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2014 Interim Report

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2014 Interim Report A Licence Rich in Prospects Argos Resources Ltd Interim Report 2014 Argos Resources is an oil and gas exploration company listed on AIM and based in the Falkland Islands. The Company’s principal asset is a 100% interest in production licence PL001 covering an area of approximately 1,126 sq kms in the North Falkland Basin. Sperm Whale > Sperm whales sighted in Falkland Islands’ waters are most likely to be males – as most females and their calves remain in the warmer waters at more northerly latitudes. Contents 1 Highlights 9 Consolidated statement of 2 At a Glance changes in equity – unaudited 4 Chairman’s Statement 10 Notes to the interim report 6 Consolidated statement – unaudited of comprehensive income 12 Independent review report 7 Consolidated statement to Argos Resources Limited of financial position 14 Investor information 8 Consolidated statement and advisors of cash flows Argos Resources Ltd 1 Interim Report 2014 ZZ $0.7 million loss from expensed Highlights overhead (H1 2013: $1.2 million) ZZ $2.1 million cash reserves at 30 June 2014 2014 1H (YE 2013: $2.9 million) ZZ The updated Competent Person’s Report, describing 52 prospects, 40 leads and a Best Estimate of unrisked recoverable prospective resources of 3.1 billion barrels of oil, has underpinned Argos’s 2014 farmout campaign ZZ The recent contracting of the Erik Raude deep-water rig by Noble Energy and Premier Oil, and clarity over a 2015 drilling programme, has further increased confidence in a successful Argos farmout ZZ Negotiations with potential partners are currently under way 2 Argos Resources Ltd Interim Report 2014 P0001 WELLS Oil discovery Oil and gas discovery At a Glance Gas/Condensate discovery P&A, oil shows An emerging oil and gas province P&A, dry well Argos Resources Rhea Some of our Prospects Sea Lion Big Metis Falkland Islands Rhea Stack, 443 mmbo Casper The Rhea Stack includes a sequence of P0001 Situated approximately 480 kms Beverley overlapping lacustrine basin floor fans Helios Poseidon to the east of South America in and delta, toe-of-slope, sandstones encased in organic-rich mudstones the South Atlantic Ocean. which provide both source and seal. The Falkland Islands cover approximately 12,000 sq kms Helios Stack, 666 mmbo of land and include the two main islands of East and The Helios Stack is a sequence of thick lacustrine fan sandstones West Falkland and about 200 small islands. The Islands which have built up above a deep have their own legislation relating to oil and gas, which seated structural closure, and is administered by the Director of Mineral Resources, have scoured into the underlying organic-rich mudstones. an official of the Falkland Islands Government based in Stanley. Big Metis, 216 mmbo Big Metis is a very large lacustrine Water depth in the North Falkland Basin is between basin floor fan in the Western Graben in which sands have ponded against 140 metres and 500 metres and the operating the Orca Ridge. Big Metis underlies environment is similar to that of the UK Central Helios and is encased in high quality, North Sea with the potential for year-round drilling. mature Lower Cretaceous source rocks, providing both source and seal. Falkland Islands Oil prospects in latest CPR, Poseidon Channel Sequence, dated 26 July 2013 204 mmbo Licence areas The Poseidon A-E prospects are Argos Resources an en echelon series of channel sandstones deposited as a “string of Premier (Rockhopper/ pearls” along the axis of the Eastern Falkland Oil and Gas) Graben. The sands are encased in organic-rich mudstones which Falkland Oil and Gas 52 provide both source and seal. (Premier/Rockhopper) Premier (Rockhopper) Additional leads Borders and Southern Darwin Discovery Noble (Falkland Oil and Gas/Condensate Gas/Edison) Falkland Oil and Gas Falkland Oil and Gas (Premier/Rockhopper/ 40 Denholm) Argos Resources Ltd 3 Interim Report 2014 P0001 WELLS Oil discovery Oil and gas discovery Gas/Condensate discovery P&A, oil shows P&A, dry well Argos Resources Rhea Sea Lion Big Metis Casper P0001 Beverley Helios Poseidon Falkland Islands Licence areas Argos Resources Premier (Rockhopper/ Falkland Oil and Gas) Falkland Oil and Gas (Premier/Rockhopper) Premier (Rockhopper) Borders and Southern Darwin Discovery Noble (Falkland Oil and Gas/Condensate Gas/Edison) Falkland Oil and Gas Falkland Oil and Gas (Premier/Rockhopper/ Denholm) 4 Argos Resources Ltd Interim Report 2014 Chairman’s Statement Ian Thomson OBE Prospect identification and detailed mapping within licence PL001 was effectively completed in 2013, resulting in the identification of 52 prospects with a Best Estimate of unrisked recoverable prospective resources on the Argos acreage of 3,083 mmbo, with a High Estimate of 10,412 mmbo. The Company’s focus since then has been to attract partners into the licence to help fund the next stage of exploration drilling. A number of companies have expressed interest in our licence and we have been particularly encouraged by those companies’ The Company’s focus has been views on the sub-surface interpretation to attract partners into the and prospect ranking, which align licence to help fund the next closely with our own interpretation. I said in my Statement in the 2013 Annual stage of exploration drilling. Report that the farmout effort has been an extended process affected, in part, by uncertainties over the timing of rig availability and drilling. Since then, it was announced in June 2014 that the deep-water rig, the Erik Raude, has been contracted by Noble Energy and Premier Oil to commence drilling in the Falklands in early 2015. The drilling contract is for six firm wells and numerous additional optional wells which can be exercised in the future. Four of the six firm wells will be drilled on acreage adjacent to our licence; one will be an additional appraisal well on Sea Lion, immediately to the east of PL001, which will also be deepened to test the Chatham prospect; three further exploration wells will test new prospects immediately to the south of our licence. We believe this drilling programme will further de-risk the prospectivity of licence PL001. Argos Resources Ltd 5 Interim Report 2014 I am hopeful that this recent clarity on a drilling timetable for the basin will now allow us to conclude a farmout under satisfactory terms, and negotiations with potential partners are currently under way. While we are unable to commit to participate in the rig contract until funding for drilling is secured, we are confident that once this is achieved, we will be able to join in this forthcoming drilling campaign. Financial overview Losses for the Group for the six months to 30 June 2014 were $0.7 million (2013: $1.2 million) giving a loss per share of 0.30 cents (2013: 0.54 cents). Administrative expenses were $0.7 million compared to $0.9 million for the same period in 2013. The $0.1 million (2013: $0.6 million) expended on exploration and development expenditure was spent on continued interpretation of the seismic data. Net assets have decreased from $31.7 million to $31.1 million as a result of the losses incurred. Financial outlook The Group is fully funded to carry out its current activities and has funds to cover administration costs beyond 2015. Ian Thomson OBE Chairman 28 August 2014 6 Argos Resources Ltd Interim Report 2014 Consolidated statement of comprehensive income Period ended 30 June 2014 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2014 2013 2013 unaudited unaudited audited Note $’000 $’000 $’000 Administrative expenses (722) (916) (1,846) Finance income 4 11 17 Foreign exchange gains/(losses) 65 (262) (15) Loss before tax (653) (1,167) (1,844) Loss from operations attributable to owners of the parent (653) (1,167) (1,844) Total comprehensive income for the period attributable to owners of the parent (653) (1,167) (1,844) Basic and diluted loss per share (cents) 2 (0.30) (0.54) (0.85) Argos Resources Ltd 7 Interim Report 2014 Consolidated statement of financial position As at 30 June 2014 As at As at As at 30 June 30 June 31 December 2014 2013 2013 unaudited unaudited audited Note $’000 $’000 $’000 Assets Non-current assets Capitalised exploration expenditure 2 9,010 28,873 28,956 Plant and equipment 26 45 36 2 9,03 6 28,918 28,992 Current assets Other receivables 93 121 14 0 Cash and cash equivalents 2,102 4,263 2,892 Total current assets 2,195 4,384 3,032 Total assets 31,231 33,302 32,024 Liabilities Total and current liabilities Other payables 174 915 314 Total net assets 31,057 32,387 31,710 Capital and reserves attributable to equity holders of the company Share capital 6,595 6,595 6,595 Share premium 30,071 30,071 30,071 Retained losses (5,609) (4,279) (4,956) Total shareholders’ equity 31,057 32,387 31,710 8 Argos Resources Ltd Interim Report 2014 Consolidated statement of cash flows Period ended 30 June 2014 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2014 2013 2013 unaudited unaudited audited $’000 $’000 $’000 Cash flows from operating activities Loss for period (653) (1,167) (1,844) Adjustments for: Finance income (4) ( 11 ) ( 17 ) Depreciation 10 10 20 Net cash outflow from operating activities before changes in working capital (647) (1,16 8) (1,841) Decrease in other receivables 13 13 28 (Decrease)/increase in other payables (198) 362 174 Net cash (outflow) from operating activities (832) (793) (1,639) Investing activities Interest received 4 12 18 Exploration and development expenditure (28) (368) (1,154) Purchase of plant and equipment – – (2) Net cash used in investment
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