REG - Challenger Energy - Interim Results
29/09/2023 16:45
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RNS Number : 2237O Challenger Energy Group PLC 29 September 2023
29 September 2023
Challenger Energy Group PLC
("Challenger Energy" or the "Company")
Interim Results for the six months ended 30 June 2023
Challenger Energy (AIM: CEG), the Caribbean and Atlantic-margin focused oil
and gas company, with oil production, appraisal, development and exploration
assets across the region, announces its Interim Results for six months to 30
June 2023.
The Interim Results and Chief Executive Officer's commentary are set out in
full below and are also available on the Company's
website https://www.cegplc.com/ (https://www.cegplc.com/) .
For further information, please contact:
Challenger Energy Group PLC Tel: +44 (0) 1624 647 882
Eytan Uliel, Chief Executive Officer
WH Ireland - Nomad and Joint Broker Tel: +44 (0) 20 7220 1666
Antonio Bossi / Darshan Patel
Zeus Capital - Joint Broker Tel: +44 (0) 20 3829 5000
Simon Johnson
Gneiss Energy Limited - Financial Adviser Tel: +44 (0) 20 3983 9263
Jon Fitzpatrick / Paul Weidman / Doug Rycroft
CAMARCO Tel: +44 (0) 20 3757 4980
Billy Clegg / Hugo Liddy / Sam Morris
Notes to Editors
Challenger Energy is a Caribbean and Americas focused oil and gas company,
with a range of oil production, development, appraisal, and exploration assets
in the region. The Company's primary assets are located in Uruguay, where the
Company holds high impact offshore exploration licences, and in Trinidad and
Tobago, where the Company has a number of producing fields and earlier-stage
exploration / appraisal projects.
Challenger Energy is quoted on the AIM market of the London Stock Exchange.
https://www.cegplc.com (https://www.cegplc.com/)
ENDS
CHIEF EXECUTIVE OFFICER'S REPORT
Dear fellow Shareholders,
The dominant themes of the first half of 2023 were the technical work program
and farm-out process in relation to our AREA OFF-3 licence in Uruguay, ongoing
efforts to reshape and improve our oil production business in Trinidad and
Tobago, and the implications of these two activities on the financial position
of the Company, as reflected in the unaudited interim financial statements for
the half year ended 30 June 2023.
Exploration Acreage in Uruguay - primary focus and near-term value driver
Challenger Energy secured the AREA OFF-1 licence, offshore Uruguay, in May
2020. This was in the midst of the Covid-19 pandemic, when Uruguay was not yet
on the global industry's radar. At that time, this made us the sole licence
holder in Uruguay.
Since the start of 2022, however, Uruguay has rapidly emerged as a global
exploration "hotspot". This followed directly as a result of sizeable
discoveries made by two global supermajors (TotalEnergies and Shell) from
respective "wildcat" exploration wells drilled offshore Namibia. Those
successful Namibian wells greatly de-risked the presence of a high-quality,
oil-prone source rock and charge, not just in Namibia but on the other side of
the South Atlantic conjugate margin, and in particular in Uruguay's offshore
area, which is the geological "mirror" of where these Namibian discoveries
were made.
As a result, and immediately following these Namibian discoveries, the
industry view on Uruguay changed dramatically. Thus, in the first Uruguayan
bidding round after the Namibian discoveries (May 2022), three licences were
bid on and awarded to majors Shell and APA Corporation (formerly, Apache).
Then, in November 2022, a further two licences were bid on and awarded, one to
a consortium of Shell and APA, and the other to YPF, the Argentinian national
oil company. The new entrants offered significant work program to secure
their licences (as compared to the very modest work program we had bid to
secure AREA OFF-1), and a number of other energy majors also registered to bid
in the two Uruguayan open rounds held in 2022, but were unsuccessful.
These industry developments - globally significant discoveries offshore
Namibia, interest from several majors in Uruguayan offshore acreage, and a
resulting surge in Uruguayan licensing activity - validated our first-mover,
low-cost entry into Uruguay, and confirmed that we had secured highly
prospective frontier acreage, on advantageous terms, and with potential for
considerable near-term value uplift. We thus rapidly moved to prioritise our
Uruguay business through the first half of 2023, and achieved the following:
· First, we undertook an accelerated work program on the Area OFF-1
block (over and above the minimum work obligations), with a view to generating
proprietary intellectual property and upgrading technical knowledge of the
area, specifically in light of the new conjugate margin discoveries. The
program of work included reprocessing of legacy 2D seismic data, advanced
attribute variation with offset (AVO) analysis, seabed geochemical and
satellite seep studies, full reinterpretation and remapping of all data, and
an initial volumetric assessment. This work was largely completed during the
period under review (January - June 2023), and was a resounding success, in
that we have identified three technically robust primary prospects in the AREA
OFF-1 licence area, that in aggregate represent a prospect inventory of
approximately 2 billion barrels (Pmean) and up to 5 billion barrels (P10) -
thus establishing that AREA OFF-1 is a material, world-class asset.
· Second, in view of the fact that taking AREA OFF-1 forward to 3D
seismic acquisition and ultimately exploration well drilling, especially on an
expedited basis, will be a technically demanding and capital-intensive
undertaking, we resolved to seek an industry and funding partner. Thus,
through the first half of 2023, we began preparing for a farm-out process, and
commenced a formal, adviser-led process in June 2023. Since then, this process
has proceeded well, and we have seen a high level of interest form a wide
variety of industry participants. We remain confident that we will succeed in
our effort to secure an industry partner by the end of 2023.
· Finally, we sought ways to expand our presence in Uruguay, given
our developing knowledge base and energy understanding, the excellent working
relationship established with ANCAP, and the attractive conditions in that
country for hydrocarbon industry activity. In furtherance of this objective,
in April 2023 we made an application for another shallow water offshore
exploration block in Uruguay, AREA OFF-3, and in June 2023, we were awarded
the block. AREA OFF-3 was the last available offshore acreage in Uruguay, and
were able to secure it on attractive terms. The block has existing 2D and 3D
seismic coverage, and based on initial assessment an estimated resource
potential of up to ~500 million barrels of oil equivalent ("mmboe") and up to
~9 trillion cubic feet gas ("TCF"), from multiple exploration plays. Formal
signing of the licence is expected by the end of 2023, and once formalised,
our Company will be the second largest acreage holder in Uruguay, with two
high-quality assets in what has fast become a global exploration focus area.
In summary, therefore, the first half of 2023 represented a period of exciting
progress for our operations in Uruguay. We undertook excellent technical work
on AREA OFF-1 that firmly established the block's prospectivity, we moved into
a formal farm-out process for that block which we hope to conclude in the
coming months, and we secured a second high quality block, AREA OFF-3, thus
cementing our long-term position in Uruguay.
Focused Production onshore Trinidad and Portfolio Rationalisation
In August 2020, the Company completed the acquisition of Columbus Energy
Resources Plc ("Columbus"), which significantly expanded the Company's
business through the addition of a portfolio of assets in Trinidad and Tobago
and Suriname, including oil fields in active production.
During 2021 and 2022, work focussed on the task of integrating and operating
those assets, "cleaning up" various legacy issues, and seeking to achieve
organic growth in production from the existing onshore fields. However, as I
observed in our last Annual Report, while we have been reasonably successful
on the first two items, we struggled to achieve our objective of organic
production growth. This was because our oil fields are mature, and having
produced oil for many decades they are characterised by depressurised
reservoirs, where the rate at which the remaining resource is produced cannot
easily be increased. Thus, despite our efforts - which have ranged from
application of efficient mature oilfield management practices and field
improvements to enhanced oil recovery (EOR) initiatives and targeted
production enhancement activities - production growth has proved elusive.
On the other hand, what we did observe is that notwithstanding field
maturity, our production performance is reasonably consistent and predictable.
And consequently, in late 2022 we reassessed our Trinidad operations and
decided to focus on areas where we have a competitive advantage. This meant
dividing our Trinidad portfolio in two parts, being "core" - consisting of the
Goudron and Inniss-Trinity fields in south-east Trinidad, which represented
about 85% of our production along with vast majority of resource allocation
(manpower, rigs and so on), and "non-core" - consisting of our assets in
central and south-west Trinidad, and our appraisal block in Suriname.
In relation to those assets considered "core", we continued our focus on
stabilising production, while at the same time looking for ways to increase
production from "new oil" opportunities in and around our core area of
operations in south-east Trinidad, with the following results during 1H 2023:
· core production from the Goudron and Inniss-Trinity fields
averaged approximately 300 barrels of oil per day through the period, almost
exactly the same as in the same period in 2022, and
· With a view to growing production in our primary geographical
area of focus, we bid for the Guayaguayare block, one of the largest onshore
exploration and production blocks in Trinidad (c. 306 km(2)). Our bid for this
block was premised on (i) the fact that it is strategically and operationally
synergistic with the Company's existing presence in south-east Trinidad, (ii)
we see good prospectivity in the block, it being amongst the largest remaining
underexplored / undrained contiguous onshore areas in Trinidad, and (iii) the
block contains approximately 65 historic wells, many of which the Company
believes can be reactivated and serviced from existing operations, thus
offering the opportunity for near-term production uplift at minimal
incremental cost. In May 2023 we were notified that the Government of Trinidad
has authorised the Trinidadian Ministry of Energy and Energy Industries to
enter into negotiations for the potential award of the licence to the Company
- these discussions are ongoing, and we will advise further on completion of
negotiations with MEEI.
In relation to those assets considered "non-core", we began a process to
either monetise or exit from the assets, and made considerable progress during
the first half of 2023. Thus, in Q1 2023 we completed the sale of South Erin
asset, and through the period we continued to advance discussions with the
Trinidadian Ministry of Energy and Energy Industries in relation to the
proposed sale of Cory Moruga asset, which we hope to be able to complete in
the coming months. We also continued to work on similar exit options for the
remaining non-core assets we hold and most recently, in August 2023, we exited
the Weg Naar Zee ("WNZ") block onshore Suriname. The rationalisation of our
portfolio is allowing us to focus fully on those assets of much higher
potential impact, that offer greater scale and opportunity for near-term value
creation from deployment of the same capital.
It is worth noting that our HSE&S performance in this period remained
exemplary with zero LTI or reportable incidents. Following extensive
preparatory work and audit, the Company achieved a two-year STOW-TT ("Safe to
Work in Trinidad & Tobago") certification in 3Q 2021, and through the
first half of 2023 we prepared for the recertification process and audit,
which has now commenced. STOW certification provides a standardised,
independent system for certifying operators and contractors with respect to
Health, Safety and Environmental delivery, which Heritage Petroleum Company
Limited (the state-owned entity) requires of all contractors/operators, and
is a central component of our "licence to operate" in Trinidad.
Therefore, in relation to our Trinidadian operations, the first half of 2023
represented a period of measured progress: core business production was
constant and consistent, we began the process of monetising or exiting form
non-core assets, we were able to advance new business opportunities in support
of growing core business production, and we maintained our excellent
performance track record when it comes to HSE&S. Overall, we continue to
believe that an opportunity exists to create a profitable and growing
production business in Trinidad, but to do this we need to be able to access
"new oil" - that is, either finding places within our existing fields that
have not been drained effectively and drilling new wells, or by getting new
licences, and we saw the first successes in this journey during the first half
of 2023.
Financial Review
The unaudited interim financial statements for the half year ended 30 June
2023 present details on the financial performance of the Company for the
period, to which I add the following commentary, so that shareholders may
better be able to contextualise the figures presented:
· The Company sold approximately 58,000 barrels ("bbls") of oil
during 1H 2023 (1H 2022: approximately 60,900 bbls), equating to approximately
320 barrels of oil per day ("bopd") (1H 2022: 336 bopd). However, the Company
divested its South Erin field in February 2023, resulting in lower oil sales
during 1H 2023 as compared to 1H 2022. Oil sales from the Company's fields
excluding the South Erin field were approximately 56,000 bbls during 1H 2023 -
in comparison, 1H 2022 oil sales excluding the South Erin Field were
approximately 53,800 bbls. In other words, on a like-for-like basis, there was
a 4% increase in barrels of oil sold, reflecting operational efficiencies
achieved as a consequence of the Company's strategy to focus on core assets.
· The Company's revenue for the period was $1.9 million (1H 2022:
$2.7 million). All revenue is attributable to oil sales in Trinidad, net of
Government-take and other deductions and therefore reflect the Company's cash
revenue entitlement from oil sales. This represents a decrease of 30% as
compared to the comparable period in 2022. Again, on a like for like basis
(i.e., excluding the South Erin field), 1H 2023 revenue was approximately $1.8
million compared to $2.3 million in 1H 2022 representing a decrease of
approximately 22% compared to 1H 2022. The reduction in revenue is largely
attributable to approximately 30% lower average realised oil prices in 1H 2023
(of $63.52 per barrel) as compared to $90.50 per barrel in 1H 2022. Oil prices
have since risen in 2H 2023, and we thus expect higher realised oil prices and
revenues during 2H 2023.
· Through the period, the Company's Trinidad business operated on a
roughly "break-even" basis, in that total cash revenues met total cash costs,
which ranged between $275,000 - $325,000 per month, the variance depending on
field activity and the level of workovers, repairs and maintenance required in
response to field performance each month. In an accounting sense however,
certain non-cash charges (including depreciation, abandonment provisions and
accrued interest on outstanding taxes (which the Company does not expect to
crystalise in cash, in view of submissions made during Trinidadian Tax Amnesty
period to offset against refunds due to the Company) are reflected in the
income statement, which give rise to the reported operating loss.
· Excluding Trinidad, the Company's net cash spend during 1H 2023
was approximately $2.3 million. Of this, approximately $1.2 million was in
relation to the Company's AREA OFF-1 licence in Uruguay ($0.5 million retained
as restricted cash collateral for the work program performance bond, and the
balance of $0.7 million spent on accelerated and expanded technical work
program as described earlier in this report). The remainder $1.1 million
largely reflects the Company's corporate overheads and miscellaneous expenses,
reflecting a corporate overhead run rate ranging between $175,000 and $200,000
per month.
Cash Position & Funding
In March 2022, in conjunction with completion of a comprehensive corporate
restructuring, the Company raised approximately US$10 million, which was at
that time "sized" for approximately 12 months of future operations. However,
as a result of prudent management of capital, a significant reduction in
corporate overheads, and the sale of identified non-core assets, the Company
did not require any additional external funding during the first half of 2023,
and ended the period with available cash of $1.6 million.
Subsequently, in August 2023, the Company established a £3.3 million
unsecured convertible loan note funding facility (the "Facility") to provide
financing flexibility for various initiatives being pursued by the Company as
well as to bridge working capital needs through to delivery of a number of
cash generative options in the near-term, including those that may result from
a successful Area OFF-1 farm-out process, and those anticipated from
completion of the sale of the Cory Moruga asset in Trinidad.
In addition, the Company has approximately $0.8 million in restricted cash,
being cash held as collateral in support of performance bonds for the various
assets - notably, this includes $0.5 million in support of minimum work
obligations for the Company's AREA OFF-1 licence offshore Uruguay which have
largely been satisfied.
Strategic Direction
In Uruguay, our early entry has transformed from being little more than
"option value" to being a near-term opportunity for substantial
value-creation. Looking ahead, the focus for the balance of 2023 in Uruguay is
unambiguously on securing a farm-out partner for the AREA OFF-1 block, such
that we can expedite future technical work program on the block and in
particular a 3D seismic acquisition - we see this as the path to significant
near-term value creation for shareholders.
In Trinidad the focus for the remainder of 2023 will be to continue the work
of the last two years: maintain current production, drive improved financial
performance, dispose of remaining non-core assets, and seek to strategically
access "new oil" opportunities so as to expand the production base and create
a bigger, more sustainable business.
As a significant shareholder myself - I now hold over 6% of the Company - I am
fully aligned with all shareholders, and I remain optimistic about the
prospects of Challenger Energy. We will continue to work diligently towards
delivering on our objectives, and I am confident that eventually the equity
market will pay attention and reward the value we are creating.
Eytan Uliel
Chief Executive Officer
29 September 2023
Financial Statements
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2023
Six months ended 30 June 2023 (Unaudited) Six months Year ended
ended 30 June 2022 (Unaudited) 31 December 2022
(Audited)
Note $000's $ 000's $ 000's
Net petroleum revenue 1,884 2,680 4,266
Cost of sales* (2,343) (2,522) (4,737)
Gross profit/(loss) (459) 158 (471)
Administrative expenses** (2,141) (4,720) (8,027)
Impairment charges - - (2,201)
Operating foreign exchange gains/ (losses) (1,528) (1,378) 6,458
Operating loss (4,128) (5,940) (4,241)
Other income 2 26 8,567 8,743
Finance income/ (costs), net 2 (88) 1,652 1,675
Profit/(loss) before taxation (4,190) 4,279 6,177
Income tax expense - - (28)
Profit/(loss) from continuing operations (4,190) 4,279 6,149
Discontinued operations
Gain/loss after tax for the year from discontinued operations 7 1,934 - (1,767)
Profit/(loss) for the year attributable to equity holders of the parent (2,256) 4,279 4,382
company
Other comprehensive income/(expense)
Items to be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations 958 1,105 (5,742)
Other comprehensive income/(expense) for the period net of taxation 958 1,105 (5,742)
Total comprehensive income/(expense) for the period attributable to equity (1,298) 5,384 (1,360)
holders of the parent company
Earnings/(loss) per share (cents)
Basic loss (earnings) per share
-From continuing operations (0.04) 0.07 0.08
-From discontinued operations 0.02 - (0.03)
Total (0.02) 0.07 0.05
Diluted earnings (loss) per share
-From continuing operations - 0.06 0.07
-From discontinued operations - - (0.02)
Total - 0.06 0.05
The accompanying accounting policies and notes form an integral part of these
financial statements.
*Cost of sales includes amortisation and depreciation of oil and gas assets of
$632,000 (2022 half year: $859,000; 2022 full year: $1,720,000)
** Administrative expenses include various non-cash items including
depreciation charges of $222,000 (2022 half year: $234,000; 2022 full year:
$542,000) and interest on taxes owed in Trinidad of $176,000 (2022 half year:
$528,000; 2022 full year: $908,000) which the Company does not expect to
crystalise in cash in view of submissions made during Trinidadian Tax Amnesty
for the offset of taxes owed against refunds due to the Group (see Note 8)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS ENDED 30 JUNE 2023
At At At
30 June 2023 30 June 2022 31 December 2022
(Unaudited) (Unaudited) (Audited)
Note $000's $ 000's $ 000's
Assets
Non-current assets
Intangible exploration and evaluation assets 4 95,231 94,389 94,660
Goodwill 4 4,610 4,610 4,610
Tangible assets 5 18,777 21,874 19,556
Right of use assets 6 - 6 -
Escrow and abandonment funds 1,575 1,601 1,532
Deferred tax asset 7,418 6,998 7,375
Total non-current assets 127,611 129,478 127,733
Current assets
Trade and other receivables 2,755 5,428 2,721
Inventories 221 270 165
Restricted cash 827 434 824
Cash and cash equivalents 1,645 5,308 2,453
Total current assets 5,448 11,440 6,163
Assets held for sale 7 1,114 - 2,591
Total assets 134,173 140,918 136,487
Liabilities
Current liabilities
Trade and other payables 8 (8,300) (11,985) (8,099)
Lease liabilities - (27) (22)
Borrowings - (77) -
Total current liabilities (8,300) (12,089) (8,121)
Non-current liabilities
Borrowings - (147) -
Provisions (5,657) (6,164) (5,545)
Deferred tax liability (7,459) (7,009) (7,415)
Total non-current liabilities (13,116) (13,320) (12,960)
Liabilities directly associated with the assets held for sale 7 (4,364) - (6,449)
Total liabilities (25,780) (25,409) (27,530)
Net assets 108,393 115,509 108,957
Shareholders' equity
Called-up share capital 9 2,540 2,540 2,540
Share premium reserve 9 180,240 180,272 180,240
Share based payments reserve 5,635 5,411 5,635
Retained deficit (98,521) (97,102) (96,999)
Foreign exchange reserve (4,785) 1,104 (5,743)
Convertible debt option reserve - - -
Other reserves 23,284 23,284 23,284
Total equity attributable to equity holders of the parent company 115,509 108,957
108,393
The accompanying accounting policies and notes form an integral part of these
financial statements.
These Interim Financial Statements were approved and authorised for issue by
the Board of Directors on 29 September 2023 and signed on its behalf by:
Eytan Uliel Simon Potter
Director Director
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
Six months Six months Year ended
Ended 30 June 2023 ended 30 June 2022 (Unaudited) 31 December 2022
(Unaudited) (Audited)
$000's $ 000's $ 000's
Cash flows from operating activities
Profit/(loss) before taxation (4,190) 4,279 6,177
(Increase)/decrease in trade and other receivables (77) (539) 658
(Decrease) in trade and other payables 201 (1,188) (2,176)
(Increase) in inventories (56) (11) (13)
Impairment of tangible and intangible assets - - 2,201
Depreciation of property, plant and equipment 841 1,077 1,784
Depreciation of right of use asset - 9 14
Loss on disposal of property, plant and equipment - 10 78
Amortisation 13 16 27
Share settled payments - 1,113 1,266
Other income (26) (8,567) (8,743)
Finance income/ (costs), net 88 (1,652) (1,675)
Share based payments - 99 323
Income tax received/(paid) - - -
Foreign exchange (gain)/loss on operating activities 1,528 1,378 (6,458)
Net cash outflow from operating activities (1,678) (3,976) (6,537)
Cash flows from investing activities
Purchase of property, plant and equipment (37) (212) (626)
Proceeds from sale of property, plant and equipment - 5 57
Payments for exploration and evaluation assets (583) - (282)
(Increase)/Decrease in restricted cash (2) 125 (354)
Proceeds from sale of subsidiaries, net of 1,194 - -
cash sold
Other income received 26 - 18
Net cash outflow from investing activities 598 (82) (1,187)
Cash flows from financing activities
Issue of ordinary share capital - 8,508 9,114
Share issue costs - - -
Principal elements of lease payments (22) (9) (14)
Finance costs (9) (265) (46)
Repayment of borrowings - (144) (181)
Net cash inflow from financing activities (31) 8,090 8,873
Net increase in cash and cash equivalents (1,111) 4,032 1,149
Effects of exchange rate changes on cash and cash equivalents 303 (279) (252)
Cash and cash equivalents at beginning of period 2,453 1,555 1,555
Cash and cash equivalents included in disposal group - - 1
Cash and cash equivalents at end of period 1,645 5,308 2,453
The accompanying accounting policies and notes form an integral part of these
financial statements.
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2023
Called up share capital Share premium reserve Share based payments reserve Retained deficit Foreign exchange reserve Convertible debt option reserve Other reserves Total Equity
$ 000's $ 000's $ 000's $ 000's $ 000's $ 000's $ 000's $ 000's
Group
At 1 January 2023 2,540 180,240 5,635 (96,999) (5,743) - 23,284 108,957
Loss for the period - - - (2,256) - - - (2,256)
Currency translation differences - - - 734 958 - - 1,692
Total comprehensive expense - - - (1,522) 958 - - (564)
Total contributions by and distributions to owners of the Company - - - - - - -
-
Balance at 30 June 2023 2,540 180,240 5,635 (98,521) (4,785) - 23,284 108,393
Called up share capital Share premium reserve Share based payments reserve Retained deficit Foreign exchange reserve Convertible debt option reserve Other reserves Total Equity
$ 000's $ 000's $ 000's $ 000's $ 000's $ 000's $ 000's $ 000's
Group
At 1 January 2022 218 171,734 5,312 (101,381) (1) 114 23,284 99,280
Loss for the period - - - 4,279 - - - 4,279
Currency translation differences - - - - 1,105 - - 1,105
Total comprehensive expense - - - 4,279 1,105 - - 5,384
Issue of ordinary shares 2,322 8,538 - - - - - 10,860
Realisation of conversion feature - - - - - (114) - (114)
Share based payments - - 99 - - - - 99
Total contributions by and distributions to owners of the Company 2,322 8,538 99 - (114) - 10,845
-
Balance at 30 June 2022 2,540 180,272 5,411 (97,102) 1,104 - 23,284 115,509
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE SIX MONTHS ENDED 30 JUNE 2023
Called up share capital Share premium reserve Share based payments reserve Retained deficit Foreign exchange reserve Convertible debt option reserve Other reserves Total Equity
$ 000's $ 000's $ 000's $ 000's $ 000's $ 000's $ 000's $ 000's
Group
As at 31 December 2020 123 152,717 5,228 (77,684) 147 396 23,284 104,211
Loss for the year - - - (23,697) - - - (23,697)
Currency translation differences - - - - (148) - - (148)
Total comprehensive expense - - - (23,697) (148) - - (23,845)
Share capital issued 95 19,017 - - - - - 19,112
Recognition of conversion feature - - - - - 505 - 505
Realisation of conversion feature - - - - - (787) - (787)
Share based payments - - 84 - - - - 84
Total contributions by and distributions to owners of the Company 95 19,017 84 - - (282) - 18,914
As at 31 December 2021 218 171,734 5,312 (101,381) (1) 114 23,284 99,280
Profit for the year - - - 4,382 - - - 4,382
Currency translation differences - - - - (5,742) - - (5,742)
Total comprehensive Income - - - 4,382 (5,742) - - (1,360)
Share capital issued 2,322 8,506 - - - - - 10,828
Realisation of conversion feature - - - - - (114) - (114)
Shared based payments - - 323 - - - - 323
Total contribution by and distributions to owners of the Company 2,322 8,506 323 - - (114) - 11,037
At as 31 December 2022 2,540 180,240 5,635 (96,999) (5,743) - 23,284 108,957
NOTES TO THE FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED 30 JUNE 2023
1 Basis of preparation
The financial statements have been prepared on the historical cost basis,
except for the measurement of certain assets and financial instruments at fair
value as described in the accounting policies below.
The financial statements have been prepared on a going concern basis, refer to
the Going Concern section below for more details.
The financial statements are presented in United States dollars ($) and all
values are rounded to the nearest thousand dollars ($'000) unless otherwise
stated.
Basis of consolidation
The financial statements incorporate the results of the Company and its
subsidiaries (the "Group") using the acquisition method. Control is achieved
where the Company is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns
through its power over the entity.
Inter-company transactions and balances between Group companies are eliminated
in full.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used in line with those used by
the Group.
Going Concern
The Group had incurred a comprehensive loss of $1.3 million for the half year
ended 30 June 2023 and the Group's current liabilities exceeded current assets
by approximately $2.9 million as of 30 June 2023. At 30 June 2023 the CEG
Group had approximately $1.6 million in unrestricted cash funding and
approximately a further $0.8 million in restricted cash holdings in support of
performance guarantees for the various licences including the minimum work
obligations in Uruguay ($0.5 million) for which the work has been
substantially completed as at the date of this report.
On 30 August 2023 the Group announced establishment of a £3.3 million
convertible loan note funding facility of which £0.55 million has initially
been drawn down, with future drawdown of the remainder at the Group's option,
subject to certain drawdown conditions. This facility provides the Group with
cash resources to cover the funding requirements of the Group and bridge any
funding gaps over the course of the next 12 months.
In addition, The Group has several high-probability sources of cash inflows
expected over the next 12 months to enable the Group to continue as a going
concern for the foreseeable future. These include:
1. Contracted proceeds from sale of Cory Moruga licence in
Trinidad.
In December 2022, the Group announced the sale of Cory Moruga licence onshore
Trinidad and Tobago for a consideration of up to US$3 million of which US$1
million is payable upon completion, US$1 million in six months from completion
and a further US$1 million contingent upon Cory Moruga field achieving 100
barrels of oil per day production. Cory Moruga licence is presently a dormant
licence with previously discovered and tested oil resource. The sale is fully
documented and not subject to any conditions to completion other than consent
from the Trinidadian Ministry of Energy and Energy Industries ("MEEI"), which
remains outstanding. The Group, in conjunction with the acquirer, have been in
discussions with MEEI and anticipates consent being obtained and completion of
the sale transaction by the end of 2023. A successful completion would result
in the Group receiving US$2 million in cash consideration within six months
from completion.
2. Potential inflows from successful farm-out of the AREA OFF-1
licence in Uruguay.
The Group has been in discussions with various industry participants in
relation to potential farm-out / partnership options for the AREA OFF-1
licence in Uruguay. In June 2023, a formal adviser-led process was commenced
with the objective of securing an industry partner to farm-out the AREA OFF-1
licence by the end of 2023. In the event of a successful farm-out, the Group
expects certain upfront cash consideration, consistent with typical
transactions of this nature in the international oil and gas industry. The
Group is confident that a farm-out transaction can be successfully achieved in
this timeframe, because (i) multiple high-quality energy majors are presently
engaged in the farm-out process, undertaking due diligence as at the date of
this report; (ii) the Group's technical work to-date has resulted in
identification and definition of three prospects with an estimated recoverable
resource of approximately 2 billion barrels (Pmean) and up to 5 billion
barrels in an upside case (P10) establishing that AREA OFF-1 is a high-quality
asset of scale, material to any player in the global industry, and (iii) the
Directors consider successful completion of the farm-out process to be highly
probable in light of the recent industry developments - namely significant
offshore discoveries in Namibia (Uruguay is considered to be geological mirror
of the offshore Namibia basins), and substantial industry interest in offshore
Uruguay acreage in the past 12 months, evidenced by licencing activity in the
recent Uruguayan licencing rounds that has resulted in all available acreage
now having been awarded to industry majors (Shell, APA Corporation and YPF)
along with several other interested global oil majors not securing any
acreage.
3. Sale of other non-core assets
The Group is also in discussions in relation to the potential sale of other
non-core assets in its portfolio. A successful completion of any transaction
of this nature would result in the Group receiving cash consideration, thus
increasing its available cash resources.
NOTES TO THE FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED 30 JUNE 2023
(CONTINUED)
1 Basis of preparation (continued)
Going Concern (continued)
In addition to the above, the Director notes that the Group is a publicly
listed company on a recognised stock exchange, thus affording the ability to
raise capital equity, debt and/or hybrid financing alternatives as and when
the need arises. The Group has a robust track record in this regard, having
raised in excess of US$100 million in equity and alternative financing in the
past five years. Based on the Group's attractive asset portfolio and history
of capital raising, the Directors are of the view that if required (i.e., in
the event sources of cash inflows discussed above do not materialise as and
when expected) the Group will be able to source fresh capital on short notice.
As such, the Director has prepared the financial statements on a going concern
basis and consider it to be reasonable.
2 Other income and Finance income
Other income and Finance income predominantly comprise discounts secured from
the Group's historical creditors and a secured financier, as part of
negotiated settlements agreed pursuant to the Group's restructuring and
recapitalisation exercise.
3 Turnover and segmental analysis
Management has determined the operating segments based on the reports reviewed
by the Board of Directors that are used to make strategic decisions. The Board
has determined there is a single operating segment: oil and gas exploration,
development and production. However, there are four geographical segments:
Trinidad & Tobago & Suriname including a single operating segment and
a separate disposal group for the period ended 30 June 2023 (refer to note 7),
The Bahamas (operating), Uruguay (operating) and The Isle of Man, UK, Spain,
Saint Lucia, Cyprus, Netherlands & USA (all non-operating).
The segment including Trinidad & Tobago has been reported as the Group's
direct oil and gas producing and revenue generating operating segment. The
Bahamas segment includes the Bahamian exploration licences on which drilling
activities were conducted in 2020 and 2021. The Uruguay segment includes the
exploration licences and appraisal works which have commenced in 2022. The
non-operating segment including the Isle of Man (the Group's parent), which
provides management service to the Group and entities in Saint Lucia, Cyprus,
Spain, the Netherlands, and the U.S.A. all of which are non-operating in that
they either hold investments, or are dormant. Their results are consolidated
and reported on together as a single segment. As part of an ongoing group wide
rationalisation plan there is an ongoing process to wind up a number of
companies in the Group in Spain, Cyprus and the USA.
Six months to 30 June 2023 Trinidad & Suriname Operating Trinidad & Total
St Lucia Bahamas Uruguay Non-Operating
Disposal group Operating Operating Entities (*)
$'000 $'000 $'000 $'000 $'000 $'000
Operating profit/(loss) by geographical area
Net petroleum revenue (**) 1,884 - - - - 1,884
Operating profit/(loss) (2,319) - (32) (3) (1,774) (4,128)
Other income 5 - 21 - - 26
Finance (costs) / income, net (85) - - - (3) (88)
Profit/(loss) before taxation (2,399) - (11) (3) (1,777) (4,190)
Other information
Loss after tax for the year from discontinued operations
- 1,934 - - - 1,934
Depreciation, amortisation and impairment (828) - (1) - (24) (853)
Capital additions 32 - - 583 5 620
Segment assets
Tangible and intangible assets 18,734 - 93,964 798 5,122 118,618
Deferred tax asset 7,418 - - - - 7,418
Escrow and abandonment funds 1,575 - - - - 1,575
Trade and other receivables 2,192 - 500 - 63 2,755
Inventories 221 - - - - 221
Restricted cash 301 - - - 526 827
Cash 638 - 2 - 1,005 1,645
Assets held for sale - 1,114 - - - 1,114
Consolidated total assets 31,079 1,114 94,466 798 6,716 134,173
Segment liabilities
Trade and other payables (6,385) - (1,051) - (864) (8,300)
Deferred tax liability (7,459) - - - - (7,459)
Lease liabilities - - - - - -
Provisions (3,224) - - - (2,433) (5,657)
Liabilities directly associated with the assets held for sale
- (4,364) - - - (4,364)
Consolidated total liabilities (17,068) (4,364) (1,051) - (3,297) (25,780)
NOTES TO THE FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED 30 JUNE 2023
(CONTINUED)
3 Turnover and segmental analysis (continued)
Six months to 30 June 2022 Operating Operating Total
Non-Operating
Entities (*)
Trinidad & Suriname Bahamas
$'000 $'000 $'000 $'000
Operating profit/(loss) by geographical area
Net petroleum revenue (**) 2,680 - - 2,680
Operating profit/(loss) (1,316) (127) (4,497) (5,940)
Other income 1,937 - 6,630 8,567
Finance (charges) (86) - (189) (275)
Finance income 1 - 1,926 1,927
Profit/(loss) before taxation 536 (127) 3,870 4,279
Other information
Depreciation, amortisation and impairment 1,079 5 18 1,102
Capital additions 203 - 8 211
Segment assets
Tangible and intangible assets 22,196 93,971 4,712 120,879
Deferred tax asset 6,998 - - 6,998
Abandonment fund 1,601 - - 1,601
Trade and other receivables 3,860 516 1,052 5,428
Inventories 270 - - 270
Restricted cash 380 - 54 434
Cash 986 4 4,318 5,308
Consolidated total assets 36,291 94,491 10,136 140,918
Segment liabilities
Trade and other payables (9,704) (1,049) (1,232) (11,985)
Borrowings (224) - - (224)
Deferred tax liability (7,009) - - (7,009)
Lease liabilities - (21) (6) (27)
Provisions (3,825) - (2,339) (6,164)
Consolidated total liabilities (20,762) (1,070) (3,577) (25,409)
(*) Intercompany balances and transactions between Group entities have been
eliminated.
(**) Sales revenues were derived from a single customer within each of these
operating countries.
NOTES TO THE FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED 30 JUNE 2023
(CONTINUED)
4 Intangible assets - Group
Goodwill Exploration & evaluation assets
$ 000's $ 000's
Cost
As at 1 January 2022 7,045 96,832
Additions - 282
Reclassifications - 2,924
As at 31 December 2022 7,045 100,038
Additions - 583
Foreign exchange difference on translation - 3
As at 30 June 2023 7,045 100,624
Accumulated amortisation and impairment
As at 1 January 2022 2,435 2,427
Amortisation - 27
Reclassifications - 2,924
As at 31 December 2022 2,435 5,378
Amortisation - 13
Foreign exchange difference on translation - 2
As at 30 June 2023 2,345 5,393
Net book value
As at 30 June 2023 4,610 95,231
As at 31 December 2022 4,610 94,660
As at 31 December 2021 4,610 94,405
NOTES TO THE FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED 30 JUNE 2023
(CONTINUED)
5 Tangible assets
Oil and gas assets Property, plant and equipment (*) Decommissioning costs Total
$ 000's $ 000's $ 000's $ 000's
Cost or Valuation
As at 1 January 2022 28,303 2,013 2,225 32,541
Additions 128 498 1,307 1,933
Disposals (133) (400) - (533)
Assets held for sale (7,013) - (844) (7,857)
Reclassifications 15,563 5,404 226 21,193
Foreign exchange difference on translation - (146) - (146)
As at 31 December 2022 36,848 7,369 2,914 47,131
Additions 9 28 - 37
Reclassifications - (201) - (201)
Foreign exchange difference on translation 15 36 2 53
As at 30 June 2023 36,872 7,232 2,916 47,020
Accumulated depreciation and Impairment
At 1 January 2022 7,294 751 1,748 9,793
Depreciation 1,720 285 230 2,335
Disposals (88) (286) - (374)
Impairment 2,201 - 88 2,289
Assets held for sale (6,679) - (738) (7,417)
Reclassifications 15,563 5,404 226 21,193
Foreign exchange difference on translation - (145) 1 (144)
At 31 December 2022 20,011 6,009 1,555 27,575
Depreciation 632 149 60 841
Reclassifications - (201) - (201)
Foreign exchange difference on translation (6) 34 - 28
As at 30 June 2023 20,637 5,991 1,615 28,243
Net book value
As at 30 June 2023 16,235 1,241 1,301 18,777
As at 31 December 2022 16,837 1,360 1,359 19,556
As at 31 December 2021 21,009 1,262 477 22,748
(*) Property, plant and equipment includes leasehold improvements.
NOTES TO THE FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED 30 JUNE 2023
(CONTINUED)
6 Right of use assets
Group leased properties Group motor vehicles Total Group
$ 000's $ 000's $ 000's
Cost
As at 1 January 2022 484 32 516
Disposals (406) - (406)
Reclassifications 60 - 60
As at 31 December 2022 138 32 170
Reclassifications (59) - (59)
Foreign exchange difference on translation - - -
As at 30 June 2023 79 32 111
Accumulated depreciation
As at 1 January 2022 470 32 502
Depreciation 14 - 14
Disposals (406) - (406)
Reclassifications 60 - 60
As at 31 December 2022 138 32 170
Reclassifications (59) - (59)
Foreign exchange difference on translation - - -
As at 30 June 2023 79 32 111
Net book value
As at 30 June 2023 - - -
As at 31 December 2022 - - -
As at 31 December 2021 14 - 14
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
7 Discontinued operations
At balance sheet date the following asset sale is considered to be active and
highly probable of taking place:
Sale of T-Rex (Cory Moruga asset):
On 20 December 2022 the Company announced that it had entered into a binding
heads of terms with Predator Oil & Gas Holdings Plc, providing for the
conditional sale of the Company's interest in the non-producing Cory Moruga
licence in Trinidad though the sale of 100% of the share capital in T-Rex
Resources (Trinidad) Limited (TREX), with retention of 25% future back-in
right (at the Company's option) based on the outcomes of future drilling / EOR
activity and associated future production.
Subsequently, on 8 March 2023 confirmed that the confirmatory due diligence
process was finalised and both parties had entered into fully termed long form
legal documentation.
The completion of the Transaction is conditional on consent of
the Trinidadian Ministry of Energy and Energy Industries ("MEEI") to a
revised work programme for the Cory Moruga licence and restructuring of
certain licence terms. The parties have agreed to work together to secure the
required consents and agreements with MEEI and thus achieve completion of the
Transaction as soon as reasonably practicable.
Accordingly, T-Rex Resources (Trinidad) Limited continues to form a separate
disposal group and has been classified as assets held of sale at 30 June 2023.
The results for this disposal group are presented below:
Income statement $ 000's
Administration expenses (262)
Operating foreign exchange gains/(losses) (2)
Finance costs (6)
(270)
The major classes of assets and liabilities of the combined disposal group
classified as held for sale at 31 December are presented below:
Assets $ 000's
Trade and other receivables 1,114
1,114
Liabilities
Trade and other payables (3,162)
Provisions (1,202)
(4,364)
The major classes of assets and liabilities of the combined disposal group
classified as held for sale at 31 December are presented below:
Assets $ 000's
Trade and other receivables 1,114
1,114
Liabilities
Trade and other payables (3,162)
Provisions (1,202)
(4,364)
Sale of CREX:
During the reporting period an asset sale took place resulting in the loss of
control over CREX.
On 14 February 2023 the Company announced publicly (via RNS) it had entered
into and completed a transaction for the sale of its St Lucia domiciled
subsidiary company, Caribbean Rex Limited (CREX) which included its
associated assets and subsidiary entities. This includes (via interposed
subsidiaries) CEG South Erin Trinidad Limited ("CSETL" a Trinidadian company
that is party to a farm-out agreement for, and is the operator of, the South
Erin field, onshore Trinidad) and West Indian Energy Group Limited (a
Trinidadian service company).
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
7 Discontinued operations (continued)
Consideration was received in cash during the period. At the date of the
disposal the carrying amounts of CREX net assets were as follows:
Assets $ 000's
Cash and cash equivalents 6
Restricted cash 89
Trade and other receivables 115
Property, plant and equipment and decommissioning costs 402
Abandonment fund 106
Deferred Tax Asset 201
Total assets 919
Liabilities
Trade and other payables (989)
Provisions (808)
Borrowings (181)
Deferred tax liability (201)
Total liabilities (2,179)
Total net liability (1,260)
Total consideration received in cash 1,200
Less cash and cash equivalents disposed of (6)
Net cash received 1,194
Gain on disposal* 2,454
Reconciliation to gain from discontinued operations:
Gain on disposal (as above) 2,454
Less losses resulting from T-Rex Resources (Trinidad) Limited for the period (270)
Less losses resulting from CREX and subsidiaries for the period up to disposal (250)
date
Gain after tax for the year from discontinued operations 1,934
*The gain on disposal is included in the loss for the year from discontinued
operations in the consolidated statement of profit or loss.
The net cash flows incurred by the combined disposal group are, as follows:
$ 000's
Operating 289
Investing 1,191
Financing (9)
Net cash (outflow) / inflow 1,471
NOTES TO THE FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED 30 JUNE 2023
(CONTINUED)
8 Trade and other payables
The trade and other payables (including accruals) include dues, amounting to
approximately $2.5 million in aggregate, that are considered to be of a
routine working capital nature, and that are being settled in the ordinary
course of business and / or under certain agreed payment plans. The remainder
of trade and other payables include:
i) approximately $3.2 million is in respect of taxes in
Trinidad and Tobago that the Group expects to settle by way of offset against
tax refunds due to the Group in Trinidad and Tobago ($1.4 million, included
under 'Trade and other receivables'). The balance amount relates to a notional
estimate of penalties that apply in accordance with the tax laws in Trinidad
and Tobago - as at the date of this report these are notional estimates only
and have not been levied or assessed, and the Group does not expect that they
will be levied or assessed and that ultimately no cash payment will be
required as the Group had claimed the benefit of a tax amnesty during the 2021
tax amnesty period implemented by the Trinidad and Tobago tax authorities,
with the final resolution of this matter remaining pending; and
ii) approximately $2.6 million is in respect of
various other dues comprising, i) $0.5 million is in respect of potential
insurance "top-up" exposure, due to the ultimate cost of the Perseverance-1
well in The Bahamas exceeding the initial estimated cost - however, as at the
date of this report, the matter remains pending resolution with the insurers,
ii) $0.6 million is in respect of accrued licence fee which the Group expects
to offset against $0.5 million refundable advances (included in trade and
other receivables) resulting in no material incremental cash exposure to the
Group, iii) $0.4 million in advances towards a work programme undertaken by a
third-party for which a settlement agreement has been reached as part of the
sale of Cory Moruga asset (pending completion) resulting in no cash exposure
to the Group, and iv) $1.1 million in relation to legacy accruals recognised
in the financial statements which the Group does not expect to crystalise for
a foreseeable future and expects to be written-back following lapse of the
relevant statute of limitation period.
9 Share capital - Group & Company
Called up, allotted, issued and fully paid ordinary shares of 0.0002p each Number of shares Nominal value Share premium
$ 000's $ 000's
At 1 January 2022 796,522,914 218 171,734
Shares issued at average price of 0.1p per share 691,401,490 185 739
Shares issued at average price of 0.1p per share 3,480,645,475 919 3,366
Shares issued at average price of 0.1p per share 4,651,629,600 1,218 4,433
At 31 December 2022 9,620,199,479 2,540 180,240
At 1 January 2023 9,620,199,479 2,540 180,240
At 30 June 2023 9,620,199,479 2,540 180,240
Number of shares Nominal value Share premium
$ 000's $ 000's
At 31 December 2021 796,522,914 218 171,734
As 31 December 2022 9,620,199,279 2,450 180,240
At 30 June 2023 9,620,199,479 2,540 180,240
At the end of the period, the number of shares in issue comprised 9,620
million ordinary shares (2022: 9,620million).
During the prior period, transaction costs for issued share capital totalled
$748,777, these amounts were allocated to share premium.
The total authorised number of ordinary shares at 30 June 2023 was
50,000,000,000 shares with a par value of 0.02 pence per share (2022:
50,000,000,000 shares of 0.02 pence per share). All issued shares of 0.02
pence are fully paid.
NOTES TO THE FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED 30 JUNE 2023
(CONTINUED)
10 Share based payments reserve
Options and warrants
Share options have been granted to Directors, selected employees and
consultants to the Company.
The Group had no legal or constructive obligation to repurchase or settle any
options in cash. Movements in the number of share options and warrants
outstanding during the year are as follows:
Average exercise price per share No. Options & Warrants
At 1 January 2023 0.24p 1,388,473,911
Expired - -
Cancelled 0.19p (136,000,000)
Granted - -
Exercised - -
As at 30 June 2023 0.25p 1,252,473,911
Exercisable at end of period - -
The fair value of the warrants and options granted in the period was estimated
using the Black Scholes model.
11 Events after reporting date
On 30 August 2023 the Company announced:
i) the establishment of a £3.3 million convertible loan note
funding facility of which £0.55 million has initially been drawn down, with
future drawdown of the remainder at the Group's option;
ii) a mutually agreed extension to the long stop date for the
completion of the sale of T-Rex Resources (Trinidad) Limited (Cory Moruga
asset) to 30 November 2023 to allow the parties to continue ongoing
discussions with the Trinidadian Ministry of Energy and Energy Industries
("MEEI") with a view to securing MEEI's consent required for the completion of
the transaction; and
iii) the relinquishment of the Group's Weg Naar Zee block onshore
Suriname by way of an agreement with Hydrocarbon Institute, the Surinamese
hydrocarbons industry regulator ("SHI"), to terminate the Suriname Weg Naar
Zee Production Sharing Contract ("WNZ PSC") between Columbus Energy Resources
South America B.V., a wholly-owned subsidiary of the Company and Staatsolie
Maatschappij Suriname N.V., the Surinamese state-owned oil & gas company
("Staatsolie").
12 Other Information
The comparative financial information set out in this report does not
constitute the Group's statutory accounts for the period ended 31 December
2022 but is derived from those accounts.
A copy of this interim statement is available on the Company's website:
www.cegplc.com (http://www.cegplc.com)
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