REG - Petroneft Resources - 2016 Interim Results <Origin Href="QuoteRef">PTR.I</Origin> - Part 2

Petroneft ResourcesAnnouncement

28/09/2016 07:06

- Part 2: For the preceding part double click  ID:nRSb0036La 

                                                                                                                                              
   Taxation                                                                                -                              -                              -                             
                                                                                                                                                                                       
   Loss for the period                                                                     (172,677)                      (157,470)                      (314,859)                     
                                                                                                                                                                                       
   Loss for the period                                                                     (172,677)                      (157,470)                      (314,859)                     
   Other comprehensive income to be reclassified to profit or loss in subsequent periods:                                                                                              
   Currency translation adjustments                                                        424,702                        72,005                         (887,109)                     
   Total comprehensive profit/(loss) for the period                                        252,025                        (85,465)                       (1,201,968)                   
 
 
                            Unaudited         Audited           
                            30 June 2016      31 December 2015  
                            US$               US$               
   Non-current assets       3,787,327         3,327,327         
   Current assets           45,227            71,104            
   Total assets             3,832,554         3,398,431         
                                                                
   Non-current liabilities  (4,214,659)       (4,034,780)       
   Current liabilities      (202,660)         (200,441)         
   Total liabilities        (4,417,319)       (4,235,221)       
                                                                
   Net Liabilities          (584,765)         (836,790)         
 
 
 9.  Financial assets - loans and receivables                                                                               
                                                                                Unaudited                 Audited           
                                                                                30 June 2016              31 December 2015  
                                                                                US$                       US$               
                                                                                                                            
     Loans to WorldAce Investments Limited (Note 14)                50,704,823                49,224,805  
     Less: share of WorldAce Investments Limited loss  (7,032,591)              (9,516,618)   
                                                                                43,672,232                39,708,187        
     Loans to Russian BD Holdings B.V. (Note 14)                    4,126,909                 4,012,464   
     Less: share of Russian BD Holdings B.V. loss      (584,765)                (836,790)     
                                                                                3,542,144                 3,175,674         
                                                                                47,214,376                42,883,861        
 
 
The Company has granted a loan facility to its joint venture undertaking
WorldAce Investments Limited of up to US$45 million. This loan facility is US$
denominated and unsecured. Interest currently accrues on the loan at USD LIBOR
plus 6.0% but the Company has agreed not to seek payment of interest until H2
2017 at the earliest. The loan is set to mature on 31 December 2022. The loan
from the Company to Russian BD Holdings is repayable on demand. Interest
currently accrues on the loan at LIBOR plus 6.0% per annum. 
 
 10.  Inventories      Unaudited       Audited           
                       30 June 2016    31 December 2015  
                       US$             US$               
                                                         
      Materials        29,676          54,302            
                       29,676          54,302            
 
 
 11.  Trade and other receivables                              Unaudited       Audited           
                                                               30 June 2016    31 December 2015  
                                                               US$             US$               
                                                                                                 
      Other receivables                                        224,724         147,641           
      Receivable from jointly controlled entity (Note 14)      1,852,613       1,628,667         
      Advances to contractors                                  1,992           3,708             
      Prepayments                                              235,007         62,112            
                                                               2,314,336       5,069,944         
 
 
Other receivables are non-interest-bearing and are normally settled on 60-day
terms. 
 
 12.  Cash and Cash Equivalents                                        
                                     Unaudited       Audited           
      Group                          30 June 2016    31 December 2015  
                                     US$             US$               
                                                                       
      Cash at bank and in hand       382,546         1,284,212         
                                     382,546         1,284,212         
 
 
Bank deposits earn interest at floating rates based on daily deposit rates.
Short-term deposits are made for varying periods of between one day and one
month depending on the immediate cash requirements of the Group, and earn
interest at the respective short-term deposit rates. 
 
 13.  Trade and other payables                                                                     
                                                                 Unaudited       Audited           
                                                                 30 June 2016    31 December 2015  
                                                                 US$             US$               
                                                                                                   
      Trade payables                                             334,135         238,570           
      Trade payables to jointly controlled entity (Note 14)      388,254         239,228           
      Corporation tax                                            59,439          59,087            
      Oil taxes, VAT and employee taxes                          44,874          78,293            
      Other payables                                             348,544         212,141           
      Accruals                                                   213,826         317,827           
                                                                 1,389,072       1,145,146         
 
 
The Directors consider that the carrying amount of trade and other payables
approximates their fair value. 
 
Trade and other payables are non-interest-bearing and are normally settled on
60-day terms. 
 
Trade payables and accruals principally comprise amounts outstanding for trade
purchases and ongoing costs. 
 
14.        Related party disclosures 
 
Transactions with subsidiaries 
 
Transactions between the Group and its subsidiaries, Granite and Dolomite,
have been eliminated on consolidation. 
 
Transactions with joint ventures 
 
PetroNeft Resources plc had the following transactions with its joint ventures
during the six months ended 30 June 2016 and year ended 31 December 2015: 
 
   Group                                              Russian BD Holdings BV Group    WorldAce Investments Limited Group  
                                                      US$                             US$                                 
                                                                                                                          
   Receivable by PetroNeft Group at 1 January 2015    3,882,578                       47,341,766                          
   Transactions during the year                       183,333                         2,670,250                           
   Interest accrued in the year                       205,189                         2,826,303                           
   Payments for services made during the year         (29,781)                        (2,483,727)                         
   Share of joint venture's translation adjustment    (836,790)                       (9,516,618)                         
   Translation adjustment                             (14,821)                        45,618                              
   At 1 January 2016                                  3,389,708                       40,883,592                          
   Transactions during the period                     78,222                          1,686,332                           
   Interest accrued in the period                     114,445                         1,480,019                           
   Payment for services made during the period        (2,743)                         (1,771,387)                         
   Share of joint venture's translation adjustment    252,025                         2,484,027                           
   Translation adjustment                             7,941                           76,554                              
   At 30 June 2016                                    3,839,598                       44,839,137                          
                                                                                                                          
   Balance at 31 December 2015 comprised of:                                                                              
   Loan facility advanced                             3,175,674                       39,708,187                          
   Trade and other receivables                        214,034                         1,414,633                           
   Trade Payables                                     -                               (239,228)                           
                                                      3,389,708                       40,883,592                          
   Balance at 30 June 2016 comprised of:                                                                                  
   Loans receivable                                   3,542,144                       43,672,232                          
   Trade and other receivables                        297,454                         1,555,159                           
   Trade and other payables                           -                               (388,254)                           
                                                      3,839,598                       44,839,137                          
 
 
This information is provided by RNS
The company news service from the London Stock Exchange