Breaking News

Tweet TWEET

ADRIATIC OIL PLC: Half-yearly Report

 Adriatic Oil Plc                                    ("Adriatic Oil" or the "Company")                        INTERIM RESULTS FOR THE HALF-YEAR ENDED 31 MARCH 2014  The Board of Adriatic Oil Plc (the "Board"), the ISDX Growth Market quoted  international oil and gas exploration company, is pleased to present the Company's results for the half-year ended 31 March 2014.  Adriatic Oil incurred a loss after taxation for the period under review of  approximately £197,595 representing a basic loss of 0.08p per share, as compared to a loss after  taxation of approximately £143,410 and a basic loss of 0.06p per share for the corresponding period in  the previous financial year.  The increased loss is partially due to costs related to the possible AIM  admission.  Adriatic has been awarded Block d 173 A.R-.AD in the Italian northern Adriatic.  The Block is 430.8 km² in size. The target prospects are young turbidite reservoirs which are well  known and a number of biogenic gas discoveries have been made over the last 30 years. The Guendalina  gas field, now on production, lies only 25 kms norh-west of the Block d 173 A.R-.AD boundary and  has proven reserves of 19 Bcf estimated by ENI. Adriatic has already started the farm-out process  to various interested parties.  In the Celtic Sea, work has been undertaken to renew the Shanagarry Licensing  Option for another 18 months to November 2015.  Adriatic has participated in the 28th North Sea Licensing Round by taking out  an option for exploration acreage in the Inner Moray Firth with another exploration company. Should this  exploration company be successful with its applications, Adriatic could potentially exercise its  option.  Discussions to have Adriatic's shares listed on AIM are ongoing.  Jack Wilson  Non-Executive Chairman  On behalf of the Board  CONSOLIDATED PROFIT AND LOSS ACCOUNT  For the six month period ended 31 March 2014                                                      Notes        Six months              Six months      Twelve months                                                                   ended                   ended              ended                                                                  31-Mar                  31-Mar             30-Sep                                                                    2014                    2013               2013                                                                  GBP '000              GBP '000           GBP '000  Turnover                                                              0                    0                  0  Administrative expenses                                            -197                       -143               -421                                                               _________             _________          _________  Operating loss                                                     -197                 -143               -421  Interest received                                                     0                    0                  0  Loss on ordinary activities before taxation                        -197                 -143               -421  Tax on loss on ordinary activities                                    0                          0                  0                                                               _________             _________          _________  Loss after taxation                                                -197                       -143               -421                                                               _________             _________          _________  Basic loss per share                                            (0.08)p                    (0.06)p            (0.16)p                                                               _________             _________          _________  All of the Company's operations are classed as continuing. There were no gains  or losses in the period other than those included in the above profit and loss account.  CONSOLIDATED BALANCE SHEET  As at 31 March 2014                                                      Notes            31-Mar                  31-Mar             30-Sep                                                                    2014                    2013               2013                                                                  GBP '000              GBP '000           GBP '000  Fixed assets  Intangible                                                          298                  169                213  Investments                                                          36                         37                 64                                                               _________             _________          _________  Total fixed assets                                                  334                  206                277  Current assets  Debtors                                                              13                   14                111  Cash at bank                                                          1                        412                 15                                                               _________             _________          _________  Total current assets                                                 14                  426                127  Current liabilities  Creditors                                                          -180                        -43                -68                                                               _________             _________          _________  Net current assets                                                 -166                        383                 59                                                               _________             _________          _________  Other liabilities                                                     0                          0                  0                                                               _________             _________          _________  Net assets                                                          168                        589                336                                                               _________             _________          _________  Capital and reserves  Called up share capital                                           1,633                1,633              1,632  Share premium                                                     1,141                1,136              1,141  Profit & loss account                                            -2,606                     -2,180             -2,436                                                               _________               _________          _________                                                                       168                     589                337                                                               _________               _________          _________   NOTES TO THE INTERIM FINANCIAL STATEMENTS  For the six months period to 31 March 2014  1. The financial information contained in this statement does not constitute  statutory accounts as  defined in section 434 of the Companies Act 2006. these statements, which  are unaudited, have  been prepared under the historical cost convention. The information in this  announcement has  not been reviewed by the Company's auditor.  2. A provision for taxation has not been made as the Company made a loss for  the period.  3. The loss per share is based on a loss of £ 197,595 (2013: £ 143,410) and  on 261,880,302 (2013:  249,516,819) of weighted average ordinary shares in issue during the period.  4. Intangible assets include £ 29,059 (2013: £ 34,854) Goodwill on  consolidation.  5. Investments are stated at the lower of cost and net realisable value.  THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS  ANNOUNCEMENT                                                   Ends  Enquiries:  Adriatic Oil Plc  Bruno Müller  0044 (0) 20 3178 4060  SVS Securities - ISDX Growth Market Corporate Adviser  0044 (0) 20 7638 5600  NOTES TO EDITORS:  Adriatic Oil Plc is a publicly quoted UK-incorporated international oil and gas  exploration company with a portfolio of activities focused on the North Celtic Sea and the Adriatic Sea  Basin.  In the North Celtic Sea, the Company has agreed with Fastnet Oil & Gas plc to  farm-out 64.5% of its original 80% interest in a Licensing Option which covers an area of 881 sq.km. Adriatic  holds 15.5% of the Licensing Option. The Company has a second small carried interest in offshore Western  Ireland.  Adriatic Oil is also focused on making and progressing applications for  offshore exploration opportunities in Italy and Albania. The Company has been awarded offshore licence d 173 A.R-.AD in the Italian Northern Adriatic offshore the Italian town of Rimini.  Adriatic Oil's strategy is to add shareholder value by proving and developing  leads and plays in areas which the Directors of the Company consider to be high potential oil and gas  provinces. Adriatic Oil's ordinary shares are quoted on the ISDX Growth Market (operated by ICAP Securities & Derivatives  Exchange Limited) under the ticker symbol "ADOP". The Company's website is available at  www.adriaticoil.com.  END 
Press spacebar to pause and continue. Press esc to stop.