Final Results
(Thomson Reuters ONE) - Gold Oil PLC30 October 2009 Gold Oil PLC ("Gold" or "the Company") Final results for the year ended 30 April 2009Gold, an oil and natural gas exploration and exploitation companyfocused on Central and Southern America, today reports final resultsfor the year ended 30 April 2009.Highlights * Operating loss £3.17million (2008: profit £1.59 million) * Loss for year attributable to equity holders £3.039 million(2008: profit £0.84 million) * Loss per ordinary share 0.62p (2008:Earnings per ordinary share 0.18p) * Cash at period end of £2.2 million; * Revenue increased to £1.004m (2008: £0.399m)Mark Pritchard, Chairman, commented "The past year has been one ofsignificant challenge for the Company. In difficult circumstances,we have been very active in advancing our portfolio of assets and Iam encouraged with the progress we have made. We are now activelyseeking partners in our major prospects to enable us to exploit morerapidly our exploration resources in both Peru and Colombia".The Company's Annual General Meeting will be held at 10.00 a.m. on 23November 2009 at Finsgate, 5-7 Cranwood Street, London EC1V 9EE.For further information, please contact:Gold Oil PLC Tel: +44 (0) 208 332 6882Mark PritchardSeymour Pierce Ltd Tel: +44 (0) 207 107 8000Jonathan WrightAnnual Report and AccountsThe Company has today published and posted to shareholders its AnnualReport and Accounts for the year ended 30 April 2009 ("AnnualReport").For the information of investors and shareholders alike, copies ofthe Annual Report will be available for at least one month, free ofcharge, at the offices of the Company's Nominated Adviser, SeymourPierce Ltd, being 20 Old Bailey, London EC4M 7EN. Electronic copiesare available on the Company's website, www.goldoilplc.com.Notes to EditorsGold OilGold Oil Plc is an independent oil and natural gas exploration andexploitation company focused on Central and Southern America. Sharesin Gold are quoted on the AIM market in London - (Stock Quote GOO.L).The Company is seeking to maintain a balanced portfolio of high-riskhigh reward and low risk cash flow projects by establishingsignificant licence positions concentrated in a few geographicareas. The Company currently has significant acreage and isrecognised as an operator for both onshore and offshore Perú, is anoperator with an exploration licences onshore Colombia, is operatorof production onshore Colombia.The Company's objective is to deliver shareholder value throughcapital appreciation.CHAIRMAN'S STATEMENTIntroductionThe year under review has been one of challenge for Gold Oil and itsshareholders. Following the resignation of Gary Moore and Pat MahonyI was appointed executive chairman in March this year and MikeBurchell became a non executive director. In April, Thomas Tidowjoined the board with responsibility for operations.Review of OperationsThe year has seen considerable activity for the Group in its two maingeographic locations, Peru and Colombia.PerúGold Oil Licence Interests in Peru at 30 April 2009Block Licence Expiry Date Size (ha) Interest OperatorNameBlock Exploration Expires 5 May 2036 303,000 100% Gold OilXXI Licence (Oil) PlcBlock Exploration Expires 12 February 371,339 100% Gold OilZ34 Licence 2037 (Oil) PlcIn July 2008 the Group drilled a second exploration well, SA2X, onthe onshore Block XXI, a kilometre north of SA1X to test the Verdunand Palaeozoic sands. The well was located on the basis of a detailedgravimetric survey and a DNME (differentially nomalised method)survey. The latter is a system of mapping the subsurface resistivitywhich, when interpreted, can indicate the presence of hydrocarbons.It is the first application of this process outside of Russia whereit has been extensively tested, but the results on Block XXI showedmajor problems with the interpretation by the Russian contractor. Thewell was plugged and abandoned in late September 2008.We are now planning to acquire more detailed information on the blockin order to generate a new drilling prospect and are scheduling a 2Dseismic survey in the first quarter of 2010, close to the SA1X site.The main object is to try and identify the extent of a trap updip ofthe oil and gas logged in the Palaeozoic and Verdun in SA1X. Testingof the Palaeozoic and Verdun in SA1X was impossible because of themechanical condition of the well and the influx of highly salinewater which we believe came from a zone at the base of the Palaeozoicwhich exhibited good reservoir properties and trapping conditions inthe Palaeozoic.We have recently presented an application for the necessaryenvironmental permits to allow us to conduct the survey and we expectto receive the required consents shortly. It is encouraging to notethat there is considerable activity on the neighbouring block (BlockXIII) where reported production from recent wells is around 3,000bopd.The Z34 block is immediately to the west of four of the largestdeveloped oil fields in Northern Peru that have produced 1.6 billionbarrels and, in 2006, the Group farmed out half its interest in BlockZ34 to Plectrum Petroleum plc ("Plectrum"). Following the acquisitionof Plectrum by Cairn Energy Plc ("Cairn") in September 2007 theCompany had been in negotiation with Cairn about the future of theblock. As Cairn had no strategic focus in the region, in October 2008the Company reacquired the 50% of the block from Plectrum giving it a100% interest. As well as returning its interest, Plectrum also madea payment to the Group of US$1.5 million. With the Group holding 100%of the Block the US$1.5 million was deposited in an escrow account inLima as a guarantee against the seismic work programme. The Groupfinally received its environmental permit from the EnvironmentMinistry in August 2008. In April 2009 SCAN Geophysical, a Norwegiancompany specialising in the acquisition of marine seismic, wascontracted to acquire 2,013 kms of 2D seismic on Block Z34 in waterdepths of 200m to 3,000m. This was successfully completed in June2009. Initial processing indicated a variety of leads, some in200300m of water. It is very encouraging to note that the seismicsurvey has confirmed the initial geological model with a definitivepresence of turbidite style structures trapped in 'geological megastructural features' similar to the neighbouring Z2B oilfields, andtheir extension into Z34. The Z2B oilfields which are located to theeast in shallower water have produced over 300 MMbbl of light oil andstill have large proven reserves. Some reprocessing of the onboardprocessed data and improvement of the acquired seismic lines is inprocess and will help to improve the interpretation and refine themapping of the initial leads. The data collected from the survey isconsiderable and needs to be analysed thoroughly. However, we believethat even at this initial stage the five leads identified so farcould have substantially more reserves then those of the neighbouringblock Z2B.ColombiaGold Oil Licence Interests in Colombia at 30 April 2009Block Name Licence Expiry Date Size Interest Operator (ha)BurdineMaxineNancy NIT 03/09/2015 10,598 58.5% Union 830.132.9595 Temporal II&BRosa Blanca NIT 03/07/2037 44,392 40% Gold Oil 900.074.8172 Colombia SACAzar 12/12/2030 20,897 20% Gran TierraDuring the year under review the Group agreed to acquire anadditional 18.05% working interest in the prolific NancyBurdineMaxinefields through the acquisition of a 100% shareholding in InversionesPetroleras de Colombia SA to give a total interest to the Company of58.05%. The consideration paid for the additional stake was US$4million. With a majority stake in this project, the Group became theoperator of the fields. In July 2009, on receipt of the EnvironmentalPermits for three Burdine wells, the Group commenced work on them toevaluate their condition. Burdine 1, 4 and 5 were found to be in goodmechanical condition and were put on short term production tests. Theinitial, restricted, flow rate from Burdine5 was around 60 bopd andbottom hole pressure analysis indicates that this well is anexcellent candidate for reperforating the producing intervals. WellBurdine1 is now on a longer term production test with around 300 bopdof light crude. The short term plan is to workover the Burdine wellsand subsequently upgrade the construction of Burdine productionfacilities. The medium term plan (Q2 in 2010) is to locate one or twonew prospects for the drilling of development wells on the crest ofNancy after interpretation of available seismic lines. At present theNancy structure has only one producing well, N1, from which theactual identified reserves are being drained, but N1 is on the flankof the structure and, as expected, production is declining.The Group finalised its acquisition of a 20% working interest in theAzar Block in the Putumayo Basin of Colombia. The Group was carriedthrough the Palmera1 work over and will be carried for half of its20% working interest in the first exploration well on the Block. Theworkover of the Palmera1 well tested 15o API oil at 45 bopd althougha bottomhole pressure survey indicated a pumped potential of 300bopd. It is suspended pending studies on its completion as aproducing well and additional economic studies. A 3D and 2D seismicprogramme has been completed on the block to confirm the location ofthe next exploration well and firm up other prospects on the blockfor possible drilling in 2010.On the Rosa Blanca block the Group had farmed out half its interestto Osage Exploration and Development Inc ("Osage") who carried theGroup for the cost of the well and 30 days of testing. SubsequentlyOsage farmed out part of its interest to Lewis Energy Colombia("Lewis Energy") who operates the block to the south of the RosaBlanca block. The first exploration well on the block was drilled andthen suspended in December 2008 pending testing. The well wasextensively tested over two periods in late January 2009 and midMarch 2009. However, as only water was tested from all four zones thewell was plugged and abandoned in late March 2009. As recentlyannounced, Lewis Energy and Osage have left the licence group so GoldOil (90%) and Empesa S.A. (10%) will use the funds lodged by allparties with ANH (Agence Nacional de Hidrocarburo) to shoot seismiclater this year. Lewis Energy has signed an agreement to come backonto the Rosa Blanca Block for 25% equity and reimbursement of theirshare of past costs incurred by Gold Oil and Empesa.With our increased level of activity in Colombia, the Group opened asmall office in Bogota and recruited Mr Carlos Gaviria, anexperienced engineer, as Country Manager.CubaIn Cuba no progress has been made in getting the Cuban Government toapprove negotiations for a PSA (production sharing agreement). We arekeeping this project under review and will report back toshareholders if any progress is made.Operational OutlookIn Peru we are planning to farm out part of our interests in BlockZ34 and Block XXI and we have active negotiations in process. InColombia our primary efforts will focus on increasing production ofNancy and Burdine. We are also exploring the possibility ofnegotiating an extension of the licence for the Nancy Burdine fieldsand the initial indications are that this should be possible. Inaddition, subject to the results of the seismic interpretation, weintend to participate in one exploration well on the Azar block forwhich our interest is partially carried. Activity on the Rosa Blancablock will depend on the outcome of the new seismic and furthergeological and geophysical workFinancial ReviewRevenue for the year increased to £1,004,000 (2008: £398,000). Theloss after tax for the year was £3,039,000 (2008: profit of£837,000).At the year end the Group had cash of £2,179,000 (2008: £5,150,000).The Directors recommend that no dividend be paid (2008 £nil).Corporate ReviewDuring the year two share placings were undertaken by the Company:the first in July 2008 saw 22.92m of the Company's ordinary shares,that had previously been held for the account of the Companyfollowing the disposal of its interest in Minmet Resources plc,issued at 8p per share to raise £1.8m; and the second in January 2009where 16.125m new shares were issued at 4p per share to raise£645,000, both amounts before expenses. A dispute arose with regardto the second placing which has now been resolved (see below).The Company faced two legal disputes during the period. A wrongfultermination case brought by Mrs Imelda Moore following her redundancyin April 2008 was settled on terms favourable to the Company in July2009. The dispute, arising out of the placing of 16.125m new sharesin the Company undertaken in January 2009, was settled out of court,again with a positive outcome for the Company.The six million shares which were the subject of the dispute werereturned and subsequently placed out at a price of 4.5 pence pershare to raise £270,000 in additional cash for the Company.Upon my appointment as Chairman, an immediate reduction of overheadswas implemented. Strict cost controls remain in place.Management and StaffI would like to thank all my colleagues for their efforts during theyear. We are currently a small team within the Company and this canhave an effect on timelines. It is important that we strengthen ourmanagement team as soon as is practicable and bring in directtechnical expertise.ConclusionThe current macroeconomic climate makes for very challengingconditions at the present time for small oil and gas explorationcompanies such as Gold. Exploration for hydrocarbons is a capitalintensive business and in the year under review the steep decline inworld equity markets and the contraction of credit markets placedserious limitations on access to capital. All E&P businesses havesuffered during this period as the high risk sectors have been hitparticularly hard by the financial crisis and the price of oildeclined significantly.Notwithstanding the above, we are moving all of our assets forward atthe current time. I believe we have an interesting portfolio ofassets with a strategy in place to try and balance "blue sky"exploration risk with solid production and that we have retained agood geographic focus. A significant challenge facing the Companywill be to raise sufficient capital, either directly or indirectly,to realise the potential of our assets.Finally I want to thank shareholders for the patience and supportthey have demonstrated throughout the year.Mark PritchardChairman29 October 2009STATEMENT OF NET OIL RESERVES & CONTINGENT RESOURCES AS DETERMINED ON1 JULY 2009 (AND 31 MAY 2008)At 1 July 2009: Colombia - Nancy-1 Well: Gold Oil Net Interest 27.4%1. NET RESERVES Production As of As of 1.5.2008 to 1 July 2009 1 July 2008 30.4.2009 Oil Mbbl Oil Mbbl Oil MbblProven 29.6 50.5 30.9Probable 1,287.2 *Proven plus Probable 1,316.8 50.5Possible 2,007.5 *Total Proved plus Probable plus 30.9Possible 3,324.3 121.0* Independent Expert report not available at the time of printing2. NET CONTINGENT OIL RESOURCES As of As of 1 July 2009 1 July 2008 Oil Mbbl Oil MbblContingent Undeveloped 6,250 +Prospective Undeveloped 3,201 +Total Resources 9,451 9,267Notes:1. The Reserve and Resource estimates shown in this report are basedupon the joint reserves and resource definitions of the Society ofPetroleum Engineers2. Reserves and Contingent Resources have been prepared by MorningStar Consultants, LCC of Houston, Texas, USA3. Net volumes have been calculated based on Gold Oil's 58.5%Participating Interest, which after Royalty amounts to 27.4%+ Analysis not availableAzar (Palmera-1 well)The unaudited Operator's estimate of reserves isas shown belowGold Oil Net Interest 18.4% P10 P50 P90Reserves Mbbl Gold Oil's Interest 117.39 82.06 46.96The Operator of Azar has calculated that Potential Resources of threestructures could amount to 40.2 million barrels of which Gold Oil'sinterest could be 7.4 million barrels.CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2009 2009 2008 £'000 £'000Revenue 1,004 398Cost of sales (925) (148)Gross profit 79 250Development expenditure written off (1,932) (1,083)Administration expenses (1,321) (757)Operating loss (3,174) (1,590)Finance income 101 208Goodwill impairment - (129)Exceptional items Gains on sales of assets - 2,652Profit/(loss) on ordinary activities before taxation (3,073) 1,141Income tax expense 34 (304)Profit/(loss) on ordinary activities after taxation (3,039) 837Dividends - -Surplus/(deficit) for the year (3,039) 837Profit/(loss) on ordinary activities after taxation is attributable to:Equity shareholders (3,039) 837Minority interests - - (3,039) 837Earnings per ordinary share Basic (0.62p) 0.18p Diluted (0.62p) 0.18pCONSOLIDATED BALANCE SHEET AT 30 APRIL 2009 2009 2008 £'000 £'000AssetsNon current assetsProperty plant and equipment--- oil and gas assets 144 183--- others 14 17Intangibles 2,399 2,105Goodwill 1,862 - 4,419 2,305Current assetsInventories 123 214Trade and other receivables 2,696 3,187Cash and cash equivalents 2,179 5,150 4,998 8,551Total assets 9,417 10,856Equity and liabilitiesCapital and reservesShare capital 125 120Share premium account 10,752 10,124Foreign exchange translation reserve 876Retained earnings (4,683) (1,644)Total equity 7,070 8,600Current liabilitiesTrade and other payables 2,347 2,256Total equity and liabilities 9,417 10,856The financial statements were approved and authorised for issue bythe Board of Directors on 29 October 2009 and were signed on itsbehalf by:Mark Pritchard Michael BurchellDirector DirectorCompany registration number: 5098776 (England and Wales)COMPANY BALANCE SHEET AS AT 30 APRIL 2009 2009 2008 £'000 £'000AssetsNon current assetsProperty plant andequipment--- oil and gasassets 102 183--- others - 1Exploration andevaluation 503 -Investments 4,864 3,356 5,469 3,540Current assetsTrade and otherreceivables 1,292 3,243Cash and cashequivalents 1,967 2,229 3,259 5,472Total assets 8,728 9,012Equity andliabilitiesCapital and reservesShare capital 125 120Share premium account 10,752 10,124Foreign exchangetranslation reserve 91Retained earnings (6,300) (3,305)Total equity 4,668 6,939Current liabilitiesTrade and otherpayables 4,060 2,073Total equity and 8,728 9,012liabilitiesThe financial statements were approved and authorised for issue bythe Board of Directors on 29 October 2009 and were signed on itsbehalf by:Mark Pritchard Michael BurchellDirector DirectorCompany registration number: 5098776 (England and Wales)STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2009Group Foreign Share Share Exchange Retained Capital Premium Translation Earnings Total £'000 £'000 £'000 £'000 £'000As at 1 May 2007 116 9,305 - (2,758) 6,663Shares issued 4 819 - - 823Profit for the year - - - 837 837Foreign exchangetranslation - - - 277 277As at 30 April 2008 120 10,124 - (1,644) 8,600Shares issued 5 676 - - 681Costs of share issue - (48) - - (48)Profit for the year - - - (3,039) (3,039)Foreign exchangetranslation - - 876 876As at 30 April 2009 125 10,752 876 (4,683) 7,070CompanyAs at 1 May 2007 116 9,305 - (1,122) 8,299Shares issued 4 819 - - 823Loss for the year - - - (2,372) (2,372)Foreign exchangetranslation - - - 189 189As at 30 April 2008 120 10,124 - (3,305) 6,939Shares issued 5 676 - - 681Costs of share issue - (48) - - (48)Profit for the year - - - (2,871) (2,871)Foreign exchangetranslation - - 91 91As at 30 April 2009 125 10,752 91 (6,176) 4,792Share capital is the amount subscribed for shares at nominal value.Share premium represents the excess of the amount subscribed forshare capital over the nominal value of those shares net of shareissue expenses.Retained earnings represents the cumulative loss of the Groupattributable to equity shareholders.CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2009 Group Company Group Company 2009 2009 2008 2008 £'000 £'000 £'000 £'000Operating activities (2,476) 3,013 (2,440) (1,220)Investing activitiesReturn from investment andservicing of finance 101 106 208 206Sale of investment assets - - 3,006 1,206Acquisition of investmentassets - (2,028) (303) (1,130)Acquisition of goodwill (1,698) - 182 -Loan advanced tosubsidiary - (1,935) - (1,418)Purchase of intangibleassets (294) - (209) 0Purchase of tangible fixedassets (143) (99) (8) (1)Share of joint venturebank balance - 48 - -Received on acquisition ofsubsidiary * 906 - - - (1,128) (3,908) 2,876 (1,137)Financing activitiesProceeds from issue ofshare capital 633 633 823 823Net cash inflow (2,971) (262) 1,259 (1,534)Cash and cash equivalentsat the beginning of theyear 5,150 2,229 3,891 3,763Cash and cash equivalentsat the end of the year 2,179 1,967 5,150 2,229Reconciliation to ConsolidatedBalance SheetCash and cash equivalents 2,179 1,967 5,150 2,229* This arises from the acquisition of Plectrum Petroleum Limited at aconsideration of $32.165M. Plectrum was owed $33.665M by the sellerand, as a result, a net sum of $1.5M was paid to the Group.NOTES TO THE CASH FLOWSTATEMENTOperating activitiesOperating loss for theyear (3,174) (1,100) (1,615) (452)Depreciation andamortisation 21 9 128 122Tax paid (47) (66) (50) (50)Foreign exchangetranslation 876 91 (56) (195)Operating cash outflowsbefore movements inworking capital (2,324) (1,066) (1,593) (575)Increase/(decrease) ininventories 91 - (214) -Increase/(decrease) inreceivables 491 2,032 (2,601) (1,354)(Decrease)/increase inpayables (1,361) 1,420 1,968 709Short term loans received 627 627 - -Net cash outflows fromoperating activities (2,476) 3,013 (2,440) (1,220)Segmental InformationIn the opinion of the Directors the Group has once class of business,being the exploration for, and development and production of, oil andgas reserves, and other related activities.The Group's primary reporting format is determined to be thegeographical segment according to the location of the oil and gasasset. There are currently three geographic reporting segments: SouthAmerica and Spain, which are involved in production, development andexploration activity, and the United Kingdom being the head office.Exploration and production 2009 United South Kingdom Spain America Total £'000 £'000 £'000 £'000Revenue - oil - - 1,309 1,309 -Cost of sales - (39) (1,191) (1,230)Gross profit - (39) 118 79Development expenditure written off (129) - (1,803) (1,932)Administration expenses (783) (3) (535) (1,321)Operating profit/(loss) (912) (42) (2,220) (3,174)Finance income 53 - 48 101Goodwill impairment - - - -Gains on disposal of assets - - - -Profit/(loss) before taxation (859) (42) (2,172) (3,073)Income Tax expense 144 1 (111) 34Profit/(loss) before taxation (715) (41) (2.283) (3,039)Assets and liabilitiesSegment assets 306 123 6,809 7,238Cash and cash equivalents 1,560 7 612 2,179Total assets 1,866 130 7,421 9,417Segment liabilities 679 10 1,324 2,013Current tax liabilities 111 37 186 334Total liabilities 790 47 1,510 2,347Other segment itemsCapital expenditure - - 142 142Depreciation and amortisation 1 - 19 20Acquistion costs - oil and gas assets - - - -Exploration and production 2008 United South Kingdom Spain America Total £'000 £'000 £'000 £'000Revenue - oil - - 398 398Cost of sales - - (148) (148)Gross profit - - 250 250Development expenditure written off (18) - (1,065) (1,083)Administration expenses (750) - (7) (757)Operating profit/(loss) (768) - (822) (1,590)Finance income 206 - 2 208Goodwill on consolidation written off - - (129) (129)Gains on disposal of assets 1,052 250 1,350 2,652Profit/(loss) before taxation 490 250 401 1,141Income Tax expense (179) (75) (50) (304)Profit/(loss) before taxation 311 175 351 837Assets and liabilitiesSegment assets 4,384 - 1,322 5,706Cash and cash equivalents 1,430 181 3,539 5,150Total assets 5,814 181 4,861 10,856Segment liabilities 44 0 1,908 1,952Current tax liabilities 254 37 13 304Total liabilities 298 37 1,921 2,256Other segment itemsCapital expenditure 1 - 7 8Depreciation and amortisation 1 - 128 129Acquistion costs - oil and gas assets - - 209 209 Loss for the periodAs permitted by section 230 of the Companies Act 1985, the holdingcompany's income statement has not been included in these financialstatements. The loss for the financial year is made up as follows: 2009 2008 £'000 £'000Holding company's loss 2,871 2183 Earnings per shareLoss per ordinary share 2009 2008- Basic (0.62p) 0.18p- Diluted (0.62p) 0.18pEarnings per ordinary share is based on the Group's loss for thefinancial year of £2,696,000 (2008 - profit of £837,000).The weighted average number of shares used in the calculation is theweighted average ordinary shares in issue during the year. 2009 2008 Number NumberWeighted average ordinary shares 488,567,333in issue during the year 474,408,008Potentially dilutive - -warrants issuedWeighted average ordinary shares for 488,567,333 474,408,008diluted earning per share Cash and cashequivalents 2009 2008 Group Company Group Company £'000 £'000 £'000 £'000Bank currentaccounts 461 300 318 78Bank depositaccounts 1,718 1,667 4832 2151 2,179 1,967 5,150 2,229Bank deposit accounts comprise cash held by the Group and short-termbank deposits with an oriignal maturity of three months or less andearn interest at respective short-term deposit rates. The carryingamount of these assets approximates to their fair value.As at 30 April 2009, bank deposits included £1,200,000 (2008 -£600,000) that is being held as a guarantee in respect of a letter ofcredit and is not available for use until the Group fulfills certainlicence commitments in Peru. In June 2009, these commitments were metwhich would enable the guarantee to be released but, should the Groupdecide to move to the next stage of exploration, then the guaranteeswould remain in place. Trade and other payables 2009 2008 Group Company Group Company £'000 £'000 £'000 £'000Short term loans 627 627 - -Trade payables 31 27 33 32Other creditors 409 2,881 833 690Accruals and deferred income 982 357 1,086 16Deferred consideration - - - 1,067Taxation 298 168 379 268 2,347 4,060 2,331 2,073Share capital 2009 2008 £'000 £'000Authorised1,000,000,000 ordinary shares of £0.00025 each 250 250Alloted, called up and fully paidEquity: 480,853,909 ordinary shares of £0.00025 each 125 120On 9 May 2008, 575,000 ordinary shares were issued at 1p per share onthe exercise of warrants.On 19 May 2008, 2,875,000 ordinary shares were issued at 1p per shareon the exercise of warrants.On 20 January 2009, 16,125,000 ordinary shares were issued at 4p pershare on the placing of the shares. As at 30 April 2009, 6,000,000 ofthis placing remained unpaid but the amount due has been receivedsince the year end.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.10.2009 - 08:02 Uhr
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