Interim Results

Gold Oil PLC 27 January 2006 FOR IMMEDIATE RELEASE 27 January 2006 GOLD OIL PLC (the 'Company') INTERIM ANNOUNCEMENT CHAIRMAN'S STATEMENT OVERVIEW At the date of the balance sheet the Company had net current assets of £3,201,000, of which £3,076,000 was in cash. FINANCIAL OVERVIEW For the six months to 31 October 2005, a loss of £251,000 has been incurred by the Company, which on a weighted average equates to a loss of 0.07p per share. No dividend is being declared. CASH FLOW AND FUNDING As stated above, the Company effectively had £3,076,000 cash at 31 October 2005 for acquisitions and routine expenses. OUTLOOK A licence for Block XI, renamed Block XXI, has been confirmed by PeruPetro and thus the company is ordering equipment to allow the first well to commence in April 2006. The Board is actively pursuing further opportunities and acquisitions and hope to report favourable developments in the near future. Contact: Michael Burchell, Chairman, Gold Oil PLC on 01372 361772 Roland Cornish, Beaumont Cornish Limited on 020 7628 3396 GOLD OIL PLC Profit and Loss Account For the Six Months to 31 October 2005 Note 6 Months 8 April 2004 8 April 2004 to 31 October 2004 to to Unaudited 31 October 30 April 2005 2005 Audited Unaudited £'000 £'000 £'000 Turnover - - - Administration expenses (334) (383) (113) Operating Loss (334) (383) (113) Interest received 83 9 1 Loss on ordinary activities before taxation (251) (374) (112) Taxation - - - Loss on ordinary activities after taxation (251) (374) (112) Dividends - - - Deficit for the period (251) (374) £(112) Loss per share: Basic 2 (0.07p) (0.18p) (0.05p) Diluted (0.07p) (0.15p) (0.05p) The Company's turnover and operating loss arise from continuing operations. There were no recognised gains or losses other than those recognised in the profit and loss account above. GOLD OIL PLC Balance Sheet as at 31 October 2005 Note 6 Months 8 April 2004 8 April 2004 to 31 October 2004 to to Unaudited 31 October 30 April 2005 2005 Unaudited £'000 £'000 £'000 FIXED ASSETS Equipment 25 25 4 Investment in Northern Petroleum 150 - - Exploration Limited 175 25 4 CURRENT ASSETS Debtors 194 39 7 Cash at bank and in hand 3,076 3,632 302 3,270 3,671 309 CREDITORS: amounts falling due within one year (69) (116) (8) Net current assets 3,201 3,555 301 Total assets less current liabilities 3,376 3,580 305 CAPITAL AND RESERVES Called up share capital 3 87 86 59 Share premium account 3,906 3,868 358 Profit and loss account (617) (374) (112) Equity shareholders' funds £3,376 £3,580 £305 GOLD OIL PLC Cash Flow Statement for the Six Months to 31 October 2005 Note 6 Months 8 April 2004 8 April 2004 to to to 31 October 2004 31 October 2005 30 April 2005 Unaudited Audited Unaudited £'000 £'000 £'000 Cash outflow from operating 4 (527) (306) (112) activities Return on investment and servicing of 83 9 1 finance Purchase of fixed assets (1) (25) (4) Net investment in Northern Petroleum Exploration (150) - - Limited Management of liquid - (1,800) - resources Financing - Issue of shares net of 39 3,954 417 expenses Cash(decrease)/ increa £(556) £1,832 £302 se in the period Reconciliation of movements in shareholders' funds £'000 £'000 £'000 Loss for the period (251) (374) (112) New share capital subscribed, net of expenses 39 3,954 417 Exchange movement on overseas net assets 8 - - (204) 3,580 305 Opening shareholders' funds 3,580 - - Closing shareholders' funds £3,376 £3,580 £305 GOLD OIL PLC NOTES TO THE INTERIM REPORT 1. Accounting Policies The interim report has been prepared using accounting policies consistent with those set out in the company's Annual Report and Accounts for the period ended 30 April 2005. They have been prepared on a going concern basis. The interim report for the six months to 31 October 2005 was approved by the Board on 26 January 2006. 2. Loss per Share 6 Months to 8 April 2004 to 8 April 2004 to 31 October 2005 30 April 2005 31 October 2004 Pence Pence Pence Earnings per ordinary shares - basic (0.07p) (0.18p) (0.05p) - diluted (0.07p) (0.15p) (0.05p) The loss per ordinary share is based on the Company's loss for the period of £251,000 (30 April 2005 - £374,000;31 October 2004 - £112,000) and a weighted average number of shares in issue of 347,766,033 (30 April 2005 - 212,791,361; 31 October 2004 236,750,000). The potentially dilutive warrants issued were 16,450,723 ( 30 April 2005 - 39,305,624; 31 October 2004 - Nil). 3. Called up Share Capital On 29 June 2005 and 28 September 2005, 3,750,000 and 100,000 ordinary shares were issued respectively for 1 pence each on the exercise of warrants. 4. Reconciliation of operating loss to net cash outflow from operating activities 6 Months to 8 April 2004 to 8 April 2004 to 31 October 2005 30 April 2005 31 October 2004 £'000 £'000 £'000 Operating loss (334) (383) (113) Depreciation 1 - - Exchange rate movement on overseas assets 8 - - (Increase) in debtors (155) (39) (7) (Decrease)/Increase in creditors (47) 116 8 Net cash outflow from operating activities £(527) £(306) £(112) GOLD OIL PLC NOTES TO THE INTERIM REPORT 5. Financial information The information for the year ended 30 April 2005 has been extracted from the audited accounts for that period which have been delivered to the Registrar of Companies and received an unqualified audit opinion. The unaudited results for the six months have been prepared on a basis consistent with the accounting policies disclosed in the Company's 2005 accounts and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 6. Accounts Copies of the Interim Report are available for collection at the offices of the Company, Finsgate, 5-7 Cranwood Street, London EC1V 9EE during normal office hours. This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings