중간 결과
이 발표는 시장 남용 규정(EU) 7/596의 2014조 목적을 위한 내부 정보를 포함하며 유럽 연합(철회)법 2018("MAR")에 따라 영국 국내법의 일부를 구성하고 공개됩니다. MAR 제17조에 따른 회사의 의무에 따라
월 27 2024
볼레븐 PLC
('Bowleven' 또는 '그룹' 또는 '회사')
중간 결과
아프리카에 초점을 맞춘 석유 및 가스 탐사 및 생산 회사인 Bowleven은 카메룬에 주요 이해관계를 두고 있으며 31년 2023월 XNUMX일에 종료된 XNUMX개월 동안의 미감사 중간 결과를 오늘 발표합니다.
하이라이트
조작상의
에틴데
· In January 2024, Perenco wrote to New Age formally withdrawing its interest in acquiring New Age's stake and operatorship in the Etinde licence and cancelled their sale and purchase agreement. New Age wrote to the Government of Cameroon to withdraw their request to approve the transfer of ownership. Perenco gave no specific reasons for its withdrawal.
· Etinde operations are currently in a "care and maintenance" mode with limited ongoing activity other than New Age's maintenance of the Cameroon project office. The JV partners are now jointly re-energising efforts and have held an initial meeting to discuss the next steps. The JV partners have agreed an outline for a way forward and New Age has been tasked to prepare to hold a meeting with SNH as soon as possible to present a development proposal and discuss the potential for the Etinde development project going forward.
Corporate
· The loss for the 6-month period was $1.1 million compared to $1.0 million for the same period in the prior year. The slightly increased loss is primarily due to a combination of lower recharges from Etinde, as project development activities have been reduced, and further expenditure reduction measures imposed by Bowleven's Board, offset by a $0.2 million inventory impairment charge at Etinde. The Group cash balance at 31 December 2023 was $0.57 million with no financial investments. The Group has no debt or material financial commitments. As at 29 February 2024, the Group's cash and cash equivalents balance was $0.37 million.
· Bowleven's expenditure run rate has been temporarily reduced to between $125,000 and $200,000 per month (with actual monthly expenditure depending on Etinde cash call amounts) to extend Bowleven's current cash resources.
· On 14 March 2024 the Company announced a proposed open offer to all qualifying existing shareholders at an offer price of 0.1 pence per new share with a view to raising a c£1.38 million (net of issue costs). Crown Ocean Capital, the company's largest shareholder has agreed to subscribe for all shares not otherwise taken up in the open offer. The completion of the open offer is conditional on, 그 중에서도, the passing of all resolutions to be put to a general meeting of shareholders to be held on 2 April 2024. Further details can be found in the circular and announcement published by the Company on 14 March 2024.
Bowleven plc의 CEO인 Eli Chahin은 다음과 같이 말했습니다.
"We are disappointed that the proposed New Age/Perenco transaction did not receive formal approval from SNH and the Government of Cameroon. However, we are satisfied that the JV partnership all agree that Etinde has significant value and excellent prospects so long as we can reach agreement with SNH and the Government of Cameroon on the lowest risk, economically optimum development option as soon as possible. As we continue to keep extremely close control over our finances, the completion of our proposed open offer will give us the necessary capital to continue operating and work towards FID at Etinde."
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자세한 내용은 문의하시기 바랍니다 : |
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볼레븐 PLC |
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엘리 차힌(Eli Chahin) 최고 경영자 | 00 44 203 327 0150 | |
쇼어 캐피탈(지명 고문 및 Broker) |
| 00 44 207 7408 4090 |
다니엘 부시 | ||
레이첼 골드스타인 |
이 발표문의 사본은 Bowleven 웹사이트에서 확인하실 수 있습니다. www.bowleven.com
편집자 참고 사항 :
Bowleven plc는 런던에 본사를 두고 AIM에서 거래되는 아프리카 중심의 석유 및 가스 그룹입니다. 자본 규율을 유지하고 다른 가치 향상 기회에 대해 엄격하고 선별적인 접근 방식을 사용하는 동시에 카메룬의 Etinde 자산에서 실질적인 주주 가치를 실현하는 데 전념하고 있습니다. Bowleven은 카메룬의 얕은 바다 Etinde 허가증(New Age에서 운영)에 대한 전략적 지분을 보유하고 있습니다.
발표 참고사항:
The information in this release reflects the views and opinions of Bowleven and has not been reviewed in advance by its joint venture partners. Terms not otherwise defined have the meanings given to them in the definitions section at the foot of this announcement.
본 발표는 매도 제안이나 청약 또는 매수 제안 권유, 증권 청약 또는 구매 권유, 공개 매수 또는 기타 방법을 통한 취득 제안을 의도하지 않았으며 이를 구성하지 않습니다. 모든 관할권에서 증권 또는 투표 권유.
영국 이외의 관할권에서 이 발표의 공개, 출판 또는 배포는 법으로 제한될 수 있으므로 이 발표를 소유한 사람은 적용 가능한 제한 또는 요구 사항에 대해 숙지하고 준수해야 합니다. 회사는 해당 목적을 위한 조치가 필요한 모든 관할권에서 이 발표의 소유 또는 배포를 허용하는 조치를 취하지 않았습니다. 이러한 제한 또는 요구 사항을 준수하지 않으면 해당 관할권의 증권법 위반이 될 수 있습니다.
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "forecasts", "plans", "prepares", "targets", "anticipates", "projects", "expects", "intends", "may", "will", "seeks", or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the Company's and the Directors' intentions, beliefs or current expectations concerning, amongst other things, the Company's prospects, growth and strategy. No statement in this announcement is intended to be a profit forecast and no statement in this document should be interpreted to mean the Company's performance in future would necessarily match or exceed the historical published performance of the Company. By their nature, forward-looking statements involve risks and uncertainties because they relate to future events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual performance, achievements and financial condition may differ materially from those expressed or implied by the forward-looking statements in this document. In addition, even if the Company's results of operations, performance, achievements and financial condition are consistent with the forward-looking statements in this document, those results or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statements that the Company makes in this announcement speak only as of the date of such statement, and none of the Company or the Directors undertake any obligation to update such statements unless required to do so by applicable law. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
CEO REVIEW
The 6 month period ending 31 December 2023, has been another frustrating period with little in the way of positive developments to report on regarding our stake in the Etinde development project. The situation was exacerbated by the failure of the proposed agreement for the conditional sale of the Operator's stake to Perenco, signed in June 2022, not receiving either SNH or Governmental (Ministry of Mines) approval and subsequently being terminated by Perenco.
Our understanding is that both SNH and the Government remain enthusiastic about the potential for the Etinde development and would like development to proceed as rapidly as possible. Although we have not been informed of the reasons for the Government's decision not to approve the transfer of New Age's investment and Operatorship to Perenco, we have been assured that the reason(s) did not relate to the Etinde project itself.
During this 18+ month period, the Etinde development project, and indeed both New Age and Bowleven's project activities, have been placed in hiatus with little other than "care and maintenance" based operations.
The JV partners are now jointly reenergising its efforts and intend to meet with SNH as soon as possible. Prior to that meeting, we have agreed to update our 2022 development proposals, including updating outline economic models, with a view to making a joint presentation to SNH regarding our development preference for an Equatorial Guinea based concept, in order to seek SNH's agreement to moving forward to FID as soon as practicable.
Although it is too soon to make any firm commitments, the partners all agree that an Equatorial Guinea focused development option remains the most economically and technically viable development concept although there is some debate over what form this may take in practice. In our view, the recent bi-lateral treaty between the Governments of Cameroon and Equatorial Guinea, signed by both Presidents in 2023, to move forward by joint co-operation on cross border oil and gas development is a very positive development. The agreement to move forward with the joint development of the Yo-Yo/Yolanda discoveries is a very significant development and sets a precedent and framework for the Etinde project.
Bowleven has a need to raise additional funds in the first half of calendar year 2024 in order to fund its overheads and its share of Etinde expenditure as the project progresses towards FID, although the timing of FID and the level of future expenditure required of Bowleven is an area of considerable uncertainty, as discussed later in this interim report.
The Board has spent considerable time and effort considering its options regarding a future debt and/or equity raise to help the Company fund its corporate overheads and the likely expenditure required of Bowleven going forward. Alongside this, the Directors have reduced UK staff costs and sought to minimise all other expenditure by the Bowleven Group.
Proposed equity raise
As set out in the Company's announcement dated 14 March 2024 and the circular sent to shareholders on that date, an Open Offer to all qualifying shareholders has been proposed to raise c£1.38 million (net of issue costs). Under the terms of the Open Offer, all qualifying shareholders have an opportunity to subscribe for new ordinary shares at the issue price of 0.1 pence by subscribing for their respective Open Offer entitlements which have been calculated on a pro rata basis to their holding of existing ordinary shares in the Company. The Company's largest shareholder, Crown Ocean Capital, has agreed to subscribe for all shares not otherwise taken up under the Open Offer. As part of its underwriting of the Open Offer, subject to the passing of all of the resolutions at a general meeting of shareholders to be held on 2 April 2024 and subject to the take-up of the Open Offer, Crown Ocean's percentage interest in the Company's voting share capital following the Open Offer may increase above 50 per cent and could reach a maximum of 87.44 per cent.
In order for the Company to lawfully allot the Open Offer shares, the Company is proposing a subdivision of each existing ordinary share of 10 pence in the capital of the Company (an "Existing Ordinary Share") into one new ordinary share of 0.1 pence (a "New Ordinary Share") and one deferred share of 9.9 pence (a "Deferred Share"). It is also proposed that the New Articles of Association be adopted so as to include the rights and restrictions relating to the Deferred Shares. The Deferred Shares will not be listed or admitted to trading on AIM or any other stock exchange and will not be transferable without the prior written consent of the Company.
The funds will be used to allow Bowleven Group to meet its anticipated financial obligations until mid-2025 subject to the level of activity and expenditure relating to the Etinde licence. This expenditure cannot be forecasted accurately at the current time, as it is contingent on the agreement of the JV partners and the approval of SNH and the Government of Cameroon to a development plan and the timing of an increase in project activities to reach future FID. Further consideration in relation to the Etinde project activity and future expenditure and funding requirements are set out below.
Further details of the Open Offer, the share subdivision, the new articles of association and the general meeting can be found in the circular and announcement published by the Company on 14 March 2024, which is available 회사의 웹사이트에서.
운영 검토
Etinde Exploitation, Offshore Cameroon(지분 지분 25%)
During the 6 month period to 31 December 2023, New Age has continued to maintain a low level of operational activity consistent with the "care and maintenance" approach adopted while waiting for the SNH and the Government of Cameroon to approve the proposed Perenco transaction and the resolution of certain conditions precedent related to Perenco's offer to acquire New Age's interest in Etinde.
In January 2024, Perenco wrote to New Age, terminating their transaction and New Age has written to SNH and the Government to withdraw their request for approval of this transaction. After over 18 months of hiatus, we consider this result to be a disappointing conclusion for Bowleven and our shareholders, given the extended delay and the need to expend significant sums to fund our activities during this, now wasted, period of time.
However, we now have operational clarity and in many ways, the development environment in Cameroon has changed for the better. The JV partners have held an initial meeting and agreed that we all consider an EG focused development plan to remain the most economically viable way forward. We have agreed that the next steps are likely to be:
· To finalise the 2023 expenditure to obtain sign-off by SNH;
· To update outline economic modelling for what we consider to be the two potential economically viable development schemes based around utilisation of the Bioko Island facilities in Equatorial Guinea, for discussion with SNH;
· Hold an urgent meeting with SNH to agree an outline way forward; and
· Subject to that discussion, develop a draft 2024 work plan and budget for approval by SNH.
During 2023, the Presidents of Cameroon and Equatorial Guinea signed a bilateral treaty, setting on the basis of a joint cooperation agreement relating to cross border (oil and) gas development and monetisation. This agreement represents a change of approach and outlook between both Governments and provides a framework under which a cross border Etinde development could proceed. Whilst this agreement alone will not in itself unlock the stalled Etinde development project, it makes the way forward significantly easier than previously.
Etinde에 대한 최종 투자 결정
The JV partners will recommend to the regulator, SNH, that we move forward based on an EG development option, as previously proposed. If outline "pre-agreement" is reached, the JV partnership is likely to undertake further concept select and FEED activity based around specifying the infrastructure needed in both Cameroon and Equatorial Guinea to utilise the Bioko Island facilities to process and sell Etinde hydrocarbon production, for use in Cameroon and for export purposes.
Alongside this, it will be necessary to open commercial discussions with Marathon Oil, as operator of the various Bioko Island facilities, with a view to reaching an MOU setting out the commercial and outline technical requirements, before entering a joint FEED process and reaching full commercial and technical agreement.
우리는 JV 파트너가 Etinde에 대한 최종 투자 결정에 도달할 수 있는 시점에 대해 현재 확고한 예측을 할 수 없지만, 특히 현재 글로벌 환경에서 Etinde의 개발이 재정적으로 매력적일 것으로 계속 보고 있습니다. 세계 시장에서 러시아산 석유 및 가스의 감소가 증가하고 있습니다.
우리 JV 파트너 중 하나인 Lukoil PJSC는 우크라이나 침공에 따른 러시아 제재의 영향을 받았습니다. 그러나 비운영 소수 파트너로서 Etinde PSC에 일상적으로 참여하는 것은 현재까지 영향을 받지 않았습니다.
체적 업데이트
P50 (2C) net contingent resources to Bowleven on the current 25% licence interest are 61 mmboe following the external Resource reassessment undertaken in late 2019. The next resource update is likely to be undertaken as part of the field development plan process to formerly re-categorise Etinde IM field Contingent Resources to Reserves in accordance with any field development plan produced at that point. In practice, Contingent resources are subject to the remaining geological uncertainty, order of production of individual reservoirs, overall economic project life and the processing technology and methodology used amongst other factors.
관심가는
The Directors' singular focus is to accelerate the path to FID and sanction a project that maximises the potential economics of Etinde's significant hydrocarbon resources. As at 28th February 2024, the Company had (unaudited) liquid resources (comprising cash and a financial investment) of approximately $0.37 million (28 February 2023: $2.3 million).
The Group needs additional funding to support the reduced cost base we have implemented during 2023 going forward and to fund current and future joint venture spend to align with the preferred development plan, together with a cash buffer to meet cost contingencies. As outlined above, the Company has proposed the Open Offer to secure additional funding. Subject to completion, the Open Offer, underwritten by Crown Ocean Capital, will provide around £1.38 million (net of issue costs) in April 2024, to finance the Group's ongoing corporate activities and to assist to finance its share of the future expenditure as the Etinde project progresses towards FID for the remainder of the current year and through to mid-2025 assuming that Bowleven's 25 per cent share contribution to Etinde project expenditure costs remains consistent with the previous 12 months. However, there is uncertainty over the length of the Company's cash runway as the JV partners are unable to forecast how rapidly progress will be made over the next few months; quicker progress, which would increase Bowleven's contribution towards Etinde project costs, could mean that the Company's cash resources are expended more quickly.
Currently, monthly expenditure at Etinde remains low as New Age continues to operate the business on a largely suspended "care and maintenance" operations basis but we do expect a small increase in expenditure in April/May 2024 as we prepare for, and attend, the proposed meeting with SNH.
The Company expects that Etinde project expenditure levels could increase in future to facilitate a realignment of the Joint Venture Partners' development priorities in order to reach FID. The timing of, and requirement for, a further capital raise will depend, amongst other things, on the timing of the increase in project expenditure levels which in turn will be influenced in part by what, if any, additional Front End Engineering Development work needed to progress to FID is required. This is dependent on SNH approving the 2024 work plan and budget and at this point, Bowleven will know its estimated project expenditure contributions going forward and therefore how long the net proceeds of the Open Offer will provide funding for the Company. Bowleven expects to have further clarity on these costs as and when the next development steps to progress to FID, and the related resourcing requirements for those steps have been sufficiently advanced amongst stakeholders over the coming months.
At the current time, we cannot quantify either the amount of any additional funding required or the likely timing, as this is subject to significant uncertainty due to the need for both JV partner and Government discussion and approval. However, it remains likely that the cost of a further round of FEED activity may be substantial enough to warrant a further cash injection to fund the period to FID. This may give rise to a continuation of the ongoing material uncertainty around the Group's ability to operate as a going concern.
Absent the completion of the Open Offer, the Board expects that Bowleven's expenditure will exceed its current liquid funds during the second quarter of 2024.
As discussed in note 2 to the interim financial statements and the Outlook section below, the Directors have considered a number of different cash flow forecasts. On the basis of this modelling and Bowleven's current and forecast cash expenditure for FY 2024, the Directors have concluded that Bowleven should have sufficient funds to meet our immediate requirements for between 12 and 18 months subject to the Open Offer completing.
재무 검토
그룹은 1.1년 1월 2022일에 종료된 1.0개월 동안 31만 달러(2023년 상반기: XNUMX만 달러 손실)의 손실을 보고했습니다.
The Group's current period G&A expense charge was $1.1 million (H1 2022: $1.1 million) which was somewhat lower than the equivalent period in the prior year, reflecting the impact of further cost saving measures, offset by a $0.2 million inventory impairment made in the period. This includes $0.2 million of Etinde G&A costs (H1 2022: $0.3 million) charged by the Operator.
Finance income comprises interest and dividend income of $0.002 million (H1 2022: $0.1 million), foreign exchange loss of $0.006 million (H1 2022: loss $0 million) and a mark to market gain of $0.004 million (H1 2022: loss of $0.06 million) arising from the revaluation of the Group's financial investment.
No capital expenditure was incurred during the 6 month period (H1 2022: $0.2 million). In the prior period, all of the capital expenditure incurred related to Bowleven's share of the Etinde pre-development phase project expenditure recharged by the Operator.
At 31 December 2023, Bowleven had $0.57 million of cash and cash equivalents and no debt (H1 2022: $0.2 million and no debt). Bowleven owned no financial investments (H1 2022: $2.2 million). The prior investment in preference shares was liquidated in an orderly manner during 2023 and converted to cash to fund the Group's on-going operations.
Bowleven expects to receive c£1.38 million of cash (net of issue costs) in April 2024 contingent on shareholder approval of the Open Offer to Bowleven shareholders announced on 14 March 2024.
2015년 25월 Etinde 팜아웃 거래 조건에 따라 그룹은 JV 파트너로부터 XNUMX만 달러를 지불받을 자격이 있으며 이는 Etinde FID 달성에 달려 있습니다. 이것은 Etinde FID 프로젝트 제재에 대한 추가 명확성이 있을 때까지 우발 자산으로 보유됩니다.
시야
There are two significant short term events that will significantly influence the future of Bowleven and its participation in the Etinde development. These are as follows:
1. The completion of the Open Offer of c£1.38 million; and
2. An agreement in principle within and between the JV partners, SNH and the Government of Cameroon regarding the proposed Equatorial Guinea based Etinde development plan
The Open Offer will raise an additional £1.38 million (net of issue costs), which we forecast should provide Bowleven Group with sufficient funding through to mid-2025 based on current expenditure levels within the Group and our expectation of that likely to be incurred at Etinde JV. At the current time, New Age based on the outline agreement of the JV partners, is preparing for an initial meeting with SNH to be held as soon as possible.
In preparation for this meeting, the Operator is refreshing the Equatorial Guinea development plans and preparing a draft work plan and budget for FY 2024 based on the assumption that SNH and JV partners reach an agreement to proceed on this basis. We expect expenditure to increase slightly from the current "care and maintenance" basis over the next few months in preparation for the meeting.
The next steps after that are likely to be extensive commercial and technical discussions with Marathon Oil, the operator of the Bioko Island facilities with the view to reaching an MOU covering commercial and technical requirements alongside an additional element of FEED activity. This will focus on the Bioko Island aspects of the development project, probably in conjunction with Marathon Oil and refreshing previous FEED output relating to the Etinde field infrastructure that would be required. Once completed, the JV partners should move to FID preparation and the FID decision itself. This is likely to be in late 2025 at the earliest.
There remains a considerable number of regulatory and commercial uncertainties regarding aspects of the Etinde development together with reaching multi-stakeholder approval of the JV partners' preferred development option. It is very likely that Bowleven will need to seek additional financing in the future to allow the Group's cash expenditure to bridge the likely time gap to attaining FID and the receipt of the $25 million FID payment. Additional funding requirements will depend on the circumstances at the time and the time taken and level of additional work required to attain FID. Further details are provided in note 2 to these interim accounts.
주요 위험 및 불확실성
Etinde 습식 가스 및 경유 발견의 궁극적인 개발은 JV가 가스 및 액체 생산의 육상 처리에 의해 잠재적으로 생산되는 가스의 양을 완전히 활용할 수 있는 범위에 기술적으로나 상업적으로 의존할 가능성이 높습니다. . 이것은 프로젝트의 NPV를 제어하는 가장 중요한 제어 요소입니다. 상당한 관련 위험은 다음과 같습니다.
· Governmental approval of the development plan,
· 유가 변동성,
· 합작 투자 파트너 조정,
· SNH와 카메룬 정부가 현장 개발 계획을 승인하는 시기, 현장 개발 계획과 관련된 상업 및 기술 논의, FID 승인을 제공하는 JV 파트너 및 현재 운전 자본 자금 소진,
· Raising finance for Bowleven to continue its operations and to finance its share of project expenditure to FID,
· 개발 초기 비용을 조달하기 위해 FID에 따라 Bowleven과 JV 파트너 모두가 충분한 부채 및 지분 금융을 조달하고,
· JV 파트너인 Lukoil과 New Age로부터 FID 성공 지불금을 기한이 되었을 때 수령합니다.
· 천연가스에 대한 국내 시장 수요와 이 수요를 현금화할 수 있는 능력,
· Access to project capital, and
· 가스 수출에 대한 상업적 조건 및 정부 허가.
책임 성명서
이사들은 자신이 아는 한, 중간 경영 보고서에 첫 XNUMX개월 동안의 중요한 사건에 대한 공정한 검토와 나머지 XNUMX개월 동안의 주요 위험 및 불확실성에 대한 설명이 포함되어 있음을 확인합니다.
엘리 차힌 잭 아노프
최고경영자(CEO) 회장
월 26 2024 월 26 2024
그룹 손익계산서
6개월 종료 31 12월 2023 (감사하지 않음) $000 | 6개월 종료 31 12월 2022 (감사하지 않음) $000 |
연말 6월 30 2023 (감사) $000 | ||
수익 | - | - | - | |
관리비 | (1,146) | (1,055) | (2,156) | |
손상 | - | - | - | |
자금 조달 전 영업 손실 | (1,146) | (1,055) | (2,156) | |
금융 및 기타 소득 | 4 | 45 | 136 | |
과세전 영업손실 | (1,142) | (1,010) | (2,020) | |
과세 | - | - | - | |
계속영업으로 인한 기간/연도의 손실 |
| (1,142) | (1,010) | (2,020) |
주당 기본 및 희석 손실 | ||||
($/주) 계속 영업에서 발생 | (0.00) | (0.00) | (0.01) |
그룹 포괄손익계산서
| ||||
6 개월 종료 31 12월 2023 (감사하지 않음) $000 | 6 개월 종료 31 12월 2022 (감사하지 않음) $000 | 연말 6월 30 2023 (감사) $000 | ||
|
|
| ||
해당 기간/연도 총포괄손실 | (1,142) | (1,010) | (2,020) | |
그룹 대차대조표
31 12월 2023 (감사하지 않음) $000 | 31 12월 2022 (감사하지 않음) $000 | 6월 30 2023 (감사) $000 | |
비유동 자산 | |||
무형 탐사 자산 | 155,543 | 155,540 | 155,543 |
재산, 식물 및 장비 | - | 7 | 3 |
| 155,543 | 155,547 | 155,546 |
| |||
유동 자산 |
| ||
금융 투자 | - | 2,193 | 644 |
목록 | 936 | 1,180 | 1,180 |
매출 채권 및 기타 채권 | 1,688 | 1,665 | 1,739 |
현금 및 현금성 자산 | 567 | 247 | 906 |
| 3,191 | 5,285 | 4,469 |
|
| ||
총자산 | 158,734 | 160,832 | 160,015 |
| |||
유동 부채 |
| ||
매입 채무 및 기타 채무 | (556) | (502) | (695) |
총 유동 부채 | (556) | (502) | (695) |
순자산 | 158,178 | 160,330 | 159,320 |
| |||
공평 |
| ||
소집된 자본금 | 56,517 | 56,517 | 56,517 |
프리미엄 공유 | 1,599 | 1,599 | 1,599 |
외환 준비금 | (69,857) | (69,857) | (69,857) |
기타 준비금 | 2,767 | 2,767 | 2,767 |
이익 잉여금 | 167,152 | 169,304 | 168,294 |
총 자본 | 158,178 | 160,330 | 159,320 |
그룹 현금 흐름표
| 6 개월 종료 31 12월 2023 (감사하지 않음) $000 | 6 개월 종료 31 12월 2022 (감사하지 않음) $000 | 연말 6월 30 2023 (감사) $000 |
영업 활동으로 인한 현금 흐름 | |||
세전 손실 | (1,142) | (1,010) | (2,020) |
세전 회사 손실을 영업 활동에 사용된 순현금으로 조정하기 위한 조정: | |||
유형 자산의 감가 상각 | 3 | 5 | 10 |
Inventory impairment charge | 244 | - | - |
금융비용/(수입) | 4 | (45) | (136) |
운전 자본 변경 전 세전 조정 손실 | (891) | (1,050) | (2,146) |
| |||
매출채권 및 기타수취채권의 감소/(증가) | 53 | 307 | 80 |
무역 및 기타 미지급금의 감소/(증가) | (164) | (177) | 34 |
영업활동순액(현금사용) | (1,002) | (920) | (2,032) |
| |||
투자 활동에 사용된 현금 흐름 |
| ||
무형 탐사 자산 구매 | - | (216) | (102) |
Sale of financial investments | 640 | - | 1,584 |
받은이자 | 23 | - | 9 |
금융투자로부터 받은 배당금 | - | 110 | 174 |
순현금(사용) 투자 활동 | 663 | (106) | 1,665 |
| |||
재무 활동에 사용되거나 재무 활동에서 사용되는 현금 흐름 | - | - | - |
| |||
재무활동으로 인한 순현금흐름 | - | - | - |
| |||
현금 및 현금 등가물의 순 감소 | (339) | (1,026) | (367) |
| |||
회계연도초의 현금및현금성자산 | 906 | 1,273 | 1,273 |
현금 및 현금 등가물의 순 감소 | (339) | (1,026) | (367) |
기말/기말의 현금및현금성자산 | 567 | 247 | 906 |
그룹 자본 변동 명세서
| 소환 주식 자본 $000 |
프리미엄 공유 $000 | 외환 준비금 $000 | 기타 준비금 $000 | 이익 잉여금 $000 |
금액 공평 $000 |
1년 2022월 XNUMX일 | 56,517 | 1,599 | (69,857) | 2,687 | 170,314 | 161,340 |
해당 기간 동안의 손실 | - | - | - | - | (1,010) | (1,101) |
해당 기간의 기타포괄손익 | - | - | - | - | - | - |
해당 기간 총 포괄 손익 | - | - | - | - | (1,010) | (1,010) |
공유 기반 지불 | - | - | - | |||
31년 2022월 XNUMX일 | 56,517 | 1,599 | (69,857) | 2,767 | 169,304 | 160,330 |
해당 기간 동안의 손실 | - | - | - | - | (1,010) | (1,010) |
해당 기간의 기타포괄손익 | - | - | - | - | - | - |
해당 기간 총 포괄 손익 | - | - | - | - | (1,010) | (1,010) |
30년 2023월 XNUMX일 | 56,517 | 1,599 | (69,857) | 2,767 | 168,294 | 159,320 |
해당 기간 동안의 손실 | - | - | - | - | (1,142) | (1,142) |
해당 기간의 기타포괄손익 | - | - | - | - | - | - |
해당 기간 총 포괄 손익 | - | - | - | - | (1,142) | (1,142) |
31년 2023월 XNUMX일 | 56,517 | 1,599 | (69,857) | 2,767 | 167,152 | 158,178 |
중간보고서에 대한 주석
6년 31월 2023일에 종료된 XNUMX개월 동안
1. 회계정책
준비의 기초
본 중간보고서는 해당 연결재무제표에 표시되는 모든 기간에 적용되는 회계정책과 일관되게 작성되었습니다.
공개된 수치는 435년 회사법 2006조에 따른 법정 계정이 아닙니다. 30년 2023월 30일 종료된 연도의 법정 계정은 기업 등록관에 제출되었습니다. 수정되지 않은 2023년 12월 XNUMX일 종료된 연차 보고서 및 회계에 대한 감사 보고서에는 그룹 및 회사의 능력에 상당한 의문을 제기할 수 있는 중요한 불확실성을 생성하는 사건 또는 조건을 식별하는 주요 감사 사항 공개가 포함되었습니다. 그룹과 회사는 Etinde 프로젝트에 대한 최종 투자 결정 시기에 따라 재무제표 승인 후 XNUMX개월 동안 계속 기업으로 지속하기 위해 추가 자금이 필요할 수 있음에 유의하십시오.
2. 계속 우려
현재 세계 시장 상황은 계속되는 높은 인플레이션, 현재 및 과거 정부 지출을 충당하기 위한 지속적인 이자율 및 세금 인상, 우크라이나에서 진행 중인 전쟁 및 지정학적 긴장 증가로 매우 불확실한 상태로 남아 있습니다. 탄화수소에 대한 장기적인 수요와 가격은 Etinde 자원의 현금화와 Etinde 개발에 대한 정부 승인을 가능하게 하는 가장 중요한 요인으로 남아 있습니다.
현재 Bowleven Group의 중대한 경제적 및 재정적 불확실성의 주요 원인은 다음과 관련이 있습니다.
1) the timing of FID and the receipt of the $25 million FID payment from LUKOIL and New Age;
2) the level of spending required under the 2024 Etinde work plan and budget ('WPB'), which is currently being drafted but has yet to be approved; and
3) The rate of progress on agreeing a firm commitment to an EG based development during 2024 and the subsequent technical and commercial agreements required to FID.
The Directors have considered a number of different operational scenarios for 2024 onwards in order for us to prepare short and medium-term cash flow forecasts and projections for the Etinde development project and hence the Bowleven Group alongside the receipt of c£1.38 million (net of issue costs) in April 2024, subject to the Open Offer being approved by shareholders at the general meeting on 2 April 2024.
The various scenarios modelled principally vary around the amount of time between the present and the expected commencement of concept design and FEED activity later in 2024 or 2025, following pre-approval by SNH. In addition, we have also modelled the impact of further improvements in working capital and/or further Bowleven cost reduction measures. By their nature, our expenditure projections for 2024 and later are highly uncertain at this point in time. We believe that we have prudently adopted a conservative approach to costs and potentially a more rapid implementation timetable than the JV partners may be able to achieve in practice.
In the scenarios modelled, the Directors' cash flow forecasts and projections indicate a material risk that Bowleven will fully utilise its current and future cash resources by the middle of 2025. This gives rise to a material uncertainty regarding the going concern status of the Group across calendar year 2024 and into 2025. The Directors have therefore concluded that it highly likely that the Group will need to raise additional finance at some point in 2025 in order to continue to fund the Group as the Etinde project progresses towards FID.
The Company's base case model assumes project expenditure contributions from April 2024, driven by cash calls from the Operator in relation to the Etinde Permit, will remain in a range approximately around recent low levels which have been on a largely suspended 'care and maintenance' basis. The Company expects that Etinde project expenditure levels will increase in future to facilitate a realignment of the Joint Venture Partners' development priorities in order to reach FID. The timing of, and requirement for, a further capital raise will depend, amongst other things, on the timing of the increase in project expenditure levels which in turn will be influenced in part by what, if any, additional Front End Engineering Development work is required to progress to FID. Only once agreement has been reached on a development plan for the Etinde Permit, and after the approval of a future work plan and budget for Etinde, will Bowleven know its estimated project expenditure contributions going forward and therefore how long the net proceeds of the Open Offer will provide funding for the Company.
The amount of additional finance required will depend on the status of the Etinde development, the expenditure required of Bowleven to fund its share of the Etinde development and the likely time period to FID, as well as any anticipated risk to this being further delayed beyond our expectation. At FID, Bowleven Group is due to receive $25 million from our JO partners under the terms of the 2015 farm-in agreement. The Directors do not anticipate any timing issue relating to receipt of these funds when they fall due, but note that any failure to receive these funds promptly may also cause further funding issues for the Bowleven Group.
이사들은 다음과 같은 이유로 카메룬 정부가 Etinde JO 파트너로부터 Etinde PSC 계약을 제거할 위험이 현재 낮다고 생각합니다.
· The issue of the January 2021 licence expiry date has not been raised as a formal concern by SNH, and SNH has approved all annual WPB up to and including the year ending 31 December 2022; and
? The JO will request the Government eliminate this uncertainty as part of the FID regulatory approval process.
After taking the preceding funding risks into account, the Directors believe that the Group should be able to secure additional funding in due course to bridge any gap to attaining FID and the receipt of the $25 million FID payment, which the company now expects to be in 2025 at the earliest. Any additional funding requirements will depend on the circumstances at the time and the time taken to attain FID.
The Directors are conscious that the Company's financial position and the issues discussed above create a material uncertainty that may cast significant doubt over the Group's ability to continue as a going concern and therefore, that the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. The interim financial statements have been prepared on a going concern basis as the Directors are of the opinion that the Group has sufficient funds to meet ongoing working capital and committed capital expenditure requirements at the current date.
재무제표는 연결실체가 계속기업으로서 존속할 수 없는 경우 발생할 수 있는 조정을 포함하지 않습니다.
3. 후속 이벤트
There have been no significant post balance sheet events other that the announcement of the Open Offer to subscribe to new ordinary shares on 14 March 2024.
4. 기타 참고사항
a) 보통주당 기본 수익은 가중 평균 보통주 1,142,000주(1년 상반기: 2022주)에 대해 $1,010,000 손실(327,465,652년 상반기: $1 손실)로 계산됩니다.
b) 6년 31월 2023일까지 1,142,000개월 동안 희석주당순이익은 보통주 327,465,652주에 대한 $XNUMX의 손실을 기준으로 계산됩니다. 희석주당이익을 계산하기 위한 보통주주에 귀속되는 결손금 및 보통주식수는 기본주당이익에서 사용한 것과 동일합니다.
c) 배당이 선언되지 않았습니다.
5. 전자 주주 커뮤니케이션
전년도 중간 결과에 따라, 그리고 주주 커뮤니케이션의 자동화 증가를 인식하여 그룹은 더 이상 중간 보고서 하드 카피를 생성하지 않습니다. 연차 보고서는 주주들이 특별히 요청 시 회사로부터 얻을 수 있는 하드 카피를 받기로 선택하지 않는 한 전자적으로 배포됩니다.
6. 중간보고
This announcement represents the Interim Report and half yearly results of Bowleven plc. The announcement will be available to download from the Company's website www.bowleven.com.
어휘
AGM | 연례 총회 | |||
AIM | 런던 증권 거래소에서 운영하는 해당 이름의 시장 | |||
정관 | 회사를 지배하는 내부 규칙 | |||
BBL 또는 bbl | 기름통 | |||
bcf 또는 bscf | XNUMX억 표준 입방피트의 가스 | |||
이사회 | 회사 이사 | |||
부표 | 석유 등가 배럴 | |||
보모노 허가/면허 | 카메룬 해안의 이전 블록 OLHP-12 및 OLHP-2007로 구성된 약 2,328km2의 면적에 관한 1년 2월 XNUMX일자 카메룬 공화국과 EurOil 간의 생산 공유 계약; 또는 상황에 따라 해당 생산 공유 계약과 관련된 계약 영역 | |||
Bowleven 또는 Bowleven plc | Bowleven plc(LSE: BLVN) 및/또는 해당 자회사 | |||
CFA | 중앙아프리카 프랑 | |||
회사법 2006('법') | 영국 회사법 2006(개정) | |||
우발적 자원 | 알려진 축적물로부터 잠재적으로 회수 가능한 것으로 추정되지만 현재는 상업적으로 회수 가능한 것으로 간주되지 않는 탄화수소의 양 | |||
EA | 이용 승인 | |||
EBT | 직원 복지 신탁 | |||
EEA 또는 EEEA EG | Etinde 독점 이용 계약 적도 기니 | |||
E&P | 탐사 및 생산 | |||
에틴데 허가증 | Etinde 독점 이용 허가 계약 또는 영역. 29년 2014월 461일에 부여된 Etinde EA는 약 2km7(이전의 MLHP-20 블록)의 면적을 다루며 초기 2021년 동안 유효하며 초기 XNUMX년 기간은 XNUMX년 XNUMX월에 종료됩니다. 이때까지 시간 개발이 시작되어야 합니다. . SNH는 JV에 이 라이센스를 다시 취득할 권리를 행사할 의사가 있음을 알렸지만 참여 계약에 서명하지 않았으며 PSC에 명시된 요구 사항에 따라 현금 통화 몫에 자금을 지원하지 않았습니다. | |||
유로석유 | Bowleven plc가 간접적으로 전체 지분을 소유한 자회사인 EurOil Limited는 카메룬에 설립되었습니다. | |||
FEED | 프런트 엔드 엔지니어링 디자인 | |||
FID | 최종 투자 결정 | |||
G & A | 일반 및 행정 | |||
기프 | 가스가 처음에 제자리에 있음 | |||
호스트 정부 | 카메룬 정부 | |||
그룹 | 회사와 회사의 직간접 자회사 | |||
HSSE | 건강, 안전, 보안 및 환경 | |||
IAS | 국제 회계 기준 | |||
즉, 메신저 IFRS | 중신세의 이송고 내 저수지 지평선이 실제 또는 잠재적인 석유 및 가스 응축수 지대로 확인된 특정 위치 또는 지역 국제 재무보고 기준 | |||
| ||||
인트라 이송고 | Etinde 면허 지역의 일련의 퇴적암을 설명하는 데 사용되는 명명법 | |||
JO, JV 또는 JV 파트너 | 비법인 공동작업. 합작 투자 파트너는 비법인 공동 사업을 공동으로 소유하고 운영하는 재무 투자자입니다. | |||
km | 킬로미터 | |||
km2 | 제곱 킬로미터 | |||
LNG | 액화 천연 가스 | |||
LPG | 액화 석유 가스 | |||
루코일 | OAO LUKOIL의 자회사인 LUKOIL Overseas West Project Limited | |||
mmbbls | 백만 배럴 | |||
mmboe MMBtu | 백만 배럴의 석유 환산 미터법 백만 영국식 열 단위 | |||
mmscf | 백만 표준 입방피트의 가스 | |||
mscf | 천 표준 입방피트의 가스 | |||
뉴에이지 | 비상장 석유 및 가스 회사인 New Age (African Global Energy) Limited | |||
뉴에이지그룹 | 뉴에이지와 그 계열사 | |||
NOMAD | 지명된 고문 | |||
오픈 오퍼 | The underwritten Open Offer of 1,562,500,000 New Ordinary Shares of 0.1 pence each, at a price of 0.1 pence per New Ordinary Share, as notified by the Company on 14 March 2024 | |||
운영자 | 뉴에이지그룹 | |||
보통주 | 회사 자본금 각 10펜스의 보통주 | |||
P10 (3C) | 볼륨이 명시된 볼륨과 같거나 클 확률 10% | |||
P50 (2C) | 볼륨이 명시된 볼륨과 같거나 클 확률 50% | |||
P90 (1C) | 볼륨이 명시된 볼륨과 같거나 클 확률 90% | |||
PSC | 생산물분배계약 | |||
1분기, 2분기 등 | XNUMX분기, XNUMX분기 등 | |||
SCF | 표준 입방피트. | |||
주주 | '주주'란 보통주 소유자를 의미하며, '주주'는 이들 중 하나를 의미합니다. | |||
SNH | 카메룬의 국영 석유 및 가스 회사인 Société Nationale des Hydrocarbures | |||
TCF | 조 입방 피트 | |||
US | 미국 | |||
$, 미국 달러, USD | 미국 달러 | |||
£, GB 파운드, GBP | 영국 파운드 스털링 |
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.