Risk warning: The value of investments and derived income can fall. Investors may get back less than they invested.

European Metals Holding – Funding Arrangement and Potential Strategic Partnership

European Metals Holdings Limited (“European Metals” or “the Company“) is pleased to announce that CEZ Group (“CEZ”), one of Central and Eastern Europe’s largest power utilities, has today conditionally agreed to provide a EUR 2 million finance facility by way of a convertible loan. CEZ is currently conducting due diligence on the Company and Project. The successful outcome of the due diligence process could see CEZ become European Metals’ largest shareholder and co-development partner for the Cinovec Lithium/Tin Project through conversion of the convertible note and subsequent additional investment.

Headquartered in the Czech Republic, CEZ is an established, integrated energy group with operations in a number of Central and Southeastern European countries and Turkey. CEZ’s core business is the generation, distribution, trade in, and sales of electricity and heat, trade in and sales of natural gas, and coal extraction. CEZ Group has 31,400 employees and annual revenue of approximately AUD 12 billion.

The largest shareholder of its parent company, CEZ a. s., is the Ministry of Finance of the Czech Republic with a stake of approximately 70%. The shares of CEZ a.s. are traded on the Prague and Warsaw stock exchanges and included in the PX and WIG-CEE exchange indices.

As one of the leading Central European power companies, CEZ intends to develop energy storage projects in the Czech Republic and in Central Europe which include energy storage and charging infrastructure and electricity supply, for users of electric vehicles.

European Metals Managing Director Keith Coughlan said, “We are delighted to be in advanced discussions with CEZ regarding the future development of the Cinovec Project. CEZ is the largest company in the Czech Republic and one of the leading companies in Central and Eastern Europe, having a strong vision with regards to renewable energy and power storage. Potentially partnering with CEZ further demonstrates EMH’s commitment to develop fully the Cinovec Project in conjunction with Czech industry, for the benefit of the country’s involvement in the battery and EV industries. With their blend of technical foresight and historic mining experience, CEZ is the ideal partner for the Company.”

Funding Facility

The funding facility takes the form of a convertible loan (“Loan”). The key terms of the Loan are as follows:

·      Principal amount: EUR 2 million.

·      Maturity date: 31 December 2019.

·    Interest rate: 7.5% per annum compounded annually.

·    Conditions to Loan: The drawdown of the principal amount is subject to certain conditions, including entry into a pledge agreement (see below), and execution of a letter of intent pursuant to which the Company will, subject to applicable regulatory restrictions or the rules of any relevant stock exchange, grant exclusivity to CEZ until 31 December 2019 to carry out due diligence on the Company in respect of a potential acquisition of an interest in the Cinovec Project (“Project”) and/or Geomet.

·    Use of funds: The Company shall use the Loan for the purposes of development of the Project.

·    Conversion terms:

o  CEZ may elect to convert the principal amount to shares in the Company at any time up to and including the maturity date or in the case of an event of default by the Company or if there is a further financing of the Company.

o  Any conversion shares will be issued at the lower of EUR 0.24305337 (the volume weighted average price on AIM for the month of May 2019 converted to euros) and the actual share price at the time of conversion.

o  The number of conversion shares will be limited such that, inter alia, CEZ will not as a  result hold a stake in the Company that would require CEZ to make a mandatory offer for the entire issued share capital of the Company or otherwise require the Company to seek shareholder approval for the purposes of the Australian Securities Exchange Listing Rule 7.1.

·    Security: As a condition precedent to the provision of the Loan, the parties intend to enter into a pledge agreement in order to secure the obligations of the Company under the Loan agreement, subject to applicable regulatory restrictions or the rules of any relevant stock exchange. Such obligations will be secured for the benefit of CEZ up to EUR 3,000,000 by a pledge over the 76% ownership interest of European Metals (UK) Limited (“EMH UK“) in GEOMET s.r.o. (“Geomet“), including a related negative pledge and prohibition of transferring and/or encumbering any of the 76% ownership interest of EMH UK in Geomet as well as the 24% ownership interest of EMH UK in Geomet.

·      Further financing: During the term of the Loan agreement, CEZ has the opportunity to participate in any further new equity and / or debt financing of the Company, subject to certain restrictions.

·      Representations, warranties and covenants: The Company has given CEZ certain customary representations and warranties with respect to the Company and its subsidiaries. The Company also covenants, subject to certain exceptions, not to allow a change of control of EMH, EMH UK or Geomet, not to pay or declare any dividends, not to grant security over the group and not to merge, liquidate or cease operations of EMH, EMH UK or Geomet.

·      The Loan agreement is legally binding on the parties and is subject to English law.

BACKGROUND INFORMATION ON CINOVEC

PROJECT OVERVIEW

Cinovec Lithium/Tin Project

European Metals, through its wholly owned subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Cinovec hosts a globally significant hard rock lithium deposit with a total Indicated Mineral Resource of 372.4Mt @ 0.45% Li2O and 0.04% Sn and an Inferred Mineral Resource of 323.5Mt @ 0.39% Li2O and 0.04% Sn containing a combined 7.18 million tonnes Lithium Carbonate Equivalent and 278kt of tin reported 28 November 2017 (Further Increase in Indicated Resource at Cinovec South). An initial Probable Ore Reserve of 34.5Mt @ 0.65% Li2O and 0.09% Sn reported 4 July 2017 (Cinovec Maiden Ore Reserve – Further Information) has been declared to cover the first 20 years mining at an output of 22,500tpa of lithium carbonate reported 11 July 2018 (Cinovec Production Modelled to Increase to 22,500tpa of Lithium Carbonate).

This makes Cinovec the largest lithium deposit in Europe, the fourth largest non-brine deposit in the world and a globally significant tin resource.

The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation.

The economic viability of Cinovec has been enhanced by the recent strong increase in demand for lithium globally, and within Europe specifically.

There are no other material changes to the original information and all the material assumptions continue to apply to the forecasts.

CONTACT

For further information on this update or the Company generally, please visit our website at http://www.europeanmet.com or contact:

Mr. Keith Coughlan
Managing Director  

COMPETENT PERSON

Information in this release that relates to exploration results is based on information compiled by Dr Pavel Reichl. Dr Reichl is a Certified Professional Geologist (certified by the American Institute of Professional Geologists), a member of the American Institute of Professional Geologists, a Fellow of the Society of Economic Geologists and is a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and a Qualified Person for the purposes of the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009. Dr Reichl consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. Dr Reichl holds CDIs in European Metals.

The information in this release that relates to Mineral Resources and Exploration Targets has been compiled by Mr Lynn Widenbar. Mr Widenbar, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full time employee of Widenbar and Associates and produced the estimate based on data and geological information supplied by European Metals. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012 Edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Widenbar consents to the inclusion in this report of the matters based on his information in the form and context that the information appears.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company’s business and operations in the future. The company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the company or management or beyond the company’s control.

Although the company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

LITHIUM CLASSIFICATION AND CONVERSION FACTORS

Lithium grades are normally presented in percentages or parts per million (ppm). Grades of deposits are also expressed as lithium compounds in percentages, for example as a percent lithium oxide (Li2O) content or percent lithium carbonate (Li2CO3) content.

Lithium carbonate equivalent (“LCE”) is the industry standard terminology for, and is equivalent to, Li2CO3. Use of LCE is to provide data comparable with industry reports and is the total equivalent amount of lithium carbonate, assuming the lithium content in the deposit is converted to lithium carbonate, using the conversion rates in the table included below to get an equivalent Li2CO3 value in percent. Use of LCE assumes 100% recovery and no process losses in the extraction of Li2CO3 from the deposit.

Lithium resources and reserves are usually presented in tonnes of LCE or Li.

The standard conversion factors are set out in the table below:

Table: Conversion Factors for Lithium Compounds and Minerals

Convert from Convert to LiConvert to Li2OConvert to Li2CO3
LithiumLi1.0002.1535.325
Lithium OxideLi2O0.4641.0002.473
Lithium CarbonateLi2CO30.1880.4041.000
Lithium HydroxideLiOH.H2O0.1650.3560.880

WEBSITE

A copy of this announcement is available from the Company’s website at www.europeanmet.com.

ENQUIRIES:

European Metals Holdings Limited
Keith Coughlan, Managing Director  
Kiran Morzaria, Non-Executive Director 
Julia Beckett, Company Secretary
Tel: +61 (0) 419 996 333
Email: keith@europeanmet.com 
Tel: +44 (0) 20 7440 0647 
Tel: +61 (0) 8 6245 2050
Email: julia@europeanmet.com 
Beaumont Cornish (Nomad & Broker)
Michael Cornish
Roland Cornish 
Tel: +44 (0) 20 7628 3396
Email: corpfin@b-cornish.co.uk
Shard Capital (Joint Broker)
Damon Health
Erik Woolgar 
Tel:  +44 (0) 20 7186 9950

The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release.  The person who arranged for the release of this announcement on behalf of the Company was Keith Coughlan, Managing Director.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com

Jubilee Metals Group Plc – Projects Update

Jubilee Metals Group PLC (“Jubilee” or the “Company”), the AIM and AltX traded metals processing company, is pleased to provide an update on its various projects in South Africa and Zambia, including confirmation of completion of the acquisition of the Sable Zinc Kabwe refinery in Zambia.

Highlights

·    All conditions precedent for the acquisition of the Sable Zinc Kabwe refinery have been fulfilled with final competition commissioning approval received for the transaction from the Zambian Competition and Consumer Protection Commission (“ZCCPC”)

·    Circuit upgrades ready to commence integration with the Sable Zinc Kabwe refinery to process lead, zinc and vanadium

·    Commissioning of Eland Platinum’s recovery plant (“Eland Plant”) is progressing well, reaching flow stability on the floatation circuit with the grinding circuit targeted to be introduced into the circuit by mid-July 2019   

·    Production of the first saleable PGM* concentrate at the Eland Plant expected during August 2019

·    DCM fine chrome project continues to increase throughput achieving production levels of 5,000 tonnes of on spec chrome concentrate for June 2019

* 6 Element Platinum Group Metals including platinum, palladium, rhodium, ruthenium, osmium and gold

Leon Coetzer, Jubilee Chief Executive Officer, says: “Jubilee continues to demonstrate progress with the implementation of its strategy to diversify earnings through both widening our existing metals exposure with the implementation of additional projects as well as expanding our geographic footprint with our Kabwe project in Zambia.

“I am delighted that we have successfully achieved all conditions precedent for the implementation of the Sable Zinc Kabwe acquisition with the final approval from the ZCCPC being ratified and completion formalised.  With the design process near finalised, this allows Jubilee to commence with the circuit upgrade and expansion of the Sable Zinc Kabwe refinery for the processing of the Kabwe tailings to produce zinc, vanadium and lead.  The first phase of the project targets the production of Vanadium Pentoxide (V2O5) and a zinc concentrate with phase two bringing the zinc metal refining step and lead concentrate online.

 “The PlatCro PGM project, which has the potential to add 30,000 ounces per annum of PGM production to our existing 30,000 ounces, has reached its first phase commissioning targets achieving stable flow rates through the Eland PGM Plant.  The next commissioning target is to bring online the grinding circuit set for mid-July 2019.  We expect to achieve saleable PGM concentrates during August 2019.

“Our ground-breaking DCM Fine Chrome project continues to deliver on expectation producing in excess of 5,000 tonnes of chrome concentrate during the month of June 2019. With this success, we now target to integrate the fine chrome solution into our other operations. “

Kabwe zinc, vanadium and lead project – Zambia

As previously announced on 5 June 2019, the completion of the acquisition of Sable Zinc Kabwe refinery in Zambia (the “Acquisition”) from Glencore PLC (“Glencore”), was conditional upon the fulfilment of certain conditions precedent (“CPs”) as contained in the share purchase agreement, of which approval for ratification from the ZCCPC remained the only outstanding CP.

Jubilee is pleased to announce that the ZCCPC has granted final authorisation for the Acquisition with both Jubilee and Glencore acknowledging that all CPs to the Acquisition have been satisfied. The final administrative process for the Sable Zinc Kabwe refinery handover and share transfer has commenced with the parties agreeing to target completion by the end of July 2019.

Having already progressed the project with the finalisation of the detail process design, Jubilee’s engineers are ready to commence the process upgrade to integrate the Kabwe Tailings project.  The project targets to integrate the process over two phases with the first phase targeting the production of vanadium pentoxide (V2O5) and an intermediate saleable zinc concentrate, while phase two is targeting production of refined zinc and a lead concentrate.  Phase one implementation is expected to deliver its first production within four months of taking effective control of the Sable Zinc refinery. 

During the integration of the new process for phase one of the project, Jubilee intends to commence production of copper from the Sable Zinc Kabwe refinery utilising the existing refinery infrastructure.  This affords Jubilee the opportunity to maintain both the sulfuric acid plant as well as the copper refinery circuit in production while integrating the new circuit required for the vanadium and zinc refining.

PlatCro PGM project – (South Africa)

The PlatCro PGM project has achieved its first phase commissioning targets by reaching stable flow rates through the Eland PGM Plant. It is expected that that the grinding circuit will be brought online by mid-July 2019 with saleable PGM concentrates achieved during August 2019.

The PlatCro PGM project holds the potential to add a further 30,000 ounces per annum of PGM production, which doubles Jubilee’s current 30,000 ounces per annum of PGM capacity. 

DCM operation – chrome (South Africa)

Jubilee’s ground breaking DCM fine chrome recovery plant, constructed during Q4 2018, has continued to successfully increase its production in-line with expectations achieving the production of 5,000 tonnes of chrome concentrate during the month of June 2019. Jubilee intends to integrate the fine chrome recovery process into its remaining chrome operations. The fine chrome recovery circuit targeted 25,000 tonnes of chrome processing per month, and already achieved close on 25,000 tonnes for the month of June 2019.

10 July 2019

**ENDS**

For further information visit www.jubileemetalsgroup.com  or contact:

Jubilee Metals Group PLC

Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913

Nominated Adviser – SPARK Advisory Partners Limited
Andrew Emmott/Vassil Kirtchev
Tel: +44 (0) 203 368 3555

Broker – Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7 186 9900

JSE Sponsor – Sasfin Capital (a member of the Sasfin group)

Sharon Owens
Tel +27 (0) 11 809 7500

PR & IR Adviser – St Brides Partners Limited

Catherine Leftley/Juliet Earl

Tel +44 (0)20 7236 1177

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Iconic Labs Plc – Results of GM: Change of Name to Iconic Labs Plc

The Board is pleased to announce that the Company has changed its name to Iconic Labs Plc (‘Iconic Labs’) to reflect its new focus as a multi-divisional new media and technology business.  This change takes effect following the Company’s General Meeting (“GM”) held today, where all resolutions were duly passed.  The new ticker for the Company will be ICON and take effect on 11 July 2019.

Iconic Labs provides online marketing, content and technology driven products to enable companies to increase their consumer engagement and build brand presence.  The team, led by John Quinlan and Liam Harrington, who were founders and key drivers behind UNILAD, the world’s largest social media publisher, is making progress with regards to its new media activities, highlighted by the recently announced consulting and marketing services engagement with a UK-based financial services business, where work has commenced. 

The progress made has been achieved with just a soft launch; an official launch is planned, which the Company believes will benefit client acquisitions and brand awareness in the sector. The Board anticipates that the name change will be beneficial to securing new business opportunities, attracting potential complementary acquisitions as well as creating increased visibility for investors. 

Iconic Labs operates in a rapidly growing market driven by consumer habits shifting to digital and social from TV and print, increasing numbers of distribution platforms fighting for premium content to attract audiences, and traditional agencies struggling to adapt to client demands and new technologies.  As an example, global mobile ad spend is projected to increase from US$138 billion in 2018 to US$212 billion in 2021, while Subscription Video On Demand services rose from 14% of households in 2014 to 39% in 2018.  The market is fragmented, and the Board believes that, by utilising its contact base, experience of growing new media businesses and sector knowledge, it can take advantage of this fast-developing market.

With regards to the WideCells business, the Board continues to address legacy issues and the cash involved and will inform the market when these have been resolved.  It is obviously frustrating for both the management and shareholders that there remain outstanding issues, but the Board is working to alleviate these and ensure that the new business has a firm platform that can be utilised for the benefit of all stakeholders. 

The Board looks forward to updating shareholders as it implements its defined growth strategy both organically and via targeted value-accretive acquisitions utilising its platform and paper.

Chief Executive Officer, John Quinlan, said: “I’m delighted that the name change to Iconic Labs has been effected as the name reflects the current direction of the business in the new media space.  We have a proven track record in the delivery of advice, strategic planning, content provision and developing technology, primarily garnered from our time at UNILAD, which achieved revenues in excess of £10 million per annum; we are utilising this experience to build a business.   There is a distinct opportunity in the new media sector and, since joining in March 2019, we have made progress establishing the offering and building out our market presence.  The reception from our targeted market has been good and we are now leveraging our team’s knowledge, experience and contact base to implement our strategy to create shareholder value.”

**ENDS**

For further information, please visit the Company’s website www.iconiclabs.co.uk or contact:

Shard Capital Partners LLPCo-broker –
Damon Heath,
Erik Woolgar
Tel: +44 (0) 20 7186 9950
St Brides Partners LimitedPR –
Melissa Hancock,
Juliet Earl
Tel: +44 (0) 20 7236 1177

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Live Company Group Plc – Trading Statement

The Company is pleased to provide a Trading Update for the six-month period up to 30 June 2019, ahead of the Annual General Meeting to be held at the offices of Shard Capital Partners LLP, Level 23, 20 Fenchurch Street, London EC3M 3BY at 9.00 a.m. on Friday 19 July 2019. 

The following comments will be made regarding current trading, financial performance and outlook for the financial year at the opening of the meeting.

Overview

David Ciclitira, Executive Chairman:

“At the halfway point of the year we continue to make encouraging progress with sales and have successfully secured 67% of our revenues for 2019 thus far.  Enquiries remain strong for the Group’s touring assets and it is my belief that we will exceed our current target of 60 events for 2019, with 52 events already confirmed and several more in the pipeline.  I regularly remind myself on what our business is about and it comes down to three core elements:

1.    Our strong and continually expanding global network.  As you will see in this Trading Statement, within the first six months of 2019 we signed agreements with a number of new partners and we expect to build upon this further in the coming months particularly in Europe and North America.

2.    Development of our own IP and expanding our major IP partnerships.  We have registered the Bricklive brand and its associated touring brands in most of the major markets globally.  We are also working with Licensing Management International Limited (“LMI”) to develop BRICKLIVE’s merchandise range and are focussed on growing this revenue stream.

I also believe the recent announcement of the partnership with Nickelodeon UK Limited (“Nickelodeon”) for the UK and Ireland is a big step forward for the business.  The response to Paw Patrol has been positive and we are looking to fast track the building of the first Nickelodeon Jnr tour.  Our aim is to build upon our relationship with Nickelodeon and see which exciting paths that leads us down.  Furthermore, we aim to develop our international offering and hope to continue to add to the growing number of IP partners we have already secured.

3.    The Company, through the acquisition of Bright Bricks Holdings Limited (“Bright Bricks”), has the unique ability to build its own assets and tours and bespoke assets for third parties.  The ability to build and grow the number of tours, provides an opportunity to greatly increase the future earnings from the high margin touring business. We have received very positive reviews for our zoo touring assets, with some venues announcing a 30% increase in footfall.  As a result, we expect to begin work, before the end of the year, on a new series of assets beyond our projected 15 tours as at the end of 2019.  The Group will continue to explore opportunities, through its global network, to increase its building capacity to meet the high level of demand.

Our priority for 2019 is to develop the business against the following goals:

1.       Expansion of BRICKLIVE brand in Europe;

2.       Expansion of the BRICKLIVE brand in America;

3.       Foster relationships with global IP partners across the world;

4.       Expansion and development of a new merchandise range using its globally registered brand; and

5.       Expansion of the Group’s touring business, through the creation of new touring shows/assets.

The LVCG Board has taken note of the shareholder comments and I would like to confirm it is our intention to appoint a Non-Executive Director with relevant plc experience who, once appointed, will be asked to chair the remuneration committee.

As previously announced on 2 April 2019, the Board agreed to issue to me a bonus of 500,000 new Ordinary Shares (the “Bonus Shares”), subject to the Group achieving an agreed performance target, in respect of the year ending 31 December 2019.  Whilst, I remain fully committed to achieving this performance target and driving value for the Group, I can confirm that should the performance target be achieved, I have decided not to accept the award of the Bonus Shares.

Looking ahead, we remain focused on delivering our ambitious strategic goals and hope to exceed market expectations, creating long term value for our shareholders.”

Contracted revenue

The Group is pleased to announce that, as at 30 June 2019, the Group is trading in line with market expectations and the Group has already secured multi-year contracts with a value of £4.4 million for 2019 and £1.3 million for 2020.

The Group has seen considerable growth in the BRICKLIVE touring business of both larger shows which can be found in venues such as Zoos, and smaller touring shows which can be found in venues such as shopping centres, tourist attractions and museums.

Number of models

The 2018 Annual Accounts reported that as of the 31 March 2019, the Group owned 650 brick models.  By the end of June 2019, a further 40 models had been completed taking the total number of brick models owned by Group to 690 models.

Number of touring assets

The 2018 Annual Accounts reported that as at 13 June 2019, the number of themed touring assets owned by the Group was 12.  The Group will be creating additional touring shows such as Paw Patrol, Nick Jnr and a smaller Animal Paradise tour and the Group is on track to have 15 touring shows by the end of 2019.

BRICKLIVE Events and Shows

The following table shows the number of BRICKLIVE Events/Shows held in each of 2017 and 2018, the number currently booked for 2019 as at 30 June 2019 and the number project to be held in 2019.

BRICKLIVE Events/ShowsFY 2017FY 2018Booked for 2019 as at 30 June 2019FY 2019 (projected)
Asia820913
Europe8103942
North America1123
South America1311
Middle East11
Total18345260

The Group continues to grow its international network with a focus on markets in which it sees significant future growth.

Over the last six months, the Group has announced partnerships with the following BRICKLIVE Show promoters/venue operators:

–           AWC AG, Germany;

–           Pal Expo, Geneva;

–           Exhibition Hub SPRL, Brussels;

–           SMG Europe Holdings Limited, Aberdeen;

–           Grimaldi Forum, Monaco;

–           Self-promotion of BRICKLIVE flagship show at the NEC in Birmingham; and

–           Make Merry Company Inc., Japan.

As a result of the North America focus, the Board has decided to put a hold on activity in South America. Instead those assets currently in South America will be redeployed to North America to accelerate growth in the region.

The Group also announced the partnership with LMI as the Group’s agent in respect of identifying partners for the licensing and merchandising of BRICKLIVE branded merchandise and products to be sold at the Group’s BRICKLIVE shows, tours and events.  The Board believes that this will provide an additional revenue stream for the Group and is a further diversification of its business.

Enquiries:

Live Company Group Plc
David Ciclitira, Executive Chairman
Ruth Cunningham, Chief Operating Officer
Tel: 020 7225 2000


Stand Hanson Limited (Nominated Adviser)
Stuart Faulkner / Richard Tulloch / James Dance
Tel: 020 7409 3494


Shard Capital Partners LLP (Broker)
Damon Heath
Tel: 020 7186 9950

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.

About Live Company Group plc

The Group is a network of partner-driven fan-based shows using BRICKLIVE created content worldwide.  The Company owns the rights to BRICKLIVE – an interactive experience built around the creative ethos of the world’s most popular construction toy bricks.  BRICKLIVE, which is fast becoming a leading children’s education and entertainment brand, actively encourages all to learn, build and play, and provides inspirational events and shows where like-minded fans can push the boundaries of their creativity.  Bright Bricks is the Group’s production centre for building brick-based models.  The Group is an independent producer of BRICKLIVE and is not associated with the LEGO Group. More information can be found at www.livecompanygroup.com

Forward looking statements

This announcement contains statements which are, or may be deemed to be, “forward looking statements” which are prospective in nature. All statements other than statements of historical fact are forward looking statements. Generally, words such as “expect”, anticipate”, “may”, “should”, “will”, “aspire”, “aim”, “plan”, “target”, “goal”, “ambition” and similar pressions identify forward looking statements. By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Factors which may cause future outcomes to differ from those foreseen or implied in forward looking statements include, but are not limited to: general economic conditions and business conditions in Live Company Group’s markets; contracts awarded to Live Company Group; customers’ acceptance of Live Company Group’s products and services; operational problems; the actions of competitors, trading partners, creditors, rating agencies and others; the success or otherwise of partnering; changes in laws and governmental regulations; regulatory or legal actions, including the types of enforcement action pursued and the nature of remedies sought or imposed; the receipt of relevant third party and/or regulatory approvals; exchange rate fluctuations; the development and use of new technology; changes in public expectations and other changes to business conditions; wars and acts of terrorism; and cyber-attacks. Many of these factors are beyond Live Company Group’s control or influence. These forward-looking statements speak only as of the date of this announcement and have not been audited or otherwise independently verified. Past performance should not be taken as an indication or guarantee of future results and no representation or warranty, express or implied, is made regarding future performance. Except as required by any applicable law or regulation, Live Company Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained in this announcement to reflect any change in Live Company Group’s expectations or any change in events, conditions or circumstances on which any such statement is based after the date of this announcement, or to keep current any other information contained in this announcement.  Accordingly, undue reliance should not be placed on the forward-looking statements.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Nostra Terra Oil and Gas Company plc – Final Results

Nostra Terra Oil and Gas (AIM: NTOG), the oil & gas exploration and production company with a portfolio of assets in the USA and Egypt, is pleased to announce its final results for the year ended 31 December 2018.

Nostra Terra is in the process of sending out hard copies of the Annual Report to its shareholders today and this is now available to download on the Company’s website: www.ntog.co.uk.

Highlights during the period:

·    Revenue for the period increased 56% to $2,267,000 (2017: $1,453,000)

·    Production for the period increased 22% at 37,384 barrels of oil equivalent (boe) (2017: 30,703 boe)

·    Gross profit before exploration, impairment, depreciation, depletion and amortisation was up by 423% to $942,000 (2017: $180,000)

·    Two new vertical wells drilled and put into production in the Permian Basin

o  First well beat expectations reaching 100% payback in year one

o  2nd well met expectations

·    Successful workovers at Pine Mills to increase production

·   Proven Reserves (1P) increased by 18% to 746,030 boe (2017: 646,280 boe) with Proven & Probable Reserves (2P) of 2429,660 boe

·    276% increase in net 2P (Proved & Probable) reserves to 2,429,660 barrels of oil, up from 646,280 barrels of oil (1P at Pine Mills and Permian Basin from 2017)

·    Total Proved & Probable Future Net Income (“FNI”) estimated at $58.65 million

·    Net Present Value at 9% discount (“NPV9”) estimated at $23.93 million

·    Mesquite Asset acquisition in the Permian Basin

o  Increased Permian Basin acreage by 308%

·    $5,000,000 Senior Lending Facility, with 4.75% interest rate with initial borrowing base of $1,200,000 increased to $1,950,000 at 31 December 2018, with a variable rate of the greater of 4.25% and WSS Rate plus 25 basis points

·    Net Proved reserves of 764,030 barrels of oil (1P)

o  Increase primarily due to drilling and development of existing Permian Basin assets during H1  2018

o  Total Proved FNI estimated at $14.96 million

o  Total Proved NPV9 estimated at $7.54 million

·    Net Probable reserves of approximately 1,665,630 barrels of oil

o  Increase attributable entirely to Mesquite

o  Total Probable FNI estimated at $43.69 million

o  Total Probable NPV9 estimated at $16.39 million

·    Cost of Sales as a percent of revenue decreased by 15%

·    Lifting costs per barrel decreased to $32.06 per barrel (2017: $38.72 per barrel)

Post year end highlights

·    Twin well (Permian Basin) reached 100% payback in year one

·    Engineered Economics for Mesquite

·    Additional leasing expanded footprint at Mesquite

·    East Ghazalat, hearing held in London, in May, with conclusion anticipated during the second half of 2019

·    Placing raised additional £1,150,000 cornerstoned by institutional investor

·    Initiation of Research by Shard Capital Partners LLP

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, visit contact:

Nostra Terra Oil and Gas Company plc
Matt Lofgran, CEO 
Tel: +1 480 993 8933
Strand Hanson Limited(Nominated &
Financial Adviser and Joint Broker)
Rory Murphy / Ritchie Balmer /
Jack Botros
Tel:+44 (0) 20 7409 3494
Shard Capital Stockbrokers (Joint
Broker)
Damon Heath / Erik Woolgar

Tel:  
+44 (0) 207 186 9952  
Lionsgate Communications
(Public Relations)
Jonathan Charles
Tel:   +44 (0) 203 697 1209

Chairman’s Report

During 2018, the price of oil continued its overall upward trend, underpinning the recovery of the oil industry with an average price much higher than 2017, and although it dipped towards the end of the year, it has since recovered.

Nostra Terra was well positioned to benefit from this increase in the oil price. The Company’s production from the Pine Mill’s field in Texas has been stable to growing, having achieved rates well in excess of those on acquisition in 2017. This is currently the core cash flow asset for Nostra Terra and the stability, and potential to increase production, is not only a testament to the Company’s field operations but also the original acquisition itself.

In 2018, Nostra Terra successfully drilled two wells in the Permian Basin which had the benefit of diversifying and adding to the Company’s production base and revenue stream. The results from both these wells was in line with expectations.

It is worth reflecting on the above achievements as it represents the successful execution of Nostra Terra’s strategy through organic growth and acquisition to establish long-term revenue streams which contribute positively to the broader activities of the Company.

This success led to considering how greater growth rates could be achieved, which resulted in a pause in drilling activity in the latter half of 2018. The conclusion to this was the acquisition of the Mesquite asset in the Permian Basin. Following technical work undertaken by Trey Resources Inc., it was determined that a successful Mesquite well has the potential to add initial estimated production of 265 barrels of oil per day and would be immediately transformative for Nostra Terra. In addition, the wider Mesquite play and well locations that are in the Company’s inventory would allow for potential multiples of this to be achieved with further follow up drilling.

In Egypt, the Company’s interest in the East Ghazalat field is the subject of an arbitration process which is expected to be concluded in the second half of 2019.

The lifeblood of any producing oil company is its reserves as this represents the latent barrels which could be produced in the future. I am pleased to report that in early 2019 Nostra Terra increased its proven and probable reserves to 2,429,660 barrels of oil, a 276% increase, with a net present value using a 9% discount rate of $24 million, which bodes well for the future. This increase was not solely due to the addition of Mesquite resources but also an overall increase in the existing producing assets, more than offsetting production.

In the early part of 2018, Nostra Terra concluded a $5 million Senior Lending Facility with Washington Federal Bank, at an initial interest rate of 4.75% and a starting borrowing base of $1.2 million. This then increased to $1,950,000, with a rate of 5.75%. This facility has provided financial flexibility allowing the Company to achieve the success that it has had during 2018 both through drilling and the acquisition of the Mesquite asset.

Nostra Terra now has the enviable challenge, which successful growing companies face, of funding and managing growth. Having a solid foundation of producing assets and a proven track record provides multiple options. A sign of this transformation is that funding is not now sought to cover overheads and the cost of the management team but directly into growing the Company and seeking material step changes in value, cash flow and profit.

The future of Nostra Terra has never looked brighter. We have continued to deliver on our strategy to build secure, long-term, profitable production. From this solid foundation, our intention is to build on this further with material organic growth from the Mesquite asset, whilst being ever vigilant for other opportunities consistent with the Company’s strategy.

I would like to thank our shareholders for their continued support and look forward to reporting more progress in future.

Ewen Ainsworth

(Non-Executive Chairman)

28 June 2019

Chief Executive Officer’s Report

Our goal in 2018 was to build a firm foundation based on producing assets that generate positive cashflow to support the plc, while adding new assets that allowed us the ability to take much larger, more meaningful steps in adding production and reserves. We continue to build the foundation and during the year acquired a new asset, the Mesquite Asset, which provides a significant opportunity.

Revenues for the year were $2,267,000 an increase of 56% from 2017. Revenue less production costs for the year were $942,000, and with the addition of the positive contribution of $227,000 from hedging, operations provided a total of $1,169,000 towards investment and administrative and finance expenses. This demonstrates the underlying cash generation and strength of the production led strategy that Nostra Terra has been pursuing and successfully implemented. The Company didn’t undertake any placings during the year to raise additional funds, however, warrants were exercised, raising an additional £635,700 early in the year. Production and operations continued to perform

strongly with highlights being:

• 22% increase in production to 37,384 bopd

• 15% reduction in cost of sales per barrel

• 17% reduction in lifting costs to $32.06

Continued growth in production rates is anticipated as workovers continue, which combined with managed operated costs provides a favourable environment for net cashflows from operations. With recent acquisitions and prudent operational management, we believe we can deliver a step change in materiality and multiples of current production and revenues.

United States

Pine Mills – Texas (100% Working Interest)

In the Pine Mills oil field during the second half of 2018, our operations team reactivated previously shut-in wells and performed workovers on several others. This intervention led to an increase in production (briefly >150 bopd from just four wells) which in turn has required an upgrade of facilities to handle the additional fluid volumes. This work is largely complete and we anticipate Pine Mills continuing to be a significant contributor to net cash flow in the short to medium term.

Permian Basin – Texas (50 – 75% Working Interest)

In prior years, we made three different acquisitions in the Permian Basin. These were leases that had existing, albeit nominal rates of, production. The reason for the acquisitions was to gain upside through additional drilling locations on the leases, in a proven oil field, and during a lower oil price environment. In 2018, we brought two new wells into production. The first well paid out in under one year, meaning production rates were strong enough to generate a return of all our well costs in a rapid manner. The second well is performing to expectations. We have numerous other potential drilling locations that we keep in inventory to potentially drill in the future.

Mesquite – Permian Basin Texas (100% Working Interest)

In October 2018, we acquired the Mesquite Asset in the Permian Basin. The field is proven to produce from multiple stacked-pay reservoirs with long-established producing vertical wells that were drilled on 40 acre spacing. In recent years operators have successfully drilled wells with tighter spacing.

On this basis, the Mesquite Prospect has the potential to be developed with 35-70 vertical well locations dependent on spacing. Nostra Terra believes the Mesquite Prospect has much greater development potential if drilled horizontally. The target formations at the Mesquite Prospect are “tight”, meaning the oil-bearing rock formations are of low permeability. As such, they have characteristics that make them ideal targets for horizontal drilling and have delivered substantial oil production in other nearby areas of the Permian Basin. This combination of multiple stacked pay targets and the potential uplift provided by drilling horizontally supports our view that the Company can provide multiples in terms of production and revenues from this acquisition.

Egypt

East Ghazalat – Western Desert (50% Working Interest)

This is a producing asset where Nostra Terra owns a non-operated interest in the asset. The asset has scope for increased production through workovers of existing wells, drilling new exploration and development wells, and development of the South Dabaa gas discovery. There is a dispute regarding the Joint Operating Agreement that is currently going through an arbitration process held at the London Court of International Arbitration. A hearing was held in May, with conclusion anticipated during the second half of 2019.

Senior Lending Facility

At the beginning of 2018, Nostra Terra secured a new $5 million Senior Lending Facility. The initial borrowing base was $1.2 million at a 4.75% interest rate, later increased to $1.95 million at the end of 2018 with a variable rate of the greater of 4.25% and WSS Rate plus 25 basis points. This flexible facility provides an attractive opportunity to use non-dilutive funds to grow the Company. During Q1 2019, we raised an additional £1,150,000, without a discount to the prevailing bid of Nostra Terra’s share price, allowing us to bring a new institutional investor to the Company. I’m very pleased to welcome them as a shareholder as we begin to drill the Mesquite Asset. Shard Capital Partners were brought on as a new broker to the Company and managed the placing. In addition, Shard Capital initiated coverage in May 2019. We believe all these steps are very positive for a Company of our size.

Outlook

Nostra Terra is positioned for strong growth potential, in particular with the new Mesquite Asset. Our focus for 2019 is to get the initial wells drilled and producing on this asset, while also looking for further opportunities to expand our portfolio. We believe this can be the catalyst to deliver multiples in production and revenues for our shareholders.

As always, I want to thank our shareholders for their support and look forward to updating shareholders throughout the year.

Matt Lofgran

Chief Executive Officer

28 June 2019

Consolidated Income Statement for the year ended 31 December 2018

 2018
$000
2017
$000
Revenue2,2671,453
Cost of sales  
Production costs(1,325)(1,273)
Exploration(298)(5)
Well impairment(32)
Depletion, depreciation, amortisation(238)(146)
Total cost of sales(1,893)(1,424)
GROSS PROFIT37429
Share based payment(42)(60)
Administrative expenses(1,324)(1,213)
Gain (loss) on sale3867
Foreign exchange gain (loss)17(50)
OPERATING LOSS(937)(1,227)
Finance expense(207)(258)
Other income214
LOSS BEFORE TAX(930)(1,485)
Tax (expense) recovery
LOSS FOR THE YEAR ATTRIBUTABLE TO:(930)(1,485)
Owners of the company(930)(1,485)
Earnings per share expressed in pence per share:  
Continued operations  
Basic and diluted (USD)(0.0065)(0.0130)

Consolidated Statement of Comprehensive Income for the year ended 31 December 2018

 2018
$000
2017
$000
LOSS FOR THE YEAR(930)(1,485)
OTHER COMPREHENSIVE INCOME:
Currency translation differences
Total comprehensive income for the year(930)(1,485)
Total comprehensive income attributable to:  
Owners of the company(930)(1,485)

Consolidated Statement of Changes in Equity  for the year ended 31 December 2018

 Share capital
$000
Deferred shares
$000
Share premium
$000
Share options reserve
$000
Translation reserves
$000
Retained losses
$000
Total
$000
As at 1
January 2017
1566,54918,40918(676)(24,072)384
Shares issued36696732
Loss after tax for the year(1,485)(1,485)
Share based payments6060
As at 31 December 20171926,54919,10578(676)(25,557)(309)
Shares issued29873902
Loss after tax for the year(930)(930)
Share based payments4242
As at 31 December 20182216,54919,978120(676)(26,487)(295)

Share capital is the amount subscribed for shares at nominal value.

Retained loss represents the cumulative losses of the group attributable to owners of the company.

Share premium represents the excess of the amount subscribed for share capital over the nominal value of those shares net of share issue expenses. Share issue expenses in the year comprise costs incurred in respect of the issue of new shares on the London Stock Exchange’s AIM market.

Translation reserves arose due to the adoption of US dollars as the presentational currency at the start of the accounting period. Further information on the adjustment can be found in Note 1.

Share option reserve is a reserve used to recognise the cost and equity associated with the fair value of issues of options and warrants.

Company Statement of Changes in Equity for the year ended 31 December 2018

 Share capital
$000
Deferred shares
$000
Share premium
$000
Share options reserve
$000
Translation reserves
$000
Retained losses

$000
Total


$000
As at 1 January 20171566,54918,40918(676)(24,933)(875)
Shares issued36696732
Loss after tax for the year(1,167)(1,167)
Share based payments6060
As at 31 December 20171926,54919,10578(676)(26,100)(852)
Shares issued29873902
Loss after tax for the year(1,125)(1,125)
Share based payments4242
As at 31 December 20182216,54919,978120(676)(27,225)(1033)

Share capital is the amount subscribed for shares at nominal value.

Retained loss represents the cumulative losses of the company attributable to
owners of the company.

Share premium represents the excess of the amount subscribed for share capital over the nominal value of those shares net of share issue expenses. Share issue expenses in the year comprise costs incurred in respect of the issue of new shares.

Translation reserves arose due to the adoption of US dollars as the presentational currency at the start of the accounting period. Further information on the adjustment can be found in Note 1.

Consolidated Statement of Financial Position  for the year ended 31 December 2018

 2018
$000
2017
$000
ASSETS  
NON-CURRENT ASSETS  
Other Intangibles1,8731,411
Property, Plant, and Equipment, Oil and Gas Assets536358
 2,4091,769
CURRENT ASSETS  
Trade and other receivables402190
Deposits and prepayments96330
Other assets263
Cash and cash equivalents72138
 833658
LIABILITIES  
CURRENT LIABILITES  
Trade and other payables642827
Borrowings7231,740
 1,3652,567
NET CURRENT ASSETS(532)(1,909)
NON-CURRENT LIABILITIES  
Decommissioning liabilities217169
Other loans1,955
NET ASSETS(295)(309)
 2018
$000
2017
$000
EQUITY AND RESERVES  
Share capital6,7706,741
Share premium19,97819,105
Translation reserves(676)(676)
Share option reserve12078
Retained losses(26,487)(25,557)
 (295)(309)

The financial statements were approved and authorised for issue by the Board of Directors on 28 June 2019 and were signed on its behalf by:

M B Lofgran

Director

28 June 2019

Company registered
number: 05338258

Company Statement of Financial Position for  the year ended 31 December 2018

 2018
$000
2017
$000
ASSETS  
NON-CURRENT ASSETS  
Fixed asset investments
CURRENT ASSETS  
Trade and other receivables2623
Cash and cash equivalents3078
 56101
LIABILITIES  
CURRENT LIABILITIES  
Trade and other payables367332
Borrowings722621
 1,089953
NET CURRENT ASSETS(1,033)(852)
NON-CURRENT LIABILITIES  
Borrowings
 (1,033)(852)
EQUITY AND RESERVES  
Share capital6,7706,741
Share premium19,97819,105
Translation reserves(676)(676)
Share option reserve12078
Retained losses(27,225)(26,100)
 (1,033)(852)

The financial statements were approved and authorised for issue by the Board of Directors on 28 June 2019 and were signed on its behalf by:

M B Lofgran

Director

Company registered number: 05338258

Consolidated Statement of Cash Flows for the year ended 31 December 2018

 2018
$000
2017
$000
Cash flows from operating activities  
Cash generated/(consumed) by operations(996)(1,187)
Interest paid(41)
Cash generated/(consumed) by operations(1,037)(1,187)
Cash flows from investing activities  
Purchase of intangibles – new oil properties(639)(210)
Sale/(purchases) of plant and equipment
Purchase of investment(271)(176)
Net cash from investing activities(910)(386)
Cash flows from financing activities  
Proceeds on issue of shares902732
Net borrowing979767
Net cash from financing activities1,8811,499
Increase/(decrease) in cash and cash equivalents(66)(74)
Cash and cash equivalents at the beginning of the year138212
Cash and cash equivalents at the end of the year72138
Represented by:  
Cash at bank72138

Note to the Consolidated Statement of Cash Flow for the year ended 31 December 2018

 2018
$000
2017
$000
Loss for the year(930)(1,485)
Adjustments for:  
Depreciation of property, plant, and equipment9367
Amortisation of intangibles14578
Well impairment32
Share based payments4260
Share of results from joint venture  
Operating cash flows before movements in working capital(618)(1,280)
(Increase)/decrease in receivables(212)147
(Increase)/decrease in other assets(263)1
(Decrease)/increase in payables and other liabilities(137)20
(Increase)/decrease in deposits and prepayments234(75)
Cash generated/(consumed) by operations(996)(1,187)

Company Statement of Cash Flows for the  year ended 31 December 2018

 2018
$000
2017
$000
Cash flows from operating activities  
Cash generated/(consumed) by operations(1,051)(1,042)
Interest paid
Cash generated/(consumed) by operations(1,051)(1,042)
Cash flows from financing activities  
Proceeds on issue of shares902337
New borrowing101732
Net cash from financing activities1,0031,069
Increase/(decrease) in cash and cash equivalents(48)27
Cash and cash equivalents at the beginning of the year7851
Cash and cash equivalents at the end of the year3078
Represented by:  
Cash at bank3078

Note to the Company Statement of Cash Flows for the  year ended 31 December 2018

Reconciliation of operating loss to net cash generated from operations

 2018
$000
2017
$000
Loss for the year(1,125)(1,167)
Adjustments for:  
Share based payment4260
Operating cash flows before movements in working capital(1,083)(1,107)
(Increase)/decrease in receivables(3)37
(Decrease)/increase in payables3528
Cash generated (consumed) by operations(1,051)(1,042)

Segmental Analysis

In the opinion of the directors, the group has one class of business, being the exploitation of hydrocarbon resources.

The group’s primary reporting format is determined by geographical segment according to the location of the hydrocarbon assets. The group’s reportable segments under IFRS 8 in the year are as follows:

United Kingdom being the head office.

US Mid-Continent properties at year end included the following:

1   Texas: 100% working interest in the Pine Mills Project Unit

2   Texas: 50-75% working interest in the Permian Basin

3   Texas: 100% working interest in the Mesquite assets in the Permian Basin

Egypt properties at year end included the following:

1   Egypt: 50% interest in the East Ghazalat concession

The chief operating decision maker’s internal report for the year ended 31 December 2018 is based on the location of the oil properties as disclosed in the below table:

 US mid-continent
2018
$000
Head office
2018
$000
Total

2018
$000
Segment results – 2018   
Revenue2,2672,267
Operating profit (loss) before depreciation, amortisation, well impairment, share-based
payment charges, restructuring costs and gain (loss) on sale of assets and foreign exchange:
812(1287)(475)
Depreciation of tangibles(93)(93)
Amortisation of intangibles(145)(145)
Exploration(289)(289)
Well impairment(32)(32)
Share based payment4242
Realised exchange (loss)/gain1717
Gain from sale of assets3838
Operating loss291(1228)(937)
Finance expense(47)(160)(207)
Other income (expense)226(12)214
Gain (loss) before taxation195(1,125)(930)
Segment assets   
Property, plant and equipment536536
Intangible assets1,8731,873
Cash and cash equivalents423072
Trade and other receivables37626402
Other assets359359
 3,186563,242

Employees and Directors

 2018
$000
2017
$000
Directors’ fees17151
Directors’ remuneration250195
Social security costs14
 421260

The average monthly number of employees (including directors) during the year was
as follows:

 2018
Number
2017
Number
Directors33
 33

Directors’ remuneration

Other than the directors, the group had no other employees. Total remuneration paid to directors during the year was as listed above.

The director’s emoluments and other benefits for the years ended 31 December 2018 is as listed below:

 2018
$000
2017
$000
M B Lofgran250195

The operating loss for the year ended 31 December is stated after charging/(crediting):

 2018
$000
2017
$000
(Company 2018: $30,000 – 2017: $29,000)3029
Depreciation of property, plant and equipment9368
Amortisation of intangibles14578
Exploration2985
Well impairment32

The analysis of administrative expenses in the consolidated income statement by nature of expense:

 2018
$000
2017
$000
Directors’ remuneration250195
Social security costs14
Directors’ fees12941
Travelling and entertaining10173
Accountancy fees6144
Legal and professional fees487541
Auditors’ remuneration3029
Bad debt costs1892
Foreign exchange difference
Other expenses248184
 1,3241,213

Earnings per Share

The calculation of earnings per ordinary share is based on earnings after tax and the weighted average number of ordinary shares in issue during the year. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The group had two classes of dilutive potential ordinary shares, being those share options granted to employees and suppliers where the exercise price is less than the average market price of the group’s ordinary shares during the year, and warrants granted to directors and one former adviser.

Details of the adjusted earnings per share are set out below:

 20182017
EPS LOSS   
Loss attributable to ordinary shareholders ($000)(930)(1,485)
Weighted average number of shares143,112,345113,850,132
Continued operations:  
Basic and diluted EPS – loss (USD)(0.0065)(0.0130)

The diluted loss per share is the same as the basic loss per share as the loss for the year has an anti-dilutive effect.

 2018
$000
2017
$000
Gross profit before depreciation, depletion, amortisation and impairment942180
EPS on gross profit before depreciation, depletion, amortisation and impairment (USD)0.00660.0015
Reconciliation from gross loss to gross profit before depletion, depreciation, AMORTISATION AND IMPAIRMENT  
Gross (loss)/profit37429
ADD BACK:  
Exploration2895
Well impairment32
Depletion, depreciation and amortisation238146
Gross profit before depreciation, depletion, amortisation and impairment942180

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