REG - BowLeven Plc - Preliminary Results Announcement <Origin Href="QuoteRef">BLVN.L</Origin> - Part 2
12/11/2014 08:02
- Part 2: For the preceding part double click ID:nRSL7760Wa dividend (2013: nil). c) On 13 November 2013, the Company issued 29,470,000 ordinary shares at a price of £0.45 per share with a nominal value of $4,745,194. The total increase in the share premium reserve regarding the issue was $16,608,179 (gross). Expenses of $428,795 have been set off against the share premium reserve. d) On 3 July 2013 First Oil subscribed for 30% of the shares in Bowleven (Kenya) Limited. Bowleven (Kenya) Limited is included in the current year group accounts as a subsidiary with the 30% First Oil shareholding recognised as a non-controlling interest. e) Interest free funding to Bowleven (Kenya) Limited received from the non-controlling interest is recorded at fair value with any difference between cash received and the fair value being recognised in equity. Fair value is measured based on exploration, drilling and development risk and the length of time required to reach production and generate cashflows. Based on these valuation techniques the fair value of the interest free funding to Bowleven (Kenya) Limited is recorded at nil. The fair value will be re-assessed as these risks reduce and any resulting adjustment to fair value recognised through profit or loss. f) Under the second exploration phase of the Bomono PSC there is a two well commitment for which a $16 million non-completion payment may become callable by the Cameroon authorities if not fulfilled. As at 30 June 2014 the Group has disclosed a contingent liability for this potential non-completion payment. Given the current progress on Bomono, as described in the post balance sheet events note above (2f), we fully expect the work programme to be fulfilled thus releasing the $16 million contingent liability previously disclosed for this commitment. (4) 2014 Annual Report and Accounts Full accounts are scheduled to be posted to shareholders on Monday 24 November 2014 and can be obtained, free of charge, at the Company's registered office, 45 Leith Street, Edinburgh, EH1 3AT for a period of one month. GLOSSARY Adamantine Adamantine Energy (Kenya) Limited, the current operator of, and holder of a 50% participating interest in block 11B AODL Africa Onshore Drilling LDC, a wholly-owned subsidiary of Africa Fortesa Corp Ltd, and the entity which has entered into the rig contract with Bowleven with respect to the Bomono Permit AGM annual general meeting AGR-TRACS International Ltd a wholly-owned subsidiary of AGR Group (Holdings) Ltd. AIM the market of that name operated by the London Stock Exchange block 11B the production sharing contract between the Republic of Kenya, Adamantine Energy (Kenya) Limited and Bowleven (Kenya) Limited dated 30 May 2012 in respect of the area of approximately 14,287 km² onshore Kenya and designated as block 11B; or, as the context may require, the contract area to which this production sharing contract relates Board of Directors the Directors of the Company Bomono Permit the production sharing contract between the Republic of Cameroon and EurOil, dated 12 December 2007 in respect of the area of approximately 2,328km² comprising former blocks OLHP-1 and OLHP-2 onshore Cameroon; or, as the context may require, the contract area to which that production sharing contract relates Bowleven Bowleven plc (LSE: BLVN) and/or its subsidiaries as appropriate Bowleven (Kenya) Ltd Bowleven (Kenya) Limited, an affiliate of the Company, incorporated in Scotland CAMOP Cameroon Offshore Petroleum S.A.R.L., the holder of a 20% non-operated participating interest (post State back-in) in the Etinde Permit and an affiliate of NewAge CLNG Cameroon LNG, the GDF Suez S.A and SNH strategic partnership to advance the monetisation of the substantial undeveloped gas resource within Cameroon, via an in-country gas aggregation scheme to supply a LNG facility Companies Act 2006 the United Kingdom Companies Act 2006 (as amended) Company Bowleven plc condensate a light oil that is gaseous under certain reservoir conditions, often discovered with significant volumes of natural gas contingent resources those quantities of hydrocarbons that are estimated to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable EA Exploitation Authorisation Etinde Permit the production sharing contract between the Republic of Cameroon and EurOil Limited dated 22 December 2008 in respect of the area of approximately 2,316km², comprising former blocks MLHP-5, MLHP-6 and MLHP-7, offshore Cameroon; or, as the context may require, the contract area to which that production sharing contract relates EurOil EurOil Limited, an indirectly wholly owned subsidiary of Bowleven plc, incorporated in Cameroon Ferrostaal Ferrostaal GmbH, a global provider of industrial services in plant construction and engineering services, headquartered in Essen, Germany FID final investment decision First Oil First Oil plc, a private UK independent exploration and production company based in Aberdeen Fortesa Africa Fortesa Corp Ltd (AFC), the entity which, with its wholly-owned subsidiary Africa Onshore Drilling LDC, entered into a conditional drill-to-earn arrangement with Bowleven with respect to the Bomono Permit FTG full tensor gravity gradiometry GDF GDF Suez S.A. General Meeting the General Meeting of the Company Group the Company and its direct and indirect subsidiaries GSA gas sales agreement IFRS International Financial Reporting Standards IM the Isongo Marine Field area, block MLHP-7, Etinde Permit km kilometres km² square kilometres LNG liquefied natural gas LPG liquefied petroleum gas LUKOIL LUKOIL Overseas West Project Ltd, a subsidiary undertaking of OAO LUKOIL Macquarie Bank Macquarie Bank Limited mmboe million barrels of oil equivalent mmscfd million standard cubic feet of gas per day NewAge New Age (African Global Energy) Limited, the parent undertaking of CAMOP OBC Ocean Bottom Cable ordinary shares ordinary shares of 10p each in the capital of the Company Petrofac Petrofac Energy Developments West Africa Limited, an indirect subsidiary of Petrofac Limited (LSE: PFC) PSC production sharing contract P50 50% probability that volumes will be equal to or greater than stated volumes SNH Société Nationale des Hydrocarbures, the national oil and gas company of Cameroon strategic alliance the proposed strategic alliance between Bowleven and Petrofac in respect of the Etinde development on the terms set out in the Strategic Alliance Agreement Strategic Alliance Agreement the agreement of that name dated 6 November 2012 between Bowleven and Petrofac 2D two dimensional $ United States of America Dollars Notes: Prospective resources, contingent resources and reserves shall have the meanings given to them by the guidance on petroleum resources classification contained in the 2007 SPE Petroleum Management System published jointly by the Society of Petroleum Engineers, The American Association of Petroleum Geologists, the World Petroleum Council and the Society of Petroleum Evaluation Engineers. For the purposes of this announcement, 6 mscf of gas has been converted to 1 boe. This information is provided by RNS The company news service from the London Stock Exchange
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