Interim Results
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
22 September 2020
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company" or "the Group")
Unaudited Interim results for the six months ended 30 June 2020
IGas Energy plc ("IGas" or "the Company" or "the Group") announces its unaudited interim results for the six months to 30 June 2020.
Results Summary
|
|
Six months to 30 June 2020 £m |
Six months to 30 June 2019 £m |
|
Revenues |
10.5 |
21.2 |
|
Adjusted EBITDA |
2.2 |
7.7 |
|
(Loss)/profit after tax - continuing activities |
(30.0)1 |
0.8 |
|
Operating cash flow before working capital movements |
1.9 |
8.7 |
|
Net debt (excluding capitalised fees) |
11.2 |
5.9 |
|
Cash and cash equivalents |
2.6 |
14.4 |
Note 1 Loss from continuing activities after tax of £30m is after a non-cash impairment charge of £34.6m - see note 10
Corporate & Financial Summary
· Strategic acquisition of GT Energy moving IGas into a fast growing, renewable energy market whilst utilising existing core competencies.
· Successful Reserve Base Loan (RBL) redetermination (a semi-annual recalculation), confirming US$29 million (£23.3 million) of debt capacity and headroom of US$15.2 million (£12.3 million).
· Cash balances as at 30 June 2020 were £2.6 million (H1 2019: £14.4 million) with net debt increased to £11.2 million (H1 2019: £5.9 million).
· Significant cost reduction exercise implemented. As of end of September 2020, gross cash savings are anticipated to be c. £1.6 million per annum incurring a one-off cost in 2020 of c.£0.55 million.
· £4.9 million of capex incurred during six months to 30 June 2020. Net cash capex for FY 2020 expected to be £6.0 million, with c.£2 million in relation to production assets and c.£4.0 million on development projects (primarily Welton and Scampton).
· Operating cash flow before working capital movements in H1 2020 of £1.9 million (H1 2019: £8.7 million)
· Impairments of £34.6 million largely due to reduction in oil price.
· Hedging in place in H2 2020 for 180,000 barrels with average downside protection of $53.05/bbl using put options and swaps.
Operational Summary
· Net production averaged c.1,940 boepd in H1 2020 (H1 2019: 2,360 boepd) principally due to our decision to shut-in sites, to augment cash flow, given the low oil prices in Q2 and COVID-19 related supply chain interruptions.
· Five fields remain shut in and we continue to keep them under review.
· We are still expecting average net production for the year to be within the 1,850 - 2,050 boepd range, with underlying cash operating costs per boe anticipated to be $34/boe (based on an exchange rate of £1:$1.30).
· We have continued to progress projects in our core conventional business which have the potential to add significant value to the Company and our shareholders. These include production uplift opportunities, such as water injection (Scampton North and Welton) and in wellbore production optimisation projects.
· Full CPR published in February 2020 confirming reserves replacement of 2P reserves of c.277%.
Commenting today Stephen Bowler, Chief Executive Officer, said:
"It has been an incredibly challenging period for the business and a worrying and difficult time for all our employees coping with the COVID-19 pandemic and with the collapse in commodity prices, continued market volatility and the uncertainty that persists. It is testament to the resilience of our workforce that in spite of this, we have continued to achieve solid results in our production business, delivered the Scampton Waterflood project on budget and schedule and completed a significant transaction with the acquisition of the UK geothermal developer, GT Energy.
Our core conventional business is the driver of our future diversification and we will continue to exploit the potential that exists in our core assets and ensure we continue to invest to protect that business as oil prices improve. We will also consider other new technologies that complement our existing business, as we move forward."
A results presentation will be available at http://www.igasplc.com/investors/presentations .
Qualified Person's Statement
Ross Pearson, Technical Director of IGas Energy plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, March 2006, of the London Stock Exchange, has reviewed and approved the technical information contained in this announcement. Mr Pearson has 19 years oil and gas exploration and production experience.
For further information please contact:
IGas Energy plc
Tel: +44 (0)20 7993 9899
Stephen Bowler, Chief Executive Officer
Ann-marie Wilkinson, Director of Corporate Affairs
Investec Bank plc (NOMAD and Joint Corporate Broker)
Tel: +44 (0)20 7597 5970
Sara Hale/Jeremy Ellis/Tejas Padalkar
BMO Capital Markets (Joint Corporate Broker)
Tel: +44 (0)20 7653 4000
Tom Rider/Neil Elliot
Canaccord Genuity (Joint Corporate Broker)
Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor/James Asensio
Vigo Communications
Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Chris McMahon/Charlie Neish
Introduction and Market Backdrop
Nobody could have foreseen the dramatic events of the first half of 2020, with the significant impacts of the global pandemic - COVID-19 - and the resulting collapse of the oil price. In the face of this unprecedented situation, we took swift action to protect our workforce and communities from the physical impacts as well as economic ones by controlling what was within our power in the near-term, whilst still continuing to build our business for the future. Uncertainty remains however and if oil prices remain low for a prolonged period of time, we cannot rule out future impacts on the business.
During the first five months of the year, we had already achieved significant cost reductions of c. £0. 6 million on an annualised basis compared to the year ended 31 December 2019. However, given the continued uncertainty and low commodity prices, the Board and Executive Management Team undertook a further, in-depth review of costs.
The measures we have implemented include a redundancy programme, salary replacement for the Board and senior executives, and a proposed reduction in benefits across the organisation. Whilst these measures further reduce our costs, it has also been important to ensure the retention of key capabilities and experience in the business. These measures are expected to reduce costs by a further c. £1.0 million such that from end of September 2020, our gross cash savings as compared to 2019 are anticipated to be c. £1.6 million per annum. The one-off cost of implementing these measures is c. £0.55 million and will be incurred in 2020.
These have been difficult decisions and, as part of that process, it was identified that certain functions within the Chief Financial Officer's team could be restructured to reduce costs. The role of Chief Financial Officer has been made redundant and the Group Financial Controller has taken on overall responsibility for the finance function, reporting to the Chief Executive Officer.
Despite the disruption, we have continued to achieve solid results across the business and completed a significant transaction with the acquisition of the geothermal developer, GT Energy. This acquisition is a major strategic milestone for the Company given our intention to play an important role in the UK's energy transition and is a logical step given the development and operational synergies with our onshore business.
It is our highest priority to continue to operate all of our assets in a safe and responsible manner, to ensure the safety of our workforce and communities and to minimise the potential risk to the environment. Earlier in the period, as part of our approach to responsible and sustainable development we undertook to align ourselves to a number of the United Nation's Sustainable Development Goals. We recognise the need to reduce greenhouse gas (GHG) emissions. Over the last three years we have seen a decrease in our direct emissions and we continue to strive to reduce our GHG emissions through new initiatives including the installation of best available technology to all new projects to minimise their carbon intensity.
The pandemic has clearly exposed the volatility of the oil and gas markets and our growing dependency as a nation on imports of fossil fuels. At the end of Q1 2020, the net import dependency of oil was 26.6 per cent, gas 50.4 per cent and electricity 7%.i Based on the Committee on Climate Change report, import dependencies will rise to 86% for gas and 48% for oil by 2050. Increasing energy imports has a big impact on the country's balance of payments which, in the absence of UK economic growth, will need to be funded by yet further borrowing.
We believe the UK onshore industry has a key role to play in the path to decarbonisation and IGas is determined to play an important role in the UK's energy transition.
Production operations
Net production for the period averaged c.1,940 boepd, in line with our revised forecast of 1,850 - 2,050 for the full year.
In May, when the oil price was trading at c.$25/bbl, we announced a temporary shut-in of a number of fields for the months of May 2020 and June 2020. The impact of the shut-ins was a reduction in production by c.600 boepd for this period. Due to the anticipated reduction in operating costs associated with the shut-in fields this action had a positive impact on cash flow during these two months of c.£0.5 million. Those employees that were impacted by the shut-ins were furloughed in line with the Government scheme.
We have, since the end of June, returned a number of fields back to production following improvements in the oil price. Five fields remain shut-in and we continue to keep them under review. As the majority of our sites are 100% owned and operated by us, it gave us the flexibility to take the shut-in decision quickly and the ability to rapidly restore production, at some fields, once we saw energy prices improving. Throughout the period, we have worked closely with all our regulators to ensure we continued to meet stringent guidelines in respect to COVID-19.
Given the fall in oil prices in early March, we reviewed our capital expenditure programme for the year and reduced it principally to maintenance capex, abandonment and capital for projects already in execution which in aggregate is anticipated to be c.£6 million in 2020. Work on other projects to exploit the potential that exists in our prospective resources has temporarily been put on hold until energy prices improve further.
However, in spite of the considerable challenges related to the COVID-19 pandemic, we commenced water injection at our Scampton North site on schedule and on budget in July 2020. As well as increasing oil production, the in-field pipeline and a new processing facility at the Scampton North C-Site will provide greater efficiency and environmental improvements by reducing venting, the need to truck water to the Welton Gathering Centre, as well as increasing the amount of gas available for power generation. The DeGolyer & MacNaughton ("D&M"), Competent Persons Report (CPR) estimated 180 Mbbl of incremental 2P (Proved plus Probable Undeveloped) reserves and our mid-case economics for the project have an IRR of over 40% and a NPV of £2.5 million (which assumes a long-term oil price of $55/bbl).
Our second waterflood opportunity in the southern section of the Welton Field has also experienced delays predominantly with the supply chain and resource availability. We will now be bringing this project online in a phased approach with water injection commencing Q4 2020 with the final water clean-up expected to be completed in early 2021. The phased approach will have little to no impact on the project economics and allows the benefit of the waterflood to be realised broadly in line with the project plan. This is a material project in IGas's inventory, developing approximately 660 Mbbl of 2P reserves and adding over 100bbls/d incremental production with a base case NPV10 of c. £7M (assuming a long-term oil price of $55/bbl).
Both these projects are important advancements in developing the Company's 2P reserves.
Development assets
Diversifying our energy portfolio
Last week, in line with IGas's strategy of diversifying into the wider UK energy market, we acquired a developer of deep geothermal projects onshore in the UK - GT Energy. The acquisition provides the Company with the opportunity to broaden our portfolio of products, whilst ensuring we can leverage our considerable expertise in developing and operating assets onshore UK. It gives IGas an entry point into a highly attractive growth market with a near-term, independently funded project. The equity-funded deal has an initial consideration of £0.5 million and a maximum consideration of £12 million, dependent on achieving certain milestones.
GT Energy's principal project is a 14MW deep geothermal project in the Etruria Valley, Stoke-on-Trent. The project is anticipated to supply zero carbon heat to the city of Stoke-on-Trent on a long-term 'take or pay' contract ("TPA") with Stoke-on-Trent City Council ("SoTCC"). It is anticipated that the heat will be supplied through the SOTCC owned and operated district heating network, which is undergoing installation.
The project will be funded via an exclusive funding arrangement with Gravis Capital Management that will see limited-recourse debt funding for c.98% of SoTCC project costs.
The project received pre-accreditation from the Department of Business, Enterprise and Industrial Strategy under the Renewable Heat Incentive scheme earlier in 2020 and it will have tariff guarantee from Ofgem prior to construction.
All the geophysical work on the project is complete and the necessary permitting in place. Planning was granted historically for the project and needs to be renewed. Under the current timetable it is anticipated that drilling and testing will commence in Q2/Q3 2021 with the installation operational by March 2022.
There are many synergies between our existing skill set as a business. Essentially this is a very similar process in terms of geological interpretation, drilling, completion and facility design; we are just looking for a different resource, a permeable heat reservoir. The opportunities here in the UK are significant as the Government pushes to decarbonise heat as part of the transition to Net Zero in 2050. Currently in the UK, residential heating alone represents over 20% of primary energy demand, more than 90% of which is from non-renewable sources. In the challenge to meet net-zero, decarbonising heat will be fundamental. There is the potential for approximately 50-100 geothermal projects across the UK with an average size of 10MWhth.
Whilst this is still a nascent technology in the UK, over the past 5 years, the installed capacity of deep geothermal heating and cooling plants in Europe has increased by over 1GWth, with 327 plants, a total capacity of 5.5GWth, in operation. There are 57 plants in the Paris basin, providing heat around Paris, and in the area around Munich, Southern Germany, there are 37 projects that supply significant quantities of renewable heat to suburbs and towns.
This acquisition is IGas's entry point into this fast emerging sector, an area that through the energy transition IGas expects to see significant growth.
All IGas operated fields are currently being assessed for other development opportunities, including Carbon Capture and Storage (CCS) and geothermal energy. We continue our work assessing our land portfolio for site suitability for diversification projects such as electricity generation and storage, hydrogen production as well as tying into CCS and geothermal energy evaluation.
Shale
Discussions are ongoing with partners and regulators in respect to the effective moratorium on shale. We believe we can demonstrate that we can operate safely and environmentally responsibly.
As imports continue to rise and the need for gas and in particular, methane for hydrogen, has been made clear by the Committee on Climate Change, the safe development of shale could play a critical role in the UK's energy transition and in the creation of jobs and wealth to a number of key areas.
Ellesmere Port Appeal
As reported in the full year results, our Ellesmere Port appeal was recovered by the Secretary of State (SoS) at the end of June 2019 to determine a decision. The Planning Inspectorate sent a recommendation to the SoS in January 2020 and the deadline for a decision has now passed. Whilst we were informed by the Government that the decision has been delayed we have recently written to the relevant government department to seek a decision as soon as possible.
Financial review
The Group generated revenue of £10.5m in the first six months of 2020 from sales of 335,687 barrels of oil, including sales of third party oil, 4,411 Mwh of electricity and 966,445 therms of gas (H1 2019: revenue £21.2m, sales of 409,470 barrels of oil, 9,000 Mwh of electricity and 746,410 therms of gas).
Brent prices decreased compared to the first half of 2019 averaging $39.1/bbl during H1 2020 compared to $66.0/bbl in H1 2019. In February 2020, the oil price was affected by the global spread of COVID-19 and the resultant reduction in oil demand. This situation was compounded by the failure of OPEC to reach an agreement on constraining supply and the decision of several countries to increase output. The Group benefited from its hedging policy with 270,000 bbls hedged for H1 20 at an average price of $53.0/bbl. The impact of lower oil prices was also partly offset by a strengthening of the US dollar versus sterling with an average USD/GBP rate of $1.28/£1 in H1 2020 compared to $1.29/£1 in H1 2019.
Oil volumes decreased as the Group decided to temporarily shut-in a number of fields during May and June reducing production by c.600 boepd for that period, as this had a positive impact on cash flow due to the low oil prices and the ability to furlough staff.
Adjusted EBITDA for H1 2020 was £2.2m (H1 2019: £7.7m) and the loss after tax from continuing activities was £30.0m (H1 2019: profit of £0.8m). The main factors explaining the movements between H1 2020 and H1 2019 were as follows:
· Revenues of £10.5m (H1 2019: £21.2m) were lower than the first half of 2019 due to lower oil prices and volumes as described above;
· DD&A decreased to £3.5m (H1 2019: £4.6m) mainly due to lower production volumes and an increase in reserves;
· Operating costs decreased to £9.3m (H1 2019: £9.7m). The reduction was mainly due to shutting in sites with relatively high operating costs for May and June, a reduction in staff costs and lower prices of third-party volumes purchased, partially offset by higher rates costs;
· Administrative expenses increased to £2.8m (H1 2019: £2.5m) as a reduction in staff costs was offset by a lower allocation to capital;
· An impairment of £34.6m was recognised on oil and gas assets during the period due to lower oil price forecasts;
· A gain was recognised on oil price derivatives of £4.8m (H1 2019: £2.3m loss) mainly due to higher hedged prices and a decrease in the Brent benchmark;
· Increased finance costs of £3.4m (H1 2019: £1.7m). Lower interest costs were offset by higher foreign exchange losses, a higher finance charge related to lease liabilities and a higher unwinding of discount on provisions; and
· A tax credit of £8.1m (H1 2019: credit £0.1m) principally due to a decrease in deferred tax relating to the value of ring fence tax losses available for offset against future taxable profits.
Income statement
The Group recognised revenues of £10.5m in the period (H1 2019: £21.2m). Group production in the period was 1,940 boepd (H1 2019: 2,360 boepd). Oil sales were 318,751 barrels (excluding third party sales), with 4,411 Mwh of electricity and 966,445 therms of gas sold (H1 2019: 388,757 barrels; 9,000 Mwh of electricity and 746,410 therms of gas sold). Revenues for the period also included £0.5m (H1 2019: £1.0m) relating to the sale of third party oil, the bulk of which is processed through our gathering centre at Holybourne in the Weald Basin.
The average realised price for the period pre-hedge (excluding third party sales) was $36.7/bbl (H1 2019: $64.0/bbl) and post hedge $50/bbl (H1 2019: $61.1/bbl). The average exchange rate for the period was £1:$1.28 (H1 2019: £1:$1.29) which had a positive impact on revenues compared to H1 2019.
Cost of sales for the period was £12.9m (H1 2019: £14.2m) including depreciation, depletion and amortisation (DD&A) of £3.5m (H1 2019: £4.6m), and operating costs of £9.3m (H1 2019: £9.7m). Operating costs include £0.5m (H1 2019: £0.9m) in relation to processing third party oil. The net contribution received from processing third party oil was £nil (H1 2019: £0.1m). Excluding the costs of processing third party oil, operating costs were £0.3m lower than the prior period, due to reduced costs from shut-in sites, and a reduction in staff costs, partially offset by an increase in rates costs. Underlying operating costs per barrel of oil equivalent were £27.0 ($34.5), excluding the third party costs (H1 2019: £20.5 ($26.6)).
Adjusted EBITDA in the period was £2.2m (H1 2019: £7.7m). Gross loss of £2.4m was recognised in the period (H1 2019: profit £7.0m).
Administrative costs increased by £0.3m to £2.8m (H1 2019: £2.5m) principally due to lower staff costs being offset by a lower allocation of costs to capital projects.
An impairment of £34.6m was recognised on oil and gas assets during the period (2019: £nil) primarily as a result of lower oil price forecasts. The future cash flows were estimated using price assumption for Brent of $45-55/bbl for the years 2020-2022 and $60/bbl thereafter. Management also performed sensitivity analysis on the key assumptions. See note 10 for further details.
Exploration costs written off in H1 2020 were £nil (H1 2019: £nil). As part of our ongoing active portfolio management we continually review our acreage positions and will relinquish non-core or uneconomic acreage.
Net finance costs were £3.4m in the period (H1 2019: £1.6m), including interest on borrowings of £0.7m (H1 2019: £0.9m), a net foreign exchange loss of £0.4m (H1 2019: £nil) and unwinding of decommissioning discount £2.0m (2019: £0.7m). The charge also includes £0.3m (H1 2019: £0.1m) relating to the finance charge on lease liabilities. The Group recognised a tax credit of £8.1m (H1 2019: credit £0.1m) during the period primarily relating to deferred tax.
Cash flow
Net cash generated from operations before working capital movements in the period amounted to £1.9m (H1 2019: £8.7m). The Group invested £4.9m across its asset base in the period (H1 2019: £3.4m). £3.5m (H1 2019: £1.6m) was invested in conventional assets, primarily on the Scampton and Welton waterflood projects and to optimise existing facilities and systems. £1.4m (H1 2019: £1.8m), net of recoveries from our joint venture partners, was invested in progressing the Group's shale programme and on working up additional exploration opportunities on conventional assets.
IGas made a net repayment of £1.4m ($2.0m) of principal on borrowings under the RBL facility (H1 2019: £1.1m ($1.5m) repayment of Bonds) in accordance with the terms of the facility.
IGas paid £0.5m ($0.6m) in interest (H1 2019: £0.8m ($1.1m)). Repayment of obligations under leases was £1.6m (H1 2019: £1.2m).
Cash and cash equivalents were £2.6m at the end of the period (31 December 2019: £8.2m).
Balance sheet
Net assets were £84.4m at 30 June 2020 (31 December 2019: £113.1m).
Shareholder's equity decreased by £28.7m to £84.4m.
Non-IFRS measures
The Group uses non-IFRS measures of performance that are not specifically defined under IFRS or other generally accepted accounting principles. The non-IFRS measures include net debt, adjusted EBITDA and underlying cash operating costs. Operating lease costs for the period which have been capitalised under IFRS 16 have been added to underlying cash operating costs and deducted in the calculation of adjusted EBITDA to be consistent with previous periods.
Net debt, being borrowings less cash, increased to £11.2m at 30 June 2020 (31 December 2019: £6.2m; 30 June 2019: £5.9m). The Group's definition of net debt does not include the Groups liabilities under operating leases.
|
|
Six months ended 30 June 2020 |
Six months ended 30 June 2019 |
Year ended 31 December 2019 |
|
|
£m |
£m |
£m |
|
Debt (nominal value excluding capitalised expenses) |
(13.8) |
(20.3) |
(14.4) |
|
Cash and cash equivalents |
2.6 |
14.4 |
8.2 |
|
Net Debt |
(11.2) |
(5.9) |
(6.2) |
Adjusted EBITDA
Adjusted EBITDA is considered by the Company to be a useful additional measure to help understand underlying performance
|
Adjusted EBITDA |
|
|
|
|
|
Six months ended 30 June 2020 |
Six months ended 30 June 2019 |
Year ended 31 December 2019 |
|
|
£m |
£m |
£m |
|
(Loss)/profit before tax |
(38.1) |
0.6 |
(59.1) |
|
Net finance costs |
3.4 |
1.6 |
3.4 |
|
Loss on refinancing |
- |
- |
0.7 |
|
Depletion, depreciation & amortisation |
3.7 |
4.6 |
9.2 |
|
Impairments/write offs |
34.6 |
- |
58.7 |
|
EBITDA |
3.6 |
6.8 |
12.9 |
|
Operating lease costs |
(0.9) |
(0.9) |
(2.0) |
|
Share based payment charges |
1.3 |
0.3 |
0.8 |
|
Unrealised loss/(gain) on hedges |
(1.8) |
1.5 |
2.1 |
|
Adjusted EBITDA |
2.2 |
7.7 |
13.8 |
|
Underlying cash operating costs |
|
|
|
|
|
Six months ended 30 June 2020 |
Six months ended 30 June 2019 |
Year ended 31 December 2019 |
|
|
£m |
£m |
£m |
|
Other cost of sales |
9.3 |
9.7 |
20.5 |
|
Operating lease costs |
0.9 |
0.9 |
2.0 |
|
Underlying cash operating costs |
10.2 |
10.6 |
22.5 |
Principal risks and uncertainties
The Group constantly monitors the Group's risk exposures and the management reports to the Audit Committee and the Board on a regular basis. The Audit Committee receives and reviews these reports and focuses on ensuring that the effective systems of internal financial and non-financial controls including the management of risk are maintained. The results of this work are reported to the Board which in turn performs its own review and assessment.
The principal risks for the Group remain as previously detailed on pages 26-29 of the 2019 Annual Report and Accounts and can be summarised as:
· Strategy fails to meet shareholder expectations;
· Planning, environmental, licensing and other permitting risks associated with its operations and, in particular, with drilling and production operations;
· Climate change risks that causes changes to laws, regulations, policies, obligations and social attitudes relating to the transition to a lower carbon economy which could have a cost impact or reduced demand for hydrocarbons for the Group and could impact our Strategy;
· Cyber security risk that gives exposure to a serious cyber-attack which could affect the confidentiality of data, the availability of critical business information and cause disruption to our operations;
· No guarantee can be given that oil or gas can be produced in the anticipated quantities from any or all of the Group's assets or that oil or gas can be delivered economically;
· Development of shale gas resources not successful;
· Loss of key staff;
· Market price risk through variations in the wholesale price of oil in the context of the production from oil fields it owns and operates;
· Market price risk through variations in the wholesale price of gas and electricity in the context of its future unconventional production volumes;
· Exchange rate risk through both its major source of revenue and its major borrowings being priced in US$ while most of the Group's operating and G&A costs are denominated in UK pounds sterling;
· Liquidity risk through its operations;
· Capital risk resulting from its capital structure, including operating within the covenants of its RBL facility;
· Political risk such as change in Government or the effect of local or national referendum; and
· Pandemic that impacts the ability to operate the business effectively.
Going concern
The Group continues to closely monitor and manage its liquidity risks. Cash flow forecasts for the Group are regularly produced based on, inter alia, the Group's production and expenditure forecasts, management's best estimate of future oil prices, management's best estimate of foreign exchange rates and the Group's available loan facility under the RBL. Sensitivities are run to reflect different scenarios including, but not limited to, possible further reductions in commodity prices, strengthening of sterling and reductions in forecast oil and gas production rates.
The ability of the Group to operate as a going concern is dependent upon the continued availability of future cash flows and the availability of the monies drawn under its RBL, which is redetermined semi-annually based on various parameters (including oil price and level of reserves) and is also dependent on the Group not breaching its RBL covenants. Whilst we have better financial flexibility and a reduced overall cost of debt, we have re-evaluated our priorities in the short-term to ensure we weather both the current oil price reduction and other impacts of COVID-19, including potential disruption to the Group's operational activities which could impact earnings, cash flows and financial condition of the Group.
The COVID-19 pandemic has developed rapidly in 2020, with a significant number of cases worldwide. Measures taken by various governments to contain the virus have affected global economic activity and has resulted in a significant reduction in demand for oil. The fall in oil demand has led to a fall in oil prices from around $60/bbl at the start of 2020 to a low of under $20/bbl in April. Although the oil price has since improved, there remains significant uncertainty as to how COVID-19 and its aftermath will impact economies, oil demand and therefore oil price over the near and mid-term.
Management has also considered the impact of the COVID-19 global crisis on the Group's operations. We continue to monitor the situation closely and act within Government guidelines and have a number of contingency plans in place should our operations be significantly affected by the coronavirus. Many of our sites are remotely manned and at this stage we are well equipped as a business to ensure we maintain business continuity. Our production comes from a large number of wells in a variety of locations and we have flexibility in our off-take arrangements. We continue to liaise and co-operate with all the relevant regulators.
The Group's base case cashflow forecast was run with average oil prices of $45/bbl for September to December 2020 rising to an average of $48/bbl in 2021 and $55/bbl in Q1 22, with a foreign exchange rate of $1.31/£1 during the period. Our modelling included the benefits of the Group's commodity hedging policy with 280,000 bbls hedged at an average minimum price of $46.7/bbl as well as our foreign exchange hedges in place of $7 million at rates between $1.17 and $1.2/£1.00. Our forecasts show that the Group will have sufficient financial headroom to meet its financial covenants based on the existing RBL facility, as well as those based on a reasonable estimate of the outcome of the next half-yearly redetermination due in November 2020. Given the uncertainties described above, the level of Group revenues and availability of facilities under the RBL are inherently uncertain. As such management has also prepared a downside forecast with average oil prices at $33/bbl for September to December 2020, $40/bbl for Q1 21, rising to $48/bbl in the fourth quarter of 2021 and $50/bbl in 2022, and an exchange rate of $1.40/£1.00 for Q4 2020 - Q1 21 and $1.35/£1.00 for Q2 21 - Q1 22. Our models also included an average reduction in production of 5% over the period to reflect a disruption risk from the COVID-19 crisis. To manage the impact of the downside scenario modelled, management would take mitigating actions, including further delaying capital expenditure and additional reductions in costs in order to remain within the company's debt liquidity covenants based on a reasonable expected RBL redetermination in November 2020. All such mitigating actions are within management's control. In this downside scenario, our forecast shows that the Group will have sufficient financial headroom to meet its financial covenants for the 12 months from the date of approval of the financial statements. However, should oil price or demand (and therefore revenue) fall further, the Company may not have sufficient funds available for 12 months from the date of approval of these financial statements.
However, at the date of approval of the financial statements, there continues to be material uncertainty of the potential impact of COVID-19 on the Group's operational activities, the outcome of the November 2020 redetermination of the RBL and future commodity prices. These material uncertainties cast doubt upon the Group's ability to continue as a going concern. Notwithstanding these material uncertainties, the Directors have a reasonable expectation that the Group has adequate resources to continue in existence for the foreseeable future and have concluded it is appropriate to adopt the going concern basis of accounting in the preparation of the financial statements. The interim financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
Responsibility statement
The Directors confirm that to the best of their knowledge:
a) The condensed interim consolidated financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting';
b) The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) The interim finance review includes a fair review of the business and of any required related party disclosures.
By order of the Board,
Stephen Bowler
Chief Executive Officer
22 September 2020
Independent review report to IGas Energy plc
Report on the Condensed Interim Consolidated Financial Statements
Our conclusion
We have reviewed IGas Energy plc's Condensed Interim Consolidated Financial Statements (the "interim financial statements") in the Unaudited Interim results for the six months ended 30 June 2020 of IGas Energy plc for the 6 month period ended 30 June 2020. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the AIM Rules for Companies.
Emphasis of matter - Going Concern
Without modifying our conclusion on the interim financial statements, we have considered the adequacy of the disclosure made in note 1b to the interim financial statements concerning the Group's ability to continue as a going concern. The ability of the Group to operate as a going concern is dependent upon the Group generating cash flows and the availability of the monies drawn under its reserve based lending facility ('RBL'). The RBL is redetermined on a semi-annual basis and is based on the estimate of reserves and future oil prices. The Group's operational activities and cash flows could also be impacted by the uncertainty over the impact of COVID-19 and over oil prices. These conditions, along with the other matters explained in note 1b to the interim financial statements, indicate the existence of material uncertainties which may cast significant doubt upon the Group's ability to continue as a going concern. The Group interim financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
What we have reviewed
The interim financial statements comprise:
· the Condensed Interim Consolidated Balance Sheet as at 30 June 2020;
· the Condensed Interim Consolidated Income Statement and Condensed Interim Consolidated Statement of Comprehensive Income for the period then ended;
· the Condensed Interim Consolidated Cash Flow Statement for the period then ended;
· the Condensed Interim Consolidated Statement of Changes in Equity for the period then ended; and
· the explanatory notes to the interim financial statements.
The interim financial statements included in the Unaudited Interim results for the six months ended 30 June 2020 have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the AIM Rules for Companies.
As disclosed in note 2 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Group is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The Unaudited Interim results for the six months ended 30 June 2020, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the Unaudited Interim results for the six months ended 30 June 2020 in accordance with the AIM Rules for Companies which require that the financial information must be presented and prepared in a form consistent with that which will be adopted in the company's annual financial statements.
Our responsibility is to express a conclusion on the interim financial statements in the Unaudited Interim results for the six months ended 30 June 2020 based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the AIM Rules for Companies and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
What a review of interim financial statements involves
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the Unaudited Interim results for the six months ended 30 June 2020 and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants
London
22 September 2020
Condensed Interim Consolidated Income Statement
| Notes | Unaudited 6 months ended 30 June 2020 £000 | Unaudited 6 months ended 30 June 2019 £000 | Audited year ended 31 December 2019 £000 |
Revenue | 4 | 10,476 | 21,243 | 40,901 |
Cost of sales |
|
|
|
|
Depletion, depreciation and amortisation |
| (3,539) | (4,585) | (9,058) |
Other costs of sales |
| (9,340) | (9,653) | (20,542) |
Total cost of sales |
| (12,879) | (14,238) | (29,600) |
Gross (loss)/profit |
| (2,403) | 7,005 | 11,301 |
Administrative expenses |
| (2,793) | (2,507) | (4,533) |
Exploration and evaluation assets written off |
| (5) | (6) | (53,928) |
Oil and gas assets impairment | 10 | (34,607) | - | - |
Goodwill impairment |
| - | - | (4,801) |
Gain/(loss) on oil price derivatives |
| 4,840 | (2,283) | (3,348) |
Gain on foreign exchange contracts |
| 310 | 80 | 265 |
Operating (loss)/profit |
| (34,658) | 2,289 | (55,044) |
Finance income | 5 | 7 | 57 | 460 |
Finance costs | 5 | (3,409) | (1,698) | (3,861) |
Loss on extinguishment of debt re-financing |
| - | - | (692) |
(Loss)/profit from continuing activities before tax |
| (38,060) | 648 | (59,137) |
Income tax credit | 6 | 8,095 | 126 | 9,307 |
(Loss)/profit after tax from continuing operations attributable to shareholders' equity |
| (29,965) | 774 | (49,830) |
Loss after tax from discontinued operations | 7 | (10,896) | (172) | (396) |
Net (loss)/profit for the year attributable to shareholders' equity |
| (40,861) | 602 | (50,226) |
(Loss)/profit attributable to equity shareholders from continuing operations: |
|
|
|
|
Basic earnings/(loss) per share (pence/share) | 8 | (24.58) | 0.63p | (40.93p) |
Diluted earnings/(loss) per share (pence/share) | 8 | (24.58) | 0.60p | (40.93p) |
(Loss)/profit attributable to equity shareholders including discontinued operations: |
|
|
|
|
Basic (loss)/earnings per share (pence/share) | 8 | (33.52) | 0.49p | (41.26p) |
Diluted (loss)/earnings per share (pence/share) | 8 | (33.52) | 0.47p | (41.26p) |
Condensed Interim Consolidated Statement of Comprehensive Income
| Unaudited 6 months ended 30 June 2020 £000 | Unaudited 6 months ended 30 June 2019 £000 | Audited year ended 31 December 2019 £000 |
(Loss)/profit for the period/year | (40,861) | 602 | (50,226) |
Other comprehensive (loss)/income for the period/year: |
|
|
|
Currency translation adjustments recycled to the income statement (note 7) | 10,781 | - | (63) |
Currency translation adjustments | (67) | (24) | 68 |
Total comprehensive (loss)/income for the period/year | (30,147) | 578 | (50,221) |
Condensed Interim Consolidated Balance Sheet
| Notes | Unaudited at 30 June 2020 £000 | Unaudited at 30 June 2019 £000 | Audited at 31December 2019 £000 |
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Goodwill |
| - | 4,801 | - |
Intangible exploration and evaluation assets | 9 | 42,399 | 91,729 | 41,455 |
Property, plant and equipment | 10 | 69,348 | 98,687 | 104,532 |
Right-of-use assets | 11 | 7,694 | 7,566 | 7,668 |
Restricted cash |
| 410 | 410 | 410 |
Deferred tax asset |
| 38,056 | 20,779 | 29,961 |
|
| 157,907 | 223,972 | 184,026 |
Current assets |
|
|
|
|
Inventories |
| 1,106 | 1,221 | 1,193 |
Trade and other receivables |
| 3,973 | 6,638 | 5,986 |
Cash and cash equivalents | 13 | 2,592 | 14,403 | 8,194 |
Restricted cash |
| - | 193 | - |
Derivative financial instruments |
| 1,704 | 679 | 127 |
|
| 9,375 | 23,134 | 15,500 |
Total assets |
| 167,282 | 247,106 | 199,526 |
Liabilities |
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables |
| (5,245) | (7,160) | (9,288) |
Current tax liabilities |
| - | (21) | - |
Borrowings | 13 | - | (2,390) | - |
Derivative financial instruments |
| - | (100) | (266) |
Lease liabilities | 11 | (979) | (1,759) | (988) |
|
| (6,224) | (11,430) | (10,542) |
Non-current liabilities |
|
|
|
|
Borrowings | 13 | (12,650) | (17,511) | (13,071) |
Other creditors |
| (1,358) | (1,722) | (1,529) |
Lease liabilities | 11 | (6,394) | (5,294) | (6,173) |
Provisions |
| (56,263) | (48,294) | (55,101) |
|
| (76,665) | (72,821) | (75,874) |
Total liabilities |
| (82,889) | (84,251) | (86,416) |
Net assets |
| 84,393 | 162,855 | 113,110 |
Equity |
|
|
|
|
Capital and reserves |
|
|
|
|
Called up share capital | 14 | 30,333 | 30,333 | 30,333 |
Share premium account | 14 | 102,741 | 102,590 | 102,680 |
Foreign currency translation reserve |
| 3,425 | (7,318) | (7,289) |
Other reserves |
| 34,150 | 31,817 | 32,781 |
Accumulated (deficit)/surplus |
| (86,256) | 5,433 | (45,395) |
Total equity |
| 84,393 | 162,855 | 113,110 |
Condensed Interim Consolidated Statement of Changes in Equity
| Called up share capital 000 | Share premium account £000 | Foreign currency translation reserve* £000
000 | Other reserves** 000 | Accumulated surplus/ (deficit) 000 | Total Equity 000 |
At 31 December 2018 (audited) | 30,333 | 102,501 | (7,294) | 31,310 | 4,831 | 161,681 |
Profit for the period | - | - | - | - | 602 | 602 |
Share options issued under the employee share plan | - | - | - | 507 | - | 507 |
Issue of shares (note 14) | - | 89 | - | - | - | 89 |
Currency translation adjustments | - | - | (24) | - | - | (24) |
At 30 June 2019 (unaudited) | 30,333 | 102,590 | (7,318) | 31,817 | 5,433 | 162,855 |
Loss for the period | - | - | - | - | (50,828) | (50,828) |
Share options issued under the employee share plan | - | - | - | 1,092 | - | 1,092 |
Forfeiture of options under the employee share plan | - | - | - | (128) | - | (128) |
Issue of shares (note 14) | - | 90 | - | - | - | 90 |
Currency translation adjustments | - | - | 29 | - | - | 29 |
At 31 December 2019 (audited) | 30,333 | 102,680 | (7,289) | 32,781 | (45,395) | 113,110 |
Loss for the period | - | - |
| - | (40,861) | (40,861) |
Share options issued under the employee share plan | - | - |
| 1,369 |
| 1,369 |
Issue of shares (note 14) | - | 61 |
| - |
| 61 |
Currency translation adjustments (note 7) | - | - | 10,714 | - | - | 10,714 |
At 30 June 2020 (unaudited) | 30,333 | 102,741 | 3,425 | 34,150 | (86,256) | 84,393 |
* The foreign currency translation reserve represents exchange gains and losses arising on translation of foreign currency subsidiaries net assets and results, and on translation of those subsidiaries intercompany balances which form part of the net investment of the Group.
** Other reserves include: 1) EIP/MRP/LTIP/VCP/EDRP reserves which represent the cost of share options issued under the long term incentive plans; 2) share investment plan reserve which represents the cost of the partnership and matching shares; 3) treasury shares reserve which represents the cost of shares in IGas Energy plc purchased in the market and held by the IGas Employee Benefit Trust to satisfy awards held under the Group incentive plans; and 4) capital contribution reserve which arose following the acquisition of IGas Exploration UK Limited.
Condensed Interim Consolidated Cash Flow Statement
| Notes | Unaudited 6 Months ended 30 June 2020 £000 | Unaudited 6 Months ended 30 June 2019 £000 | Audited year ended 31 December 2019 £000 |
Cash flows from operating activities: |
|
|
|
|
(Loss)/profit before tax for the period/year |
| (38,060) | 648 | (59,137) |
Net loss on extinguishment of debt re-financing |
| - | - | 692 |
Depletion, depreciation and amortisation |
| 3,702 | 4,771 | 9,449 |
Abandonment costs/other provisions utilised |
| (863) | (230) | (1,760) |
Share based payment charge |
| 921 | 436 | 801 |
Exploration and evaluation assets written-off | 9 | 5 | 6 | 53,928 |
Oil and gas assets impairment |
| 34,607 | - | - |
Goodwill impairment |
| - | - | 4,801 |
Unrealised (gain)/loss on oil price derivatives |
| (1,533) | 1,479 | 2,380 |
Unrealised (gain)/loss on foreign exchange contracts |
| (310) | (80) | (265) |
Finance income | 5 | (7) | (57) | (460) |
Finance costs | 5 | 3,409 | 1,698 | 3,861 |
Other non-cash adjustments |
| 3 | (5) | (14) |
Operating cash flow before working capital movements |
| 1,874 | 8,666 | 14,276 |
Decrease/(increase) in trade and other receivables and other financial assets |
| 2,675 | (916) | (602) |
Decrease in trade and other payables |
| (2,199) | (1,989) | (1,733) |
Decrease/(increase) in inventories |
| 87 | (72) | (44) |
Cash generated from continuing operating activities |
| 2,437 | 5,689 | 11,897 |
Cash (used in)/generated from discontinued operating activities |
| (168) | 118 | 105 |
Net cash generated from operating activities |
| 2,269 | 5,807 | 12,002 |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of intangible exploration and evaluation assets |
| (1,407) | (1,814) | (2,716) |
Purchase of property, plant and equipment |
| (3,500) | (1,568) | (3,668) |
Other income received |
| - | 8 | 15 |
Interest received |
| 7 | 57 | 129 |
Cash used in continuing investing activities |
| (4,900) | (3,317) | (6,240) |
Net cash used in investing activities |
| (4,900) | (3,317) | (6,240) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Cash proceeds from issue of ordinary share capital | 14 | 31 | 37 | 69 |
Drawdown on reserves-based loan facility |
| 3,215 | - | 19,319 |
Repayment on reserves-based loan facility |
| (4,645) | - | (4,639) |
Fees paid related to debt re-financing |
| - | - | (1,059) |
Repayment of bonds |
| - | (1,144) | (21,355) |
Repayment of principal portion of lease liability |
| (1,265) | (1,092) | (2,010) |
Repayment of interest on lease liabilities |
| (320) | (78) | (677) |
Interest paid |
| (477) | (823) | (2,021) |
Net cash used in financing activities |
| (3,461) | (3,100) | (12,373) |
|
|
|
|
|
Net decrease in cash and cash equivalents during the period/year |
| (6,092) | (610) | (6,611) |
Net foreign exchange difference |
| 490 | (99) | (307) |
Cash and cash equivalents at the beginning of the period/year |
| 8,194 | 15,112 | 15,112 |
Cash and cash equivalents at the end of the period/year | 13 | 2,592 | 14,403 | 8,194 |
1 Corporate information
The condensed interim consolidated financial statements of the Group for the six months ended 30 June 2020, which are unaudited, were authorised for issue in accordance with a resolution of the Directors on 22 September 2020.
IGas Energy plc is a public limited company incorporated and domiciled in England whose shares are publicly traded. The Group's principal activity is exploring for, appraising, developing and producing oil and gas resources in Great Britain.
2 Accounting policies
Basis of preparation
These condensed interim consolidated financial statements for the six months ended 30 June 2020 have been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and with International Accounting Standard ('IAS') 34 - 'Interim Financial Reporting' as adopted by the European Union. The condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended 31 December 2019, which have been prepared in accordance with IFRSs as adopted by the European Union.
The financial information contained in this document does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006 (England & Wales). The financial information as at 31 December 2019 is based on the statutory accounts for the year ended 31 December 2019. A copy of the statutory accounts for that year, which were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union up to 31 December 2016, has been delivered to the Register of Companies and is available on the Company's website at www.igasplc.com. The auditors' report in accordance with Chapter 3 Part 16 of the Companies Act 2006 in relation to those accounts was unqualified and did not contain any matters on which the auditors are required to report an exception in accordance with section 498 (2) and (3) of the Companies Act 2006.
Going concern
The Group continues to closely monitor and manage its liquidity risks. Cash forecasts for the Group are regularly produced based on, inter alia, the Group's production and expenditure forecasts, management's best estimate of future oil prices (based on current forward curves, adjusted for the Group's hedging programme) and the Group's borrowings. Sensitivities are run to reflect different scenarios including, but not limited to, possible further reductions in commodity prices below the current forward curve and reductions in forecast oil and gas production rates. The Group's base case working capital forecasts show that the Group will have sufficient financial headroom in its RBL facility for the 12 months from the date of approval of the financial statements and is able to meet its financial covenants under the RBL. To manage the impact of reasonably plausible downside scenarios modelled, management would have to take action, including delaying capital expenditure in order to remain within the company's debt liquidity covenants. All such mitigating actions are within management's control. Therefore, after making appropriate enquiries and considering the risks described above, the Directors have a reasonable expectation that the Group has adequate resources to continue in existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in the preparation of the financial statements
The accounting policies applied in these condensed interim consolidated financial statements are consistent with those followed in the preparation of the Group's financial statements for the year ended 31 December 2019 except for the new and amended standards and interpretations discussed below.
New and amended standards and interpretations
During the period, the Group adopted the following new and amended IFRSs for the first time for their reporting period commencing 1 January 2020:
IAS 1 and IAS 8 Definition of Material |
|
|
IFRS 3 Definition of a Business - Amendments to IFRS 3 |
|
|
The conceptual Framework for Financial Reporting |
|
|
These standards do not have a material impact on the entity in the current or future reporting periods. There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods.
Estimates and judgements
The preparation of the condensed interim consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these condensed interim consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 December 2019.
Financial risk management
The Group's activities expose it to a variety of financial risks; market risk (including interest rate, commodity price and foreign currency risks), credit risk and liquidity risk.
The condensed interim consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group's annual financial statements as at 31 December 2019.
3 Basis of consolidation
The condensed interim consolidated financial statements present the results of IGas Energy plc and its subsidiaries as if they formed a single entity. The financial information of subsidiaries used in the preparation of these condensed interim consolidated financial statements are based on consistent accounting policies to those of the parent. All intercompany transactions and balances between Group companies, including unrealised profits/losses arising from them, are eliminated in full. Where shares are issued to an Employee Benefit Trust, and the Company is the sponsoring entity, it is treated as an extension of the entity.
4 Revenue
The Group derives revenue solely within the United Kingdom from the transfer of goods and services to external customers which is recognised at a point in time when the performance obligation has been satisfied by the transfer of goods. The Group's major product lines are:
| Unaudited 6 months ended 30 June 2020 | Unaudited 6 months ended 30 June 2019 | Audited year ended 31 December 2019 |
| £000 | £000 | £000 |
Oil sales | 10,048 | 20,416 | 39,248 |
Electricity sales | 181 | 517 | 966 |
Gas sales | 247 | 310 | 687 |
Revenue for the period/year | 10,476 | 21,243 |
40,901 |
5 Finance income and costs
| Unaudited 6 months ended 30 June 2020 | Unaudited 6 months ended 30 June 2019 | Audited year ended 31 December 2019 |
| £000 | £000 | £000 |
Finance income |
|
|
|
Interest on short-term deposits | 7 | 57 | 127 |
Foreign exchange gains | - | - | 333 |
Finance income for the period/year | 7 | 57 | 460 |
Finance expense |
|
|
|
Interest on borrowings | (702) | (920) | (1,874) |
Foreign exchange loss | (361) | (46) | - |
Unwinding of discount on provisions | (2,026) | (655) | (1,310) |
Finance charge on lease liability for assets in use | (320) | (77) | (677) |
Finance expense for the period/year | (3,409) | (1,698) | (3,861) |
6 Tax on profit on ordinary activities
The Group calculates the period income tax expense using the UK corporation tax rate that would be applicable to expected total annual earnings (40% for UK ring fence activities and 19% for all other UK activities). The effective tax rate for the period is 21% and the major components of income tax expense in the condensed interim consolidated income statement are:
| Unaudited 6 months ended 30 June 2020 £000 | Unaudited 6 months ended 30 June 2019 £000 | Audited year ended 31 December 2019 £000 |
UK corporation tax |
|
|
|
Charge/(credit) in relation to prior periods | - | - | - |
Total current tax charge/(credit) | - | - | - |
Deferred tax |
|
|
|
Current year credit relating to the origination or reversal of temporary differences | (7,998) | (76) | (3,461) |
Credit due to tax rate changes | (97) | - | - |
Credit in relation to prior periods | - | (50) | (5,846) |
Total deferred tax credit | (8,095) | (126) | (9,307) |
Tax credit on profit on ordinary activitiesfor the period/year | (8,095) | (126) | (9,307) |
A deferred tax asset of £38 million has been recognised in respect of tax losses and other temporary differences where the Directors believe that it is probable that these assets will be recovered.
7 Loss after tax from discontinued operations
The divestment of assets acquired as part of the Dart Acquisition, namely the Rest of the World segment, was completed in 2016. The Group still has a presence in a small number of Australian and Singaporean registered operations and continues its plans to exit all legal jurisdictions in the near future. During the current period a number of these overseas dormant subsidiaries have been struck off or liquidated. The total loss after tax in respect of discontinued operations was £10.9 million primarily due to the recycling of the currency translation reserve on liquidation/strike off (six months ended 30 June 2019: loss after tax of £0.2 million; year ended 31 December 2019: loss after tax of £0.4 million, primarily relating to administration costs).
Effect of liquidation/strike off on the financial statements:
| Unaudited 6 months ended 30 June 2020 £000 |
Other receivables | (1) |
Cash and cash equivalents | (9) |
Other payables | 56 |
Net assets and liabilities disposed | 46 |
Disposal consideration | - |
|
|
Translation reserve re-classification to Income Statement on liquidation/strike off | (10,781) |
Loss on liquidation/strike off | (10,735) |
8 Earnings per share (EPS)
Continuing
Basic EPS amounts are based on the loss for the period after taxation attributable to ordinary equity holders of the parent of £30.0 million (six months ended 30 June 2019: a profit after tax of £0.8 million; year ended 31 December 2019: a loss after tax of £49.8 million) and the weighted average number of ordinary shares outstanding during the period of 121.9 million (six months ended 30 June 2019: 122.2 million; year ended 31 December 2019: 121.7 million).
Diluted EPS amounts are based on the loss for the period after taxation attributable to the ordinary equity holders of the parent and the weighted average number of shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on the conversion of all the potentially dilutive ordinary shares into ordinary shares, except where these are anti-dilutive.
There are 12.0 million potentially dilutive employee share options which are not included in the calculation of diluted earnings per share in the current period. (six months ended 30 June 2019: 6.5 million share options which are included in the calculation of diluted earnings per share and year ended 31 December 2019: 6.3 million, potentially dilutive employee share options which are not included in the calculation of diluted earnings, as their conversion to ordinary shares would have decreased the loss per share).
9 Intangible exploration and evaluation assets
| Unaudited 6 months ended 30 June 2020 '000 | Unaudited 6 months ended 30 June 2019 '000 | Audited year ended 31 December 2019 £'000
'000 |
At 1 January | 41,455 | 89,282 | 89,282 |
Additions | 949 | 2,111 | 3,984 |
Transfer from/(to) disposal group classified as held for sale | - | 342 | 342 |
Changes in decommissioning | - | - | 1,775 |
Amounts written off | (5) | (6) | (53,928) |
At 30 June/31 December | 42,399 | 91,729 | 41,455 |
Exploration costs written off in the period to 30 June 2020 were £nil (6 months to 30 June 2019: £nil, year ended 31 December 2019: £53.9 million). The impairment for the year ended 31 December 2019 comprised £51.8 million related to licences in the North West, primarily PEDL145 (Doe Green), PEDL 193, PEDL147 and PEDL 189 where the previously capitalised assets have been written off in full; and £0.8 million related to PEDL 146, EXL 288 and 56-1 in the East Midlands where relinquishment of the licences are planned in 2020/2021. The balance relates to exploration costs on a number of other licences outside our core area. Management continually review the Group's acreage positions and will seek to relinquish non-core licences or impair licences where the carrying value cannot be supported.
Further analysis by location of asset is as follows:
North West: The group has £6.1 million (H1 2019: £49.1 million, year ended 31 December 2019: £5.9 million) of capitalised exploration expenditure relating to Ellesmere Port where IGas has lodged an appeal against the decision made by Cheshire West and Chester Council's Planning and Licensing Committee to refuse planning consent for routine tests on a rock formation encountered in the Ellesmere Port-1 well. The appeal has been recovered by the Secretary of State and we are awaiting the outcome. As the outcome is still undetermined it is appropriate to keep the carrying value of the asset capitalised.
East Midlands: The group has £32.3 million (H1 2019: £38.8 million, year ended 31 December 2019: £31.6 million) of capitalised exploration expenditure relating to our core area in the Gainsborough Trough which includes PEDL's 12, 139, 140, 169, 200 and 210. The Gainsborough Trough is an area with significant shale potential. Following the moratorium on fracking, we continue to work with the OGA, BEIS and No 10 Policy Unit to demonstrate that we can develop shale in this area in a safe manner. Our discussions have focused on the new science that would be brought forward on a sector wide and site specific basis that would allow the moratorium to be lifted. We are doing this in conjunction with our joint venture partners and the work is ongoing at present.
Weald: The Group has £4.0 million (H1 2019 £3.7 million, year ended 31 December 2019: £4.0 million) of capitalised exploration expenditure which includes PEDL 235.
10 Property, plant and equipment
| Unaudited 6 months ended 30 June 2020 '000 |
| Unaudited 6 months ended 30 June 2019 '000 |
| Audited year ended 31 December 2019 '000 | ||||||||
| Oil and gas assets | Other fixed assets | Total |
| Oil and gas assets | Other fixed assets | Total |
| Oil and gas assets | Other fixed assets | Total |
| |
Cost |
|
|
|
|
|
|
|
|
|
|
|
| |
At 1 January | 197,875 | 3,660 | 201,535 |
| 154,649 | 2,871 | 157,520 |
| 154,649 | 2,871 | 157,520 |
| |
Additions | 2,465 | 3 | 2,468 |
| 1,680 | - | 1,680 |
| 5,491 | 10 | 5,501 |
| |
Disposals | (21) | - | (21) |
| - | - | - |
| (118) | - | (118) |
| |
Changes in decommissioning | - | - | - |
| - | - | - |
| 5,908 | - | 5,908 |
| |
Transfer from/(to) disposal group classified as held for sale | - | - | - |
| 31,945 | 779 | 32,724 |
| 31,945 | 779 | 32,724 |
| |
At 30 June/31 December | 200,319 | 3,663 | 203,982 |
| 188,274 | 3,650 | 191,924 |
| 197,875 | 3,660 | 201,535 |
| |
Depreciation and Impairment |
|
|
|
|
|
|
|
|
|
|
|
| |
At 1 January | 94,940 | 2,063 | 97,003 |
| 65,002 | 1,115 | 66,117 |
| 65,002 | 1,115 | 66,117 |
| |
Charge for the period/year | 2,955 | 90 | 3,045 |
| 3,951 | 112 | 4,063 |
| 7,688 | 258 | 7,946 |
| |
Disposals | (21) | - | (21) |
| - | - | - |
| (117) | - | (117) |
| |
Impairment | 34,607 | - | 34,607 |
| - | - | - |
| - | - | - |
| |
Transfer from/(to) disposal group classified as held for sale | - | - | - |
| 22,367 | 690 | 23,057 |
| 22,367 | 690 | 23,057 |
| |
At 30 June/31 December | 132,481 | 2,153 | 134,634 |
| 91,320 | 1,917 | 93,237 |
| 94,940 | 2,063 | 97,003 |
| |
Net book value at 30 June/31 December | 67,838 | 1,510 | 69,348 |
| 96,954 | 1,733 | 98,687 |
| 102,935 | 1,597 | 104,532 |
| |
Impairment of oil and gas properties
Due to the continuing volatility in oil and gas prices and foreign exchange rates, management identified impairment triggers and hence the Group's oil and gas properties were reviewed for impairment as at 30 June 2020. Cash Generating Units (CGUs) for impairment purposes are the group of fields whereby technical, economic and/or contractual features create underlying interdependence in cash flows. The Group has identified the three main producing CGUs as: North, South, and Scotland. The impairment assessment was prepared on a fair value less costs of disposal basis using discounted future cash flows based on 2P reserve profiles. The future cash flows were estimated using price assumptions for Brent of $45-55/bbl for the years 2020-2022 and $60/bbl thereafter, and a USD/GBP foreign exchange rate of $1.32:£1.00. Cash flows were discounted using a post-tax discount rate of 8.3%. This resulted in an impairment of £34.6 million for the period.
Sensitivity of changes in assumptions
As discussed above, the principal assumptions are recoverable future production and resources, estimated Brent prices and the USD/GBP foreign exchange rate. Impairments that would result from changes to the key assumptions are shown below:
CGU | 10% reduction in price | 10% reduction in production | USD/GBP foreign exchange rate @ $1.4 | Discount rate @ 9.3% |
| £m | £m | £m | £m |
|
|
|
|
|
North | 30.5 | 31.2 | 26.5 | 24.2 |
South | 18.6 | 18.3 | 16.2 | 12,7 |
Scotland | 1.0 | 0.7 | 1.1 | 1.0 |
Total | 50.1 | 50.2 | 43.8 | 37.9 |
The sensitivity analysis above does not take into account any mitigating actions available to management should these changes occur.
11 IFRS 16 Leases
(a) Amounts recognised in the balance sheet
The Group has identified lease portfolios for property, land, cars and other equipment as follows:
| Unaudited 30 June 2020 '000 | Unaudited 30 June 2019 '000 | Audited 31 December 2019 '000 |
Right-of-use assets |
|
|
|
Land | 7,318 | 6,630 | 7,182 |
Motor vehicles and other equipment | 180 | 303 | 156 |
Property | 196 | 633 | 330 |
At 30 June/31 December | 7,694 | 7,566 | 7,668 |
Additions amount to £0.7 million (H1 2019: £0.8 million, year ended 31 December 2019: £1.4 million) due to the changes in lease terms and RPI rent increases. Depreciation amounts to £0.7 million (H1 2019: £0.7 million, year ended 31 December 2019: £1.5 million).
| Unaudited 30 June 2020 '000 | Unaudited 30 June 2019 '000 | Audited 31 December 2019 '000 |
Lease liabilities |
|
|
|
Current | 979 | 1,759 | 988 |
Non-current | 6,394 | 5,294 | 6,173 |
At 30 June/31 December | 7,373 | 7,053 | 7,161 |
(b) Amounts recognised in the income statement
| Unaudited 30 June 2020 '000 | Unaudited 30 June 2019 '000 | Audited 31 December 2019 '000 |
Depreciation charge of right-of-use assets |
|
|
|
Land | 445 | 469 | 1,025 |
Motor vehicles and other equipment | 79 | 94 | 268 |
Property | 134 | 145 | 210 |
At 30 June/31 December | 658 | 708 | 1,503 |
Other |
|
|
|
Interest expense (included in finance costs) | 320 | 78 | 677 |
Expense related to leases of low-value and short-term leases (included in cost of sales and administrative expenses) | 376 | 10 | 77 |
11 IFRS 16 Leases (continued)
(c) Amounts recognised in the cash-flow statement
| Unaudited 30 June 2020 '000 | Unaudited 30 June 2019 '000 | Audited 31 December 2019 '000 |
Repayment of interest on lease liabilities | 320 | 78 | 677 |
Repayment of principal portion of lease liability | 1,265 | 1,092 | 2,010 |
Total cash outflow at 30 June/31 December | 1,585 | 1,170 | 2,687 |
12 Financial Instruments - fair value disclosure
The Group uses the following hierarchy for determining and disclosing the fair value of the financial instruments by valuation technique:
● Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
● Level 2: other valuation techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and
● Level 3: valuation techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.
There are no non-recurring fair value measurements nor have there been any transfers between levels of the fair value hierarchy.
The financial assets and liabilities measured at fair value are categorised into the fair value hierarchy as at the reporting dates as follows:
| Unaudited 6 months ended 30 June 2020 '000 | Unaudited 6 months ended 30 June 2019 '000 | Audited year ended 31 December 2019 '000 |
Financial assets: Level 2 |
|
|
|
Derivative financial instruments - oil hedges | 1,309 | 679 | 43 |
Derivative financial instruments - foreign exchange contracts | 395 | - | 84 |
At 30 June/31 December | 1,704 | 679 | 127 |
|
|
|
|
Financial liabilities: Level 2 |
|
|
|
Derivative financial instruments - oil hedges | - | - | (266) |
Derivative financial instruments - foreign exchange contracts | - | 100 | - |
At 30 June/31 December | - | 100 | (266) |
Fair value of derivative financial instruments
Commodity price options
The fair values of the commodity price options were provided by counterparties with whom the trades have been entered into. These consist of Asian style put and call options and swaps to sell/buy oil. The options are valued using a Black-Scholes methodology; however, certain adjustments are made to the spot-price volatility of oil prices due to the nature of the options. These adjustments are made either through Monte Carlo simulations or through statistical formulae. The inputs to these valuations include the price of oil, its volatility, and risk free interest rates.
Foreign exchange contracts
The fair values of foreign exchange contracts were provided by counterparties with whom the trades have been entered into.
12 Financial Instruments - fair value disclosure (continued)
Fair value of financial assets and financial liabilities
The carrying values of the financial assets and financial liabilities are considered to be materially equivalent to their fair values.
13 Cash and cash equivalents and other financial assets
| Unaudited 30 June 2020 £000 | Unaudited 30 June 2019 £000 | Audited 31 December 2019 £000 |
Cash and cash equivalents | 2,592 | 14,403 | 8,194 |
Borrowings | (12,650) | (19,901) | (13,071) |
Net debt | (10,058) | (5,498) | (4,877) |
Capitalised fees | (1,108) | (416) | (1,272) |
Net debt excluding capitalised fees at 30 June/31 December | (11,166) | (5,914) | (6,149) |
Net debt reconciliation
|
| ||
| Cash and cash equivalents £000 | Borrowings
£000 | Total
£000 |
1 January 2019 | 15,112 | (20,980) | (5,868) |
Repayment of borrowings | (1,144) | 1,144 | - |
Interest paid on borrowings | (823) | - | (823) |
Foreign exchange adjustments | (99) | 36 | (63) |
Other cash flows | 1,357 | - | 1,357 |
Other non-cash movements | - | (101) | (101) |
At 30 June 2019 | 14,403 | (19,901) | (5,498) |
Repayment of borrowings | (20,211) | 20,211 | - |
Interest paid on borrowings | (1,198) | - | (1,198) |
Drawdown of RBL | 19,319 | (19,319) | - |
Capitalised fees | (1,059) | 1,308 | 249 |
Repayment of RBL | (4,639) | 4,639 | - |
Foreign exchange adjustments | (208) | 609 | 401 |
Other cash flows | 1,787 | - | 1,787 |
Other non-cash movements | - | (618) | (618) |
At 31 December 2019 | 8,194 | (13,071) | (4,877) |
Interest paid on borrowings | (477) | - | (477) |
Drawdown of RBL | 3,215 | (3,215) | - |
Repayment of RBL | (4,645) | 4,645 | - |
Foreign exchange adjustments | 491 | (846) | (355) |
Other cash flows | (4,186) | - | (4,186) |
Other non-cash movements | - | (163) | (163) |
At 30 June 2020 | 2,592 | (12,650) | (10,058) |
14 Share capital
| Ordinary shares | Deferred shares | Total share capital | Share premium | ||
| No. | Nominal value £000 | No. | Nominal value £000 | Nominal value £000 |
Value £000 |
Issued and fully paid |
|
|
|
|
|
|
At 1 January 2019 | 122,077,269 | 2 | 303,305,534 | 30,331 | 30,333 | 102,501 |
SIP issue partnership | 47,692 | - | - | - | - | 36 |
SIP issue matching | 69,585 | - | - | - | - | 53 |
At 30 June 2019 | 122,194,546 | 2 | 303,305,534 | 30,331 | 30,333 | 102,590 |
SIP issue partnership | 59,443 | - | - | - | - | 32 |
SIP issue matching | 106,186 |
| - | - | - | 58 |
At 31 December 2019 | 122,360,175 | 2 | 303,305,534 | 30,331 | 30,333 | 102,680 |
SIP issue partnership | 85,036 | - | - | - | - | 30 |
SIP issue matching | 85,036 | - | - | - | - | 31 |
At 30 June 2020 | 122,530,247 | 2 | 303,305,534 | 30,331 | 30,333 | 102,741 |
Accordingly, the Group share capital account comprised:
| Unaudited 30 June 2020 £000 | Unaudited 30 June 2019 £000 | Audited 31 December 2019 £000 |
At 30 June/31 December | 30,333 | 30,333 | 30,333 |
15 Subsequent events
IGas entered into a sale and purchase agreement ("SPA") to acquire GT Energy UK Limited ("GT Energy"), a developer of deep geothermal heat projects onshore UK on 16 September 2020. GT Energy's principal project is a 14MW deep geothermal project in the Etruria Valley, Stoke-on-Trent. The project is anticipated to supply zero carbon heat to the city of Stoke-on-Trent on a long-term 'take or pay' contract ("TPA") with Stoke-on-Trent City Council ("SoTCC"). It is anticipated that the heat will be supplied through the SoTCC owned and operated district heating network, which is undergoing installation. The project received pre-accreditation from the Department of Business, Enterprise and Industrial Strategy under the Renewable Heat Incentive scheme earlier in 2020 and it will have tariff guarantee from Ofgem prior to construction.
Under the terms of the SPA, IGas will make an initial payment of £500,000 (the "Initial Purchase Price") to the Sellers to be satisfied in 2,222,223 IGas ordinary shares on completion by the transfer of 1,844,637 shares held by IGas (not as treasury shares, as defined under the AIM Rules) and allotment and issue of 377,586 shares. The Initial Purchase Price will be subject to post-completion adjustment following the preparation of completion accounts, with any positive or negative adjustment being made against any additional consideration upon satisfaction of future milestone events ("Milestone Consideration").
The maximum consideration payable to the Sellers under the SPA is £12 million and the ordinary shares of IGas which may be issued under the SPA shall not exceed twenty-nine point nine per cent (≤29.9%) of the fully diluted issued ordinary share capital of IGas. In addition to the Initial Purchase Price, the Company may be required to pay the Milestone Consideration - see below. GT Energy has entered into a term sheet with Gravis Capital Management Limited ("Gravis") which provides indicative and non-binding terms, on behalf of Funds managed by Gravis, to fund a significant proportion of the c. £20 million project through a limited-recourse debt facility. Such provision of finance is conditional on, inter alia, signature of the TPA by SoTCC and GT Energy, agreement and execution of the financing documentation, the completion of Gravis' due diligence and internal Gravis and third-party approvals. GT Energy is currently engaged in advanced negotiations with SoTCC in respect of the TPA.
The Company may be required to pay Milestone Consideration upon:
(i) financial close, within five years of the date of the SPA (the "First Milestone Longstop"), of a funding facility in respect of GT Energy's principal project (described above) on terms reasonably acceptable to the Company (the "First Milestone");
(ii) subject to completion of the First Milestone first delivery of heat to the district heat network under the TPA;
(iii) subject to completion of the First Milestone, six months following (ii),
(iv) subject to completion of the First Milestone the first anniversary of (ii);
(v) the first of either (being the "Business Development Milestone"):
a. GT Energy securing a further geothermal project in the UK by successfully completing certain key targets relevant thereto (as set out in the SPA), within the earlier of (a) the fifth anniversary of the date of the SPA, and (b) the second anniversary of an announcement by the UK Government of a new RHI Scheme, or in the reasonable opinion of the Company, equivalent scheme; or
b. One Thousand British Pounds (GBP £1,000) per full kW electrical generating capacity installed, capped at £1 million (for 1000kW or more) subject to and measured on the date upon which, inter alia, validation of a planning application to allow electricity generation at the primary project location, and installation and successful commissioning of an electricity generation plant which utilises excess heat from the primary project, together with the ability to utilise such electricity to supply the Project's electricity requirements, and / or connect to a private wire or the national grid as the case may be.
The Milestone Consideration will be satisfied by the allotment of ordinary shares in IGas, as is derived by, for each Seller, dividing their proportion of the relevant Milestone Consideration (see table below in respect of proportions) by: (a) in respect of ordinary shares in IGas to be allotted in respect of the First Milestone: either (i) if the First Milestone is satisfied within thirty (30) months of the date of the SPA, the volume weighted average price of IGas' ordinary shares as derived from the AIM section of the London Stock Exchange Daily Official List ("VWAP"), on the one hundred and eighty (180) dealing days preceding the date of the SPA ("First VWAP"), or (ii) if the First Milestone is satisfied in the period falling on or after thirty (30) months from the date of the SPA and before the First Milestone Longstop, the VWAP on the thirty (30) dealing days preceding the date of the satisfaction of the First Milestone ("Second VWAP"); (b) in respect of ordinary shares in IGas to be allotted in respect of any other milestone (other than the Business Development Milestone), either the First VWAP or Second VWAP as was applicable, or would have been applicable to (as the case may be), to any ordinary shares in IGas to be allotted under the First Milestone; and (c) in respect of ordinary shares in IGas in respect of the Business Development Milestone, the VWAP on the ninety (90) dealing days preceding the date of satisfaction of the relevant Business Development Milestone, with, in each case, the resulting number being rounded down to the nearest whole share and subject to, inter alia, admission to trading on AIM of the relevant shares.
In the year ended 31 December 2019, GT Energy did not generate any turnover and incurred a loss of £0.11 million related to expenditure on progressing its geothermal project. Net assets were £0.99 million, primarily consisting of capitalised geothermal research and development expenditure.
Glossary
£ The lawful currency of the United Kingdom
$ The lawful currency of the United States of America
1P Low estimate of commercially recoverable reserves
2P Best estimate of commercially recoverable reserves
3P High estimate of commercially recoverable reserves
1C Low estimate or low case of Contingent Recoverable Resource quantity
2C Best estimate or mid case of Contingent Recoverable Resource quantity
3C High estimate or high case of Contingent Recoverable Resource quantity
AIM AIM market of the London Stock Exchange
boepd Barrels of oil equivalent per day
bopd Barrels of oil per day
Contingent Recoverable Resource - Contingent Recoverable Resource estimates are prepared in accordance with the Petroleum Resources Management System (PRMS), an industry recognised standard. A Contingent Recoverable Resource is defined as discovered potentially recoverable quantities of hydrocarbons where there is no current certainty that it will be commercially viable to produce any portion of the contingent resources evaluated. Contingent Recoverable Resources are further divided into three status groups: marginal, sub‑marginal, and undetermined. IGas' Contingent Recoverable Resources all fall into the undetermined group. Undetermined is the status group where it is considered premature to clearly define the ultimate chance of commerciality.
Drill or drop - A drill or drop well carries no commitment to drill. The decision whether or not to drill the well rests entirely with the Licensee being driven by the results of geotechnical analysis. The Licence will, however, still expire at the end of the Initial Term if the well has not been drilled.
Firm well - A firm well is classified as a firm commitment to drill a well. It is not contingent on any further geotechnical evaluation (i.e. it is a fully evaluated Prospect).
GIIP Gas initially in place
m Million
Mbbl Thousands of barrels
MMboe Millions of barrels of oil equivalent
MMscfd Millions of standard cubic feet per day
PEDL United Kingdom petroleum exploration and development licence
PL Production licence
Tcf Trillions of standard cubic feet of gas
UK United Kingdom
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 day ago The Renewables Infrastructure Group Limited
- 1 day ago The Renewables Infrastructure Group Limited
- 1 day ago Smurfit Westrock (DI)
- 1 day ago Menhaden Resource Efficiency
- 1 day ago BP