Resultados provisionales
Este anuncio contiene información privilegiada a los efectos del artículo 7 del Reglamento de abuso de mercado (UE) 596/2014, ya que forma parte de la legislación nacional del Reino Unido en virtud de la Ley de la Unión Europea (Retirada) de 2018 ("MAR"), y se divulga de acuerdo con las obligaciones de la Compañía bajo el Artículo 17 del MAR.
27 de marzo de 2024
boleven plc
('Bowleven' o 'el Grupo' o 'la Compañía')
Resultados provisionales
Bowleven, la compañía de exploración y producción de petróleo y gas enfocada en África con intereses clave en Camerún, anuncia hoy sus resultados provisionales no auditados para los seis meses que terminaron el 31 de diciembre de 2023.
DESTACADOS
Operacional
Étinde
· In January 2024, Perenco wrote to New Age formally withdrawing its interest in acquiring New Age's stake and operatorship in the Etinde licence and cancelled their sale and purchase agreement. New Age wrote to the Government of Cameroon to withdraw their request to approve the transfer of ownership. Perenco gave no specific reasons for its withdrawal.
· Etinde operations are currently in a "care and maintenance" mode with limited ongoing activity other than New Age's maintenance of the Cameroon project office. The JV partners are now jointly re-energising efforts and have held an initial meeting to discuss the next steps. The JV partners have agreed an outline for a way forward and New Age has been tasked to prepare to hold a meeting with SNH as soon as possible to present a development proposal and discuss the potential for the Etinde development project going forward.
Sector empresarial
· The loss for the 6-month period was $1.1 million compared to $1.0 million for the same period in the prior year. The slightly increased loss is primarily due to a combination of lower recharges from Etinde, as project development activities have been reduced, and further expenditure reduction measures imposed by Bowleven's Board, offset by a $0.2 million inventory impairment charge at Etinde. The Group cash balance at 31 December 2023 was $0.57 million with no financial investments. The Group has no debt or material financial commitments. As at 29 February 2024, the Group's cash and cash equivalents balance was $0.37 million.
· Bowleven's expenditure run rate has been temporarily reduced to between $125,000 and $200,000 per month (with actual monthly expenditure depending on Etinde cash call amounts) to extend Bowleven's current cash resources.
· On 14 March 2024 the Company announced a proposed open offer to all qualifying existing shareholders at an offer price of 0.1 pence per new share with a view to raising a c£1.38 million (net of issue costs). Crown Ocean Capital, the company's largest shareholder has agreed to subscribe for all shares not otherwise taken up in the open offer. The completion of the open offer is conditional on, Entre otros, the passing of all resolutions to be put to a general meeting of shareholders to be held on 2 April 2024. Further details can be found in the circular and announcement published by the Company on 14 March 2024.
Eli Chahin, director ejecutivo de Bowleven plc, dijo:
"We are disappointed that the proposed New Age/Perenco transaction did not receive formal approval from SNH and the Government of Cameroon. However, we are satisfied that the JV partnership all agree that Etinde has significant value and excellent prospects so long as we can reach agreement with SNH and the Government of Cameroon on the lowest risk, economically optimum development option as soon as possible. As we continue to keep extremely close control over our finances, the completion of our proposed open offer will give us the necessary capital to continue operating and work towards FID at Etinde."
CONSULTAS |
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Para más información, por favor póngase en contacto con: |
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boleven plc |
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Eli Chahin, director ejecutivo | 00 44 203 327 0150 | |
Shore Capital (Asesor designado y Broker) |
| 00 44 207 7408 4090 |
daniel arbusto | ||
raquel goldstein |
Una copia de este anuncio está disponible en el sitio web de Bowleven www.bowleven.com
Notas para los redactores:
Bowleven plc es un grupo de petróleo y gas centrado en África, con sede en Londres y que cotiza en AIM. Se dedica a generar valor material para los accionistas a partir de su activo Etinde en Camerún, al mismo tiempo que mantiene la disciplina de capital y emplea un enfoque rigurosamente selectivo para otras oportunidades de mejora del valor. Bowleven tiene una participación accionaria estratégica en el permiso Etinde de aguas poco profundas en alta mar (operado por New Age) en Camerún.
Notas al anuncio:
The information in this release reflects the views and opinions of Bowleven and has not been reviewed in advance by its joint venture partners. Terms not otherwise defined have the meanings given to them in the definitions section at the foot of this announcement.
Este anuncio no pretende ni constituye una oferta de venta ni la solicitud de una oferta para suscribirse o comprar, ni una invitación para suscribirse o comprar valores, ni una oferta de adquisición mediante oferta pública de adquisición o de otro modo. cualquier valor, o la solicitud de cualquier voto, en cualquier jurisdicción.
La divulgación, publicación o distribución de este anuncio en jurisdicciones distintas del Reino Unido puede estar restringida por ley y, por lo tanto, cualquier persona en cuya posesión llegue este anuncio debe informarse y observar cualquier restricción o requisito aplicable. La Compañía no ha tomado ninguna medida que permita la posesión o distribución de este anuncio en ninguna jurisdicción donde se requiera acción para ese propósito. Cualquier incumplimiento de dichas restricciones o requisitos puede constituir una violación de las leyes de valores de dicha jurisdicción.
Este anuncio incluye declaraciones que son, o pueden considerarse, "declaraciones prospectivas". Estas declaraciones prospectivas pueden identificarse mediante el uso de terminología prospectiva, incluidos los términos "cree", "estima", "pronostica", "planea", "prepara", "meta", "anticipa", "proyecta". ", "espera", "tiene la intención", "podrá", "querrá", "busca" o "debería" o, en cada caso, sus variaciones negativas u otras o terminología comparable, o mediante discusiones sobre estrategia, planes, objetivos. , metas, eventos futuros o intenciones. Estas declaraciones prospectivas incluyen todos los asuntos que no son hechos históricos. Aparecen en varios lugares a lo largo de este anuncio e incluyen declaraciones sobre las intenciones, creencias o expectativas actuales de la Compañía y los Directores con respecto, entre otras cosas, a las perspectivas, el crecimiento y la estrategia de la Compañía. Ninguna declaración contenida en este anuncio pretende ser una previsión de ganancias y ninguna declaración contenida en este documento debe interpretarse en el sentido de que el desempeño futuro de la Compañía necesariamente igualará o superará el desempeño histórico publicado de la Compañía. Por su naturaleza, las declaraciones prospectivas implican riesgos e incertidumbres porque se relacionan con eventos futuros y dependen de circunstancias que pueden ocurrir o no en el futuro. Las declaraciones prospectivas no son garantías de desempeño futuro. El desempeño, los logros y la situación financiera reales de la Compañía pueden diferir materialmente de aquellos expresados o implícitos en las declaraciones prospectivas de este documento. Además, incluso si los resultados de operaciones, desempeño, logros y condición financiera de la Compañía son consistentes con las declaraciones prospectivas en este documento, esos resultados o desarrollos pueden no ser indicativos de resultados o desarrollos en períodos posteriores. Cualquier declaración prospectiva que la Compañía haga en este anuncio se refiere únicamente a la fecha de dicha declaración, y ni la Compañía ni los Directores asumen ninguna obligación de actualizar dichas declaraciones a menos que así lo exija la ley aplicable. Las comparaciones de resultados para el período actual y cualquier período anterior no pretenden expresar tendencias futuras o indicaciones de desempeño futuro, a menos que se expresen como tales, y solo deben verse como datos históricos.
REVISIÓN DEL CEO
The 6 month period ending 31 December 2023, has been another frustrating period with little in the way of positive developments to report on regarding our stake in the Etinde development project. The situation was exacerbated by the failure of the proposed agreement for the conditional sale of the Operator's stake to Perenco, signed in June 2022, not receiving either SNH or Governmental (Ministry of Mines) approval and subsequently being terminated by Perenco.
Our understanding is that both SNH and the Government remain enthusiastic about the potential for the Etinde development and would like development to proceed as rapidly as possible. Although we have not been informed of the reasons for the Government's decision not to approve the transfer of New Age's investment and Operatorship to Perenco, we have been assured that the reason(s) did not relate to the Etinde project itself.
During this 18+ month period, the Etinde development project, and indeed both New Age and Bowleven's project activities, have been placed in hiatus with little other than "care and maintenance" based operations.
The JV partners are now jointly reenergising its efforts and intend to meet with SNH as soon as possible. Prior to that meeting, we have agreed to update our 2022 development proposals, including updating outline economic models, with a view to making a joint presentation to SNH regarding our development preference for an Equatorial Guinea based concept, in order to seek SNH's agreement to moving forward to FID as soon as practicable.
Although it is too soon to make any firm commitments, the partners all agree that an Equatorial Guinea focused development option remains the most economically and technically viable development concept although there is some debate over what form this may take in practice. In our view, the recent bi-lateral treaty between the Governments of Cameroon and Equatorial Guinea, signed by both Presidents in 2023, to move forward by joint co-operation on cross border oil and gas development is a very positive development. The agreement to move forward with the joint development of the Yo-Yo/Yolanda discoveries is a very significant development and sets a precedent and framework for the Etinde project.
Bowleven has a need to raise additional funds in the first half of calendar year 2024 in order to fund its overheads and its share of Etinde expenditure as the project progresses towards FID, although the timing of FID and the level of future expenditure required of Bowleven is an area of considerable uncertainty, as discussed later in this interim report.
The Board has spent considerable time and effort considering its options regarding a future debt and/or equity raise to help the Company fund its corporate overheads and the likely expenditure required of Bowleven going forward. Alongside this, the Directors have reduced UK staff costs and sought to minimise all other expenditure by the Bowleven Group.
Proposed equity raise
As set out in the Company's announcement dated 14 March 2024 and the circular sent to shareholders on that date, an Open Offer to all qualifying shareholders has been proposed to raise c£1.38 million (net of issue costs). Under the terms of the Open Offer, all qualifying shareholders have an opportunity to subscribe for new ordinary shares at the issue price of 0.1 pence by subscribing for their respective Open Offer entitlements which have been calculated on a pro rata basis to their holding of existing ordinary shares in the Company. The Company's largest shareholder, Crown Ocean Capital, has agreed to subscribe for all shares not otherwise taken up under the Open Offer. As part of its underwriting of the Open Offer, subject to the passing of all of the resolutions at a general meeting of shareholders to be held on 2 April 2024 and subject to the take-up of the Open Offer, Crown Ocean's percentage interest in the Company's voting share capital following the Open Offer may increase above 50 per cent and could reach a maximum of 87.44 per cent.
In order for the Company to lawfully allot the Open Offer shares, the Company is proposing a subdivision of each existing ordinary share of 10 pence in the capital of the Company (an "Existing Ordinary Share") into one new ordinary share of 0.1 pence (a "New Ordinary Share") and one deferred share of 9.9 pence (a "Deferred Share"). It is also proposed that the New Articles of Association be adopted so as to include the rights and restrictions relating to the Deferred Shares. The Deferred Shares will not be listed or admitted to trading on AIM or any other stock exchange and will not be transferable without the prior written consent of the Company.
The funds will be used to allow Bowleven Group to meet its anticipated financial obligations until mid-2025 subject to the level of activity and expenditure relating to the Etinde licence. This expenditure cannot be forecasted accurately at the current time, as it is contingent on the agreement of the JV partners and the approval of SNH and the Government of Cameroon to a development plan and the timing of an increase in project activities to reach future FID. Further consideration in relation to the Etinde project activity and future expenditure and funding requirements are set out below.
Further details of the Open Offer, the share subdivision, the new articles of association and the general meeting can be found in the circular and announcement published by the Company on 14 March 2024, which is available en el sitio web de la Compañía.
REVISIÓN DE OPERACIONES
Etinde Exploitation, Offshore Camerún (participación del 25 %)
During the 6 month period to 31 December 2023, New Age has continued to maintain a low level of operational activity consistent with the "care and maintenance" approach adopted while waiting for the SNH and the Government of Cameroon to approve the proposed Perenco transaction and the resolution of certain conditions precedent related to Perenco's offer to acquire New Age's interest in Etinde.
In January 2024, Perenco wrote to New Age, terminating their transaction and New Age has written to SNH and the Government to withdraw their request for approval of this transaction. After over 18 months of hiatus, we consider this result to be a disappointing conclusion for Bowleven and our shareholders, given the extended delay and the need to expend significant sums to fund our activities during this, now wasted, period of time.
However, we now have operational clarity and in many ways, the development environment in Cameroon has changed for the better. The JV partners have held an initial meeting and agreed that we all consider an EG focused development plan to remain the most economically viable way forward. We have agreed that the next steps are likely to be:
· To finalise the 2023 expenditure to obtain sign-off by SNH;
· To update outline economic modelling for what we consider to be the two potential economically viable development schemes based around utilisation of the Bioko Island facilities in Equatorial Guinea, for discussion with SNH;
· Hold an urgent meeting with SNH to agree an outline way forward; and
· Subject to that discussion, develop a draft 2024 work plan and budget for approval by SNH.
During 2023, the Presidents of Cameroon and Equatorial Guinea signed a bilateral treaty, setting on the basis of a joint cooperation agreement relating to cross border (oil and) gas development and monetisation. This agreement represents a change of approach and outlook between both Governments and provides a framework under which a cross border Etinde development could proceed. Whilst this agreement alone will not in itself unlock the stalled Etinde development project, it makes the way forward significantly easier than previously.
Decisión final de inversión para Etinde
The JV partners will recommend to the regulator, SNH, that we move forward based on an EG development option, as previously proposed. If outline "pre-agreement" is reached, the JV partnership is likely to undertake further concept select and FEED activity based around specifying the infrastructure needed in both Cameroon and Equatorial Guinea to utilise the Bioko Island facilities to process and sell Etinde hydrocarbon production, for use in Cameroon and for export purposes.
Alongside this, it will be necessary to open commercial discussions with Marathon Oil, as operator of the various Bioko Island facilities, with a view to reaching an MOU setting out the commercial and outline technical requirements, before entering a joint FEED process and reaching full commercial and technical agreement.
We are not currently able to make any firm forecast as to when the JV partners will be able to reach a final investment decision for Etinde, although we continue to see the development of Etinde to be financially compelling, especially in the current global environment, with the increasing reduction of Russian sourced oil and gas on global markets.
One of our JV partners, Lukoil PJSC, has been impacted by the imposition of Russian sanctions, following the invasion of Ukraine. However, their day-to-day participation in the Etinde PSC as a non-operating minority partner has not been affected to date.
Actualización volumétrica
P50 (2C) net contingent resources to Bowleven on the current 25% licence interest are 61 mmboe following the external Resource reassessment undertaken in late 2019. The next resource update is likely to be undertaken as part of the field development plan process to formerly re-categorise Etinde IM field Contingent Resources to Reserves in accordance with any field development plan produced at that point. In practice, Contingent resources are subject to the remaining geological uncertainty, order of production of individual reservoirs, overall economic project life and the processing technology and methodology used amongst other factors.
Preocupación continua
The Directors' singular focus is to accelerate the path to FID and sanction a project that maximises the potential economics of Etinde's significant hydrocarbon resources. As at 28th February 2024, the Company had (unaudited) liquid resources (comprising cash and a financial investment) of approximately $0.37 million (28 February 2023: $2.3 million).
The Group needs additional funding to support the reduced cost base we have implemented during 2023 going forward and to fund current and future joint venture spend to align with the preferred development plan, together with a cash buffer to meet cost contingencies. As outlined above, the Company has proposed the Open Offer to secure additional funding. Subject to completion, the Open Offer, underwritten by Crown Ocean Capital, will provide around £1.38 million (net of issue costs) in April 2024, to finance the Group's ongoing corporate activities and to assist to finance its share of the future expenditure as the Etinde project progresses towards FID for the remainder of the current year and through to mid-2025 assuming that Bowleven's 25 per cent share contribution to Etinde project expenditure costs remains consistent with the previous 12 months. However, there is uncertainty over the length of the Company's cash runway as the JV partners are unable to forecast how rapidly progress will be made over the next few months; quicker progress, which would increase Bowleven's contribution towards Etinde project costs, could mean that the Company's cash resources are expended more quickly.
Currently, monthly expenditure at Etinde remains low as New Age continues to operate the business on a largely suspended "care and maintenance" operations basis but we do expect a small increase in expenditure in April/May 2024 as we prepare for, and attend, the proposed meeting with SNH.
The Company expects that Etinde project expenditure levels could increase in future to facilitate a realignment of the Joint Venture Partners' development priorities in order to reach FID. The timing of, and requirement for, a further capital raise will depend, amongst other things, on the timing of the increase in project expenditure levels which in turn will be influenced in part by what, if any, additional Front End Engineering Development work needed to progress to FID is required. This is dependent on SNH approving the 2024 work plan and budget and at this point, Bowleven will know its estimated project expenditure contributions going forward and therefore how long the net proceeds of the Open Offer will provide funding for the Company. Bowleven expects to have further clarity on these costs as and when the next development steps to progress to FID, and the related resourcing requirements for those steps have been sufficiently advanced amongst stakeholders over the coming months.
At the current time, we cannot quantify either the amount of any additional funding required or the likely timing, as this is subject to significant uncertainty due to the need for both JV partner and Government discussion and approval. However, it remains likely that the cost of a further round of FEED activity may be substantial enough to warrant a further cash injection to fund the period to FID. This may give rise to a continuation of the ongoing material uncertainty around the Group's ability to operate as a going concern.
Absent the completion of the Open Offer, the Board expects that Bowleven's expenditure will exceed its current liquid funds during the second quarter of 2024.
As discussed in note 2 to the interim financial statements and the Outlook section below, the Directors have considered a number of different cash flow forecasts. On the basis of this modelling and Bowleven's current and forecast cash expenditure for FY 2024, the Directors have concluded that Bowleven should have sufficient funds to meet our immediate requirements for between 12 and 18 months subject to the Open Offer completing.
REVISIÓN FINANCIERA
El Grupo informa una pérdida de $ 1.1 millones (primer semestre de 1: pérdida de $ 2022 millones) durante los seis meses finalizados el 1.0 de diciembre de 31.
The Group's current period G&A expense charge was $1.1 million (H1 2022: $1.1 million) which was somewhat lower than the equivalent period in the prior year, reflecting the impact of further cost saving measures, offset by a $0.2 million inventory impairment made in the period. This includes $0.2 million of Etinde G&A costs (H1 2022: $0.3 million) charged by the Operator.
Finance income comprises interest and dividend income of $0.002 million (H1 2022: $0.1 million), foreign exchange loss of $0.006 million (H1 2022: loss $0 million) and a mark to market gain of $0.004 million (H1 2022: loss of $0.06 million) arising from the revaluation of the Group's financial investment.
No capital expenditure was incurred during the 6 month period (H1 2022: $0.2 million). In the prior period, all of the capital expenditure incurred related to Bowleven's share of the Etinde pre-development phase project expenditure recharged by the Operator.
At 31 December 2023, Bowleven had $0.57 million of cash and cash equivalents and no debt (H1 2022: $0.2 million and no debt). Bowleven owned no financial investments (H1 2022: $2.2 million). The prior investment in preference shares was liquidated in an orderly manner during 2023 and converted to cash to fund the Group's on-going operations.
Bowleven expects to receive c£1.38 million of cash (net of issue costs) in April 2024 contingent on shareholder approval of the Open Offer to Bowleven shareholders announced on 14 March 2024.
Under the terms of the Etinde farm-out transaction in March 2015, the Group is entitled to a $25 million payment from the JV partners, which is contingent on achieving Etinde FID. This is held as a contingent asset pending further clarity around Etinde FID project sanction.
PANORAMA
There are two significant short term events that will significantly influence the future of Bowleven and its participation in the Etinde development. These are as follows:
1. The completion of the Open Offer of c£1.38 million; and
2. An agreement in principle within and between the JV partners, SNH and the Government of Cameroon regarding the proposed Equatorial Guinea based Etinde development plan
The Open Offer will raise an additional £1.38 million (net of issue costs), which we forecast should provide Bowleven Group with sufficient funding through to mid-2025 based on current expenditure levels within the Group and our expectation of that likely to be incurred at Etinde JV. At the current time, New Age based on the outline agreement of the JV partners, is preparing for an initial meeting with SNH to be held as soon as possible.
In preparation for this meeting, the Operator is refreshing the Equatorial Guinea development plans and preparing a draft work plan and budget for FY 2024 based on the assumption that SNH and JV partners reach an agreement to proceed on this basis. We expect expenditure to increase slightly from the current "care and maintenance" basis over the next few months in preparation for the meeting.
The next steps after that are likely to be extensive commercial and technical discussions with Marathon Oil, the operator of the Bioko Island facilities with the view to reaching an MOU covering commercial and technical requirements alongside an additional element of FEED activity. This will focus on the Bioko Island aspects of the development project, probably in conjunction with Marathon Oil and refreshing previous FEED output relating to the Etinde field infrastructure that would be required. Once completed, the JV partners should move to FID preparation and the FID decision itself. This is likely to be in late 2025 at the earliest.
There remains a considerable number of regulatory and commercial uncertainties regarding aspects of the Etinde development together with reaching multi-stakeholder approval of the JV partners' preferred development option. It is very likely that Bowleven will need to seek additional financing in the future to allow the Group's cash expenditure to bridge the likely time gap to attaining FID and the receipt of the $25 million FID payment. Additional funding requirements will depend on the circumstances at the time and the time taken and level of additional work required to attain FID. Further details are provided in note 2 to these interim accounts.
PRINCIPALES RIESGOS E INCERTIDUMBRES
The ultimate development of the Etinde wet gas and light oil discoveries is likely to be technically and commercially dependent on the extent to which the JV will be able to fully utilise the volume of gas potentially produced by the onshore processing of the production of gas and liquids. This is the most significant controlling factor, which governs the project's NPV. The substantial associated risks include:
· Governmental approval of the development plan,
· Oil price volatility,
· Joint venture partner alignment,
· El momento en que SNH y el Gobierno de Camerún aprueban el plan de desarrollo del campo, las discusiones comerciales y técnicas en relación con el plan de desarrollo del campo, los socios de JV que otorgan la aprobación de la FID y el agotamiento de nuestros fondos de capital de trabajo actuales,
· Raising finance for Bowleven to continue its operations and to finance its share of project expenditure to FID,
· Recaudar suficiente deuda y financiamiento de capital por parte de Bowleven y nuestros socios de JV, siguiendo a FID, para financiar el costo inicial del desarrollo,
· Recibo del pago exitoso de FID de ambos socios de JV, Lukoil y New Age, cuando vence,
· La demanda del mercado interno de gas natural y la capacidad de monetizar esta demanda,
· Access to project capital, and
· Términos comerciales y permiso del gobierno para exportar gas.
DECLARACIÓN DE RESPONSABILIDAD
Los Directores confirman que, según su leal saber y entender, el informe de gestión intermedio incluye una revisión justa de los eventos importantes durante los primeros seis meses y una descripción de los principales riesgos e incertidumbres para los seis meses restantes del año.
Eli Chahin Jack Arnoff
Consejero Delegado Presidente
26 de marzo de 2024 26 de marzo de 2024
CUENTAS DE RESULTADOS DEL GRUPO
6 meses terminando 31 de diciembre 2023 (No auditado) $000 | 6 meses terminando 31 de diciembre 2022 (No auditado) $000 |
fin de año 30 junio 2023 (auditado) $000 | ||
Ingresos | - | - | - | |
Gastos administrativos | (1,146) | (1,055) | (2,156) | |
Discapacidad | - | - | - | |
Pérdida operativa antes de financiación | (1,146) | (1,055) | (2,156) | |
Finanzas y otros ingresos | 4 | 45 | 136 | |
Pérdida de operaciones antes de impuestos | (1,142) | (1,010) | (2,020) | |
Taxation | - | - | - | |
Pérdida del período/año por operaciones continuas |
| (1,142) | (1,010) | (2,020) |
Pérdida por acción básica y diluida | ||||
($ / acción) de operaciones continuas | (0.00) | (0.00) | (0.01) |
ESTADOS DE RESULTADOS GLOBAL DEL GRUPO
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6 meses terminados 31 diciembre 2023 (No auditado) $000 | 6 meses terminados 31 diciembre 2022 (No auditado) $000 | Año terminado 30 junio 2023 (auditado) $000 | ||
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Pérdida integral total del período / año | (1,142) | (1,010) | (2,020) | |
BALANCE DE GRUPO
31 diciembre 2023 (No auditado) $000 | 31 diciembre 2022 (No auditado) $000 | 30 junio 2023 (auditado) $000 | |
Activos no corrientes | |||
Activos de exploración intangibles | 155,543 | 155,540 | 155,543 |
Propiedad, planta y equipo. | - | 7 | 3 |
| 155,543 | 155,547 | 155,546 |
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Activos circulantes |
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Inversiones financieras | - | 2,193 | 644 |
Inventario | 936 | 1,180 | 1,180 |
Cuentas comerciales y otras cuentas por cobrar | 1,688 | 1,665 | 1,739 |
Efectivo y equivalentes de efectivo | 567 | 247 | 906 |
| 3,191 | 5,285 | 4,469 |
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los activos totales | 158,734 | 160,832 | 160,015 |
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Pasivo circulante |
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Comerciales y otras cuentas a pagar | (556) | (502) | (695) |
Total pasivo corriente | (556) | (502) | (695) |
Activos netos | 158,178 | 160,330 | 159,320 |
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Equidad |
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Llamado capital social | 56,517 | 56,517 | 56,517 |
Compartir premium | 1,599 | 1,599 | 1,599 |
Reserva de divisas | (69,857) | (69,857) | (69,857) |
Otras reservas | 2,767 | 2,767 | 2,767 |
Ganancias retenidas | 167,152 | 169,304 | 168,294 |
Equidad total | 158,178 | 160,330 | 159,320 |
ESTADO DE FLUJOS DE EFECTIVO DEL GRUPO
| 6 meses terminados 31 diciembre 2023 (No auditado) $000 | 6 meses terminados 31 diciembre 2022 (No auditado) $000 | Año terminado 30 junio 2023 (auditado) $000 |
Flujos de efectivo por actividades operacionales | |||
Pérdida antes de impuestos | (1,142) | (1,010) | (2,020) |
Ajustes para conciliar la pérdida de la Compañía antes de impuestos con el efectivo neto utilizado en actividades operativas: | |||
Depreciación de propiedades, planta y equipo | 3 | 5 | 10 |
Inventory impairment charge | 244 | - | - |
Costos financieros/(ingresos) | 4 | (45) | (136) |
Pérdida ajustada antes de impuestos antes de cambios en el capital de trabajo | (891) | (1,050) | (2,146) |
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Disminución / (aumento) de cuentas por cobrar comerciales y otras | 53 | 307 | 80 |
Disminución / (aumento) de cuentas comerciales y otras cuentas por pagar | (164) | (177) | 34 |
(Efectivo utilizado) neto en actividades de operación | (1,002) | (920) | (2,032) |
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Flujos de efectivo utilizados en actividades de inversión |
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Compra de activos intangibles de exploración | - | (216) | (102) |
Venta de inversiones financieras | 640 | - | 1,584 |
Interés recibido | 23 | - | 9 |
Dividendos recibidos de inversiones financieras | - | 110 | 174 |
Net Cash (used in) investing activities | 663 | (106) | 1,665 |
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Flujos de efectivo utilizados en/de actividades de financiación | - | - | - |
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Flujos de efectivo netos de actividades de financiación | - | - | - |
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Disminución neta de efectivo y equivalentes de efectivo | (339) | (1,026) | (367) |
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Efectivo y equivalentes de efectivo al inicio del período / año | 906 | 1,273 | 1,273 |
Disminución neta de efectivo y equivalentes de efectivo | (339) | (1,026) | (367) |
Efectivo y equivalentes de efectivo al final del período/ejercicio | 567 | 247 | 906 |
ESTADO DE CAMBIOS EN EL PATRIMONIO NETO DEL GRUPO
| Convocado Capital social $000 |
Compartir premium $000 | Reserva de divisas $000 | Otro reservas $000 | Ganancias retenidas $000 |
Total equidad $000 |
Al 1 de julio de 2022 | 56,517 | 1,599 | (69,857) | 2,687 | 170,314 | 161,340 |
Pérdida del período | - | - | - | - | (1,010) | (1,101) |
Otro resultado integral del período | - | - | - | - | - | - |
Resultado integral total del período | - | - | - | - | (1,010) | (1,010) |
Pagos basados en acciones | - | - | - | |||
Al 31 de diciembre de 2022 | 56,517 | 1,599 | (69,857) | 2,767 | 169,304 | 160,330 |
Pérdida del período | - | - | - | - | (1,010) | (1,010) |
Otro resultado integral del período | - | - | - | - | - | - |
Resultado integral total del período | - | - | - | - | (1,010) | (1,010) |
Al 30 de junio de 2023 | 56,517 | 1,599 | (69,857) | 2,767 | 168,294 | 159,320 |
Pérdida del período | - | - | - | - | (1,142) | (1,142) |
Otro resultado integral del período | - | - | - | - | - | - |
Resultado integral total del período | - | - | - | - | (1,142) | (1,142) |
Al 31 de diciembre de 2023 | 56,517 | 1,599 | (69,857) | 2,767 | 167,152 | 158,178 |
NOTAS A LAS DECLARACIONES INTERMEDIAS
Por los 6 meses terminados el 31 de diciembre de 2023
1. Políticas contables
Bases de preparación
Este Informe Intermedio ha sido preparado sobre una base consistente con las políticas contables aplicadas a todos los períodos presentados en estos estados financieros consolidados.
The disclosed figures are not statutory accounts in terms of section 435 of the Companies Act 2006. Statutory accounts for the year ended 30 June 2023 have been filed with the Registrar of Companies. The auditor's report on the annual report and accounts for the year ended 30 June 2023, which was un-modified, included a Key Audit Matter disclosure identifying events or conditions that create a material uncertainty which may cast significant doubt on the Group's and Company's ability to continue as a going concern, noting that the Group and Company may require additional funding during the 12 months after approval of the financial statements in order to continue as a going concern, depending on the timing of the final investment decision for the Etinde project.
2. Empresa en marcha
The current global market conditions remain highly uncertain, with continuing high inflation, ongoing interest rate and taxation rises to fund current and past Government expenditure, the ongoing war in Ukraine, and increasing geopolitical tensions. Long term demand and pricing for hydrocarbons remains the most significant factor that will permit the monetisation of Etinde resources, as well as governmental approval for Etinde's development.
The major sources of significant economic and financial uncertainty for Bowleven Group, at the current time, relate to:
1) the timing of FID and the receipt of the $25 million FID payment from LUKOIL and New Age;
2) the level of spending required under the 2024 Etinde work plan and budget ('WPB'), which is currently being drafted but has yet to be approved; and
3) The rate of progress on agreeing a firm commitment to an EG based development during 2024 and the subsequent technical and commercial agreements required to FID.
The Directors have considered a number of different operational scenarios for 2024 onwards in order for us to prepare short and medium-term cash flow forecasts and projections for the Etinde development project and hence the Bowleven Group alongside the receipt of c£1.38 million (net of issue costs) in April 2024, subject to the Open Offer being approved by shareholders at the general meeting on 2 April 2024.
The various scenarios modelled principally vary around the amount of time between the present and the expected commencement of concept design and FEED activity later in 2024 or 2025, following pre-approval by SNH. In addition, we have also modelled the impact of further improvements in working capital and/or further Bowleven cost reduction measures. By their nature, our expenditure projections for 2024 and later are highly uncertain at this point in time. We believe that we have prudently adopted a conservative approach to costs and potentially a more rapid implementation timetable than the JV partners may be able to achieve in practice.
In the scenarios modelled, the Directors' cash flow forecasts and projections indicate a material risk that Bowleven will fully utilise its current and future cash resources by the middle of 2025. This gives rise to a material uncertainty regarding the going concern status of the Group across calendar year 2024 and into 2025. The Directors have therefore concluded that it highly likely that the Group will need to raise additional finance at some point in 2025 in order to continue to fund the Group as the Etinde project progresses towards FID.
The Company's base case model assumes project expenditure contributions from April 2024, driven by cash calls from the Operator in relation to the Etinde Permit, will remain in a range approximately around recent low levels which have been on a largely suspended 'care and maintenance' basis. The Company expects that Etinde project expenditure levels will increase in future to facilitate a realignment of the Joint Venture Partners' development priorities in order to reach FID. The timing of, and requirement for, a further capital raise will depend, amongst other things, on the timing of the increase in project expenditure levels which in turn will be influenced in part by what, if any, additional Front End Engineering Development work is required to progress to FID. Only once agreement has been reached on a development plan for the Etinde Permit, and after the approval of a future work plan and budget for Etinde, will Bowleven know its estimated project expenditure contributions going forward and therefore how long the net proceeds of the Open Offer will provide funding for the Company.
The amount of additional finance required will depend on the status of the Etinde development, the expenditure required of Bowleven to fund its share of the Etinde development and the likely time period to FID, as well as any anticipated risk to this being further delayed beyond our expectation. At FID, Bowleven Group is due to receive $25 million from our JO partners under the terms of the 2015 farm-in agreement. The Directors do not anticipate any timing issue relating to receipt of these funds when they fall due, but note that any failure to receive these funds promptly may also cause further funding issues for the Bowleven Group.
Los Directores consideran que el riesgo de que el Gobierno de Camerún elimine el contrato Etinde PSC de los socios de Etinde JO es bajo en este momento, por las siguientes razones:
· The issue of the January 2021 licence expiry date has not been raised as a formal concern by SNH, and SNH has approved all annual WPB up to and including the year ending 31 December 2022; and
? The JO will request the Government eliminate this uncertainty as part of the FID regulatory approval process.
After taking the preceding funding risks into account, the Directors believe that the Group should be able to secure additional funding in due course to bridge any gap to attaining FID and the receipt of the $25 million FID payment, which the company now expects to be in 2025 at the earliest. Any additional funding requirements will depend on the circumstances at the time and the time taken to attain FID.
The Directors are conscious that the Company's financial position and the issues discussed above create a material uncertainty that may cast significant doubt over the Group's ability to continue as a going concern and therefore, that the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. The interim financial statements have been prepared on a going concern basis as the Directors are of the opinion that the Group has sufficient funds to meet ongoing working capital and committed capital expenditure requirements at the current date.
Los estados financieros no incluyen ningún ajuste que pudiera resultar si el Grupo no pudiera continuar como un negocio en marcha.
3. Acontecimientos posteriores
There have been no significant post balance sheet events other that the announcement of the Open Offer to subscribe to new ordinary shares on 14 March 2024.
4. Otras notas
a) The basic earnings per ordinary share is calculated on a loss of $1,142,000 (H1 2022: loss $1,010,000) on a weighted average of 327,465,652 (H1 2022: 327,465,652) ordinary shares.
b) Con respecto a los 6 meses al 31 de diciembre de 2023, la utilidad por acción diluida se calcula sobre una pérdida de $1,142,000 sobre 327,465,652 acciones ordinarias. La pérdida atribuible a los accionistas ordinarios y el número de acciones ordinarias a efectos del cálculo de las ganancias por acción diluidas son idénticos a los utilizados para las ganancias básicas por acción.
c) No se ha declarado dividendo.
5. Comunicación electrónica de accionistas
Según los resultados provisionales del año anterior, y reconociendo una mayor automatización en las comunicaciones con los accionistas, el Grupo ya no produce informes provisionales en papel. El Informe Anual se distribuye electrónicamente a menos que los accionistas elijan específicamente recibir una copia impresa que se puede obtener de la Compañía a pedido.
6. Informe provisional
This announcement represents the Interim Report and half yearly results of Bowleven plc. The announcement will be available to download from the Company's website www.bowleven.com.
GLOSARIO
AGM | reunión general anual | |||
AIM | el mercado de ese nombre operado por la Bolsa de Valores de Londres | |||
Estatutos | las reglas internas por las que se rige una empresa | |||
BBL o bbl | barril de aceite | |||
bcf o bscf | mil millones de pies cúbicos estándar de gas | |||
Consejo de Administración | los Directores de la Compañía | |||
boyas | barriles de petróleo equivalente | |||
Permiso / Licencia de Bomono | el contrato de producción compartida entre la República de Camerún y EurOil, de fecha 12 de diciembre de 2007, con respecto a un área de aproximadamente 2,328 km2 que comprende los antiguos bloques OLHP-1 y OLHP-2 en tierra en Camerún; o, según lo requiera el contexto, el área del contrato con la que se relaciona ese contrato de producción compartida | |||
Bowleven o Bowleven plc | Bowleven plc (LSE: BLVN) y / o sus subsidiarias según corresponda | |||
CFA | Francos centroafricanos | |||
Ley de Sociedades de 2006 ('la Ley') | la Ley de Sociedades de Reino Unido de 2006 (modificada) | |||
Recursos contingentes | aquellas cantidades de hidrocarburos que se estima que son potencialmente recuperables de acumulaciones conocidas, pero que actualmente no se consideran recuperables comercialmente | |||
EA | Autorización de explotación | |||
EBT | fideicomiso de beneficios para empleados | |||
EEE o EEEA EG | Acuerdo de explotación exclusiva de Etinde Guinea Ecuatorial | |||
E y P | exploración y Producción | |||
Permiso Etinde | el acuerdo o área de Autorización Exclusiva de Explotación Etinde. La EA Etinde, otorgada el 29 de julio de 2014, cubre un área de aproximadamente 461 km2 (antes bloque MLHP-7) y es válida por un período inicial de 20 años con un período inicial de seis años que finaliza en enero de 2021, momento en el cual debe comenzar el desarrollo. . SNH ha informado al JV de su intención de ejercer su derecho a volver a esta licencia, pero no ha firmado el Acuerdo de Participación ni ha financiado su parte de las llamadas en efectivo de acuerdo con los requisitos establecidos en el PSC | |||
EuroPetróleo | EurOil Limited, una subsidiaria de propiedad total indirecta de Bowleven plc, incorporada en Camerún | |||
FEED | Ingeniería de diseño exterior | |||
DEFENSOR | decisión final de inversión | |||
GEORGIA | general y administracion | |||
PIIP | gas inicialmente en su lugar | |||
Gobierno anfitrión | Gobierno de Camerún | |||
Grupo procesos | la Compañía y sus subsidiarias directas e indirectas | |||
HSSE | salud, seguridad, protección y medio ambiente | |||
NIC | Estándares de Contaduría Internacional | |||
Es decir, mensajería instantánea NIIF | Lugares o áreas específicas donde los horizontes de los reservorios Intra-Isongo del Mioceno han sido identificados como campos de condensado de gas y petróleo reales o potenciales Normas Internacional de Normas Internacionales | |||
| ||||
IntraIsongo | nomenclatura utilizada para describir una secuencia de rocas sedimentarias en el área de licencia de Etinde | |||
Socios JO, JV o JV | una operación conjunta no incorporada. Los socios de Joint Venture son los inversores financieros que poseen y operan conjuntamente las operaciones conjuntas no incorporadas. | |||
km | kilómetros | |||
km2 | kilómetros cuadrados | |||
LNG | gas natural licuado | |||
LPG | gas de petróleo licuado | |||
lukoil | LUKOIL Overseas West Project Limited, una empresa subsidiaria de OAO LUKOIL | |||
mmbbls | millones de barriles | |||
mmboe MMBtu | millones de barriles de petróleo equivalente Millones de unidades térmicas británicas métricas | |||
mmscf | millones de pies cúbicos estándar de gas | |||
mscf | mil pies cúbicos estándar de gas | |||
Nueva Era | New Age (African Global Energy) Limited, una empresa privada de petróleo y gas | |||
Grupo de nueva era | New Age y sus subsidiarias | |||
NOMAD | asesor nominado | |||
Oferta abierta | The underwritten Open Offer of 1,562,500,000 New Ordinary Shares of 0.1 pence each, at a price of 0.1 pence per New Ordinary Share, as notified by the Company on 14 March 2024 | |||
Operador | Grupo de nueva era | |||
acciones ordinarias | acciones ordinarias de 10 peniques cada una en el capital de la Compañía | |||
P10 (3C) | 10% de probabilidad de que los volúmenes sean iguales o superiores a los volúmenes indicados | |||
P50 (2C) | 50% de probabilidad de que los volúmenes sean iguales o superiores a los volúmenes indicados | |||
P90 (1C) | 90% de probabilidad de que los volúmenes sean iguales o superiores a los volúmenes indicados | |||
PSC | contrato de producción compartida | |||
Q1, Q2, etc. | primer trimestre, segundo trimestre, etc. | |||
scf | pies cúbicos estándar. | |||
accionistas | significa tenedores de acciones ordinarias y 'accionista' significa cualquiera de ellos | |||
SNH | Société Nationale des Hydrocarbures, la compañía nacional de petróleo y gas de Camerún | |||
TCF | billones de pies cúbicos | |||
US | Estados Unidos de América | |||
$, Dólares estadounidenses, USD | Dólares de los Estados Unidos de América | |||
£, GB Libras, GBP | Libras esterlinas de Gran Bretaña |
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.