Interim Results
27/09/2022 07:00
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RNS Number : 7137A President Energy PLC 27 September 2022
27 September 2022
PRESIDENT ENERGY PLC
("President", "the Company" or "the Group")
Unaudited Half Year Results for H1 2022
Current trading
President (AIM:PPC), the oil and gas upstream company with a diverse portfolio
of production and exploration assets focused primarily in Latin America,
announces its unaudited half year results for the six months ended 30 June
2022.
Selected Results Summary
All numbers in US$ '000 unless stated H1 2022 H1 2021
Profit / (loss) after tax but before non-cash items 5,620 (2,132)
Adjusted EBITDA 5,678 4,536
Free cash flow generation from core operations 6,805 6,192
Revenue 17,632 17,104
Average daily production, boe (oil & gas) 1,969 2,648
Average realised price per boe (US$) 53.4 39.6
Group net debt 29,242 16,746
Administrative expenses US$ per boe 4.9 4.0
Well operating costs US$ per boe 20.3 15.4
Corporate and Financial Summary
· Profit after tax before non-cash items* of US$5.6 million (H1
2021 loss of US$2.1 million)
· Group turnover of US$17.7 million (H1 2021 US$17.1 million)
· Free cash flow from core operations of US$6.8 million up 10% over
the same period in 2021 (H1 2021 US$6.2 million)
· Adjusted EBITDA of US$5.7 million up 25% over the same period in
2021
· Third party financial borrowings in Argentina non-recourse to
Group of US$22.9 million (H1 2021 US$5.9 million) with such increased
borrowings arising from material new capex spending, including drilling and
investments made in Argentina. All debt in Argentina being serviced in
accordance with terms. Group debt of US$11.3 million (H1 2021 US$11.4 million)
to the UK parent is covenant lite, long-term debt from IYA, an affiliate of
the largest shareholder and Chairman under an open line of credit
· Mark to market value of holding in Atome Energy PLC as at 20
September 2022 of £9.8m (2021: nil) all of which is not shown in the accounts
due to the vagaries of accounting reporting standards
· Due to currency exchange restrictions in Argentina, the amount
paid back to the UK by its Argentina subsidiary was, and still is, limited to
servicing interest for part of the intercompany loan with no capital
repayments currently permitted by law. By way of illustration, currently this
monthly interest payment back to Group amounts to some US$ 115k
Operational Summary
· Average Group net daily production in the period of 1,969 boepd,
down 26% on the previous year, impacted by production outages in Argentina,
delay in new wells coming on-stream and Louisiana being offline for more than
half of the period
· Group production split 69% oil and 31% gas (H1 2021: 64% oil and
36% gas)
· Group well operating costs per boe in the core Argentine business
increased by 27% over same period last year due to lower production
· In Louisiana, disappointing issues with workovers and procuring
of equipment resulted in no material contribution to results in the period
with wells shut-in for more than half the period and sub-optimal flow levels
for a longer period. Accordingly, during that period of inactivity, no monies
were repaid to the Group and in fact, over US$ 1 million was paid by the Group
out of central resources in connection with workover activities
· In Paraguay, work continued in relation to preparation for
drilling of the exploration well with our partner CPC, the State Energy
Company of Taiwan
· Green House Capital has been created with the purpose of becoming
the alternative energy division of President. That division has taken first
steps with potential Lithium investment
· Average price per barrel received during the Period was US$ 64.75
in Argentina and US$104.44 in Louisiana
Current trading and developments
· Further to the recent fire in our Puesto Flores Facility in Rio
Negro Argentina as announced on 11 August, the disruption has impacted on
production from the Puesto Flores oil field in August and September with full
and normal production there expected in the first part of October. The Company
has insurance coverage and there were no injuries to personnel
· All other of the Company's fields in Rio Negro, including gas
production, and Puesto Guardian have continued to produce normally without
disruption, with Salta, Argentina, production for August showing an increase
of over 70% compared to the level of production as at 1 January 2022
· Sales price for oil in Argentina improving with current price
receivable in Rio Negro approximately US$65 per barrel and in Salta US$68.
The recent reduction in international oil prices has to date not affected
these levels
· At the current time, the Company has no visibility as to when
principal loan repayments can start to be made to the Group from Argentina
with timing completely out of the hands of President
· In Louisiana full production is now expected to resume in October
after final installation of the necessary gas lift equipment with the wells
having being offline for approximately 90% of the time since the start of H2
2022 due to complications in finalising agreements for the gas buyback and
sourcing available barges. Once online, profits can start to be repatriated to
the Group
· In September new management in Louisiana have been installed at
operational level which has started to have a noticeable effect in moving
things forward. Until such a time as full production is re-started it is
imprudent to project steady state levels of flow as this will be the first
time that gas lift will be utilised in the Triche well albeit, in theory, this
is designed to stabilise and enhance production levels and mitigate the
annoying stop start of recent periods.
· In Paraguay, preparations for the new exploration well have
continued satisfactorily with all contractual payments by the partner being
paid on time and good relations enjoyed. The position with the Rig contract
remains to be fully resolved due to internal complications with the current
owner although this is expected to be resolved by the end of November. At
that stage, a spud date will be determined
· Green House Capital having taken first steps in relation to
Lithium in Argentina and is now seeking to expand its interests in alternative
energies and related technologies outside of that country . This is an ongoing
process.
· The name of the Company is proposed to be changed to Molecular
Energies PLC together with consolidation of shares and increase in
authorities. General Meeting of shareholders due to be held on 29 September
2022.
Commenting on today's announcement, Peter Levine, Chairman said:
"President has delivered a period of solid profits but we recognise the
difficulties of the Group's current reliance on cashflow from its Argentine
centric main business when it is not possible to repatriate such profits to
Group level. The formation of Green House Capital, which intends to replicate
the success of the Atome transaction for the benefit of President
shareholders, is the first step in a diversification programme that is subject
to active internal debate.
"The disruption in hydrocarbon production in Argentina and Louisiana has not
in any event been helpful to our existing business the effect of which is
being felt in the second part of this year. I have ordered action and change
at country, field and local management level to get us back on a consistent
growth path which is a necessity in any event. Notwithstanding my continuing
financial support for what will soon be Molecular Energies through my private
investment group, reducing the Group debt level including at parent level is a
priority over the next months. This will place the Group in a stronger
position whilst supporting its evolution into more fertile fields of business
where the prospects are re-invigorating and exciting after the frustrating and
unrewarding battles of the last years.
"The change of name, image and related matters including the creation of Green
House Capital are evidence of our determination to carry out the evolution as
soon as possible. The appreciation of approximately 30% in the Atome Energy
share price since the start of the year achieved with the right management
team we put in place is beneficial to our investment assets and is a precedent
pointing to our capability to enhance shareholder value by our evolved
strategy.
"The Group has a solid base, is profitable on a post-tax basis excluding
non-cash items and is operationally cash-flow positive. As the board
continues to implement its new strategy we look forward to our future as
Molecular Energies PLC capitalising and repeating the success of Atome with a
significant originated value generation for shareholders".
Peter Levine
Chairman
27 September 2022
* Adjusted EBITDA means Operating Profit before depreciation, depletion and
amortisation, adjusted for non-cash share-based expenses and certain
non-recurring items. Non-recurring items include where relevant workovers.
* Profit after tax after non-cash items which comprise depletion,
depreciation, amortisation, impairment, non-operating gains/losses and
deferred tax.
* Cost per boe metrics are adjusted for costs management consider are
exceptional and non-recurring in nature
* Free cash flow from core operations is defined in the 2021 Annual Report.
The treasury income which has been included is the exchange (losses)/gains on
cash and cash equivalents as detailed in the Consolidated Statement of
Cashflows
This announcement contains inside information for the purposes of article 7 of
Regulation 596/2014.
Notes to Editors
President Energy is an oil and gas company listed on the AIM market of
the London Stock Exchange (PPC.L) primarily focused in Argentina, with a
diverse portfolio of operated onshore producing and exploration assets.
The Company has operated interests in the Puesto Flores, Estancia Vieja,
Puesto Prado and Las Bases Concessions, and the Angostura exploration
contract, all of which are situated in the Río Negro Province in the
Neuquén Basin of Argentina and in the Puesto Guardian Concession, in
the Noroeste Basin in NW Argentina. Alongside this, President Energy has
cash generative production assets in Louisiana, USA and further significant
exploration and development opportunities through its acreage
in Paraguay and Argentina.
It has also a 27.9% investment interest in Atome Energy PLC a green hydrogen
and ammonia producer whose shares are traded on AIM of the London Stock
Exchange.
With a strong strategic and institutional base of support, including the
international commodity trader and logistics company Trafigura, an in-country
management team as well as the Chairman whose interests as the largest
shareholder are aligned to those of its shareholders, President Energy gives
UK investors access to an energy growth story combined with world class
standards of corporate governance, environmental and social responsibility.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for
the release of this announcement on behalf of the Company was Peter Levine,
Chairman.
For further information, please visit www.presidentenergy.com
(http://www.presidentenergy.com) or contact:
President Energy PLC +44 (0)20 7016 7950
Rob Shepherd, Finance Director info@presidentpc.com
Nikita Levine, Investor Relations
finnCap (Nominated Advisor and broker) +44 (0)20 7220 0500
Christopher Raggett, Tim Harper
Tavistock (financial PR) +44 (0)20 7920 3150
Simon Hudson, Nick Elwes, Charles Baister
Glossary of terms
Boe(pd) Barrels of oil
equivalent (per day)
Bopd Barrels of oil per day
DDA Depletion, depreciation and. amortisation
EV Enterprise value meaning market
capitalisation plus debt
MMbbls Million barrels of oil
MMboe Million barrels of oil equivalent
MMBtu Million British Thermal Units (gas)
M(3)/d Cubic metres of production of gas or
oil per day (as the case may be)
Condensed Consolidated Statement of Comprehensive Income
Six months ended 30 June 2022
6 months 6 months Year to
to 30 June to 30 June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
Note US$000 US$000 US$000
Continuing Operations
Revenue 17,632 17,104 34,147
Cost of sales
Depletion, depreciation & amortisation (4,374) (5,108) (11,374)
Other cost of sales (11,026) (11,493) (22,057)
Total cost of sales 3 (15,400) (16,601) (33,431)
Gross profit/(loss) 2,232 503 716
Administrative expenses 4 (1,741) (1,942) (5,764)
Operating gain/(loss) 500 - -
Operating profit / (loss) before impairment charge
and non-operating gains / (losses) 991 (1,439) (5,048)
Presented as:
Adjusted EBITDA 5,678 4,536 7,526
Non-recurring items (199) (581) (751)
EBITDA excluding share options 5,479 3,955 6,775
Depreciation, depletion & amortisation (4,415) (5,134) (11,456)
Share based payment expense (73) (260) (367)
Operating profit / (loss) 991 (1,439) (5,048)
Impairment charge 5 - - (51)
Profit / (loss) in associate undertaking (25) - -
Non-operating gains /(losses) 6 351 2 14,494
Profit/(loss) after impairment and non-operating
gains and (losses) 1,317 (1,437) 9,395
Finance income 7 3,259 855 1,633
Finance costs 7 (3,045) (2,418) (5,324)
Profit / (loss) before tax 1,531 (3,000) 5,704
Income tax (charge)/credit
Current tax income tax (charge)/credit - - -
Deferred tax being a provision for future taxes 2,036 (376) (1,125)
Total income tax (charge)/credit 2,036 (376) (1,125)
Profit/(loss) for the period from continuing operations 3,567 (3,376) 4,579
Other comprehensive income
Total comprehensive profit/(loss) for the period
attributable to the equity holders of the Parent Company 3,567 (3,376) 4,579
Earnings/ (loss )per share from continuing operations US cents US cents US cents
Basic earnings/ (loss) per share 8 0.17 (0.17) 0.23
Diluted earnings / (loss) per share 8 0.17 (0.17) 0.22
Condensed Consolidated Statement of Financial Position
As at 30 June 2022
30 June 30 June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
ASSETS Note
Non-current assets
Intangible exploration and evaluation assets 9 54,304 52,794 54,304
Goodwill 705 705 705
Investment in associate - - 25
Property, plant and equipment 9 74,071 56,787 59,148
129,080 110,286 114,182
Deferred tax 356 507 350
Other non-current assets 103 103 103
129,539 110,896 114,635
Current assets
Trade and other receivables 10 7,350 6,299 11,887
Inventory - 1,336 1,336
Cash and cash equivalents 4,970 555 2,014
12,320 8,190 15,237
TOTAL ASSETS 141,859 119,086 129,872
LIABILITIES
Current liabilities
Trade and other payables 11 22,891 14,897 17,424
Borrowings 12 12,521 1,584 7,014
35,412 16,481 24,438
Non-current liabilities
Trade and other payables 11 4,059 4,631 4,580
Long-term provisions 7,963 6,985 7,480
Borrowings 12 21,691 15,717 22,250
Deferred tax 253 1,691 2,283
33,966 29,024 36,593
TOTAL LIABILITIES 69,378 45,505 61,031
EQUITY
Share capital 36,179 35,868 36,179
Share premium 48 258,162 48
Translation reserve (50,240) (50,240) (50,240)
Profit and loss account 78,712 (178,007) 75,145
Other reserve 7,782 7,798 7,709
TOTAL EQUITY 72,481 73,581 68,841
TOTAL EQUITY AND LIABILITIES 141,859 119,086 129,872
Condensed Consolidated Statement of Changes in Equity
Share capital Share premium Translation reserve Profit and loss account Other reserve Total
US$000 US$000 US$000 US$000 US$000 US$000
Balance at 1 January 2021 35,708 257,992 (50,240) (174,631) 7,538 76,367
Share-based payments - - - - 260 260
Subscriptions 160 170 - - - 330
Transactions with owners 160 170 - - 260 590
Loss for the period - - - (3,376) - (3,376)
Total comprehensive
income/(loss) - - - (3,376) - (3,376)
Balance at 30 June 2021 35,868 258,162 (50,240) (178,007) 7,798 73,581
Share-based payments - - - - 107 107
Debt conversion 82 58 - - - 140
Subscription 81 84 - - - 165
Exercise of options 148 48 - - (196) -
Capital reduction - (258,304) - 258,304 -
Dividend in specie - - - (13,130) (13,130)
Transactions with owners 311 (258,114) - 245,174 (89) (12,718)
Profit for the period - - - 7,955 - 7,955
Exchange differences on
translation - - 23 - - 23
Reclassified to profit and loss - - (23) 23 - -
Total comprehensive
income/(loss) - - - 7,978 - 7,978
Balance at 1 January 2022 36,179 48 (50,240) 75,145 7,709 68,841
Share-based payments - - - - 73 73
Transactions with owners - - - - 73 73
Loss for the period - - - 3,567 - 3,567
Total comprehensive
income/(loss) - - - 3,567 - 3,567
Balance at 30 June 2022 36,179 48 (50,240) 78,712 7,782 72,481
Condensed Consolidated Statement of Cash Flows
Six months ended 30 June 2022
6 months 6 months Year to
to 30 June to 30 June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
Cash flows from operating activities - (Note 13)
Cash generated/(consumed) by operations 8,639 3,571 11,078
Interest received 83 39 145
Taxes paid - - -
8,722 3,610 11,223
Cash flows from investing activities
Expenditure on exploration and evaluation assets - (91) (1,652)
Expenditure on development and production assets
(excluding increase in provision for decommissioning) (10,021) (2,446) (19,431)
Expenditure on decommissioning costs - - -
Proceeds from asset sales - 31 29
Proceeds from Paraguay farm out - - 4,000
Acquisition & licence extension in Argentina - (284) (284)
Release of bond with state authorities - - (1)
(10,021) (2,790) (17,339)
Cash flows from financing activities
Proceeds from issue of shares (net of expenses) - 330 495
Loan drawdown 8,120 1,410 11,731
Repayment of borrowings (3,018) (1,965) (3,130)
Payment of loan interest and fees (1,539) (857) (1,338)
Repayment of obligations under leases (703) (638) (1,332)
2,860 (1,720) 6,426
Net increase/(decrease) in cash and cash equivalents 1,561 (900) 310
Opening cash and cash equivalents at beginning of year 2,014 1,144 1,144
Exchange (losses)/gains on cash and cash equivalents 1,395 311 560
Closing cash and cash equivalents 4,970 555 2,014
Notes to the Half-Yearly Financial Statements
Six months ended 30 June 2022
1 Nature of operations and general information
President Energy PLC and its subsidiaries' (together, "the Group") principal
activities are the exploration for and the evaluation and production of oil
and gas.
President Energy PLC is the Group's ultimate parent company. It is
incorporated and domiciled in England. The Group has onshore oil and gas
production and reserves in Argentina and the USA. The Group also has onshore
exploration assets in Paraguay and Argentina. The address of President Energy
PLC's registered office is Carrwood Park, Selby Road, Leeds, LS15 4LG.
President Energy PLC's shares are listed on the Alternative Investment Market
of the London Stock Exchange.
These condensed consolidated interim financial statements (the interim
financial statements) have been approved for issue by the Board of Directors
on 26(th) September 2022. The financial information for the year ended 31
December 2021 set out in this interim report does not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. The financial
information for the six months ended 30 June 2022 and 30 June 2021 was neither
audited nor reviewed by the auditor. The Group's statutory financial
statements for the year ended 31 December 2021 have been filed with the
Registrar of Companies. The auditor's report on those financial statements was
unqualified and did not draw attention to any matters by way of emphasis and
did not contain a statement under section 498(2) or (3) of the Companies Act
2006
2 Basis of preparation
The interim financial statements do not include all of the information
required for full annual financial statements and should be read in
conjunction with the consolidated financial statements of the Group for the
year ended 31 December 2021, which have been prepared under IFRS.
These financial statements have been prepared under the historical cost
convention, except for any derivative financial instruments which have been
measured at fair value. The accounting policies adopted in the 2022 interim
financial statements are the same as those adopted in the 2021 Annual report
and accounts.
6 months 6 months Year to
to 30 June to 30 June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
3 Cost of Sales
Depreciation 4,374 5,108 11,374
Royalties & production taxes 3,575 3,535 6,031
Well operating costs 7,451 7,958 16,026
15,400 16,601 33,431
4 Administrative expenses
Directors and staff cost 1,102 1,306 2,530
Share-based payments 73 260 367
Depreciation 41 26 82
Other 525 350 2,785
1,741 1,942 5,764
5 Impairment (credit) / charge
Matorras & Ocultar in Argentina (intangible) - - 51
- - 51
6 Non-operating (gains) / losses
Gain on dividend in specie of Atome shares - - (13,130)
Reversal of provision for doubtful taxes - 29 -
Arising on lease modifications 4 - (18)
Other (gains) / losses (355) (31) (29)
Gain on Atome transition to an associate investment - - (1,317)
(351) (2) (14,494)
7 Finance income & costs
Interest income 83 39 145
Exchange gains 3,176 816 1,488
Finance income 3,259 855 1,633
Interest & similar charges 3,045 2,418 5,324
Finance costs 3,045 2,418 5,324
8 Earnings / (loss) per share
Net profit / (loss) for the period attributable
to the equity holders of the
Parent Company 3,567 (3,376) 4,579
Number Number Number
'000 '000 '000
Weighted average number
of shares in issue 2,058,074 2,030,951 2,031,855
Earnings /(loss) per share US cents US cents US cents
Basic 0.17 (0.17) 0.23
Diluted 0.17 (0.17) 0.22
9 Non-current assets
Property
E&E Plant and Total
Assets Equipment
US$000 US$000 US$000
Cost
At 1 January 2021 145,124 147,289 292,413
Additions 91 5,968 6,059
Acquisition in USA - - -
Right of use assets (IFRS16) - 1,464 1,464
At 30 June 2021 145,215 154,721 299,936
Additions 1,510 8,732 10,242
Disposals - (256) (256)
At 1 January 2022 146,725 163,197 309,922
Additions - 18,961 18,961
Right of use assets (IFRS16) - 377 377
At 30 June 2022 146,725 182,535 329,260
Depreciation/Impairment
At 1 January 2021 92,421 92,800 185,221
Charge for the period - 5,134 5,134
At 30 June 2021 92,421 97,934 190,355
Impaired - - -
Disposals - (207) (207)
Charge for the period - 6,322 6,322
At 1 January 2022 92,421 104,049 196,470
Impaired - - -
Charge for the period - 4,415 4,415
At 30 June 2022 92,421 108,464 200,885
Net Book Value 30 June 2022 54,304 74,071 128,375
Net Book Value 30 June 2021 52,794 56,787 109,581
Net Book Value 31 December 2021 54,304 59,148 113,452
30 June 30 June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
10 Trade and other receivables
Trade and other receivables 6,092 6,155 6,406
Due from Atome - - 1,291
Prepayments 1,258 144 4,190
7,350 6,299 11,887
11. Trade and other payables
Current
Trade and other payables 9,176 8,997 10,679
Drilling, workover and operation accruals 8,268 5,026 1,959
Paraguay drilling obligations and accruals 4,251 - 4,000
Current portion of leases 1,196 874 786
22,891 14,897 17,424
Non-current
Non-current trade and other payables 2,409 1,990 2,399
Non-current portion of leases 1,650 2,641 2,181
4,059 4,631 4,580
Total carrying value 26,950 19,528 22,004
12 Borrowings
Current
Bank loan 1,680 84 2,053
Promissory notes & bonds 10,841 1,500 4,961
12,521 1,584 7,014
Non-Current
IYA Loan 11,289 11,442 11,284
Bank loan 2,342 4,275 2,016
Promissory notes & bonds 8,060 - 8,950
21,691 15,717 22,250
Total carrying value of borrowings 34,212 17,301 29,264
13 Reconciliation of operating profit to net cash outflow from operating
activities
6 months 6 months Year to
to 30 June to 30 June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
Profit/(loss) from operations before taxation 1,531 (3,000) 5,704
Interest on bank deposits (83) (39) (145)
Interest payable and loan fees 3,045 2,418 5,324
Depreciation and impairment of property,
plant and equipment 4,415 5,134 11,456
Impairment charge - - 51
Loss on associate investment 25 - -
Gain on non-operating transaction (351) (2) (14,494)
Share-based payments 73 260 367
Foreign exchange difference (3,176) (816) (1,488)
Operating cash flows before movements
in working capital 5,479 3,955 6,775
(Increase)/decrease in receivables 1,638 (1,933) (2,430)
(Increase)/decrease in inventory 1,687 - -
(Decrease)/increase in payables (165) 1,549 6,733
Net cash generated by/(used in)
operating activities 8,639 3,571 11,078
14 Atome Energy plc
6 months 6 months Year to
to 30 June to 30 June 31 Dec
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
Selected key financial extracts US$000 US$000 US$000
Group Statement of Comprehensive Income
Include in Administrative expense - - (1,397)
Gain / (loss) on Atome associate investment (25) - 1,317
Gain on dividend in specie of Atome shares - - 13,130
(25) - 13,050
Group Statement of Financial position
Non-current Investment in associate at cost - - 25
Current receivable due from Atome - 405 1,291
Company Profit & Loss Statement
Gain on dividend in specie of Atome shares - - 13,096
Gain arising on mark to market of investment 1,600 - 10,150
Foreign exchange loss on valuation of investment (1,020) - -
580 - 23,246
Company Statement of Financial position
Investment in Atome Energy plc at market value 10,755 - 10,175
-ends-
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