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(GED.L) Global Energy Development PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 24-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 6431Z Global Energy Development PLC 24 September 2009 For Immediate Release 24 September 2009 GLOBAL ENERGY DEVELOPMENT PLC (the "Company") INTERIM REPORT The Company is pleased to announce that it has today posted to shareholders its 2009 Interim Report containing the interim results for the six months ended 30 June 2009 announced on 3 September 2009. The Report is available to view on the Company's website, www.globalenergyplc.com. For further information: Global Energy Development PLC +44 (0)20 7228 4266 Catherine Miles, Company Secretary +44 (0)7909918034 Matrix Corporate Capital LLP +44 (0)20 3206 7000 Alastair Stratton Tim Graham This information is provided by RNS The company news service from the London Stock Exchange END DOCSEEFMLSUSEEU More |
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| 03-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 4168Y
Global Energy Development PLC
03 September 2009
For Immediate Release 3 September 2009
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009
Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), announces its interim results for the six months ended 30 June 2009 (the "Period").
HIGHLIGHTS:
* Revenues down 49.6% at US$9.0 million reflecting the decline in the oil price (first half of 2008: US$17.9 million);
* Costs of Sales and Administrative Expenses reduced by 14.7% and 16.1% respectively during the Period through dedicated cost-cutting efforts;
* Profit from Operations of US$0.3 million (first half of 2008: Profit from Operations of US$7.7 million);
* Loss before Taxation of US$0.4 million (first half of 2008: Profit before Taxation of US$7.1 million);
* Net production moderately higher in the Period, and previously uneconomic wells put back on production in May and June due to higher oil prices; and
* Seismic acquisition underway at the Colombian Rio Verde contract with drilling scheduled to commence during first quarter of 2010.
FOR FURTHER INFORMATION:
Global Energy Development PLC
Catherine Miles, Company Secretary +44 (0)20 7228 4266
www.globalenergyplc.com +44 (0)7909918034
Matrix Corporate Capital LLP
Alastair Stratton +44 (0)20 3206 7204
Tim Graham +44 (0)20 3206 7206
NOTES TO EDITORS:
The Company's shares have been traded on AIM, a market operated by the London Stock Exchange, since March 2002 (LSE-AIM: "GED"). The Company's balanced portfolio covers the countries of Colombia, Peru and Panama and comprises a base of production, developmental drilling and workover opportunities and several high-potential exploration projects. The Company currently holds seven contracts: five in Colombia; one in Peru; and one in Panama. As at 31 December 2008, Ralph E. Davis Associates, Inc. ("Ralph E. Davis"), independent petroleum engineers, reported that proved plus probable ("2P") reserves net to the Company totalled 131.0 million barrels of oil equivalent ("BOE").
The information contained within this announcement has been reviewed by Mr. Stephen Voss, a Director of the Company, for the purpose of the Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies which outlines standards of disclosure for natural resource projects. Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of SPE for 26 years.
CHAIRMAN'S STATEMENT & REVIEW OF OPERATIONS
Whilst 2008 saw the Company report record annual financial results, the swift decline in the oil price through the second half of 2008 continued into 2009. The resultant average West Texas Intermediate ("WTI") crude oil price in the first half of 2009 was US$51.57 per barrel, a 53.6% decline against the first half of 2008 (first half of 2008: average WTI: US$111.14).
The decline in the oil price was reflected in the Company's Revenues, down 49.6% to US$9.0 million (first half of 2008: US$17.9 million), with net production (after all royalty payments) for the first half of 2009 moderately higher at 199,403 barrels of oil ("bbls") (first half of 2008: 181,790 bbls).
The Company took efforts to cut costs against the depressed oil price. Cost of Sales was reduced by 14.7% to US$6.4 million (first half of 2008: US$7.5 million) and Administrative Expenses were cut by 16.1% to US$2.4 million, mainly due to a reduction in the number of employees and consultants (first half of 2008: US$2.8 million). Despite this, Profit from Operations was US$0.3 million against US$7.7 million for the first half of 2008 and the Company recorded a Loss before Taxation of US$0.4 million for the first half of 2009 (first half of 2008: Profit before Taxation US$7.1 million). The Company had no bank debt during the Period and continues to have no bank debt to service.
Activity levels during the first half of 2009 were hampered due to the aforementioned oil price and the ensuing reduced cash flow from operations. Capital expenditure was confined to production-lifting cost reduction and environmental protection projects.
The oil price recovered slightly towards the end of the Period and three of the four wells previously shut-in for uneconomic reasons were put back on production during May and June 2009 and are now averaging approximately 325 barrels of oil per day ("bopd") gross.
The second half of 2009 looks brighter with a continued concentration on reducing costs and higher oil prices (averaging approximately US$66 per barrel of WTI to date). In tandem, operating activity levels have increased with, notably, the acquisition of 3D and 2D seismic underway at the Colombian Rio Verde contract in preparation for planned drilling in the first quarter of 2010. This seismic acquisition represents the vast majority of the Company's contractually required spend for the next six months and therefore the Company is confident that it can remain compliant with all its contracts.
During July 2009, the Company requested that Phase 3 of the Peruvian Block 95 contract be suspended due to delays in receiving certain environmental and community sub-permits necessary to initiate the Company's exploratory programme. Confirmation of the suspension has since been received from Perupetro S. A., the Peruvian State Oil Company. Phase 3 will recommence once the sub-permits are received and will be extended by the length of the suspension. Phase 3 requires a US$2.0 million seismic acquisition programme or the drilling of a well within the Bretana field.
The Company believes that the industry will continue to strengthen and that it will have increased available cash flow. In preparation for this the Company is assessing, along with its independent reserve engineers, projects within the Company's portfolio that would result in the quickest return on investment and have a positive impact on production volumes and reserves.
The Company continues to be well placed despite the recent industry downturn and is confident of being able to resume growth in the near future.
Mikel Faulkner
Executive Chairman
Stephen Voss
Vice Chairman & Operations Director
3 September 2009
INDEPENDENT REVIEW REPORT TO GLOBAL ENERGY DEVELOPMENT PLC
Introduction
We have been engaged by the Company to review the condensed set of financial information in the half-yearly financial report for the six months ended 30 June 2009 which comprises the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Cash Flow Statement, the Consolidated Statement of Changes in Equity and related explanatory notes 1 to 6.
We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is the responsibility of and has been approved by the Directors. The Directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on AIM which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the Company's annual accounts having regard to the accounting standards applicable to such annual accounts.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial information in the half-yearly financial report based on our review.
Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on AIM and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity'', issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial information in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.
BDO Stoy Hayward LLP
Chartered Accountants and Registered Auditors
55 Baker Street
London W1U 7EU
UK
3 September 2009
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 June 2009
Note Six Months ended Six Months ended Twelve Months ended
30 June 2009 30 June 2008 31 December 2008
$'000 $'000 $'000
(Unaudited) (Unaudited) (Audited)
Revenue 9,003 17,873 32,800
Cost of sales (6,361) (7,458) (15,461)
Gross Profit 2,642 10,415 17,339
Other income 54 104 122
Administrative expenses (2,363) (2,818) (6,304)
Profit from Operations 333 7,701 11,157
Finance income 15 80 183
Finance expense (705) (666) (1,417)
(Loss)/Profit before taxation (357) 7,115 9,923
Tax expense (464) (3,172) (2,627)
(Loss)/Profit from continuing (821) 3,943 7,296
operations
Total Comprehensive (loss)/income attributable to (821) 3,943 7,296
the equity holders of the parent
(Loss)/Earnings Per Share
- Basic 4 $ (0.02) $ 0.11 $ 0.21
- Diluted 4 $ (0.02) $ 0.10 $ 0.20
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2009
30 June 2009 31 December 2008
$'000 30 June 2008 $'000
(Unaudited) $'000 (Audited)
(Unaudited)
Assets
Non-current assets
Intangible assets 5,598 4,792 5,358
Property, plant and equipment 95,928 92,691 98,294
Deferred tax assets 1,809 335 1,214
103,335 97, 818 104,866
Current assets
Inventories 1,265 1,029 1,290
Trade and other receivables 7,662 9,285 5,245
Short term investments 1,444 1,812 1,508
Cash & cash equivalents 995 5,976 3,722
11,366 18,102 11,765
Total assets 114,701 115,920 116,631
Liabilities
Non-current liabilities
Convertible loan notes (16,388) (16,003) (16,197)
Deferred tax liabilities (12,068) (12,265) (11,768)
Long term provisions (839) (698) (1,001)
(29,295) (28,966) (28,966)
Current liabilities
Trade and other payables (5,418) (9,765) (7,099)
Total liabilities (34,713) (38,731) (36,065)
Net assets 79,988 77,189 80,566
Equity
Called up share capital 540 539 539
Share premium account 26,543 26,439 26,439
Other reserve 1,826 1,826 1,826
Capital reserve 210,844 210,844 210,844
Retained earnings (159,765) (162,459) (159,082)
Total equity 79,988 77,189 80,566
The financial information on pages 7 to 12 were approved and authorised for issue by the Board of Directors on 3 September 2009 and were signed on its behalf by:
Mikel Faulkner Stephen Voss
Executive Chairman Vice Chairman & Operations Director
3 September 2009 3 September 2009
CONSOLIDATED CASH FLOW STATEMENT
For the period ended 30 June 2009
Six months ended Six months ended Twelve months ended 31 December 2008
30 June 2009 30 June 2008 $'000
$'000 $'000 (Audited)
(Unaudited) (Unaudited)
Cash flows from operating activities
Operating Profit before interest and taxation 333 7,701 11,157
Depreciation, depletion and amortization 2,910 3,238 6,356
(Increase)/decrease in trade and other (2,136) (718) 3,321
receivables
Decrease/(increase) in inventories 23 (145) (406)
(Decrease)/increase in trade and other payables (2,567) (778) 2,412
Increase in long-term provisions 162 24 127
Accretion expense on convertible loans 191 193 387
Provision against unitization receivable - 800 800
Loss on disposal of assets 55 - 25
Other non-cash items (56) - 46
Share-based payments 243 141 165
Cash (used in)/generated from operations (842) 10,456 24,390
Income taxes paid (651) (988) (2,178)
Net cash flows from operating activities (1,493) 9,468 22,212
Investing activities
Capital expenditure and financial investment
- Expenditure on tangible fixed assets (584) (7,293) (21,810)
- Expenditure on intangible fixed assets (253) (373) (939)
Disposal of Property, plant and equipment - 27 46
Interest received 15 80 183
Increase in short-term investments 64 19 323
Net cash flows from investing activities (758) (7,540) (22,197)
Financing activities
Interest paid (476) (554) (895)
Net cash flows from financing activities (476) (554) (895)
(Decrease)/increase in cash and cash equivalents (2,727) 1,374 (880)
Cash and cash equivalents at beginning of period 3,722 4,602 4,602
Cash and cash equivalents at end of period 995 5,976 3,722
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2009
Share Capital Share Other
Capital Reserve Premium Retained Reserves
$'000 $'000 $'000 Earnings $'000
$'000
Total
$'000
At 1 January 2008 (Audited) 539 210,844 26,439 (166,543) 1,826 73,105
Total comprehensive income for - - - 3,943 - 3,943
the period
Share-based payments - - - 141 - 141
At 30 June 2008 (Unaudited) 539 210,844 26,439 (162,459) 1,826 77,189
Total comprehensive income for - - - 3,353 - 3,353
the period
Share-based payments - - - 24 - 24
At 31 December 2008 (Audited) 539 210,844 26,439 (159,082) 1,826 80,566
Total comprehensive loss for - - - (821) - (821)
the period
Share-based payments 1 - 104 138 - 243
At 30 June 2009 (Unaudited) 540 210,844 26,543 (159,765) 1,826 79,988
UNAUDITED NOTES FORMING PART OF THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
For the six months ended 30 June 2009
1. Accounting Policies
Basis of Preparation
The condensed interim financial information has been prepared using policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU. The condensed interim financial information has been prepared using the accounting policies which will be applied in the Group's statutory financial information for the year ended 31 December 2009.
This results in the adoption of the revision to IAS 1; this revision prohibits the presentation of items of income and expenses (that is, "non-owner changes in equity") in the statement of changes in equity, requiring "non-owner changes in equity" to be presented separately from owner changes in equity. All non-owner changes in equity
will be required to be shown in a performance statement. This revision has been applied throughout these interim financial information. In addition IFRS 8 "Segmental reporting" will affect the disclosure notes of the financial statements for the full year.
2. Financial reporting period
The condensed interim financial information for the period 1 January 2009 to 30 June 2009 is unaudited. In the opinion of the Directors the condensed interim financial information for the period presents fairly the financial position, and results from operations and cash flows for the period in conformity with the generally accepted accounting principles consistently applied. The condensed interim financial information incorporates comparative figures for the interim period 1 January 2008 to 30 June 2008 and the audited financial year to 31 December 2008.
The financial information contained in this interim report does not constitute statutory accounts as defined by section 435 of the Companies Act 2006.
The comparatives for the full year ended 31 December 2008 are not the Company's full statutory accounts for that year. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 237(2)-(3) of the Companies Act 1985.
3. Revenue
Revenue is attributable to one continuing activity, which is oil production from Harken de Colombia, Ltd., a wholly-owned subsidiary of the Group, located in Colombia, South America.
4. Loss per share
Basic earnings per share amounts are calculated by dividing profit/(loss) for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding for the period.
Diluted earnings per share amounts are calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary share outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
The following reflects the income and share data used in the basic and diluted earnings per share calculations:
Six months ended Six months ended Twelve months
30 June 2009 30 June 2008 ended
$'000 $'000 31 December 2008
$'000
Net (loss)/profit attributable (821) 3,943 7,296
to equity holders used in
basic calculation
Add back interest and 667 582 1,281
accretion charge in respect of
convertible loan notes
Net (loss)/profit attributable (154) 4,525 8,577
to equity holders used in
dilutive calculation
Basic weighted average number 35,333,927 35,328,428 35,328,428
of shares
Dilutive potential ordinary
shares
Shares related to 4,565,027 4,565,027 4,565,027
convertible notes
Employee and Director share 2,945,196 3,795,196 3,145,196
option plans
Diluted weighted average 42,844,150 43,688,651 43,038,651
number of shares
The calculation of the diluted EPS assumes all criteria giving rise to the dilution of the EPS are achieved and all outstanding share options are exercised.
During the period ended 30 June 2009 the Group reported a loss, therefore, because the effect of the dilutive shares related to convertible loan notes and outstanding share options are anti-dilutive, the diluted loss per share equals the basic loss per share for this period.
5. Interim dividends
No interim dividend has been declared.
6. Subsequent events
There were no material subsequent events between 30 June 2009 and the date of this document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSWFDESUSELU
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| 27-07-09 | RNS |
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RNS Number : 2909W Global Energy Development PLC 27 July 2009 For Immediate Release 27 July 2009
GLOBAL ENERGY DEVELOPMENT PLC ("Global" or the "Company")
ACQUISITION OF SEISMIC Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), is pleased to announce that it has signed a contract to acquire seismic over the Colombian Rio Verde contract. The contract with Compania Geofisica Latinoamericana S.A. ("CGL") covers the acquisition of 18 kms of 2D seismic and 109 kms of 3D seismic, with acquisition and processing expected to be complete during September 2009. The seismic is being acquired to more fully image the Boral and Tilodiran geologic structures, structures already proven as productive through the Company's successful drilling on the contract area last year. The seismic will enable the Company to better define a development drilling programme for both of these structures with the next well anticipated to be drilled within the Boral structure in the first quarter of 2010. The acquired seismic will also help the Company assess the other potentially prospective geologic structures located on the contract area and plan for future exploratory drilling on these areas. For further information: Global Energy Development PLC
Matrix Corporate Capital LLP
Alastair Stratton +44 (0)20 3206 7204
Notes to Editors: CGL is an established, qualified geophysical contractor which has completed approximately 48 seismic acquisition programs in Colombia for various companies including Global. CGL has previously worked with Global on the Rio Verde contract area. Global's shares have been traded on AIM, a market operated by the London Stock Exchange, since March 2002 (LSE-AIM: "GED"). The Company's balanced portfolio covers the countries of Colombia, Peru and Panama and comprises a base of production, developmental drilling and workover opportunities and several high-potential exploration projects. The Company currently holds seven contracts: five in Colombia; one in Peru; and one in Panama. As at 31 December 2008, Ralph E. Davis Associates, Inc. ("Ralph E. Davis"), independent petroleum engineers, reported that proved plus probable ("2P") reserves net to the Company totalled 131.0 million barrels of oil equivalent ('BOE"). The information contained within this announcement has been reviewed by Mr. Stephen Voss, a Director of the Company, for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies which outlines standards of disclosure for natural resource projects. Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of SPE for 26 years. This information is provided by RNS The company news service from the London Stock Exchange END
ACQRFMPTMMBTBBL More |
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| 30-06-09 | RNS |
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RNS Number : 8254U Global Energy Development PLC 30 June 2009 For Immediate Release 30 June 2009 Global Energy Development PLC (the "Company") Update to Total Voting Rights In conformity with the FSA Disclosure and Transparency Rules (DTR 5.6), the Company makes the following notification. The Company announced on 16 June 2009 the issue and application for admission of 110,581 ordinary shares to trading on the AIM market of the London Stock Exchange. As a result of this issue, the Company's share capital now consists of 35,439,009 ordinary shares of 1 pence each. The Company does not hold any shares in treasury. Therefore, the total number of ordinary shares with voting rights is 35,439,009. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FSA Disclosure and Transparency Rules. For further information:
Catherine Miles, Company Secretary +44 (0)7909918034
Matrix Corporate Capital LLP
This information is provided by RNS The company news service from the London Stock Exchange END
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| 07-11-09 | ||||
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H1 being $9m and a small loss but oil price higher and more being pumped now. Any views on H2 revenue and profit would be appreciated.
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| 13-09-09 | ||||
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Hi MathsGuru,
I've just been reading through some old posts and was wandering if I can pick your brains on what you factor into your crude profit analysis spreadsheet? I've developed something myself, using current production * forecasted crude prices for next year ro calculate future earnings. Do you look at anything else in your analysis? Many Thanks More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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| 07-09-09 | ||||
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Hi, does anyone know if GED have ever published their PD levels.
I read that oil companies P1 reserves are classified as PD (easily accessible with current equiptment) and PDU (need further equiptment or drilling to get to). I sent their PR people an email to ask but no joy. Any steering on how easy it is for GED to get at their oil? I think this stock may have potential, but it largely rests on this issue. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 03-09-09 |
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I'm in, results not so bad, accounts look a lot more healthy than most E&P's
Producing about 1,000bopd, but with bringing back online to previously closed wells should see a 30% increase. Possible increase in Oil prices as we come out of economic slump back to $100 Also Colombian Rio Verde to be drilled in first quarter of 2010, should see increase in share price More | View thread (8) | Respond | Login to Vote up | Login to Vote down |
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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