Other finance expense – foreign exchange gain/(loss)
|
|
14
|
(329)
|
(313)
|
Loss before tax
|
|
(726)
|
(885)
|
(1,811)
|
Tax
|
|
–
|
–
|
–
|
Loss for the period attributable to the equity holders of the parent
|
|
(726)
|
(885)
|
(1,811)
|
Loss per share (basic) for the period attributable to ordinary equity holders of the parent (pence)
|
5
|
(0.10)
|
(0.13)
|
(0.26)
|
|
Note
|
30 June 2008
|
30 June 2007
|
31 December 2007
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
£’000
|
£’000
|
£’000
|
Non-current assets
|
|
|
|
|
Property, plant and equipment
|
|
79
|
81
|
77
|
Intangible assets
|
|
3,829
|
3,813
|
3,825
|
Exploration and evaluation assets
|
7
|
18,471
|
15,327
|
15,428
|
Investments in associates
|
6
|
–
|
1,431
|
2,162
|
Other debtors
|
|
425
|
–
|
231
|
|
|
22,804
|
20,652
|
21,723
|
Current assets
|
|
|
|
|
Prepayments
|
|
24
|
52
|
62
|
Inventories
|
|
249
|
–
|
–
|
Other debtors
|
|
654
|
370
|
9
|
Cash and short term deposits
|
|
11,994
|
15,244
|
13,623
|
|
|
12,921
|
15,666
|
13,694
|
Total assets
|
|
35,725
|
36,318
|
35,417
|
Current liabilities
|
|
|
|
|
Trade and other payables
|
|
1,115
|
381
|
274
|
|
|
1,115
|
381
|
274
|
Non-current liabilities
|
|
|
|
|
Deferred tax liabilities
|
|
3,829
|
3,813
|
3,825
|
Provisions
|
|
82
|
59
|
82
|
|
|
3,911
|
3,872
|
3,907
|
Total liabilities
|
|
5,026
|
4,253
|
4,181
|
Net assets
|
|
30,699
|
32,065
|
31,236
|
Capital and reserves
|
|
|
|
|
Equity share capital
|
|
36,456
|
36,456
|
36,456
|
Foreign currency reserve
|
|
(1,003)
|
(1,254)
|
(1,205)
|
Accumulated deficit
|
|
(4,754)
|
(3,137)
|
(4,015)
|
Total equity
|
|
30,699
|
32,065
|
31,236
|
Approved by the Board on 26 September 2008
|
|
|
|
|
|
Notes
|
Issued capital £’000
|
Share premium £’000
|
Accumulated
Deficit
£’000
|
Other reserves £’000
|
Total equity £’000
|
At 1 January 2008
|
|
692
|
35,764
|
(4,015)
|
(1,205)
|
31,236
|
Foreign currency translation
|
|
–
|
–
|
(13)
|
202
|
189
|
Total income and expense for the period recognised in equity
|
|
–
|
–
|
(13)
|
202
|
189
|
Total loss for the period
|
|
–
|
–
|
(726)
|
–
|
(726)
|
Total income and expense for the period
|
|
–
|
–
|
(739)
|
202
|
(537)
|
Share based payments
|
3
|
–
|
–
|
–
|
–
|
–
|
At 30 June 2008
(unaudited)
|
|
692
|
35,764
|
(4,754)
|
(1,003)
|
30,699
|
|
|
Issued capital £’000
|
Share premium £’000
|
Accumulated deficit
£’000
|
Other reserves £’000
|
Total equity £’000
|
At 1 January 2007
|
|
692
|
35,764
|
(2,294)
|
(974)
|
33,188
|
Foreign currency translation
|
|
–
|
–
|
–
|
(280)
|
(280)
|
Total income and expense for the period recognised in equity
|
|
–
|
–
|
–
|
(280)
|
(280)
|
Total loss for the period
|
|
–
|
–
|
(885)
|
–
|
(885)
|
Total income and expense for the period
|
|
–
|
–
|
(885)
|
(280)
|
(1,165)
|
Share based payments
|
3
|
–
|
–
|
42
|
–
|
42
|
At 30 June 2007 (unaudited)
|
|
692
|
35,764
|
(3,137)
|
(1,254)
|
32,065
|
|
Six months ended 30 June 2008
|
Six months ended 30 June 2007
|
Year ended 31 December 2007
|
|
Unaudited
|
Unaudited
|
Audited
|
|
£'000
|
£'000
|
£'000
|
Cash flow from operating activities
|
|
|
|
Cash flow from operations
|
(1,146)
|
(947)
|
(2,098)
|
Interest received
|
221
|
386
|
704
|
Net cash flow from operating activities
|
(925)
|
(561)
|
(1,394)
|
|
|
|
|
Cash flow from investing activities
|
|
|
|
Capital expenditure and disposals
|
(26)
|
(34)
|
(73)
|
Exploration expenditure
|
(883)
|
(323)
|
(408)
|
(Increase)/decrease in investment in associate
|
–
|
(910)
|
(1,634)
|
Net cash flow from investing activities
|
(909)
|
(1,267)
|
(2,115)
|
|
|
|
|
Cash flow from financing activities
|
|
|
|
Net decrease in cash and cash equivalents
|
(1,834)
|
(1,828)
|
(3,509)
|
Net foreign exchange difference
|
205
|
(317)
|
(257)
|
Cash and cash equivalents at the beginning of the period
|
13,623
|
17,389
|
17,389
|
Cash and cash equivalents at the end of the period
|
11,994
|
15,244
|
13,623
|
Notes to cash flow
|
Six months ended 30 June 2008
|
Six months ended 30 June 2007
|
Year ended 31 December 2007
|
|
Unaudited
|
Unaudited
|
Audited
|
|
£'000
|
£'000
|
£'000
|
Cash flow from operations reconciliation
|
|
|
|
Loss before tax
|
(726)
|
(885)
|
(1,811)
|
Finance revenue
|
(221)
|
(386)
|
(704)
|
Foreign exchange loss/(gain)
|
(14)
|
329
|
313
|
Increase/(decrease) in accruals and short term creditors
|
841
|
(303)
|
(410)
|
Depreciation
|
24
|
6
|
51
|
Share based payments charge
|
–
|
42
|
70
|
Increase in long term provisions
|
–
|
3
|
26
|
Increase in long term debtors
|
(194)
|
–
|
(163)
|
Increase in inventories
|
(249)
|
–
|
–
|
Decrease/(increase) in short term debtors
|
(607)
|
247
|
530
|
|
|
|
|
Cash flow from operations
|
(1,146)
|
(947)
|
(2,098)
|
|
Loss after tax
|
Weighted average number of shares
|
Loss per share
|
||||||
|
June
2008
£’000
|
June
2007
£’000
|
December 2007
£’000
|
June
2008
million
|
June
2007
million
|
December 2007
million
|
June
2008
pence
|
June
2007
pence
|
December 2007
pence
|
Basic
|
(726)
|
(885)
|
(1,811)
|
692
|
692
|
692
|
(0.10)
|
(0.13)
|
(0.26)
|
|
30 June 2008
|
30 June 2007
|
31 December
2007
|
|
£'000
|
£'000
|
£'000
|
At start of period
|
2,162
|
528
|
528
|
Additions during period
|
–
|
910
|
1,693
|
Share of loss after tax
|
–
|
(7)
|
(59)
|
Disposal during period
|
(2,162)
|
–
|
–
|
At end of period
|
–
|
1,431
|
2,162
|
|
30 June 2008
|
30 June 2007
|
31 December
2007
|
|
£'000
|
£'000
|
£'000
|
Costs
|
|
|
|
At start of period
|
15,428
|
15,288
|
15,288
|
Additions
|
3,045
|
347
|
389
|
Exchange adjustments
|
(2)
|
(308)
|
(249)
|
At end of period
|
18,471
|
15,327
|
15,428
|
Amortisation
|
|
|
|
At start of period
|
-
|
-
|
-
|
Charge for the period
|
-
|
-
|
-
|
At end of period
|
-
|
-
|
-
|
Net book amount at end of period
|
18,471
|
15,327
|
15,428
|