- Part 2: For the preceding part double click ID:nRSW3119Sa
- -
Balance at 837,534,014 14,420 373,317,105 64,702
30 June 2014
1On 8 January 2013 the Company secured a US$40 million equity investment from
Mr Kairat Satylganov. As at the reporting date US$24.5 million of the total
consideration has been received and 205,289,002 ordinary shares have been
issued in respect of this facility. The share issue in the period represents a
further draw down of US$2 million under the facility resulting in the issue of
16,758,287 shares. The residual shares issued during the six months period
represent shares to be issued as at 31 December 2013.
7. BORROWINGS
Six months ended 30 June 2014 Six months ended 30 June 2013 Year ended 31 December 2013
US$'000Unaudited US$'000Unaudited (restated) US$'000Audited (restated)
Amounts payable within one year
Other payables 1,299 1,670 1,454
1,299 1,670 1,454
Six months ended30 June 2013 Six months ended30 June 2013 Year ended 31 December 2013
US$'000Unaudited US$'000Unaudited (restated) US$'000Audited (restated)
Amounts payable after one year
Loan from Vertom N.V.(a) 8,658 7,830 8,248
Interest free loan from Kuat Oraziman(b) 1,428 1,428 1,428
10,086 9,258 9,676
(a) On 29 September 2011 the Company entered into the loan facility with
Vertom International NV ("Vertom") whereby Vertom agreed to lend up to US$5
million to the Company with an associated interest of 12% per annum. The
Company has offered Vertom security over its investments in its operating
assets in respect of this loan facility. On 30 April 2012 the Group extended
the term of the loan facility arrangement with Vertom for further two years to
30 April 2014 and at the same time increased the facility amount to US$7
million. On 28 June 2013 the term of the loan facility was extended until 30
April 2016. The loan extension represents a substantial modification of the
terms of the existing financial liability and has been accounted for as an
extinguishment of the original financial liability and recognition of a new
financial liability.
(b) The principal amount of US$1,428,000 represents an interest free loan
from Mr Kuat Oraziman which is repayable on 27 June 2017. The carrying amount
and fair value of the loan at 30 June 2014 were not materially different.
8. SUBSEQUENT EVENTS
Debt converted to shares
On 25 July 2014 the Company agreed to issue 3,955,438 new ordinary shares of
the Company of 1p reach in order to convert US$0.5 million debt to Mrs
Bukenova at a conversion price of 7.41267p per ordinary share.
Galaz contract extension
On 4 July 2015 the Ministry of Oil and Gas extended the evaluation period of
Galaz field for two more years up to 14 May 2016. Galaz and Company LLP agreed
to fund a minimum work program during the extended evaluation period of US$14
million.
Company Information
Directors Mr Clive Carver (Executive Chairman)Mr Kuat Oraziman (Chief Executive Officer)Mr Kairat Satylganov (Chief Financial Officer)Mr Jang Hyunsik (Non-Executive Director)Edmund Limerick (Non-Executive Director) Company Secretary Mr Clive Carver Auditors BDO LLPChartered Accountants55 Baker StreetLondon,W1U 7EU Share Register Capita RegistrarsNorthern HouseWoodsome ParkFenay BridgeHuddersfield, HD8 OLA Principal Banker Citibank KazakhstanPark Palace, Building A, 2nd Floor, 41 Kazibek Bi Str.,Almaty, 050010Kazakhstan
Registered Office and Business address 5 New Street Square, London, EC4A 3TW Company Number 5966431 Nominated Adviser and Broker WH Ireland Limited
24 Martin Lane
London, EC4R 0DR Solicitors Fladgate LLP16 Great Queen Street, London, WC2B 5DG
This information is provided by RNS
The company news service from the London Stock Exchange