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Edenville Energy PLC (EDL)

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Monday 24 September, 2018

Edenville Energy PLC

Interim Results for the six months to 30 June 2018

RNS Number : 6281B
Edenville Energy PLC
24 September 2018
 

 

 

24 September 2018

EDENVILLE ENERGY PLC

("Edenville" or the "Company")

 

Interim Results for the six months to 30 June 2018

 

 

Edenville Energy plc (AIM: EDL), the company developing a coal project in southwest Tanzania, announces the Company's unaudited interim results for the six months ended 30 June 2018.

 

Key Period Highlights

 

·    Commercial mining and wash plant operation start full production phase with a variety of sized coal products being produced

·     From 1 January 2018 to 30 June 2018 31,169 tonnes of Run of Mine ("ROM") coal processed, producing 8,808 tonnes of washed coal and 13,775 tonnes of fine coal. Of the 8,808 tonnes of washed coal, 4,221 tonnes were shipped

·     Revenue recognised for the first time

·     Revenues from 1 January 2018 to 16 April 2018 are off-set against development costs as the mine was being tested to ensure it functioned as intended.

·     From 17 April 2018 to 30 June 2018 the mine produced 5,348 tonnes of washed coal and 7,004 tonnes of fine coal. Of the 5,348 tonnes of washed coal 2,314 tonnes were sold, resulting in recognised revenue of £59,310

·     Company raised £740,000 (before expenses) at 0.35 pence per share in April 2018

·    US$455m Powerline financing by World Bank approved which will provide key infrastructure for the planned power plant

·     MOU with Sinohydro extended

 

Post Period Highlights

 

·     Two year contract for coal supply of 4,000 tonnes per month secured

·     From 1 July 2018 to 17 September 20,945 tonnes of Run of Mine ("ROM") coal processed, producing 6,186 tonnes of washed coal and 9,523 tonnes of fine coal. Of the 6,186 tonnes of washed coal, 4,947 tonnes were shipped

·     Average daily shipments (calculated on a calendar day basis) of coal of 63 tonnes post H1 period, up from 51 tonnes in July 2018 and 23 tonnes for the first half

·     Plant upgrade tasks nearing completion

 

 

Jeff Malaihollo, Chairman of Edenville, commented: "Edenville continued to make significant progress in the first half of 2018, with commercial coal production starting in earnest.  Throughout the period and more recently we have continued to refine the coal production process and install additional equipment, allowing increased production to satisfy the demand we are seeing.

 

"With progress also being made on the power plant project following the announcement of the power line infrastructure financing, I believe Edenville is well positioned for the future."

 

For further information please contact:

 

 

Edenville Energy Plc

Jeff Malaihollo - Chairman

Rufus Short - CEO

+44 (0) 20 3934 6630

 

Northland Capital Partners Limited

(Nominated Adviser and Broker)

David Hignell

Gerry Beaney

Jamie Spotswood

 

 

+44 (0) 20 3861 6625

IFC Advisory

(Financial PR and IR)

Tim Metcalfe

Heather Armstrong

Julia Westcott-Hutton

+44 (0) 20 3934 6630

 

 

CEO's report

 

Operational Report

 

Production of Coal

 

The Company started 2018 with the Company's newly constructed Rukwa Coal Project entering its commercial production phase in mid-April, following previous trial shipments. This phase started with the completion of overburden stripping and trial runs of the wash plant and is now at the stage where commercial coal sales are being made and production rates increasing.

 

Our small but efficient mining fleet has operated with high availability and utilisation rates, with our Volvo excavator complimenting the hired truck fleet well.  We have been able to rapidly access coal measures and continue to provide raw coal to the process plant as required.  The mining fleet continues to operate well and we are targeting new areas of the mine to satisfy the anticipated increased production in the near future.

 

The newly constructed wash plant has been able to process the ROM coal to provide a washed product of between 5,500GCV and 6,000GCV.  However, after opening up the coal deposit and processing coal we have identified areas of the plant that require some modification in order for it to run at an optimal level.

 

One main area of focus has been how to deal with significant amounts of fine coal in the system, which has slowed the process down and also lead to unwanted contamination.  We have opted for a pre-screening unit to take these fines out of the process before they enter the main wash plant module.  This is currently under construction and will be operating later in 2018.  Additional modifications to the plant have also included the addition of a Lamella water treatment plant that enhances and reduces the water usage profile along with ensuring our site is following recognised international environmental practices. This is currently on site and will be in full operation shortly.

 

For the six months to June 2018 we processed 31,169 tonnes of ROM coal, producing 8,808 tonnes of washed coal and 13,775 tonnes of fine coal, with shipments of 4,221 tonnes of washed coal.  The majority of the remaining washed coal has been shipped and we are in discussions with potential purchasers of fine coal, some of whom have already received trial shipments.

 

Throughout the development of mining and processing we have followed a conservative step by step approach to ensure capital has been utilised in a responsible way to grow the operation.  It is a new mining project, opening up a new coal deposit in a remote area, with a limited mining history.  It is also supplying a new product to customers who have a requirement to get comfortable with the coal, the operation and our people's ability to deliver the product.  The majority of our employees are local to the operation, supported by a core of Tanzanian mining professionals.  They have developed into an effective and competent team.  In line with the Tanzanian Government's directives we have to limit the presence of expatriates and currently have one professional providing day to day management and technical input into the operation.

 

As both our coal and location was new to the market, most of the customers have initially elected to take coal either on a trial basis or on non-contractual terms until they were comfortable with the outcomes.  We worked with several customers throughout the first half of 2018 on trials and spot sales with a contract for 4,000 tonnes per month being formalised in August 2018.  We are also working on the finalisation of several other longer term contracts and hope to conclude these in the near future.  When taking transport considerations into account even relatively small orders or contracts of less than 1,000 tonnes can have a value exceeding US$100,000 per month and we recognise our customers need to fully understand and be comfortable with the outcomes before making a long term commitment.

 

As we move into the next phase of the operation with increased production, regular customers and formal contracts, the Company is well placed to take advantage of the demand for energy coal in East Africa as a whole.  Growth in East Africa is significant and there are several new industrial facilities that we are in discussions with that require coal for their production processes.

 

Coal to Power Project

 

Over the first half of 2018 there was considerable discussion within the Tanzanian Government and parastatal organisations such as the state-owned energy company, Tanesco, on the future route for energy production and how coal would fit into this plan.  We, along with our EPC partners, Sinohydro, have patiently awaited the developments in policy from the Tanzanian side whilst continuing essential work such as baseline monitoring for the environmental certificate.  

 

Crucially, in June 2018 funding of US$455 million was approved for the Tanzania-Zambia Interconnector Project (TAZA) which includes the section of transmission line from Sumbawanga to Tunduma.  Sumbawanga is located approximately 25km from our mine site.  Now that this vital part of the infrastructure for the power plant is funded we can begin to move forward our power plant plans in parallel. 

 

Of particular note, post period, is the release in September of the Invitation for Qualification (IFQ) documents from Tanesco. These provide the framework for Tanesco and potential power suppliers to move forward through the various steps towards agreement and then subsequent development of power generation facilities.  In light of the previous feasibility and other work the Company has carried out and importantly the development of the coal mine, the Company been asked to participate in the qualification process over the coming months.  This is a major milestone for our Coal to Power Project and we believe this, in parallel with the power line funding, places the Company in a very positive position to move forward.  

 

The fact that we have now opened up the mining area along several hundred metres of strike length and to a depth of over 30 metres means we have started to gain an excellent understanding of the coal characteristics for any future power plant development. This information and understanding will be crucial in the final design of the power plant to ensure it is optimal both technically and financially.  

 

Our cooperation with Synohydro, one of the largest Chinese EPC companies, has been extended for 18 months until 25 December 2019.  Whilst a feasibility study on a 120MW plant has already been carried out, the potential for a significantly larger plant of up to 300MW is now being considered and much of Sinohydro's work will be focused towards this option.

 

Financial Results

 

For the six months period ended 30 June 2018 the Company reports sales revenue for the first time of £59,310.  This only reflects sales from 17 April 2018 onwards as sales in the first half to 16 April 2018, amounting to £60,065, were part of the testing phase of the mine to ensure it was functioning as intended and have been capitalised in accordance with the Company's accounting policy.  As production of washed coal increases the unit sales cost will progressively fall.  The Company's sales post period continue to strengthen with 4,947 tonnes being shipped from 1  July to 17 September 2018.

 

In the first half the Company made a gross profit of £4,467 on sales of £59,310. The Company made a loss after taxation of £544,959 (H1 2017 £551,337). The net assets at 30 June 2018 amounted to £7,568,436 (30 June 2017 £6,805,216).

 

The total comprehensive loss for the period was £387,412 (H1 2017 £841,877), which included a gain of £157,457 (H1 2017 loss of £290,540) arising from the translation of the Tanzanian subsidiary accounts from US Dollars to Sterling.

 

Summary

 

The Company is making further progress in the second half of 2018 with continuing orders for coal and a two year supply contract in place.  We see more contracts being finalised in the near future and plant upgrades are in progress to increase production to satisfy demand.

 

With the announced financing of the power line near to our proposed power plant project we expect to make significant progress in the near future on the structure of the power plant development process with Tanesco and the Ministry of Energy, in conjunction with our partner, Sinohydro.

 

Rufus Short

Chief Executive Officer

 

 

EDENVILLE ENERGY PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

FOR THE SIX MONTHS ENDED 30 JUNE 2018

 

 

 

 

Six months ended

30 June 18

Six months ended

30 June 17

Year

ended

31 Dec 17

 

 

Unaudited

Unaudited

Audited

 

Note

£

£

£

Revenue

 

59,310

-

-

Cost of sales

 

(54,663)

-

-

 

 

                

                

                

Gross profit

 

4,647

-

-

Administrative expenses

 

(526,648)

(439,188)

(927,640)

Share based payments

 

(23,235)

(112,897)

(155,077)

Written off intangible asset

 

-

-

(104,211)

 

 

                

                

                

Group operating loss

 

(545,236)

(552,085)

(1,186,928)

Finance income

 

277

748

864

 

 

                

                

                

Loss on operations before taxation

 

(544,959)

(551,337)

(1,186,064)

 

 

 

 

 

Taxation

 

-

-

-

 

 

                

                

                

Loss for the period after taxation

 

(544,959)

(551,337)

(1,186,064)

Other comprehensive income/(loss):

 

 

 

 

(Loss)/gain on translation of overseas subsidiary

 

157,547

(290,540)

(553,211)

 

 

                

                

                

Total comprehensive (loss)/income for the period

 

 

(387,412)

 

(841,877)

 

(1,739,275)

 

 

                

                

                

Attributable to:

 

 

 

 

Equity holders of the Company

 

(386,955)

(841,583)

(1,738,557)

Non-controlling interest

 

(457)

(294)

(718)

 

 

                

                

                

 

 

(387,412)

(841,877)

(1,739,275)

 

 

                

                

                

Loss per share

 

 

 

 

- basic and diluted (pence)

2

(0.04)

(0.09)

(0.11)

 

 

                

                

                

 

The income for the period arises from the Group's continuing operations.

EDENVILLE ENERGY PLC

CONSOLIDATED statement of financial position

 

as at 30 june 2018

 

 

As at

30 June 18

As at

30 June 17

As at

31 Dec 17

 

 

Unaudited

Unaudited

Audited

 

Note

£

£

£

Non-current assets

 

 

 

 

Property, plant and equipment

4

975,267

999,215

1,059,583

Intangible assets

5

5,664,122

4,731,189

5,071,318

 

 

                   

                   

                   

 

 

6,639,389

5,730,404

6,130,901

Current assets

 

 

 

 

Inventories

 

163,184

-

-

Trade and other receivables

 

390,755

181,695

299,666

Cash and cash equivalents

 

537,478

1,128,790

951,078

 

 

                   

                   

                  

 

 

1,091,417

1,310,485

1,250,744

Current liabilities

 

 

 

 

Trade and other payables

 

(162,370)

(235,673)

(146,797)

 

 

                   

                   

                   

Current assets less current liabilities

 

929,047

1,074,812

1,103,947

 

 

                   

                   

                   

Total assets less current liabilities

 

7,568,436

6,805,216

7,234,848

 

 

 

 

 

Non - current liabilities

 

 

 

 

Provisions for other liabilities and charges

 

-

-

-

 

 

                   

                   

                   

 

 

7,568,436

6,805,216

7,234,848

 

 

                   

                   

                   

Capital and reserves

 

 

 

 

Called-up share capital

6

2,722,036

2,633,698

2,679,750

Share premium account

 

18,566,642

16,706,266

17,910,928

Share based payment reserve

 

224,376

221,699

309,943

Foreign currency translation reserve

 

712,512

817,636

554,965

Retained earnings

 

(14,647,974)

(13,577,968)

(14,212,274)

 

 

                   

                   

                   

Issued capital and reserves attributable to owners of the parent company

 

7,577,592

6,801,331

7,243,312

Non-controlling interest

 

(9,156)

3,885

(8,464)

 

 

                   

                   

                   

Total equity

 

7,568,436

6,805,216

7,234,848

 

 

                   

                   

                   

EDENVILLE energy PLC

CONSOLIDATED statement of changes in equity

 

FOR THE SIX MONTHS ENDED 30 JUNE 2018

 

 

 

 

----------------------------------Equity Interests--------------------------------

 

 

 

 

 

 

 

Share capital

 

 

 

Share premium

 

 

 

Retained Earnings

 

 

Share option reserve

 

Foreign currency translation reserve

 

 

 

 

Total

 

 

Non- Controlling interest

 

 

 

 

Total

 

£

£

£

£

£

£

£

£

 

 

 

 

 

 

 

 

 

Balance at 1 January 2018

 

2,679,750

 

17,910,928

 

(14,212,274)

 

309,943

 

554,965

 

7,243,312

 

(8,464)

 

7,234,848

Issue of share capital

42,286

697,714

-

-

-

740,000

-

740,000

Share issue costs

-

(42,000)

-

-

-

(42,000)

-

(42,000)

Share based payment charge

-

-

-

23,235

-

23,235

-

23,235

Lapse of share options

-

-

108,802

(108,802)

-

-

-

-

Foreign currency translation

 

-

 

-

 

-

 

-

 

157,547

 

157,547

 

(235)

 

157,312

Loss for the period

-

-

(544,502)

-

-

(544,502)

(457)

(544,959)

 

                

                 

                 

                 

                 

                 

                 

                 

Balance at 30 June 2018

2,722,036

18,566,642

(14,647,974)

224,376

712,512

7,577,592

(9,156)

7,568,436

 

                 

                 

                 

                 

                 

                 

                 

                 

 

 

 

 

 

 

 

 

 

Balance at 1 January 2017

2,563,325

14,250,401

(13,026,926)

108,802

1,108,176

5,003,778

4,179

5,007,957

Issue of share capital

70,373

2,546,751

-

-

-

2,617,124

-

2,617,124

Share issue costs

-

(90,886)

-

-

-

(90,886)

-

(90,886)

Share based payment charge

 

-

 

-

 

-

 

112,897

 

-

 

112,897

 

-

 

112,897

Foreign currency translation

 

-

 

-

 

-

 

-

 

(290,540)

 

(290,540)

 

-

 

(290,540)

Loss for the period

-

-

(551,042)

-

-

(551,042)

(294)

(551,336)

 

                

                 

                 

                 

                 

                 

                 

                 

Balance at 30 June 2017

2,633,698

16,706,266

(13,577,968)

221,699

817,636

6,801,331

3,885

6,805,216

 

                 

                 

                  

                 

                 

                 

                 

                 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

 

Share premium

 

 

 

Retained Earnings

 

 

Share option reserve

 

Foreign currency translation reserve

 

 

 

 

Total

 

 

Non- Controlling interest

 

 

 

 

Total

 

£

£

£

£

£

£

£

£

 

 

 

 

 

 

 

 

 

Balance at 1 January 2017

2,563,325

14,250,401

(13,026,926)

108,802

1,108,176

5,003,778

4,179

5,007,957

Issue of share capital

116,425

3,869,091

-

-

-

3,985,516

-

3,985,516

Cost of issue

-

(162,500)

-

-

-

(162,500)

-

(162,500)

Share options/warrants charge

 

-

 

(46,064)

 

-

 

201,141

 

-

 

155,077

 

-

 

155,077

Foreign currency translation

-

-

-

-

(553,211)

(553,211)

(9,327)

(562,538)

Loss for the year

-

-

(1,185,348)

-

-

(1,185,348)

(718)

(1,186,066)

Non-controlling interest share of goodwill

-

-

-

-

-

-

(2,598)

(2,598)

 

                 

                 

                 

                 

                 

                 

                 

                 

Balance at 31 December 2017

2,679,750

17,910,928

(14,212,274)

309,943

554,965

7,243,312

(8,464)

7,234,848

 

                 

                 

                

                

                

                

                

                

EDENVILLE ENERGY PLC

consolidated CASH FLOW STATEMENT

 

FOR THE SIX MONTHS ENDED 30 JUNE 2018

 

 

Six months

ended

30 June 18

Six months

ended

30 June 17

Year

 ended

31 Dec 17

 

Unaudited

Unaudited

Audited

 

£

£

£

Cash flows from operating activities

 

 

 

Operating loss

(545,263)

(552,085)

(1,186,928)

Impairment of tangible & intangible non-current assets

 

-

 

-

 

104,211

Depreciation

104,493

2,345

65,726

Share based payments

23,235

112,897

155,077

(Increase) in inventories

(163,184)

-

-

(Decrease) in trade and other receivables

(81,565)

(19,934)

(149,109)

Increase in trade and other payables

13,527

108,214

21,905

Foreign exchange gain/(loss)

4,323

(47,607)

(142,174)

 

               

               

               

Net cash used in operating activities

(644,434)

(396,170)

(1,131,292)

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of exploration and evaluation assets

(467,553)

(263,760)

(882,649)

Purchase of property, plant and equipment

-

(983,060)

(1,104,381)

Finance income

277

748

864

 

              

              

              

Net cash used in investing activities

(467,276)

(1,246,072)

(1,986,166)

 

                

                

                

Cash flows from financing activities

 

 

 

Proceeds on issue of shares

740,000

2,617,124

3,985,515

Share issue costs

(42,000)

(90,886)

(162,500)

 

              

              

              

Net cash generated from financing activities

698,000

2,526,238

3,823,015

 

              

              

              

 

 

 

 

Net decrease in cash and cash equivalents

(413,710)

883,996

705,557

Cash and cash equivalents at beginning of year

951,078

246,120

246,120

Exchange losses on cash and cash equivalents

110

(1,326)

(599)

 

              

              

              

 

 

 

 

Cash and cash equivalents at end of year

537,478

1,128,790

951,078

 

              

              

              

 

 

 

 

EDENVILLE ENERGY PLC

NOTES TO THE INTERIM REPORT

FOR THE SIX MONTHS ENDED 30 JUNE 2018

 

 

1.         Financial information and basis of preparation

 

The interim financial statements of Edenville Energy Plc are unaudited consolidated financial statements for the six months ended 30 June 2018 which have been prepared in accordance with IFRSs as adopted by the European Union.  They include unaudited comparatives for the six months ended 30 June 2017 together with audited comparatives for the year ended 31 December 2017.

 

The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.  The statutory accounts for the year ended 31 December 2017 have been reported on by the company's auditors and have been filed with the Registrar of Companies.  The report of the auditors was (i) unqualified, (ii) contained a "Material uncertainty relating to going concern paragraph and (iii) did not contain any statement under section 498 of the Companies Act 2006.

 

The interim consolidated financial statements for the six months ended 30 June 2018 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2018. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2017. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and adopted by the EU.

 

 

2.          Loss per share

 

The calculation of the basic and diluted loss per share is based on the following data:

 

 

30 June 18

30 June 17

31 December 17

 

 

£

£

£

 

Loss after taxation

(544,959)

(551,337)

(1,186,064)

 

 

 

 

Weighted average number of shares in the period

 

1,412,667,005

 

997,831,002

 

1,106,162,059

 

 

 

 

Basic and diluted loss per share (pence)

(0.04)

(0.06)

(0.11)

 

The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options and warrants would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive.

 

 

3.         Dividends

No dividends are proposed for the six months ended 30 June 2018 (six months ended 30 June 2017: £nil, year ended 31 December 2017: £nil).

 

4.         Tangible assets

 

 

Plant & machinery

Fixtures & fittings

Motor vehicles

 

Total

 

£

£

£

£

Cost or valuation

As at 1 January 2018

 

1,111,852

 

7,184

 

89,709

 

1,208,745

Additions

-

-

-

-

Foreign exchange adjustment

25,679

70

1,697

27,446

 

                

                

                

                

At 30 June 2017

1,137,531

7,254

91,406

1,236,191

 

                

                

                

                

Accumulated depreciation

 

 

 

 

As at 1 January 2018

64,873

6,719

77,570

149,162

Charge for period

102,941

58

1,494

104,493

Foreign exchange adjustment

5,687

70

1,512

7,269

 

                

                

                

                

As at 30 June 2018

173,501

6,847

80,576

260,924

 

                

                

                

                

 

 

 

 

 

Net book value

 

 

 

 

As at 30 June 2018

964,030

407

10,830

975,267

 

                

                

                

                

 

 

 

 

 

 

 

Plant & machinery

Fixtures & fittings

Motor vehicles

Assets under construction

 

Total

 

£

£

£

£

£

Cost or valuation

As at 1 January 2017

 

7,471

 

7,473

 

96,683

 

-

 

111,627

Additions

-

-

-

983,060

983,060

Foreign exchange adjustment

-

(168)

(4,051)

-

(4,219)

 

                

                

                

                

                

At 30 June 2017

7,471

7,305

92,632

983,060

1,090,468

 

                

                

                

                

                

Accumulated depreciation

 

 

 

 

 

As at 1 January 2017

6,363

6,857

79,185

-

92,405

Charge for period

138

77

2,129

-

2,345

Foreign exchange adjustment

-

(168)

(3,328)

-

(3,496)

 

                

                

                

                

                

As at 30 June 2017

6,501

6,766

77,986

-

91,253

 

                

                

                

                

                

 

 

 

 

 

 

Net book value

 

 

 

 

 

As at 30 June 2017

970

539

14,646

983,060

999,215

 

                

                

                

                

                

 

 

 

 

 

 

 

 

 

Plant & machinery

Fixtures & fittings

Motor vehicles

 

Total

 

£

£

£

£

Cost or valuation

As at 1 January 2017

 

7,471

 

7,473

 

96,683

 

111,627

Additions

1,104,381

-

-

1,104,381

Foreign exchange adjustment

-

(289)

(6,974)

(7,263)

 

                

                

                

                

At 31 December 2017

1,111,852

7,184

89,709

1,208,745

 

                

                

                

                

 

 

 

 

 

Accumulated depreciation

 

 

 

 

As at 1 January 2017

6,362

6,854

79,189

92,405

Charge for the year

61,358

154

4,214

65,726

Foreign exchange adjustment

(2,847)

(289)

(5,833)

(8,969)

 

                

                

                

                

At 31 December 2017

64,873

6,719

77,570

149,162

 

                

                

                

                

Net book value

 

 

 

 

As at 31 December 2017

1,046,979

465

12,139

1,059,583

 

                

                

                

                

 

 

5.    Intangible assets

 

 

 

 

 

 

 

 

Development expenditure

 

Mineral assets

 

Goodwill

 

Total

 

£

£

£

£

Cost or valuation

 

 

 

 

As at 1 January 2018

4,757,087

-

1,485,965

6,243,052

Additions

452,758

14,795

-

467,553

Foreign exchange adjustment

 

117,944

 

-

 

34,552

 

152,496

Transfer

(5,327,789)

5,327,789

 

 

 

                

                

                

                

At 30 June 2018

-

5,342,584

1,520,517

6,863,101

 

                

                

                

                

 

 

 

 

 

Accumulated amortisation and impairment

 

 

 

 

As at 1 January 2018

-

-

1,171,734

1,171,734

Foreign exchange adjustment

 

-

 

-

 

27,245

 

27,245

 

                

                

                

                

As at 30 June 2018

-

-

1,198,979

1,198,979

 

                

                

                

                

 

Net book value

 

 

 

 

As at 30 June 2018

-

5,342,584

321,538

5,664,122

 

                

                

                

                

 

 

 

 

 

 

 

 

 

 

 

On completion of development all assets under development expenditure are transferred to Mineral assets and depreciation commences

 

 

 

 

Exploration and evaluation assets

 

 

 

 

Tanzanian Licences

Development expenditure

 

Goodwill

 

Total

 

£

 

£

£

As at 1 January 2017

4,358,669

-

1,641,351

6,000,020

Additions

263,760

-

-

263,760

Foreign exchange adjustment

(220,753)

-

(83,129)

(303,882)

 

                

                

                

                

At 30 June 2017

4,401,676

-

1,558,222

5,969,898

 

                

                

                

                

Accumulated amortisation and impairment

 

 

 

As at 1 January 2017

-

-

1,294,259

1,294,259

Foreign exchange adjustment

-

-

(65,550)

(65,550)

 

                

                

                

                

As at 30 June 2017

-

-

1,228,709

1,228,709

 

                

                

                

                

 

 

 

 

 

Net book value

 

 

 

 

As at 30 June 2017

4,401,676

-

329,513

4,731,189

 

                

                

                

                

 

 

 

 

 

Cost or valuation

As at 1 January 2017

 

4,358,669

 

-

 

1,641,351

 

6,000,020

Additions

882,649

-

-

882,649

Foreign exchange adjustment

(380,020)

-

(143,106)

(523,126)

Written Off

(104,211)

-

-

(104,211)

Change in minority interest

-

-

(12,280)

(12,280)

Transfer to development expenditure

 

(4,757,087)

 

4,757,087

 

-

 

-

 

                

                

                

                

At 31 December 2017

-

4,757,087

1,485,965

6,243,052

 

                

                

                

                

 

 

 

 

 

Accumulated amortisation and impairment

 

 

 

 

As at 1 January 2017

-

-

1,294,260

1,294,260

Charge for the year

-

-

-

-

Change in minority interest

-

-

(9,683)

(9,683)

Foreign exchange adjustment

-

-

(112,843)

(112,843)

 

                

                

                

                

At 31 December 2017

-

-

1,171,734

1,171,734

 

                

                

                

                

Net book value

 

 

 

 

As at 31 December 2017

-

4,757,087

314,231

5,071,318

 

                

                

                

                

 

 

 

 

 

 

 

The outcome of ongoing exploration and evaluation, and therefore whether the carrying value of exploration and evaluation assets will ultimately be recovered, is inherently uncertain.  The directors have assessed the value of exploration and evaluation expenditure carried as intangible assets.  In their opinion there has been no impairment loss to intangible exploration and evaluation assets in the period. 

6.    Share capital

 

No

£

No

£

£

 

Ordinary shares of 0.02p each

Ordinary shares of 0.02p each

Deferred shares of 0.001p each

Deferred shares of 0.001p each

Total share capital

Issued and fully paid

 

 

 

 

 

At 1 January 2018

1,336,317,797

267,265

241,248,512,346

2,412,485

2,679,750

On 3 May 2018 the Company issued 211,428,572 shares at 0.35p each

211,428,572

42,286

-

-

42,286

 

 

 

 

 

 

As at 30 June 2018

1,547,746,369

309,551

241,248,512,346

2,412,485

2,722,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No

£

No

£

£

 

Ordinary shares of 0.02p each

Ordinary shares of 0.02p each

Deferred shares of 0.0001p each

Deferred shares of 0.0001p each

Total share capital

Issued and fully paid

 

 

 

 

 

At 1 January 2017

754,202,898

150,840

241,248,512,346

2,412,485

2,563,325

On 26 January 2017 the Company issued 963,855 new ordinary shares of 0.02p each for a consideration of 0.83p per share in lieu of consultancy fees.

963,855

193

-

-

193

On 26 January 2017 the Company issued 1,948,051 new ordinary shares of 0.02p each for a consideration of 0.77p per share in lieu of consultancy fees.

1,948,051

390

-

-

390

On 26 January 2017 the Company issued 1,375,000 new ordinary shares of 0.02p each for a consideration of 0.80p per share, on exercise of warrants.

1,375,000

275

-

-

275

On 26 January 2017 the Company issued 34,699,778 new ordinary shares of 0.02p each for a consideration of 0.54p per share, on exercise of warrants.

34,699,778

6,940

-

-

6,940

On 26 January 2017 the Company issued 5,555,555 new ordinary shares of 0.02p each for a consideration of 0.60p per share, on exercise of warrants.

5,555,555

1,111

-

-

1,111

On 31 January 2017 the Company issued 3,304,167 new ordinary shares of 0.02p each for a consideration of 0.80p per share, on exercise of warrants.

3,304,167

661

-

-

661

On 6 February 2017 the Company issued 612,500 new ordinary shares of 0.02p each for a consideration of 0.80p per share, on exercise of warrants.

612,500

123

-

-

123

On 13 February 2017 the Company issued 6,625,002 new ordinary shares of 0.02p each for a consideration of 0.8 0p per share, on exercise of warrants.

6,625,002

1,325

-

-

1,325

On 13 February 2017 the Company issued 14,999,780 new ordinary shares of 0.02p each for a consideration of 0.60p per share, on exercise of warrants.

14,999,780

3,000

-

-

3,000

On 23 February 2017 the Company issued 250,000,000 new ordinary shares of 0.02p each for a consideration of 0.80p per share, together with 125,000,000 warrants at an exercise price of 1.08p per warrant, on exercise of warrants.

250,000,000

50,000

 

 

50,000

On 17 March 2017 the Company issued 10,000,000 new ordinary shares of 0.02p each for a consideration of 0.60p per share.

10,000,000

2,000

 

 

2,000

On 29 March 2017 the Company issued 2,777,778 new ordinary shares of 0.02p each for a consideration of 0.60p per share.

2,777,778

556

 

 

556

On 16 June 2017 the Company issued 14,722,442 new ordinary shares of 0.02p each for a consideration of 0.60p per share.

14,722,442

2,944

 

 

2,944

On 23 June 2017 the Company issued 4,273,505 new ordinary shares of 0.02p each for a consideration of 0.60p per share.

4,273,505

855

 

 

855

As at 30 June 2017

1,106,060,311

221,213

241,248,512,346

2,412,485

2,633,698

 

 

 

 

No

£

No

£

£

 

Ordinary shares of 0.02p each

Ordinary shares of 0.02p each

Deferred shares of 0.001p each

Deferred shares of 0.001p each

Total share capital

Issued and fully paid

 

 

 

 

 

At 1 January 2017

754,202,898

150,840

241,248,512,346

2,412,485

2,563,325

On 26 January 2017 the company issued the following ordinary shares

 

 

 

 

 

Ordinary shares issued at 0.83p in lieu of consultancy services

963,855

193

 

 

 

Ordinary shares issued at 0.77p in lieu of consultancy services

1,948,051

390

 

 

 

Ordinary shares issued on exercise of warrants at 0.80p

1,375,000

275

 

 

 

Ordinary shares issued on exercise of warrants at 0.60p

5,555,555

1,111

 

 

 

Ordinary shares issued on exercise of warrants at 0.54p

34,699,778

6,940

 

 

 

On 31 January 2017 Ordinary shares issued on exercise of warrants at 0.80p

3,304,167

661

 

 

 

On 6 February 2017Ordinary shares issued on exercise of warrants at 0.80p

612,500

122

 

 

 

On 7 February 2017 Ordinary shares issued on exercise of warrants at 0.80p

6,625,002

1,325

 

 

 

On 7 February 2017 Ordinary shares issued on exercise of warrants at 0.60p

14,999,780

3,000

 

 

 

On 23 February 2017 the company issued shares at 0.80p each

22,781,732

4,557

 

 

 

On 17 March 2017 the company issued shares at 0.80p each

227,218,268

45,443

 

 

 

20 March 2017 Ordinary shares issued on exercise of warrants at 0.60p

10,000,000

2,000

 

 

 

29 March 2017 Ordinary shares issued on exercise of warrants at 0.60p

2,777,778

556

 

 

 

On 16 June 2017 Ordinary shares issued on exercise of warrants at 0.60p

14,722,442

2,945

 

 

 

On 23 June 2017 Ordinary shares issued on exercise of warrants at 0.54p

4,273,505

855

 

 

 

On 26 September 2017 Ordinary shares issued on exercise of warrants at 0.54p

21,924,153

4,385

 

 

 

On 9 October 2017 Ordinary shares issued on exercise of warrants at 0.60p

208,333,333

41,667

 

 

 

As at 31 December 2017

1,336,317,797

267,265

241,248,512,346

2,412,485

2,563,325

 

 

 

 

 

 

 

 

 

 

 

 

 

7.            Distribution on interim report to shareholders

 

The interim report will be available for inspection by the public at the registered office of the company during normal business hours on any weekday and from the Company's website http://www.edenville-energy.com/. Further copies are available on request.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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