RNS

San Leon Energy PLC Half-year Report   
RNS Number : 1744S
29 September 2017

Interim Results 

San Leon Energy, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, today announces its interim results for the six months ended 30 June 2017, and provides an update on its indirect interest in OML 18, a world-class oil and gas block onshore Nigeria, and other assets.

Highlights

Corporate

·     US$20.6 million has been received to date in relation to the US$174.5 million Loan Notes. The Company is scheduled to be repaid approximately US$19 million per quarter from Q4 2017

·     The Company previously reached agreement with Avobone in November 2016, which was subsequently revised in June 2017, regarding payment for Avobone's exit from the Siekierki project in Poland. The remaining amount to be paid is approximately €14.7 million during October and November 2017

·     In December 2016, the Company announced the receipt of an approach from a possible offeror. In April 2017, we announced that we had signed confidentiality agreements and were in discussions with a further three entities, and in June 2017 we announced an offer, conditional on completing final due diligence, from China Great United Petroleum (Holding) Limited ("China Great"). China Great has remained in a dialogue with the Company and has advised that the delay in its due diligence has been due to it now being in discussions to bring in a large EPC partner to add value in midstream projects on OML 18. China Great will update the Company regarding progress in due course. There can be no certainty that any of these discussions will lead to a firm intention to make an offer

·     Nick Butler resigned as a Non-Executive Director from the Board effective on 6 September 2017. An executive search has been launched to appoint two new Non-Executive Directors

 

Operational

·     Contract is in place for San Leon's senior operational appointee into Eroton, with his arrival in Nigeria imminent

·     Eroton is the Operator of OML 18 while San Leon has a defined partner role under the Master Services Agreement. Plans from the 2016 Competent Persons Report (by Petrovision Energy Services Limited) (the "CPR") are being executed to optimise production using coiled tubing, electric line, and slickline. Challenges regarding pipeline loss allocation, downtime and slower-than-anticipated well work mean that current production is below the production and sales forecasts set out in the CPR, and those challenges are being addressed as they arise. 

·     The Orubiri Field came online in late 2016, and the Krakama Field was brought onto production in early 2017. The Buguma Field is expected to follow in Q4 2017 and will now be brought on by direct tie-back to the Krakama Field

·     Commencement of heavy workover and new well drilling on various OML 18 fields to boost production expected in Q4 2017

·     Eroton is near to completing an updated reserves report on OML 18


Financial

·     Loss for the period ended 30 June 2017 was €5.24m (2016: loss of €6.23m), of which €11.3m relates to a foreign exchange loss on the loan notes

·     Cash and cash equivalents as at 30 June 2017 of €0.3m (30 June 2016: €0.7m)

·     As at 27 September 2017:

o  US$20.6m has been received in relation to payments due to San Leon under the US$174.5m Loan Notes

o  €4.3m received from loans provided to San Leon

o  €8.175m has been paid to Avobone during 2017

o  €1.7m cash and cash equivalents

·     Under an agreement with Yorkville, as announced on the 22 June 2017, San Leon issued 6,254,905 new ordinary shares at a price per share of 32 pence with a value of US$2.6m

·     As announced on 19 September 2017, agreements were entered into for the sale of a majority of the Company's Polish assets, subject to certain conditions

·     Decision made to relinquish Sidi Moussa, offshore Morocco


Chief Executive Officer, Oisin Fanning, commented:

"The Company has three targeted cash flow streams from Nigeria: Loan Note repayments, dividends from production via the indirect equity interest in OML 18, and from the provision of drilling and workover rig services to Eroton under the Master Services Agreement. While well activity and dividends from production have been delayed for the reasons set out in the final results for the year ended 31 December 2016, the security package held by San Leon over Loan Note repayments have resulted in $20.6 million being received by the Company to date, and approximately $19 million expected on a quarterly basis as a minimum from Q4 2017 onwards, until the Loan Notes are repaid in full.

San Leon continues to work with Eroton to target the commencement of dividend payments, and I look forward to updating shareholders on progress in that regard in due course."

Directors' Responsibility Statement

The directors of San Leon accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Market Abuse Regulation (MAR) Disclosure 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

References within this announcement to China Great and its ongoing discussions with the Company are being made with the approval of China Great, being the Offeror in relation to the conditional offer for San Leon referenced in this announcement.

Enquiries:

 

 San Leon Energy plc

+ 353 1291 6292

Oisin Fanning, Chief Executive

 

 

 

SP Angel Corporate Finance LLP (Nominated adviser to the Company)

+44 20 3470 0470

Richard Morrison

 

Ewan Leggat

 

Soltan Tagiev

 

 

 

Whitman Howard Limited (Financial adviser to the Company)

+44 20 7659 1234

Nick Lovering

 

 

 

Brandon Hill Capital Limited (Joint broker to the Company)

+44 203 463 5000

Oliver Stansfield

 

Jonathan Evans

 

 

 

Vigo Communications (Financial Public Relations)

+44 207 830 9700

Chris McMahon

 

Alexandra Roper

 

 

 

Plunkett Public Relations

+353 1 280 7873

Sharon Plunkett

 

Chairman's Statement

It has been one year since the completion of the OML 18 transaction and the Company's entry into Nigeria. Work has been performed on wells, additional fields have come on stream after being renovated, and significant field data has been gathered. However, certain challenges have been faced by Eroton, the operator, in terms of operations and permissions, and those are being tackled. Those issue include:

- higher than expected pipeline loss allocation (with fiscal metering being installed during Q4 2017 to help resolve)

- higher than expected downtime (with valves to allow isolation of the upstream part of the NCTL pipelines being installed to reduce downtime)

- slower than anticipated well work, due to a combination of downhole challenges, delays in permissions being granted, and capex availability. Downhole challenges are being addressed with the appropriate technical resources.

As a result current production is below the sales and production expectations set out in the CPR. In Q4 2017, the Company expects to see the commencement of heavy workover operations to boost production levels and new well drilling, the results of which we look forward to announcing in due course.

I am also pleased to highlight that San Leon has received $20.6 million in Loan Notes repayments to date. Further information on the loan notes is detailed below.

In addition to the 2017 events reported in the final results for the year ended 31 December 2016, the Company has continued to reduce its footprint in areas outside Nigeria. With agreements signed to dispose of interests in Poland, the deals, if completed will result in the Company only holding interests in two Baltic Basin shale gas assets in the country. To ensure management time and company funds are focused on Nigeria the Company will continue to dispose of non-core assets.

I am pleased to welcome Constantine Ogunbiyi as an advisor to the Board, bringing with him a wealth of Nigerian corporate and financial experience and contacts. Amongst other roles, he established and was CEO of First Hydrocarbon Nigeria ("FHN"), which with Seplat, acquired certain Nigerian assets from Shell in 2010. He raised more than $320 million in debt and equity for FHN, mostly from major Nigerian institutions.

Midwestern Leon Petroleum Limited Loan Notes Summary

In September 2016, SLE acquired approximately $174.5 million principal amount of 17% fixed rate secured loan notes 2020 (the "Loan Notes") constituted under an instrument dated 22 March 2016 (as amended and restated) (the "Instrument") executed by Midwestern Leon Petroleum Limited ("MLPL").

If over a fiscal quarter no Dedicated Proceeds are received by MLPL no interest is payable on the relevant interest payment date and MLPL is not in default under the Instrument. However, regardless of whether MLPL has actually received Dedicated Proceeds, the Instrument contains a 'long stop date' for each scheduled quarterly payment.

If over a fiscal quarter payments by MLPL to San Leon in respect of the Loan Notes are less than the scheduled quarterly payment, the shortfall is a "Noteholder Underpayment" and must be paid within a 'cure period' to avoid default under the Instrument. The cure period in the Instrument allows MLPL nine months from the occurrence of a Noteholder Underpayment to pay such amounts to SLE. If any Noteholder Underpayment is not paid in full on (or before) the expiration of this nine month cure period, an event of default arises.

In the case of an event of default, SLE may demand immediate payment of the full outstanding principal amount of the Loan Notes, all unpaid accrued interest and any other sum then payable from MLPL.  As disclosed in SLE's admission document, SLE has the benefit of a security package including guarantees and a share pledge. Midwestern Oil & Gas Company Limited, the 60% shareholder in MLPL, and Mart Resources Limited (together, the "Guarantors") have agreed to guarantee the obligations of MLPL under the Instrument.

Financial Review

Revenue for the six months to 30 June 2017 was €0.1m compared with €0.2m for the 6 months to 30 June 2016. Cost of sales for the 6 months to 30 June 2017 was €0.03m compared with €Nil for the 6 months to 30 June 2016.

Loss on equity investments for the 6 months to 30 June 2017 was €3.5m (30 June 2016: €0.002m). This loss relates to the equity investment by San Leon in MLPL and in turn MLPL's investment in Martwestern Energy and in turn the investment in Eroton and its OML 18 asset in Nigeria. During the 6 month period to 30 June 2017 profit generated from the investment in Eroton and Martwestern Energy is more than offset by the financing cost of arrangements entered into by MLPL.

Administrative costs decreased to €3.9m for the 6 months to 30 June 2017 (30 June 2016: €5.7m). The main reason for the decrease is the higher spend on legal and consultancy fees during the first half of 2016, and a swing in foreign exchange rates.

Avobone costs of €1.0m relate to fees and interest incurred during the 6 months to 30 June 2017 (30 June 2016:  €Nil).

Finance expense of €13.9m for the 6 months to 30 June 2017 (30 June 2016: €0.8m) relates to a foreign exchange loss on the Loan Notes of €11.3m and other loan and finance costs of €2.6m.

Finance income of €16.5m (30 June 2016: €Nil) is interest income on the US$174.5m Loan Notes.

Tax income for the 6 months to 30 June 2017 is €0.5m (30 June 2016: €Nil).

San Leon generated a loss after tax of €5.24m for the 6 months to 30 June 2017 compared with a loss after tax of €6.23m in the 6 months to 30 June 2016.

Adjusting for the foreign exchange loss of €11.3m on the US$174.5m Loan Notes, underlying profit for the 6 months to 30 June 2017 was €6.1m.

San Leon has requested payment of approximately US$77.7 million of loan principal and interest payments to date. To date, San Leon has received US$20.6 million which has been applied in satisfaction of principal and accrued interest on the Loan Notes. The outstanding balance is therefore US$57.1 million, increasing by approximately $19 million on the 1 October 2017. The Loan Notes are explained in more detail in the section above entitled "Midwestern Leon Petroleum Limited Loan Notes Summary".

The Company has well established loan relationships usually lasting less than a year with various terms and conditions and parties. During 2017 additional funds of approximately €6.3 million have been provided to the Company with a current outstanding principal of approximately €4.3 million (£4.0 million).

During 2017, €8,175,000 was paid to Avobone. Under the arbitration award, the Group has to pay Avobone a further €8,000,000 during October 2017 and €6,694,840 during November 2017.

Under an agreement with Yorkville, as announced on 22 June 2017, San Leon issued 6,254,905 ordinary shares at a price of 32 pence per share with a value of US$2.6m in part settlement of US$5.4mm owed under a promissory note backed by a Standby Equity Distribution Agreement announced on 1 November 2010. The remaining balance of $2.8m is to be repaid to Yorkville on or before 31 October 2017.

On 17 January 2017, San Leon issued and allotted 3,000,000 ordinary shares to two service providers, Robin Management Services and 4,000,000 ordinary shares to DSA Investments Inc. in respect of options granted and then exercised at a price of 30 pence per share.

The Company's Irish counsel is progressing a capital reorganisation which is required to allow dividends to be paid to San Leon shareholders. This is happening later than originally planned.

Outlook

The Company is very active in terms of assets - concentrating on its Nigerian interests, recently appointing its senior operations advisor to Eroton - as well as on a corporate front with the discussions regarding a potential takeover offer for the Company. While offer talks have been protracted, discussions continue with China Great and, while there can be no certainty that any of these discussions will lead to a firm intention to make an offer,we look forward to updating shareholders with progress on both operations and offer discussions in due course.

The following financial information on San Leon Energy Plc represents the Group's interim results for the 6 months ended 30 June 2017. 

Consolidated income statement  

For the six months ended 30 June 2017

 

Notes

Un-audited

Un-audited

Audited

 

 

30/06/17

30/06/16

31/12/16

 

 

€'000

€'000

€'000

Continuing operations

 

 

 

 

Revenue

 

71

187

345

Cost of sales                 

 

(32)

-

(128)

Gross profit

 

39

187

       217

 

 

 

 

 

Share of (loss) / profit of equity accounted investments

8

(3,519)

(2)

12,217

Administrative expenses

 

(3,886)

(5,663)

(26,367)

Impairment of exploration and evaluation assets

7

-

-

(9,300)

Decommissioning of wells

17

-

-

(274)

Arbitration award

17

(968)

-

(3,628)

Other income

2

-

-

29,926

Dissenting shareholders award

17

-

-

(1,125)

Loss on disposal of equity accounted investments

3

-

-

(1,954)

Loss from operating activities

 

(8,334)

(5,478)

(288)

 

 

 

 

 

Finance expense

4

(13,914)

(754)

(13,025)

Finance income

5

-

1

2

Finance income - OML 18 Production Arrangement

6

16,520

-

16,801

(Loss) / profit before income tax

 

(5,728)

(6,231)

3,490

 

 

 

 

 

Income tax

 

486

1

2,227

(Loss) / profit from continuing operations

 

(5,242)

(6,230)

5,717


 

 

 

 

 

Profit / (loss) per share (cent) - continuing operations

 

 

 

 

Basic (loss) / profit per share

 

(1.2)

(14.8)

3.4

Diluted (loss) / profit per share

 

(1.2)

(14.8)

3.3

 

 

 

 

 

Consolidated statement of other comprehensive income 

For the six months ended 30 June 2017

 

Notes

Un-audited

Un-audited

Audited

 

 

30/06/17

30/06/16

31/12/16

 

 

€'000

€'000

€'000

(Loss) / profit for the period

 

(5,242)

(6,230)

5,717

 

 

 

 

 

Items that may be reclassified subsequently to the income statement

 

 

 

 

Foreign currency translation differences - subsidiaries

 

(997)

633

(763)

Foreign currency translation differences - joint venture

8

(5,679)

-

4,694

Fair value movements in financial assets

10

(3,717)

4,658

1,545    

Deferred tax on fair value movements in financial assets

 

1,222

(1,615)

(494)    

Total comprehensive (loss) / profit for the period

 

(14,413)

(2,554)

                 10,699

 

 

 

 

 

Consolidated statement of changes in equity

For the period ended 30 June 2017

Un-audited 30 June 2017

Share

capital

reserve

€'000

Share

premium

reserve

€'000

Currency

translation

reserve

€'000

Share based

payment

reserve

€'000

Fair value

reserve

€'000

Retained

earnings

€'000

Attributable to equity holders

in Group

€'000

Non-controlling

interest

€'000

Total

€'000

Balance at 1 January 2017

130,957

401,503

40

20,693

4,017

(263,273)

293,937

-

293,937

Total comprehensive income for period

 

 

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

(5,242)

(5,242)

-

(5,242)

Other comprehensive income

 

 

 

 

 

 

 

 

 

Foreign currency translation differences - subsidiaries

-

-

(997)

-

-

-

(997)

-

(997)

Foreign currency translation differences - joint venture (Note 8)

-

-

(5,679)

-

-

-

(5,679)

-

(5,679)

Fair value movements in financial assets

-

-

-

-

(3,717)

-

(3,717)

-

(3,717)

Deferred tax on fair value movements in
financial assets

-

-

-

-

1,222

-

1,222

-

1,222

Total comprehensive income for period

-

-

(6,676)

-

(2,495)

(5,242)

(14,413)

-

(14,413)

Transactions with owners recognised directly in equity

 

 

 

 

 

 

 

 

 

Contributions by and distributions to owners

 

 

 

 

 

 

 

 

 

Issue of shares for cash

132

4,538

-

(1,905)

-

1,905

4,670

-

4,670

Shares to be issued in lieu of salary

-

-

-

409

-

-

409

-

409

Share based payment

-

-

-

-

-

-

-

-

-

Warrants issued on placing

-

-

-

-

-

-

-

-

-

Total transactions with owners

132

4,538

-

(1,496)

-

1,905

5,079

-

5,079

Balance at 30 June 2017

131,089

406,041

(6,636)

19,197

1,522

(266,610)

284,603

-

284,603

Consolidated statement of changes in equity

For the period ended 30 June 2017

 

 

Un-audited 30 June 2016

Share

capital

reserve

€'000

Share

premium

reserve

€'000

Currency

translation

reserve

€'000

Share based

payment

reserve

€'000

Fair value

reserve

€'000

Retained

earnings

€'000

Attributable to equity holders

in Group

€'000

Non-controlling

interest

€'000

Total

€'000

Balance at 1 January 2016

127,145

205,126

(3,891)

12,049

2,966

(266,332)

77,063

-

77,063

Total comprehensive income for period

 

 

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

(6,230)

(6,230)

-

(6,230)

Other comprehensive income

 

 

 

 

 

 

 

 

 

Foreign currency translation differences - subsidiaries

-

-

634

-

-

-

634

-

634

Fair value movements in financial assets

-

-

-

-

(1,050)

-

(1,050)

-

(1,050)

Deferred tax on fair value movements in
financial assets

-

-

-

-

314

-

314

-

314

Total comprehensive income for period

-

-

634

-

(736)

(6,230)

(6,332)

-

(6,332)

Transactions with owners recognised directly in equity

 

 

 

 

 

 

 

 

 

Contributions by and distributions to owners

 

 

 

 

 

 

 

 

 

Share based payment

-

-

-

458

-

-

458

-

458

Total transactions with owners

-

-

-

458

-

-

458

-

458

Balance at 30 June 2016

127,145

205,126

(3,257)

12,507

2,230

(272,562)

71,189

-

71,189

Consolidated statement of changes in equity

For the period ended 30 June 2017

 

Audited 31 December 2016

Share

capital

reserve

€'000

Share

premium

reserve

€'000

Currency

translation

reserve

€'000

Share based

payment

reserve

€'000

Fair value

reserve

€'000

Retained

earnings

€'000

Attributable to equity holders

in Group

€'000

Non-controlling

interest

€'000

Total

€'000

Balance at 1 January 2016

127,145

205,126

(3,891)

12,049

2,966

(266,332)

77,063

-

77,063

Total comprehensive income for year

 

 

 

 

 

 

 

 

 

Profit for the year

-

-

-

-

-

5,717

5,717

-

5,717

Other comprehensive income

 

 

 

 

 

 

 

 

 

Foreign currency translation differences - subsidiaries

-

-

(763)

-

-

-

(763)

-

(763)

Foreign currency translation differences - joint venture (Note 8)

-

-

4,694

-

-

-

4,694

-

4,694

Fair value movements in financial assets

-

-

-

-

1,545

-

1,545

-

1,545

Deferred tax on fair value movements in
financial assets

-

-

-

-

(494)

-

(494)

-

(494)

Total comprehensive income for year

-

-

3,931

-

1,051

5,717

10,699

-

10,699

Transactions with owners recognised directly in equity

 

 

 

 

 

 

 

 

 

Contributions by and distributions to owners

 

 

 

 

 

 

 

 

 

Issue of shares for cash

3,784

194,926

-

-

-

(1,957)

196,753

-

196,753

Issue of shares in lieu of salary

28

1,451

-

(1,594)

-

-

(115)

-

(115)

Share based payment

-

-

-

9,537

-

-

9,537

-

9,537

Warrants issued on placing

-

-

-

701

-

(701)

-

-

-

Total transactions with owners

3,812

196,377

-

8,644

-

(2,658)

206,175

-

206,175

Balance at 31 December 2016

130,957

401,503

40

20,693

4,017

(263,273)

293,937

-

293,937

Consolidated statement of financial position

As at 30 June 2016

 

 

Notes

Un-audited

Un-audited

Audited

 

 

 

30/06/17

30/06/16

31/12/16

 

 

 

€'000

€'000

€'000

Assets

 

 

 

 

 

Non-current assets

 

 

 

 

 

Intangible assets

 

7

44,704

47,761

44,621

Equity accounted investments

 

8

65,184

11,417

74,382

Property, plant and equipment

 

9

3,118

9,825

3,279

Financial assets

 

10

140,280

51,503

169,616

Other non-current assets

 

 

257

277

257

 

 

 

253,543

120,783

292,155

Current assets

 

 

 

 

 

Inventory

 

 

264

315

253

Trade and other receivables

 

11

10,818

6,379

11,490

Other financial assets

 

12

1,227

1,261

1,328

Financial assets

 

10

57,174

-

37,727

Cash and cash equivalents

 

13

283

729

177

Assets classified as held for sale

 

14

2,641

-

2,553

 

 

 

72,407

8,684

53,528

Total assets

 

 

325,950

129,467

345,683

 

Equity and liabilities

 

 

 

 

 

Equity

 

 

 

 

 

Called up share capital

 

18

131,089

127,145

130,957

Share premium account

 

18

406,041

205,126

401,503

Share based payments reserve

 

 

19,197

12,507

20,693

Currency translation reserve

 

 

(6,636)

(3,257)

40

Fair value reserve

 

 

1,522

2,230

4,017

Retained deficit

 

 

(266,610)

(272,562)

(263,273)

Total equity

 

 

284,603

71,189

293,937

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Provisions

 

17

1,280

24,437

1,280

Derivative

 

 

360

-

255

Deferred tax liabilities

 

 

5,624

8,772

7,332

 

 

 

7,264

33,209

8,867

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

 

15

8,702

16,481

11,298

Loans and borrowings

 

16

5,955

6,748

6,283

Provisions

 

17

18,426

1,840

24,298

Liabilities classified as held for sale

 

14

1,000

-

1,000

 

 

 

34,083

25,069

42,879

Total liabilities

 

 

41,347

58,278

51,746

Total equity and liabilities

 

 

325,950

129,467

    345,683

Consolidated statement of cash flows

For the six months ended 30 June 2016

 

Notes

Un-audited

Un-audited

Audited

 

 

30/06/17

30/06/16

31/12/16

 

 

€'000

€'000

€'000

Cash flows from operating activities

 

 

 

 

(Loss) / profit for the period - continuing operations

 

(5,242)

(6,230)

5,717

Adjustments for:

 

 

 

 

Depletion and depreciation

9

194

418

647

Finance expense

4

13,914

754

13,025

Finance income

6

(16,520)

(2)

(16,803)

Share based payments charge

 

409

459

9,537

Foreign exchange

 

(1,609)

1,080

(391)

Income tax

 

(486)

(1)

(2,227)

Impairment of exploration and evaluation assets - continuing operations

 

-

-

9,300

Arbitration award

17

968

-

3,628

Dissenting shareholders

 

-

-

1,125

Decommissioning costs

 

-

-

274

Disposal of equity accounted investment

 

-

-

1,954

Bargain purchase of MLPL

 

-

-

(29,926)

(Increase) / decrease in inventory

 

(11)

13

76

Decrease/ (increase) in trade and other receivables

 

673

142

(784)

Decrease in trade and other payables

 

(2,308)

2,079

(3,270)

Movement in other non-current assets

 

-

556

576

Share of loss / (profit) of equity accounted investments

8

3,519

2

(12,217)

Tax paid

 

-

-

(4)

Net cash outflow in operating activities

 

(6,499)

(730)

(19,763)

 

Cash flows from investing activities

 

 

 

 

Net expenditure on exploration and evaluation assets

 

(4)

(716)

(1,117)

Dissenting shareholder payment

17

(1,864)

-

(705)

Proceeds of disposal of equity-accounted investments

3

-

-

4,222

Arbitration payment

17

(4,976)

-

(2,231)

Purchases of property, plant and equipment

9

(9)

(21)

(2,719)

Advances to equity accounted investments

8

-

(45)

53

Decrease in restricted cash

12

-

83

84

Acquisition of OML 18 equity interest

8

-

-

(27,545)

OML 18 Production Arrangement loan notes

10

11,341

-

(136,583)

Proceeds of financial investments and investment income

10

31

2

140

Net cash inflow / (outflow) from investing activities

 

4,519

(697)

(166,401)

 

Cash flows from financing activities

 

 

 

 

Proceeds from issue of shares

 

4,670

-

196,753

Proceeds from drawdown of other loans

 

3,788

1,851

6,104

Repayment of other loans

 

(3,743)

-

(12,437)

Movement in Director loan

15

(287)

151

145

Interest and arrangement fees paid

 

(2,378)

(754)

(5,040)

Net cash inflow from financing activities

 

2,050

1,248

185,525

 

Net increase / (decrease) in cash and cash equivalents

 

70

(179)

 

(639)

Effect of foreign exchange fluctuation on cash and cash equivalents

 

36

(5)

(97)

Cash and cash equivalents at start of period

 

177

913

913

Cash and cash equivalents at end of period

13

283

729

177

             

Notes to the Interim Financial Information

1. Basis of preparation and accounting policies

The Group interim financial information has been prepared in accordance with International Financial Reporting Standards and the accounting policies adopted are consistent with those followed in the preparation of the Group's financial statements for the year ended 31 December 2016. The interim financial information was approved by the Board of Directors on 27 September 2017.

The interim consolidated financial statements do not constitute statutory financial statements and therefore do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 December 2016 which are available on the Group's website www.sanleonenergy.com.

The interim consolidated financial statements are presented in Euro ("€").

2. Other income

 

Un-audited

Un-audited

Audited

 

30/06/17

30/06/16

31/12/16

 

€'000

€'000

€'000

Bargain purchase on acquisition of Midwestern Leon Petroleum Limited

-

-

29,926

The bargain purchase on acquiring a 40% interest in Midwestern Leon Petroleum Limited (MLPL) is calculated as follows:

 

Un-audited

Un-audited

Audited

 

30/06/17

30/06/16

31/12/16

 

€'000

€'000

€'000

Fair value at the date of acquisition

-

-

57,471

Less equity investment in MLPL by San Leon Energy Nigeria B.V.

-

-

(27,545)

Bargain purchase of MLPL

-

-

29,926

3. Loss on disposal on equity accounted investments 

 

Un-audited

Un-audited

Audited

 

30/06/17

30/06/16

31/12/16

 

€'000

€'000

€'000

Consideration on sale of equity accounted investments

-

-

8,478

Loans eliminated on disposal

-

-

2,800

Book value at date of disposal

-

-

(15,041)

Decommissioning provision reversed

-

-

1,809

Loss on disposal of equity accounted investments

-

-

(1,954)

In November 2016, the Company sold its 35% interest in the Rawicz gas field held through TSH Energy Joint Venture B.V. for a cash consideration of €8.5 million (US$9.0 million), and the release of certain San Leon liabilities.

These liabilities included loans which were advanced by Palomar to the Company as a temporary carry of the drilling and testing costs of the Rawicz-12 and Rawicz-15 wells, and amount each to approximately €2.8 million (US$3.0 million).

The Company also sold its 35% interest in the Poznan assets held through Poznan Energy B.V (largely the Siekierki field) for a consideration of €1 plus a 10% Net Profit Interest ("NPI") in the Poznan assets. The NPI removes any further cost exposure to San Leon, while providing an interest in any future profits made by Palomar on the Poznan assets. A nil value has been placed on the NPI at this stage, since no agreed work programmes are in place for the asset. The first €2.1 million (US$2.2 million) was received on closing, the next €2.1 million (US$2.3 million) was received on 30 November 2016 and the remaining €4.3 million (US$4.5 million) is due to be paid to San Leon on or before 1 October 2017. An interest charge of LIBOR plus 5% is being applied to any sum not paid by 1 February 2017.

4. Finance expense 

 

Un-audited

Un-audited

Audited

 

30/06/17

30/06/16

31/12/16

 

€'000

€'000

€'000

On loans and overdraft

1,355

754

4,844

Finance arrangement expenses other than OML 18 Production Arrangement

1,136

-

3,022

OML 18 Production Arrangement - fees

-

-

4,904

Foreign exchange loss on loan notes

11,320

-

-

Fair value charge on issue of warrants

103

-

255

 

13,914

754

13,025

5. Finance income 

 

Un-audited

Un-audited

Audited

 

30/06/17

30/06/16

31/12/16

 

€'000

€'000

€'000

Deposit interest received

-

1

2

6. Finance income - OML 18 Production Arrangement 

 

Un-audited

Un-audited

Audited

 

30/06/17

30/06/16

31/12/16

 

€'000

€'000

€'000

Interest income on loan notes

16,520

-

8,843

Foreign exchange gain on loan notes

-

-

7,958

 

16,520

-

16,801

7. Intangible assets

Exploration and evaluation assets

 

 

Un-audited

 

 

30/06/17

 

 

€'000

Cost and net book value

 

 

At 1 January 2016

 

47,532

Additions

 

1,117

Disposals

 

(849)

Transfer from property, plant and equipment (assets under construction)

 

9,020

Transfer to held for sale assets

 

(2,553)

Currency translation adjustment

 

(346)

Impairment of exploration assets

 

(9,300)

At 31 December 2016

 

44,621

Additions

 

116

Disposals

 

(201)

Currency translation adjustment

 

168

At 30 June 2017

 

44,704

An analysis of exploration assets by geographical area is set out below:

 

Un-audited 30/06/17

€'000

Un-audited

30/06/16

€'000

Audited

31/12/16

€'000

Poland

7,276

12,372

7,143

Morocco

29,018

27,184

29,162

Albania

8,410

8,205

8,316

Total

44,704

47,761

44,621

The Directors have considered the licence, exploration and appraisal costs capitalised in respect of exploration and evaluation assets, which are carried at historical cost. Those assets have been assessed for impairment and in particular with regard to remaining licence terms, likelihood of licence renewal, likelihood of further expenditures and on-going appraisals for each year. The directors are satisfied that there are no current indications of impairment, but recognise that the future realisation of these exploration and evaluation assets is dependent on future successful exploration and appraisal activities and the subsequent economic production of oil and gas reserves.

8. Equity accounted investments

Midwestern Leon Petroleum Limited

 

Un-audited

Un-audited

Audited

 

30/06/17

30/06/16

31/12/16

 

€'000

€'000

€'000

Opening balance  

74,382

-

-

Acquisition of OML 18 equity interest #

-

-

57,471

Share of (loss)/ profit of equity accounted investments

(3,519)

-

12,217

Exchange rate adjustment

(5,679)

-

4,694

Closing balance

65,184

-

74,382

Equity investment of €27.5 million plus bargain purchase of €30.0 million (Note 2).

Other equity accounted investments

 

Un-audited

Un-audited

Audited

 

30/06/17

30/06/16

31/12/16

€'000

€'000

€'000

 

Opening balance  

 

-

 

11,375

 

11,375

Advances to equity accounted investments

-

44

53

Disposal of interests

-

(2)

(11,428)

Closing balance

-

11,417

-

9. Property, plant and equipment 

 

Plant & equipment

€'000

Assets under construction

€'000

Office equipment

€'000

Motor vehicles

€'000

Total

€'000

Cost

At 1 January 2016

5,352

9,020

1,086

428

15,886

Transfer to intangible assets

-

(9,020)

-

-

(9,020)

Additions

2,719

-

-

-

2,719

Disposals

-

-

(24)

(27)

(51)

Currency translation adjustment

(178)

-

(7)

(9)

(194)

At 31 December 2016

7,893

-

1,055

392

9,340

Additions

-

-

7

2

9

Exchange rate adjustment

227

-

8

12

247

At 30 June 2017

8,120

-

1,070

406

9,596

At 30 June 2016

5,145

9,049

1,052

390

15,636

 

 

 

 

 

 

Depreciation

 

 

 

 

 

At 1 January 2016

4,292

-

955

373

5,620

Disposals

-

-

(24)

(27)

(51)

Charge for the period

528

-

83

36

647

Currency translation adjustment

(142)

-

(6)

(7)

(155)

At 31 December 2016

4,678

-

1,008

375

6,061

Exchange rate adjustment

204

-

8

11

223

Charge for period

165

-

21

8

194

At 30 June 2017

5,047

-

1,037

394

6,478

At 30 June 2016

4,482

-

971

358

5,811

 

 

 

 

 

 

Net book values

 

 

 

 

 

At 30 June 2017

3,073

-

33

12

3,118

At 30 June 2016

663

9,049

81

32

9,825

At 31 December 2016

3,215

-

47

17

3,279

Assets under construction related to the Group's Oil Shale Project in Morocco. The Directors have considered the classification of 'assets under construction' and made the decision to transfer the carrying value to 'Intangible assets' as the project is not yet at the stage of development and is still being evaluated.

10. Financial assets

 

 

OML 18  Production Arrangement (i)

€'000

Barryroe   4.5%

net profit

interest (ii)

€'000

 

 

Quoted

shares (iii)

€'000

 

 

Unquoted

shares (iv)

€'000

 

 

 

Total

€'000

Cost

 

 

 

 

 

At 1 January 2016

-

47,018

175

5,360

52,553

Additions

136,583

-

-

-

136,583

Finance income

8,843

-

-

-

8,843

Disposals

-

-

(139)

-

(139)

Exchange rate adjustment

7,958

-

-

-

7,958

Fair value movement

-

1,499

46

-

1,545

At 31 December 2016

153,384

48,517

82

5,360

207,343

Finance income

16,520

-

-

-

16,520

Loan note receipts

(11,341)

-

-

-

(11,341)

Exchange rate adjustment

(11,320)

-

-

-

(11,320)

Disposals

-

-

(31)

-

(31)

Fair value movement

-

(3,704)

(13)

-

(3,717)

At 30 June 2017

147,243

44,813

38

5,360

197,454

Current

57,174

-

-

-

57,174

Non-current

90,069

44,813

38

5,360

140,280

 

 

 

 

 

 

At 30 June 2016

-

46,065

78

5,360

51,503

Current

-

-

-

-

-

Non-current

-

46,065

78

5,360

51,503

 

 

 

 

 

 

At 31 December 2016

153,384

48,517

82

5,360

207,343

Current

37,727

-

-

-

37,727

Non-current

115,657

48,517

82

5,360

169,616

 

 

 

 

 

 

(i)     OML 18 Production Arrangement

The Company secured an initial 9.72% indirect economic interest in the OML 18 Production Arrangement, onshore Nigeria for a total consideration of €169 million (US$188.4 million).

The fair value assessment of the loan notes as referred to below is calculated as follows:

 

Un-audited

Un-audited

Audited

 

30/06/17

30/06/16

31/12/16

 

€'000

€'000

€'000

Total consideration (US$188.4 million)

-

-

169,032

Fair value of loan notes attributable to equity investment (US$30.9 million)#

-

-

(27,545)

Net fair value of loan notes (US$157.5 million)

-

-

141,487

Arrangement fees (US$5.5 million) (Note 6)

-

-

(4,904)

Additions

-

-

136,583

The fair value of loan notes attributable to the equity investment is calculated using a discount factor of management's estimate of a market rate of interest of 8% above the coupon rate of 17% over the term of the loan notes.

The Company undertook a number of steps to effect the purchase of its interest in the OML 18 Production Arrangement in 2016. Midwestern Leon Petroleum Limited (MLPL), a company incorporated in Mauritius of which San Leon Nigeria B.V. has a 40% shareholding, was established as a special purpose vehicle to complete the transaction by purchasing all of the shares in Martwestern Energy Limited (Martwestern), a company incorporated in Nigeria. Martwestern holds a 50% shareholding in Eroton Exploration and Production Company Limited (Eroton), a company incorporated in Nigeria and the Operator of OML 18.

To partly fund the purchase of 100% of the shares of Martwestern, MLPL borrowed €156.6 million (US$174.5 million) in incremental amounts by issuing Loan Notes under a Loan Note Instrument which attracts a coupon of 17 per cent. Midwestern Oil and Gas Company Limited is the 60% shareholder of MLPL and transferred its shares in Martwestern to MLPL as part of the full transaction. Following its Placing in September 2016, San Leon Energy PLC purchased all of the outstanding Loan Notes issued of €103.7 million (US$115.5 million) and subscribed for further €52.9 million (US$58.9 million) of newly issued loan notes and is therefore the beneficiary and holder of all Loan Notes issued by MLPL. SLE will be repaid the full €156.6 million (US$174.5 million) plus the 17% coupon once certain conditions have been met and using an agreed distribution mechanism. SLE is also a beneficiary of any dividends that will be paid by MLPL as a 40% shareholder in MLPL, but the Loan Note repayments must take priority over any dividend payments made to the MLPL shareholders.

Through its 50% shareholding in Eroton and other agreements, Martwestern holds an initial indirect 24.3% economic interest in the OML 18 Production Arrangement. Through the ownership of MLPL and other commercial agreements, SLE is an indirect shareholder of Eroton, and the Company holds a 9.72% initial economic interest in OML 18.

The key information relevant to the fair value of the Loan Notes is as follows:

Valuation technique

Significant unobservable inputs

Inter-relationships between the unobservable inputs and fair value measurement

Discounted cash flows

Discount rate 25% based on a market rate of interest of 8% above the coupon rate of 17%

MLPL profitability i.e. ability to generate cash flows for repayment

Loan Notes are repayable in full by 31 March 2020.

The estimated fair value would increase / (decrease) if:

-   US Dollar exchange rate increased / (decreased)

The recoverability of the group and company's equity and loan note investments in the MLPL (OML 18 Production) arrangement is dependent on the ability of the OML 18 operator, Eroton, to make distributions. Eroton needs to meet certain conditions before its lenders will allow Eroton to make distributions to its shareholders. These distributions need to be made to enable MLPL repay interest and principal to San Leon. At the balance sheet date and at the date of approval of their financial statements these conditions have not been met by Eroton. The directors of San Leon have considered the carrying amounts of the loan notes and equity interest at 31 December 2016 and are satisfied that these are appropriate.

(ii) Barryroe - 4.5% Net Profit Interest (NPI)

The Directors have estimated the fair value of the NPI by reference to a third party evaluation report of contingent resources and cash flows prepared by Netherland Sewell & Associates Inc. (NSAI) in July 2013 for Providence Resources Plc ("Providence").

NSAI reported that the Basal Wealden oil reservoir has an estimated 2C in-place gross on-block volume of 761 MMBO with recoverable resources of 266 MMBO and 187 BCF of associated gas, based on a 35% oil recovery factor. In July 2013, NSAI also provided an estimate of the cash flows attributable to Providence's net interest from the Basal Wealden oil reservoir only. It estimated Providence's net present value at US$2.63 billion in the 2C case (estimated recoverable resources of 266 MMBO and 187 BCF of associated gas) at a 10% discount rate. Further details are available on the Providence website.

Further information has also been made available regarding the revised development plan or development costs which are key inputs into the valuation model.

As San Leon is not the operator of this licence, the Group does not have the ability to commission an independent technical evaluation of the licence area. Therefore, the Directors believe that the NSAI report, when coupled with other information released by Providence and adopted for certain changes in the market, gives the basis for the best estimate of fair value at year end.

With the increase in the oil price since the lows of early 2016 and an increase in farm-out activity, San Leon is confident of the asset value ascribed to Barryroe.

iii) Amedeo Resources plc

During 2017, the Company sold 100,000< ordinary shares in Amedeo Resources plc for cash consideration of €30,998. At 30 June 2017, the Company hold 213,512< ordinary shares with a market value of €28,548 (2016:€139,219).

During 2016, the Company sold 398,738< ordinary shares in Amedeo Resources plc for cash consideration of €139,219.

Adjusted for share consolidation of 1 for 100 in Amedeo Resources plc.

(iv) Ardilaun Energy Limited

As part of the consideration for the sale of Island Oil & Gas Limited to Ardilaun Energy Limited ("Ardilaun") in 2014.

Ardilaun agreed to issue shares equivalent to 15% of the issued share capital of Ardilaun. The original fair value of the 15% interest in Ardilaun was based on a market transaction in Ardilaun shares. The Directors have considered the carrying value of this interest at 31 December 2016 and are satisfied that the carrying value continues to be appropriate in the absence of further market data.

(v) Poznan 1% Net Profit Interest

Please see Note 3 for further details.

11. Trade and other receivables

 

 

Un-audited

Un-audited

Audited

 

 

30/06/17

30/06/16

31/12/16

 

 

€'000

€'000

€'000

Amounts falling due within one year:

Trade receivables from joint operating partners

 

 

41

 

75

 

19

VAT and other taxes refundable

 

1,071

711

894

Other debtors (i)

 

7,647

5,412

8,368

Prepayments and accrued income

 

2,059

181

2,209

 

 

10,818

6,379

11,490

(i) Other debtors includes €4.3 million (US$4.5 million) due from Palomar for the disposal of equity accounted investments in 2016 (Note 3).

12. Other financial assets

 

 

Un-audited

Un-audited

Audited

 

 

30/06/17

30/06/16

31/12/16

 

 

€'000

€'000

€'000

Restricted cash at bank

 

1,227

1,261

1,328

Restricted cash at bank at 30 June 2017 is a deposit account held in support of bank guarantees required under the Moroccan exploration licence, Zag, held by the Group.

After the reporting period, in April 2017, the Company announced that the Office National des Hydrocarbures et des Mines ("ONHYM") has written to the Company regarding the non-performance of the work programme on its Zag Licence, onshore Morocco. ONHYM has assumed control of the existing bank guarantee (listed above as restricted cash), and has requested a penalty of the same amount again to be paid. The Zag licence is in a geographical area which the Company believes justifies a declaration of force majeure due to the regional security situation. The Directors are confident, given their belief in the force majeure status of the licence, with the recoverability of the bank guarantee and that the penalty cannot be enforced. The company is in negotiations with ONHYM regarding the future of the licence including the week programme, and the force majeure status.

13. Cash and cash equivalents

 

 

Un-audited

Un-audited

Audited

 

 

30/06/17

30/06/16

31/12/16

 

 

€'000

€'000

€'000

Cash and cash equivalents

 

283

729

177

14. Held for sale assets and liabilities

During 2016 efforts to sell, relinquish, or farm-out most of the Company's assets in Poland commenced as part of the strategic realignment and focus on Nigeria. This process is substantially underway and it is anticipated that sale and purchase agreements will be concluded in the second half of 2017 with regard to the held for sale assets, following which various formalities will have to be concluded, in particular with governmental authorities, before completion, expected in 2018.

The assets and liabilities that are up for sale in Poland are as follows:

 

 

Un-audited

Un-audited

Audited

 

 

30/06/17

30/06/16

31/12/16

 

 

€'000

€'000

€'000

Assets

 

 

 

 

Exploration and evaluation assets

 

2,641

-

2,553

Liabilities

 

 

 

 

Decommissioning provision

 

1,000

-

1,000

During 2016 the held for sale exploration and evaluation assets were impaired by €2,861,100 in order to reduce their carrying value to fair value less costs to sell.

There are no other income or expenses related to the held for sale assets.

15. Trade and other payables 

 

 

Un-audited

Un-audited

Audited

 

 

30/06/17

30/06/16

31/12/16

 

 

€'000

€'000

€'000

Current

 

 

 

 

Trade payables

 

5,283

11,478

7,432

PAYE / PRSI

 

365

644

211

Other creditors

 

1,332

2,374

1,270

Accruals

 

1,662

1,985

2,038

Director's Loan

 

60

-

347

 

 

8,702

16,481

11,298

16. Loans and borrowings

 

 

Un-audited

Un-audited

Audited

 

 

30/06/17

30/06/16

31/12/16

 

 

€'000

€'000

€'000

Current

 

 

 

 

YA Global Masters SPV Limited

 

2,467

3,254

4,273

21st Luxury Luxtech Fund Ltd

 

3,104

-

-

Other

 

384

2,587

-

LPL Finance Limited

 

-

907

2,010

 

 

5,955

6,748

6,283

17. Provisions

 

 

 

Decommissioning

€'000

Arbitration

€'000

Other

€'000

Total

€'000

Cost

 

 

 

 

 

 

At 1 January 2016

 

 

4,291

20,561

1,355

26,207

Paid during the period

 

 

-

(2,231)

(705)

(2,936)

Provision during the period

 

 

274

3,628

1,125

5,027

Exchange rate adjustment

 

 

-

-

89

89

Transfer of decommissioning liability

 

 

(1,809)

-

-

(1,809)

Transfer to liabilities held for sale

 

 

(1,000)

-

-

(1,000)

At 31 December 2016

 

 

1,756

21,958

1,864

25,578

Paid during the period

 

 

-

(4,976)

(1,864)

(6,840)

Provision during the period

 

 

-

968

-

968

At 30 June 2017

 

 

1,756

17,950

-

19,706

Current

 

 

476

17,950

-

18,426

Non-current

 

 

1,280

-

-

1,280

 

 

 

 

 

 

 

At 30 June 2016

 

 

4,291

20,561

1,425

26,277

Current

 

 

415

-

1,425

1,840

Non-current

 

 

3,876

20,561

-

24,437

 

 

 

 

 

 

 

At 31 December 2016

 

 

1,756

21,958

1,864

25,578

Current

 

 

476

21,958

1,864

24,298

Non-current

 

 

1,280

-

-

1,280

Decommissioning

The provision for decommissioning costs is recorded at the value of the expenditures expected to be required to settle the Group's future obligations on decommissioning of previously drilled wells. As part of the sale of TSH and Poznan to Palomar, €1.8 million of the decommissioning provision was transferred with the sale.

Arbitration

On 7 November 2016, Avobone N.V. and Avobone Poland B.V. ("Avobone") (together, "Avobone") and the Company settled a number of ongoing disputes between them and between Avobone and certain of San Leon's subsidiaries, including Aurelian Oil & Gas Limited, Aurelian Oil & Gas Poland Sp. z.o.o, Energia Zachod Holdings Sp. z.o.o and AOG Finance Limited, in Poland, Netherlands, Ireland, England & Wales in respect of various matters including a final award in an ICC arbitration dated 21 May 2015. The total settlement amounts to €23.3 million plus interest to be paid to Avobone. Interest will accrue at a rate of 5% per annum on instalments until paid.

As announced by San Leon on 5 June 2017 an Extension Agreement was entered into with Avobone along with a revised payment schedule in respect of sums owed to Avobone.

A payment of €8,175,000 (inclusive of an extension fee) has been made during 2017 so far.

Further payments are due as follows:

  • During October 2017, San Leon shall pay to Avobone, a further sum of €8,000,000
  • During November 2017, San Leon shall pay to Avobone, a further sum of €6,694,840

Payments totalling €22,869,840 are expected during 2017 (inclusive of extension fees and interest since the 31 December 2016) approximately adding an additional €0.9 million to the provision.

Other

Certain Realm Energy International Corporation shareholders exercised rights of dissent under Canadian law not to accept the terms of acquisition in 2011. Under Canadian law, these dissenting shareholders are eligible to receive a cash payment equal to the fair value of their shareholding at acquisition. The provision represents the Directors' estimate of the cash consideration to be paid to those shareholders taking account of the market price of the Realm shares at acquisition.

In Q1 2017 the amount provided at 31 December 2016 was fully paid in cash to the shareholders.

18. Share capital

 

 

Number of

New Ordinary shares

€0.01

each

 

Number of Deferred shares

€0.0001 each

'm

 

 

Authorised equity

'000

Authorised equity

 

 

 

 

At 1 January 2016

 

15,500,000,000

1,265,259

155,000

At 31December 2016

 

15,500,000,000

1,265,259

155,000

At 30 June 2017

 

15,500,000,000

1,265,259

155,000

 

 

 

 

 


 

 

Number of new Ordinary Shares

€0.01

each

Number of Deferred Ordinary Shares

€0.0001 each 'm

Share capital

€'000

Share premium

€'000

Issued called up and fully paid:

 

 

 

 

 

At 1 January 2016

 

61,809,052

1,265,259

127,145

205,126

Issue of shares

 

378,400,000

-

3,784

194,926

Issue of shares in lieu of salary

 

2,816,668

-

28

1,451

At 31 December 2016

 

443,025,720

1,265,259

130,957

401,503

Issue of shares (i and ii)

 

13,254,905

-

132

4,538

At 30 June 2017

 

456,280,625

1,265,259

131,089

406,041

 

 

 

 

 

 

At 30 June 2016

 

61,809,052

1,265,259

127,145

205,126

(i) On the 17th January 2017 San Leon issued and allotted 3,000,000 new ordinary shares to Robin Management Services and 4,000,000 new ordinary shares to DSA Investments Inc. in respect of options exercised. The options were exercised at a price of 30 pence per share.

(ii) Under an agreement with Yorkville, as announced on the 22 June 2017, San Leon issued 6,254,905 new ordinary shares at a price per share of 32 pence with a value of US$2.6m.

On 21 September 2016, the Company issued 378,400,000 €0.01 New Ordinary Shares as a cash equity placing.

Costs directly attributable to the equity placing amounted to €1,974,311. These costs have been recognised as a deduction from equity.

2,816,668 ordinary shares were issued to Oisín Fanning in lieu of 80% of his salary due to him for the period 1 January 2015 to 31 August 2016. 1,167,485 ordinary shares for the year to 31 December 2015 and 1,649,485 ordinary shares for the period 1 January 2016 to 31 August 2016.

 

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