Preliminary Results 2007
Sterling Energy PLC
01 May 2008
1 May 2008
STERLING ENERGY PLC
2007 PRELIMINARY RESULTS
EXPLORING FOR SUCCESS
Sterling Energy, the AIM listed (symbol: SEY) independent oil and gas
exploration and production company operating in Africa, the Middle East, the
Gulf of Mexico and onshore USA, today announces its 2007 Preliminary Results
together with an update on progress and outlook.
2007 HIGHLIGHTS
• Revenues for the year of $97.2 million (2006: $81.0 million)
• Group sales averaged 5,760 boepd, up 31% (2006: 4,400 boepd)
• Gross profit of $22.0 million (2006: $26.6 million)
• EBITDA $56.6 million (2006: $59.6 million)
• Group 2P reserves increased by 65% to 21.3 million boe at end 2007
• Secured the highly prospective Sangaw North licence 492 sq km, in the
Kurdish region of Northern Iraq
• Proposed drilling in Madagascar being 'fast tracked' for 2009 and very
large structures identified
• Bank funding re-financed successfully, with a current facility of $158
million
• $147 million cash acquisition of US onshore WEC completed end March
2007
• Year end bank debt of $153.3 million
2008 ACTIVITY AND OBJECTIVES
• Sales process for the USA business commenced in April 2008 after a
comprehensive strategic review of the Company's assets and prospects.
The Board expects that the proceeds of any sale will enable it to
repay all of the Company's borrowings and leave it with significant
net cash
• The US sale, together with cash revenues from its Mauritanian
producing interests, will provide funding to increase the Company's
investment in the considerable upside potential of its existing key
assets in Africa and the Middle East, as well as to develop new
opportunities
• Sterling will focus on an increasing number of higher impact
exploration prospects
• Independent consultants, RISC, in a review in April 2008 of two
prospects in Kurdistan and Madagascar, indicated unrisked best
estimate net prospective resources of over 500 million bbls of oil
with a high net estimate of over 1,900 million barrels of oil for
Sterling's current interests
• Conduct a 2D seismic programme in Kurdistan ahead of drilling in 2009
• Conduct well site survey in Madagascar and secure rig for high impact
near-term drilling
• The Chinguetti development programme in Mauritania has recently
commenced, comprising three workover wells and two development wells
with an initial target of doubling production. An appraisal well on
the Banda gas discovery encountered gas and oil columns with contacts
similar to those seen in the discovery well
• Exploration well on the Charlie prospect, mean case 21 million bbls
and upside case 40 million bbl, offshore Gabon is planned for May. A
well in Themis Marin drilled in January 2008 was plugged and the
licence has expired
• Strategy includes farmouts to enhance risk-reward ratios and enable
development of a wider portfolio of opportunities
• First quarter 2008 production averaged 5,824 boepd (year 2007, average
5,760 boepd)
• Cash and undrawn facilities of $16.4 million at end Q1 2008
• Sterling has signed letters of intent to sell peripheral USA
properties for US$8.7 million and has completed six USA farmouts in
2008
NEW STRATEGY
Sterling is a UK AIM listed exploration and production Company, which is
redefining its strategy in order to focus its resources on higher impact
opportunities in Africa and the Middle East.
The Board of Sterling has recently undertaken a comprehensive strategic review
of the Company's assets and prospects and has concluded that it would be in
shareholders' best interests to sell the USA business. The Board believes that
the USA business has grown to a size that makes it attractive to prospective
buyers. On 7 April 2008 the Board announced that it had therefore mandated BMO
Capital Markets to manage the sales process.
The Board expects that the proceeds of any sale will enable it to repay the
Company's borrowings and leave it with significant net cash. This, together with
cash revenues from its Mauritanian producing interests and farmouts, will
provide funding to increase the Company's investment in the considerable upside
potential of its key assets in Africa and the Middle East.
Sterling will focus on an increasing number of higher impact exploration
prospects, which currently include Madagascar, Kurdistan, Gabon, AGC (a joint
exploration zone between Senegal and Guinea Bissau) and Cameroon. It will also
pursue new opportunities, including potential acquisitions.
Studies by an independent consultancy, RISC, covering two of the Company's
prospects in Kurdistan and offshore Madagascar, were recently completed. These
indicated unrisked best estimate net prospective resources, which are dependent
on exploration success and other factors, of over 500 million barrels of oil
with a high net estimate of over 1,900 million barrels of oil for Sterling's
current interests on those two prospects.
Graeme Thomson, CEO of Sterling, commented:
'Sterling Energy management has made significant progress in its strategy to
re-position the Company with a sharp focus on high impact exploration prospects
and make available the resources necessary to deliver on the potential of these
assets. During the months ahead, we will complete a seismic programme in
Kurdistan and a well site survey in Madagascar, both precursors to drilling in
2009. These two prospects alone have been valued by independent studies at over
$2bn. We expect the sale of the US business to complete by the year end,
transforming the balance sheet from net debt to significant net cash, enabling
us to fully participate in the planned 2009 drilling campaign. It is going to
be an exciting year for our shareholders.'
CHAIRMAN'S STATEMENT
Sterling made significant advances in 2007. However, it was a very challenging
year for the Company, particularly in respect of the share price, bank financing
and our underlying asset performance. We have announced recently that we have
taken steps to address this situation through the sale of our USA assets. We
intend to focus in future on potentially 'Company making' opportunities.
In March 2007 the acquisition of Whittier Energy in the USA for $147 million was
completed, and in November we announced the signature of the Sangaw North PSC in
Kurdistan. Our annual production averaged 5,760 barrels of oil equivalent per
day, an improvement of 31% over 2006. Progress was also made with our
exploration assets in Africa and the Middle East. However, the development of
our licence portfolio has been slower than we had hoped owing to continuing
intense competition for international oil and gas opportunities and our focus on
only very high potential opportunities which are sensibly priced.
EBITDA was $56.6 million and there was a loss before tax of $2.9 million, after
pre-licence exploration expenditure of US$4.5 million. Production decline at
the Chinguetti oilfield in Mauritania now appears to have stabilised with recent
gross production of about 10,000 gross barrels per day. New development wells
and other remedial action are underway to improve production levels markedly.
There was a significant increase in the Company's oil and gas reserves as a
result of the Whittier acquisition. Our total reserves have increased from the
equivalent of 12.9 million barrels of oil entitlement in 2006 to 21.3 million
barrels of oil equivalent at the end of 2007.
We drilled 29 wells in the USA in 2007 of which 24 were successful. There has
been a small reduction in our booked US reserves as a result of production not
being fully replaced, with faster than expected declines in some wells, and
through weather and equipment delays which delayed some production increases.
Sterling's 2007 production in the USA averaged 25.8 million cubic feet of gas
equivalent per day. While this marked a significant improvement over 2006, it
was slightly lower than we had hoped. It should also be borne in mind that some
55% of our global production is gas, rather than oil. While it is good to be
able to report a recent improvement in gas prices in the USA, the improvement is
nowhere near as great as the increase in oil prices that we witnessed last year.
Production in the USA in March 2008 reached a record of over 30 mmcfge/d.
In December we announced the successful renegotiation of our bank facilities.
This was an important milestone at a time of severe credit constraint in the
global credit market. We now have a borrowing facility of $158 million
syndicated with a number of major banks, of which $153 million is currently
drawn down. Cash balances and undrawn facilities were $16.4 million at the end
of Q1 2008.
Recognising that market conditions are changing very fast, we have recently
reviewed the Group's prospects and opportunities. We have decided to put the
USA assets up for sale to enable us to focus our resources on high reward
ventures. After a sale, we expect to have no debt, significant cash and
production income from Mauritania. It will be an enviable position from which to
build. We have very recently added the high potential interest in Kurdistan and
there are moves to fast track drilling in Madagascar.
On a personal note, I would like to thank our former Chairman Richard O'Toole
who left after the AGM in June 2007 and Paul Griggs who left on 30 April 2008,
and all our staff, Directors and advisers for their work and support in what has
been an interesting and challenging year. I also wish Harry Wilson, Graeme
Thomson and Jon Cooper every success in their new roles of Deputy Chairman, CEO
and CFO respectively.
Looking forward, the much anticipated oil industry consolidation has been slower
than predicted, but we expect to be able to play a part and benefit from it. We
have an exciting programme of exploration activity ahead of us and a
strengthened management structure and focus, which I believe will add materially
to the value of the Company.
CHIEF EXECUTIVE OFFICER'S REVIEW
New strategy
Sterling is changing. I became CEO in early February 2008 and the Board has now
completed a strategic review of the business and its prospects. Our near-term
objectives are clear;
1. We intend to focus more on potentially transforming drilling activity. Our
current portfolio already has a programme of very high impact work planned in
the next year in Madagascar and Kurdistan, with important wells in Gabon and
AGC. We will seek out more. Our focus areas will be Africa and the Middle East.
We will take measured risks for major upside. An independent review by RISC on
two of our prospects in Kurdistan and Madagascar has indicated unrisked upside
potential net to Sterling of up to nearly 2 billion bbls, with obvious
implications for major value-creating possibilities.
2. To reduce our debt level and to improve our working capital position. We have
reviewed our assets and for the reasons set out earlier we have announced plans
to sell the USA assets in order to achieve this aim. We shall seek to farmout
selectively, which is a sensible way to enhance the risk-reward ratio for our
work, will enable us to diversify and extend our portfolio and improve near-term
cash flow. Much has been written about the banking 'credit crunch' and stock
markets have seen major falls, so we wish to make Sterling resilient to these
changed conditions.
Oil and gas prices are up, but so are costs
Oil prices have more than doubled over the last year to record levels of over
$110/bbl despite talk of 'recession' in some of the major economies. Around 80%
of the increase in energy usage is in the 'developing countries' and there is
little spare producing capacity. US gas prices have risen over recent months,
partly in response to oil prices, but also owing to the very cold winter, with
record snow in many areas.
Costs in the industry have been rising very rapidly too. Lead times on equipment
and drilling have continued to cause problems. Good opportunities are hard to
find and secure and there is a shortage of good and experienced people. Sterling
is fortunate to have an excellent team who have an interest in over 10% of the
Company. Our team is highly motivated to achieve success.
High impact drilling and further projects sought
We expect to drill prospects by the end of 2009 that will offer upside potential
to Sterling of hundreds of millions of barrels.
Our projects are described in detail elsewhere in this annual report. I am also
excited about building new areas of activity too.
As well as expanding our portfolio of licence interests, we intend to add to our
existing near term drilling programme, both onshore and offshore. This will be
achieved by redeploying our capital to new activities or through sector
consolidation. We wish to offer our shareholders value growth through high
upside projects combined with careful asset management.
Material value in the exploration portfolio
Great uncertainty has been created by the recent difficulties in the credit and
stock markets. Their impacts have been widespread and harsh and we have to react
to these and other factors in formulating our strategy.
As described in more detail earlier in this report, the Board has recently
carried out a review of the relative upside potential and amount invested in
each of the business areas. Sterling wishes to make sure that its finances are
appropriately organised and resilient. Whilst the results of our drilling
programme in the USA in the last year were good and 2008 has started well, the
size of the investment required to enable that business to flourish fully is
growing.
Sterling has highly prospective assets to explore. With the fast tracking of
Madagascar to drilling and the new licence in Kurdistan in the last year, the
Board now believes it is in shareholders' best interests to focus its resources
on such high potential asset and opportunities and to reduce or eliminate its
debt level. It therefore intends to dispose of its USA assets in 2008. This will
enhance our working capital position materially by leaving us with significant
net cash after the sale. We will continue with farmouts, not only to yield cash
or reduce the near-term costs of the wells but also to swap for other assets,
thereby managing and diversifying the portfolio. This will also help to show the
material value in our exploration portfolio which in current market conditions
appears to be largely ignored and will allow Sterling to add new opportunities
for growth in Africa and the Middle East.
OPERATIONAL
Africa and Middle East fast tracked
Sterling has interests in exploration licences with multi-billion barrel targets
which could be 'Company makers'. Some of these are considered medium risk and
high cost, so it remains part of Sterling's strategy to farm-down these
interests to give a more appropriate risk to reward ratio. Key activity is
expected on these in 2008/9.
Madagascar
Drilling on major structure fast tracked
There has been a major change in our perception of the prospectivity of
Sterling's Madagascar licences in the last year. Several very large prospects
have been evaluated and one has been matured towards drilling well ahead of our
former scheduled timing. A rig is being sought and the Ambilobe and Ampasindava
PSC's have become an exciting cornerstone of Sterling's exploration portfolio.
During 2007, the interpretation of over 4,000km of newly processed 2D seismic,
plus a further 4,000km of newly reprocessed vintage 2D seismic data, began in
earnest to generate prospects. Early results of this ongoing interpretation have
yielded some very large structural prospects and leads, the largest of which is
the Sifaka Prospect in the inboard portion of the Ampasindava PSC, in water of
approximately 1,000-1,500m. The Sifaka Prospect has multi-billion barrel
potential and following a meeting between ExxonMobil, the operator, and the
President of Madagascar in November 2007 it was reported that the partnership
wished to drill this prospect, subject to the availability of a suitable rig.
Owing to the remote location of the block and the time it will take to secure
and mobilise a rig in current market conditions, Sterling anticipates that
drilling will take place in 2009.
Preparations for the drilling of Sifaka continue with the acquisition of a site
survey over the drilling location scheduled for mid 2008, the first to be
undertaken in offshore deepwater Madagascar. With the expected costs of the
well materially exceeding the remaining carry, Sterling plans to further
farm-down its interest in the Ampasindava PSC. The well would be the first test
of the deepwater potential of Madagascar. Comparisons with the prolific basins
of Angola have been made.
Sterling has a 30% WI in two blocks, totalling approximately 25,500 sq km in the
north-western offshore area of Madagascar, with ExxonMobil as a 70% partner in
both blocks. In the smaller Ampasindava PSC, ExxonMobil is operator, whilst
Sterling is operator in the larger Ambilobe PSC.
Kurdistan, Iraq
Sangaw North fast tracked to drilling
In November 2007 Sterling signed a PSC with the Kurdistan Regional Government
(KRG) of Iraq for the Sangaw North exploration block. The block has an area of
492 sq km and is situated 40 km to the southwest of Sulaimaniya.
Surrounded by existing oil and gas fields, the block provides Sterling with an
exploration position in an extremely prolific hydrocarbon province. Despite the
close proximity of a number of giant fields, for political and historical
reasons the area has not been explored, despite its world-class potential. For
example, the Kirkuk field, 50km to the west of Sterling's block, has recoverable
oil reserves in excess of 16 billion barrels.
The block contains a very large, moderate-risk, undrilled surface anticline,
with the potential to target multiple regionally-proven reservoir intervals.
Analysis of a number of surface oil seeps on the block, indicates that the area
is underpinned by the same hydrocarbon source rocks responsible for the majority
of the multi-billion barrels of Iraqi reserves. As a result, a working petroleum
system is considered by Sterling to be proven on the block.
Seismic data is required in order to improve confidence in mapping before
drilling the first well. Sterling is evaluating tenders in order to acquire 2D
seismic data during the second half of 2008. It would then aim to drill an
exploration well in 2009, subject to the availability of a rig. Sterling is in
the process of supplementing its existing local office in the capital, Erbil,
with another in Sulaimaniya, Kurdistan's second city.
Gabon
Iris Marin: Charlie well expected to commence in May 2008
Plans to drill the Charlie prospect in May 2008 are well advanced, with a rig
contracted and site survey now completed. This prospect has mean case estimated
potential recoverable reserves of 21 million bbls with an upside case of 40
million bbls. Sterling estimates that a discovery of approximately 8 million
bbls should be commercial here.
In May 2007 the Iris Marin Joint Venture entered into a third exploration term
on Iris Marin. A 3D Pre-Stack Depth Migration processing project was completed
in March 2007, from which several encouraging prospects were identified,
including the Charlie Prospect. An aeromagnetic survey was also acquired at the
same time. Regional studies and nearby offset well data predict the presence of
excellent reservoir quality sandstones in the area.
A total of 347 km of high resolution 2D seismic data was acquired in January
2008, covering the under-explored shallow water of Iris Marin, close to the
large Gamba and Ivinga oil fields. This data is now being processed and will be
interpreted to delineate further prospects.
Sterling has exercised its pre-emption rights to increase its interest in the
Iris Marin permit from 38.57% to 50%.
Ibekelia Technical Evaluation Agreement
Sterling and its partners are in negotiations to convert the neighbouring
Ibekelia TEA into a PSC following the successful completion of a technical study
over the Ibekelia area. The TEA covers a 673 sq km area which is contiguous with
the Gamba and Olowi oil fields and with Sterling's Iris Marin licence.
Themis Marin lapsed
The Themis Admiral Marine-1 well was drilled in early January 2008 in 14 days
and within budget. The well was abandoned as a dry hole with shows in the
predicted thick Gamba sandstone. An analysis of the well results and a review of
the remaining prospectivity of the licence led the partners to allow the block
to expire. Sterling was carried for 18% of its approximately 28% interest.
AGC
Dome Flore extension sought
The Dome Flore concession lies within the AGC, a joint exploration zone between
Senegal and Guinea Bissau. Sterling holds a 30% WI and Markmore, a Malaysian
company with interests in bitumen refining, is the operator.
An exploration well to drill two stacked Maastrictrichtian light oil reservoirs
is being planned. The shallower heavy oil accumulation will also be penetrated
by this well and the interval cored to evaluate the production potential. The
heavy oil deposits on Dome Flore and Dome Gea contain an estimated gross 0.8 to
1 billion barrels in place. Sterling's share of the drilling costs will be
carried for this exploration well.
A site survey for this well has been conducted, but a rig could not be secured
to allow the well to be drilled ahead of the then licence expiry date of January
2008. A licence extension has been requested, if this is granted then Markmore
will contract a rig.
Guinea Bissau
Following the plugging and abandoning of the Eirozes-1 well as a dry well in
April 2007, Sterling withdrew from both the Sinapa and Esperanca licenses (5% WI
in each).
Cameroon
Border dispute: licence still suspended
The financial obligations and work programme for the Ntem concession area (100%
WI) are currently suspended owing to a dispute between Cameroon and Equatorial
Guinea over their maritime borders. Both countries are working together to
resolve the dispute.
Sterling had planned to farm-out this licence for drilling and it continues to
attract a good level of industry interest. However the award in late 2004 by
Equatorial Guinea of a licence to the South of Ntem overlapping up to 15% of the
licence has delayed this drilling plan until the situation is resolved. Sterling
remains committed to assisting in the resolution of the dispute in the interests
of all parties.
A number of discoveries have been made in the region recently and this has only
served to enhance its prospectivity.
Mauritania
Chinguetti Phase 2B development work scheduled to start in May 2008
In December 2007, Petronas took over operatorship of the Chinguetti development
following its acquisition of Woodside's Mauritanian assets. The operator is
currently preparing for the Phase 2B development campaign, which it hopes will
double production. The Atwood Hunter rig is expected to drill two new
development wells and three workovers at a gross cost of around $150m, starting
in May 2008.
The new well locations were selected based on the high resolution 3D and 4D
seismic, which was shot over Chinguetti in 2007. This has enhanced the knowledge
of the complex field, which Sterling estimates held a remaining 32.5 million
bbls of gross 2P reserves and 18 million bbls of contingent resources at the end
of 2007. Recent interpretations using this data suggest that the current wells
are only accessing about half of the ultimately recoverable reserves; the
results of the current development phase will help to determine any future work.
During 2007, Sterling received a share of sales of 1,485 boepd from its
interests in the Chinguetti field through the Funding Agreement and its Royalty
interest which together generated over $35.2 million of revenues from four cargo
liftings. The rate of decline has slowed significantly, with production being
much more stable and predictable since mid-2007.
Other upside potential being reviewed
An appraisal well on the 1-2 tcf Banda gas discovery straddling Blocks A and B
has been drilled. The appraisal well encountered gas and oil columns with
similar contacts to those seen in the discovery well. We await further results
and a successful outcome of this well and subsequent confirmation of the
commercial viability would materially increase the value of Sterling's Royalty
interest over Blocks A and B.
Potential also remains for the development of the Tiof accumulation using
Chinguetti's facilities. Reserves for the first stage of development are
estimated in the range 40-60 million bbls gross. Sterling would benefit from its
Royalty interest, a potential development bonus, plus operational synergies
through sharing the Chinguetti facilities.
United States of America
Assets disposal process initiated
In April 2008, Sterling's board decided to put the USA assets up for sale
following the review of all of its assets mentioned elsewhere in this report.
Responding to current market conditions and the progress made on other licences
over the last year, Sterling wishes to redeploy its capital to existing and
other higher potential assets and to repay its debt. It is anticipated that a
sale can be concluded well before the end of 2008.
Reserves and production
At the end of 2007, Sterling Inc. had 2P reserves of 111 bcfge (18.5 million
boe) and possible and contingent resources of 70+ bcfge (11.5 million boe).
Approximately 65% of the 2P reserves were categorised as proven. Within this
portfolio Sterling has an inventory of identified drilling prospects, of
approximately two/three years, most of which are already leased and many already
have the necessary permits in place.
During the year, Sterling participated in 29 new wells and re-completions. Of
these 14 were in the South Texas region and 15 were in the Texas/Louisiana Gulf
Coast. There was also completion of a major upgrade of the production facilities
located in the Langlie Jal field located in the Permian Basin and a large
programme of abandonment work offshore in the High Island and Mustang Island
areas. These wells were successful but largely small. Higher than expected
declines in existing fields, unsuccessful drilling on two probable locations and
delays/cost issues relating to equipment availability, held back production and
reserves.
At year-end, production from these U.S. assets was 28.5 mmcfged (2006: 8.6
mmcfge/d), with the majority of the rise being due to the purchase of WEC
completed at the end of March 2007. Over half of the production is operated by
Sterling from its offices in Houston and approximately 80% is natural gas.
At the end of the first quarter of 2008 production had increased to over 30
mmcfge/d from the shallow water and onshore coastal areas of the Gulf of Mexico,
with nearly 70% coming from 11 fields. A somewhat lower pace of drilling in 2008
than in 2007 is expected during the sales process.
Diversified Asset Base
South Texas
In one of the most prolific hydrocarbon basins in the USA, Sterling currently
has production of nearly 9 mmcfge/d from a total of 87 wells.
During mid-2007, Sterling completed an investment in a drilling programme with
Viking Petroleum, a private Houston Company, which generates drilling prospects,
primarily in South Texas. This provides over 20 near-term drilling prospects and
three wells were drilled in 2007 and 15 are expected in 2008.
Texas/Louisiana Onshore Gulf Coast
Sterling currently has production from 82 wells and current production of over
11 mmcfged. This area includes the Austin Chalk programme where the first 4
wells have proved successful, the most recent being the Marlin well which
commenced production at 4 mmcfged net in late March 2008. The Austin Chalk
presents some challenging drilling as it is highly over pressured and these
horizontal wells are drilled to around 15,000 feet using under-balanced drilling
techniques. This programme is now restarting.
Permian Basin and North Texas
Sterling has production from 23 wells and a unit in this region producing around
1 mmcfged. In July 2007 Sterling increased its working interest in the Windham
field to 93% from 66% by purchasing the interest of the operator of the field
with a total transaction cost of c$3.6 million. Sterling became operator and
intends to develop the field quickly.
Offshore Gulf of Mexico
Sterling currently has production from a total of 29 wells in the Gulf producing
approximately 9 mmcfge/d. In 2007 it farmed out of the non-producing High Island
52 fields and facilities in return for earning a 2.85% ORRI in a successful well
and the assumption by the farminee of an estimated $5+ million of plugging and
abandonment costs. It has recently farmed out an interest in a high risk
sidetrack of an old well on Mustang Island that encountered mechanical problems
in return for a mainly carried interest and royalty.
FINANCIAL REVIEW
Selected financial data
2007 2006
Share of production boepd 5,760 4,400
Year-end 2P reserves 000 boe 21,294 12,914
Revenue $million 97.2 81.0
EBITDA $million 56.6 59.6
Loss after tax $million (2.3) (38.6)
Cash investment in oil & gas assets $million 233.3 51.2
Year end cash $million 49.9 91.8
Year end debt $million (153.3) (23.2)
Year end net (debt)/cash $million (103.5) 68.6
Average realised oil price per bbl $/bbl 54.95 57.44
Average realised gas price per mcf $/mcf 7.16 6.73
Total operating costs per boe $/bbl 12.9 9.4
Sterling's key objective is to build a balanced portfolio of high value
international exploration and development opportunities and to manage the
financial exposures they bring within the Group's financial resources.
The acquisition of WEC, a NASDAQ-quoted Company with oil and gas operations
onshore USA, was completed at the end of March 2007 and accounted for in these
financial statements from 1 April 2007. WEC contributed an average of 3,737
boepd in 2007, generating revenues to the Group of $39.8 million and $24.9
million to operating cash flows.
Sterling's bank debt to help fund the WEC purchase and other US assets was
successfully refinanced during the year.
Revenues up 20% to $97.2 million in 2007
Revenues increased by 20% to $97.2 million in 2007 (2006: $81.0 million), with
the contribution from the acquired WEC assets and higher oil and gas prices
offsetting the impact of disappointing Chinguetti field production.
USA production increased by 109% to an average of 25.8 mmcfge/d (2006: 8.6
mmcfge/d), with 74% being gas (2006: 83%). Revenues from USA operations
increased 41% to $67.8 million (2006: $23.4 million) with an average realised
price of $7.02/mcfge (2006: $6.73/mcfge). Third party income from
Sterling-operated pipelines fell 38% to $1.6 million (2006: $2.5 million),
before related costs.
The Group's entitlement to Chinguetti field production in 2007 totalled 0.5
million bbls (2006: 1.0 million bbls). Revenue from the Chinguetti field
interests totalled $29.3 million (2006: $57.6 million), net of the cost of
related settlements of hedge contracts crystallising of $5.9million (2006: $3.7
million) and including the royalty income of $4.6 million (2006: $3.8 million).
The average cargo sale price was $68.08/bbl (2006: $61.10/bbl), an average
discount to Brent of $4.72/bbl (2006: $5.97/bbl).
Operating profit $1.8 million
2007 operating profit amounted to $1.8 million (2006: $13.2 million before
impairment charges). Cost of sales increased to $75.2 million (2005: $54.4
million), largely reflecting the additional cost of the acquired WEC business.
USA costs of sales rose to $49.9 million (2006: $14.4 million) averaging $7.59/
mcfge (2006: $4.48/mcgfe). Operating expenses increased to $2.75/mcfge (2006:
$2.30/mcfge) and depletion charges increased to $4.83/mcfge (2006:$2.18/mcfge)
reflecting, in the main, the higher asset valuations resulting from the
inclusion of the WEC assets at their fair values.
Chinguetti cost of sales were $25.3 million (2006: $40.0 million) averaging
$47.0 /bbl (2006: $40.4 /bbl), of which $7.90 /bbl related to production costs
and $32.50 /bbl to depletion charges. The unit production cost increase mainly
reflects lower production in 2007.
Pre-licence costs of $4.5 million (2006: $1.4 million) were written off as is
now required by IFRS.
With the increase in the scale of operations, administrative expenses rose by
31% to $15.7 million (2006: $12.0 million). This is stated after capitalisation
as fixed assets and recoveries from partners in operated joint ventures.
EBITDA and net loss
EBITDA totalled $56.6 million (2006: $59.6 million) which equates to $26.9/boe
(2006: $37/boe).
Interest revenue from cash deposits, less finance costs on the bank loans, were
a net cost of $9.4 million (2006: income $0.1 million). This reflects the
interest and other costs related to the loan financing for and cash investment
in WEC. Other finance items include the release of provisions relating to
product price hedge contracts settled in 2007 totalling $ 4.6 million gain
(2006: $0.3 million gain).
A taxation credit of $0.7 million arose in 2007 (2006: $6.1 million credit).
Net loss after tax totalled $2.3 million (2006: $38.6 million). Fully diluted
loss per share was 0.14 USc per share (2006: 2.75 USc loss per share).
Net cash flow from operating activities in 2007 of $47.7 million
Cash inflow from operating activities fell to $47.7 million (2006: $62.3
million) largely reflecting the decline in Chinguetti production. Cash
investments in oil and gas assets totalled $233.3 million (2006: $51.1 million),
including $145 million invested in the WEC acquisition and $32.6 million in WEC
interests post acquisition, $32.1 million was invested in Sterling's
pre-existing USA business, $13.4 million was invested in the Chinguetti field
(2006: $39 million).
A net amount of $49.2 million was raised in February 2007 from an equity placing
to help fund the WEC acquisition. A further $22.3 million was raised in November
2007 to fund the signature bonus and fees relating to the PSC entered into in
Kurdistan, which was paid out in February 2008.
Bank facility successfully re-financed
In November 2007, the Company re-financed its bank loan facilities. These
replaced the $100 million bridging facility entered into with Natixis Bank in
March 2007 (of which $85 million had been drawn to fund the WEC acquisition),
and the drawings of $51.3 million under a BNPP facilities held by WEC itself.
The new $250 million reserve-backed revolving facility was initially
under-written by Natixis and has since been syndicated to a number of senior
banks. The current authorised borrowing base under this US$250 million facility
is $143 million. Additionally, Natixis has provided a subordinated $15 million
corporate facility.
At the end of 2007, net debt stood at $103.5 million (2006: net cash $68.6
million) with unrestricted cash balances of $44.1 million (2007: $86.7 million)
and available undrawn bank facilities of $6.5 million.
Growing Balance Sheet
At the end of 2007, net assets stood at $278.3 million (2006: $223.6 million),
with current assets less current liabilities of $10.4 million (2006: $73.4
million). Non-current assets, primarily oil and gas assets totalled $522.1
million (2006: $202.1 million). Total debt was US$158 million.
Further hedging under-pinning loan and asset values
In October 2007, the Group entered into a number of oil and gas price
derivatives, taking advantage of continuing high prices to under-pin asset
values and the loan borrowing base. The Directors continually review forward
markets to identify opportunities to add value within the Group's hedging
policy, and consequent to such review further derivatives were entered into in
February 2008 in respect of future US production. The Group has accounted for
these derivatives as cash flow hedges. Details of the Group's hedging policy are
set out in Note 1 and a summary of the hedges is set out in. No further hedges
have been put in place since the end of 2007.
Financial strategy and outlook
The Group will look to press ahead with its strategy to add value for its
shareholders in a prudent and commercial manner.
New ventures continue to be sought to expand the upside in the portfolio, as
well as additional production and/or development interests to add to the
production profile. However, investment in both existing assets and new ventures
will be closely managed within constraints imposed by the Group's available
resources. It is intended to sell the USA assets as described elsewhere in this
report.
Cautionary statement
This financial report contains certain forward-looking statements that are
subject to the usual risk factors and uncertainties associated with the oil and
gas exploration and production business. Whilst the Directors believes the
expectation reflected herein to be reasonable in light of the information
available up to the time of their approval of this report, the actual outcome
may be materially different owing to factors either beyond the Group's control
or otherwise within the Group's control but, for example, owing to a change of
plan or strategy. Accordingly, no reliance may be placed on the forward-looking
statements.
For further information contact:
Sterling Energy plc +44 (0)20 7405 4133
Graeme Thomson, Chief Executive Officer
Jon Cooper, Finance Director
Evolution Securities +44 (0)20 7071 4311
Rob Collins
Citigate Dewe Rogerson +44 (0)20 7628 9571
Media enquiries: Martin Jackson / Kate Lehane
Analyst enquiries: George Cazenove / Kate Delahunty
www.sterlingenergyplc.com Ticker Symbol: SEY
DEFINITIONS
$ US Dollars
2p proven and probable
bbls barrels of oil
bcf billion cubic feet of gas
bcfge billions of cubic feet gas equivalent
boe barrels of oil equivalent
bopd barrels of oil per day
EBITDA earnings before interest, taxation, depreciation and
abandonment
mcf thousand cubic feet of gas
mcfge thousand cubic feet of gas equivalent
mmbbl millions of barrels
mmcfg/d million cubic feet of gas per day
mmcfge/d millions of cubic feet of gas equivalent per day
nri net revenue interest
orri overriding royalty interest
tcf trillion cubic feet of gas
wi working interest
WEC Whittier Energy Corporation
Sterling Energy plc
Consolidated income statement
Year ended 31 December 2007
Note 2007 2006
$'000 $'000
Revenue 97,171 81,003
Cost of sales (75,197) (54,419)
Gross profit 21,974 26,584
Administrative expenses (15,720) (12,027)
Impairment provision - (60,033)
Pre-licence exploration costs (4,462) (1,368)
Operating profit/(loss) 1,792 (46,844)
Interest revenue and finance gains 3,286 3,082
Gain on hedging instruments 4,618 303
Finance costs (12,642) (3,201)
Loss before tax (2,946) (46,660)
Tax 3 693 6,101
Loss for the financial year (2,253) (40,559)
Attributable to minority interest - 1,981
Loss attributable to equity holders of parent company (2,253) (38,578)
Loss per share (cents): basic and diluted 4 (0.14)USc (2.75)USc
All operations were continuing throughout both years.
Consolidated statement of recognised income and expense
Year ended 31 December 2007
Note 2007 2006
$'000 $'000
Exchange differences on translation of foreign operations 965 2,363
Movement on value of investment in quoted company (4,082) (2,287)
Movement on hedge reserve (14,421) -
Net (loss)/income recognised directly in equity (17,538) 76
Loss for the financial year (2,253) (40,559)
Total recognised loss for the year (19,791) (40,483)
Attributable to:
Equity holders of the parent (19,791) (38,502)
Minority interests - (1,981)
(19,791) (40,483)
Sterling Energy plc
Consolidated balance sheet
31 December 2007
Note 2007 2006
$'000 $'000
Non-current assets
Intangible royalty assets 5 16,600 18,000
Intangible exploration and evaluation assets 6 155,581 21,384
Property, plant and equipment 7 342,917 156,800
Investments 6,985 5,922
522,083 202,106
Current assets
Inventories 5,036 3,713
Trade and other receivables 41,965 13,863
Derivative financial instruments 2,005 -
Current tax repayable 833 1,248
Cash and cash equivalents 9 49,866 91,759
99,705 110,583
Total assets 621,788 312,689
Current liabilities
Trade and other payables (79,835) (32,182)
Derivative financial instruments (9,434) (4,650)
Current tax liabilities - (299)
(89,269) (37,131)
Non-current liabilities
Long-term debt 10 (153,318) (23,214)
Deferred tax liabilities (69,512) (6,128)
Derivative financial instruments (7,174) -
Long-term provisions (24,245) (22,593)
(254,249) (51,935)
Total liabilities (343,518) (89,066)
Net assets 278,270 223,623
Equity
Share capital 31,811 26,919
Share premium account 341,414 273,785
Share option reserve 8,368 6,451
Investment revaluation reserve 657 4,739
Currency translation reserve 658 (307)
Hedging reserve (14,421) -
Retained earnings (90,217) (87,964)
Total equity and equity attributable to equity holders of 278,270 223,623
the parent
Sterling Energy plc
Consolidated cash flow statement
Year ended 31 December 2007
Note 2007 2006
$'000 $'000
Operating activities:
Cash generated from operations 48,131 63,017
Taxation refunded (paid) 416 (767)
Net cash flow from operating activities 48,547 62,250
Investing activities:
Capital expenditure (87,945) (51,191)
Corporate acquisitions 8 (145,368) -
Interest received 2,888 3,082
Net cash used in investing activities (230,425) (48,109)
Financing activities:
Net proceeds from issue of ordinary shares 72,521 245
Long-term loan proceeds/(repayment) 78,779 (4,111)
Interest paid (11,354) (1,648)
Net cash flow from /(used in) financing activities 139,946 (5,514)
Net (decrease)/increase in cash and cash equivalents (41,932) 8,627
Cash and cash equivalents at beginning of year 91,759 82,033
Effect of foreign exchange rate changes 39 1,099
Cash and cash equivalents at end of year 49,866 91,759
Notes to the consolidated financial information
1 General Information
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 December 2006 or 2007, but is derived
from those accounts. Statutory accounts for 2006 have been delivered to the
Registrar of Companies and those for 2007 will be delivered following the
Company's annual general meeting. The auditors have reported on those accounts;
their reports were unqualified, did not draw attention any matters by way of
emphasis without qualifying their reports and did not contain statements under
s237(2) or (3) Companies Act 1985.
While the financial information included in this preliminary announcement has
been prepared in accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS), this announcement does not
itself contain sufficient information to comply with IFRS. The Company expects
to publish full financial statements that comply with IFRS in May 2008. The
accounting policies applied are consistent with those adopted and disclosed in
the Group's annual financial statements for the year ended 31 December 2006,
with the exception of adopting IFRS 7 - Financial Instruments: Disclosures which
did not have any impact on the financial position of the Group.
The Group uses derivative financial instruments to manage its exposure to
movements in oil and gas prices, fluctuations in foreign exchange rates and
interest rates. Derivatives financial instruments are stated at fair value.
The purpose for which a derivative is used is established at inception. To
qualify for hedge accounting, the derivative must be 'highly effective' in
achieving its objective and this effectiveness must be documented at inception
and throughout the period of the hedge relationship. The hedge must be assessed
on an ongoing basis and determined to have been 'highly effective' throughout
the financial reporting periods for which the hedge was designated.
For the purpose of hedge accounting, hedges are classified as either fair value
hedges, when they hedge the exposure to changes in the fair value of a
recognised asset or liability, or cashflow hedges, when they hedge exposure to
variability in cashflows that is either attributable to a particular risk
associated with a recognised asset or liability or forecasted transaction.
During the year the Sterling designated a number of its oil and gas derivatives
as cashflow hedges of future production.
This preliminary announcement was approved by a Board sub committee on 30 April
2008.
2 Geographical segments
The Group operates in one business segment; the exploration for and production
of oil and gas. The Group currently has interests in two geographical segments;
North America, and Africa and the Middle East. Segment information about the
business is presented below.
North America Africa Total
INCOME STATEMENT 2007 2006 2007 2006 2007 2006
$'000 $'000 $'000 $'000 $'000 $'000
Revenue 67,843 23,441 29,328 57,562 97,171 81,003
Cost of sales (49,871) (14,380) (25,326) (40,039) (75,197) (54,419)
Gross profit 17,972 9,061 4,002 17,523 21,974 26,584
Impairment provision - (2,653) - (57,380) - (60,033)
Pre-licence exploration costs (1,181) - (3,281) (1,368) (4,462) (1,368)
Segment result 16,791 6,408 721 (41,225) 17,512 (34,817)
Unallocated corporate expenses (15,720) (12,027)
Operating profit/(loss) 1,792 (46,844)
Interest revenue and finance gains 3,286 3,082
Gain on hedging instrument 4,618 303
Finance costs (12,642) (3,201)
Loss before tax (2,946) (46,660)
Tax 693 6,101
Loss for the financial year (2,253) (40,559)
Attributable to minority interest - 1,981
Loss attributable to equity holders (2,253) (38,578)
of parent company
Corporate assets North America Africa Total
2007 2006 2007 2006 2007 2006 2007 2006
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
OTHER SEGMENT
INFORMATION
Capital additions
Property, plant and 374 307 54,970 8,375 8,063 14,223 63,407 22,905
equipment
E&E expenditure 600 - 10,668 2,972 24,437 2,555 35,705 5,527
Depreciation and (461) (233) (32,405) (7,338) (17,444) (35,407) (50,310) (42,978)
amortisation
Impairment - - - (2,653) - (57,380) - (60,033)
provision
BALANCE SHEET
Segment assets* 45,451 88,515 424,005 97,461 152,132 126,713 621,788 312,689
Segment liabilities (175,666) (11,426) (128,261) (53,443) (39,591) (24,197) (343,518) (89,066)
* Carrying amount of segment assets exclude intra-Group financing.
3 Taxation
The Group tax charge comprises:
2007 2006
$'000 $'000
Current tax credit (509) (1,255)
Deferred tax - origination and reversal of timing differences (184) (4,846)
Total credit (693) (6,101)
The difference between the tax credit of $693,000 (2006 - credit of $6,101,000)
and the amount calculated by applying the applicable standard rate of tax is as
follows:
2007 2006
$'000 $'000
Loss on ordinary activities before tax (2,946) (46,660)
Tax on loss on ordinary activities at standard (1,001) (15,864)
US corporation tax rate of 34% (2006: 34%)
Effects of:
Expenses not deductible for tax purposes (1,856) (1,654)
Capital allowances lower than/(in excess of) (82) 10,994
depreciation
Other temporary differences - 395
Difference in non-UK/US tax rates 127 1,364
Adjustment for tax losses 2,628 47
Adjustment in respect of prior years (509) (1,383)
Tax credit for the year (693) (6,101)
During 2007 and 2006 the Group generated its results primarily in the US.
Therefore the tax rate in the above reconciliation for 2007 is the standard rate
for US corporation tax.
With effect from 1 April 2008, the main rate of UK corporation tax reduced to
28%. However, given the Group's taxation charge principally relates to the US,
the change of rate will not have a significant effect on the Group's overall
taxation charge.
4 Loss per share
The calculation of basic and diluted loss per share is based on the loss for the
financial year of $2,253,000 (2006 - loss $38,578,000) and on 1,565,678,397
(2006 - 1,402,408,092) ordinary shares, being the weighted average number of
ordinary shares in issue. As the effect of any dilutive shares would decrease
the loss per share, the basic and diluted loss per share are the same.
5 Intangible royalty assets
Group
$'000
Net Book Value at 1 January 2006 42,149
Depletion charge for the year (1,675)
Impairment charge for the year (22,474)
Net Book Value at 31 December 2006 18,000
Depletion charge for the year (1,400)
Net Book Value at 31 December 2007 16,600
Group net book value at 31 December 2007 comprises the value of rights to future
royalties in respect of the Group's agreements covering licences PSC A and PSC B
in Mauritania. The value of these royalty interests is dependent upon future oil
and gas prices and the development and production of the underlying oil and gas
reserves.
An impairment assessment and any subsequent charge is calculated on an
individual royalty interest basis. Future recoverable amounts are estimated by
management based on the present value of future cash flows expected to be
derived from the production of commercial reserves in these licences and are
compared against the carrying value of these assets.
6 Intangible exploration and evaluation (E&E) assets
Group
$'000
Net book value at 1 January 2006 26,660
Additions during the year 5,527
Amortisation charge for the year (949)
Impairment charge for the year (9,854)
Net book value at 31 December 2006 21,384
Additions during the year 36,233
Additions through acquisitions during the year 101,314
Amortisation charge for the year (3,350)
Net Book Value at 31 December 2007 155,581
The amount for intangible exploration and evaluation assets represents
investments in respect of exploration licences.
Impairment tests on E&E assets are conducted on an individual cost pool basis
when facts and circumstances suggest that the carrying amount in the pool may
exceed its recoverable amount. The 2006 impairment recorded above relates to
assets held in the Africa pool where the estimated recoverable amount of the
property, plant and equipment and E&E in the pool was insufficient to cover the
carrying amount.
7 Property, plant and equipment
Computer and
Oil and gas assets office equipment Total
$'000 $'000 $'000
Group
Cost
At 1 January 2006 215,061 2,193 217,254
Additions during the year 22,219 686 22,905
At 31 December 2006 237,280 2,879 240,159
Additions during the year 62,612 795 63,407
Additions through acquisitions during the year 167,978 292 168,270
At 31 December 2007 467,870 3,966 471,836
Accumulated depreciation
At 1 January 2006 14,019 1,281 15,300
Charge for the year 39,993 361 40,354
Impairment charge for the year 27,705 - 27,705
At 31 December 2006 81,717 1,642 83,359
Charge for the year 44,452 1,108 45,560
At 31 December 2007 126,169 2,750 128,919
Net book value at 31 December 2007 341,701 1,216 342,917
Net book value at 31 December 2006 155,563 1,237 156,800
The impairment charge in 2006 for the Group related to the Group's Mauritanian
and US interests. The impairment charge was calculated by reference to
assessment of future discounted cash flows expected to be derived from
production of commercial reserves measured against the individual cash
generating unit carrying values.
8 Acquisition of subsidiary
On 29 March 2007, the Group acquired 100 per cent of the issued share capital of
Whittier Energy Corporation ('WEC') for cash consideration of $145.4 million,
plus $1.4 million for directly attributable costs. WEC is the parent company of
a Group of companies involved in onshore US Gulf Coast exploration and
production. This transaction has been accounted for using the purchase method of
accounting. WEC was subsequently renamed Sterling Energy USA Inc. during the
period.
Book value Fair value
$'000 $'000
Net assets acquired :
Property, plant and equipment 119,316 167,978
Intangible exploration and evaluation assets 31,895 101,634
Goodwill 1,485 -
Trade and other receivables 15,506 15,342
Cash and cash equivalents 1,392 1,392
Trade and other payables (23,339) (23,339)
Bank loans (51,325) (51,325)
Deferred tax liabilities (24,139) (63,571)
Decommissioning liabilities (711) (711)
70,080 146,760
Satisfied by:
Cash 145,432
Directly attributable costs 1,328
146,760
Net cash outflow arising on acquisition:
Cash consideration (146,760)
Cash and cash equivalents acquired 1,392
(145,368)
WEC contributed $39.9 million of revenue, $4.8 million of gross profit, and a
loss of $3.0 million to the Group's loss before tax for the period between the
effective date of acquisition and 31 December 2007. WEC contributed $25 million
to operating cash flow before working capital for the same period.
9 Cash and cash equivalents
Group
2007 2006
$'000 $'000
Cash at bank and in hand, unrestricted 44,101 86,723
Cash held on a restricted account 5,765 5,036
Cash and cash equivalents at 31 December 49,866 91,759
Cash and cash equivalents comprise cash in hand, deposits on call with banks and
highly liquid investments that are readily convertible into known amounts of
cash and which are subject to an insignificant risk of change in value.
Included in cash and cash equivalents of the Group is an amount of $5,765,000
(2006 - $5,036,000) held in restricted accounts to be used for the sole purpose
of the payment of decommissioning costs on three US producing licences.
10 Long-term debt
Group
2007 2006
$'000 $'000
Bank loan 153,318 23,214
At 31 December 2007 the group had a bank loan facility of $250,000,000 (the '
borrowing-base facility') of which $144,818,000 had been drawn down under this
facility at the end of the period. The amount that was available to be drawn
under this facility was determined by a twice-yearly borrowing base review. In
addition, a further $482,136 (2006 - US$nil) is pledged under a letter of
credit. The facility was secured by a floating charge over certain of the
property, plant and equipment of the Group. An intra-group loan of approximately
$74,393,600 (2006 - $28,453,800) was subordinated to the facility. Interest was
payable at a margin 2.25%- 4.5% over US LIBOR rate. The facility also includes
certain financial and non-financial covenants.
In addition to the borrowing-base facility, the company has an unsecured
corporate facility available of $15,000,000 of which, at 31 December 2007,
$8,018,000 had been drawn.
During January 2007 the outstanding loan of $23,214,000 at 31 December 2006 with
Macquarie Bank was repaid in full and the facility cancelled.
11 Post-balance sheet events
On 4 April 2008 the Company announced the proposed sale of Sterling Energy Inc.
and Sterling Energy USA Inc. (100% owned subsidiary companies) which represent
one of the companies two geographical segments (North America).
(a) Sterling Energy Inc. and Sterling Energy USA Inc represent a significant
part of the business and in 2007 created a segment result of $16,791,000 profit
(2006: $6,408,000 profit) and represented segment assets of $430,790,000 (2006:
$97,461,000) and segment liabilities of $132,812,000 (2006: $53,443,000);
(b) The aim of the sale is to repay the Group's existing borrowings and leave
it with significant net cash. This together with cash revenues from its
Mauritanian providing interests will provide funding to increase the Group's
investment in its key high impact exploration assets. The Group will also
pursue new opportunities including acquisitions in Africa and the Middle East.
The sale is expected to be completed by the end of 2008;
(c) Further information on the North America segment is shown in note 2 of the
financial statements.
12 Oil and gas price risk
The group uses a range of derivative instruments to provide a cash flow hedge
against its exposure to volatility in oil and gas prices arising from floating
price sales. At 31 December 2007 the group had cash flow hedges in place with
the following characteristics:
Group
2008 settlements 2009 settlements
Brent Oil price
Volume (bbl) 360,000 360,000
Hedge price (per bbl)
- Swap $74.30 $74.30
WTI Oil price
Volume (bbl) 230,000 170,000
Hedge price (per bbl)
- Collar floors/ ceilings $60.00/ $72.30 - $83.00 -
- Swaps $70.00 - $88.45 $69.90
Henry Hub Gas price
Volume (mmbtu) 3,458,000 950,000
Hedge price (per mmbtu)
- Collar floors/ ceilings $6.50 - $9.00/ $9.75 - $16.25 $7/ $8.65
- Swaps $7.76 - $10.98 $8.00 - $9.22
The group policy is to hedge a minimum of 25% of the proven production profile
of the Natixis Facility Borrowing Base Assets as required by the Facility with
the actual level determined by broader financial requirements and market
availability and pricing. At 31 December 2006 there were no cash flow hedges in
place.
The table below shows the combined impact on the fair values of oil and gas
derivatives resulting from a $10 decrease/ increase in forward prices for oil
and a $1 decrease/ increase for gas, analysed between earnings and equity.
Group Company
2007 2006 2007 2006
$'000 $'000 $'000 $'000
Decrease:
Decrease in profit - 4,650 - 4650
Decrease in equity 3,193 - 4,243 -
Decrease in net assets 3,193 4,650 4,243 4,650
Increase:
Increase in profit - 4650 - 4,650
Increase in equity 26,396 - 18,063 -
Increase in net assets 26,396 4,650 18,063 4,650
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