Final Results

10/30/2009, 8:02 AM (Source: GlobeNewswire)
Gold Oil PLC
30 October 2009

Gold Oil PLC ("Gold" or "the Company")

Final results for the year ended 30 April 2009


Gold, an oil and natural gas exploration and exploitation company
focused on Central and Southern America, today reports final results
for the year ended 30 April 2009.

Highlights

* Operating loss £3.17million (2008: profit £1.59 million)
* Loss for year attributable to equity holders £3.039 million(2008:
profit £0.84 million)
* Loss per ordinary share 0.62p (2008:Earnings per ordinary share
0.18p)
* Cash at period end of £2.2 million;
* Revenue increased to £1.004m (2008: £0.399m)

Mark Pritchard, Chairman, commented "The past year has been one of
significant challenge for the Company. In difficult circumstances,
we have been very active in advancing our portfolio of assets and I
am encouraged with the progress we have made. We are now actively
seeking partners in our major prospects to enable us to exploit more
rapidly our exploration resources in both Peru and Colombia".

The Company's Annual General Meeting will be held at 10.00 a.m. on 23
November 2009 at Finsgate, 5-7 Cranwood Street, London EC1V 9EE.


For further information, please contact:


Gold Oil PLC Tel: +44 (0) 208 332 6882
Mark Pritchard

Seymour Pierce Ltd Tel: +44 (0) 207 107 8000
Jonathan Wright



Annual Report and Accounts

The Company has today published and posted to shareholders its Annual
Report and Accounts for the year ended 30 April 2009 ("Annual
Report").

For the information of investors and shareholders alike, copies of
the Annual Report will be available for at least one month, free of
charge, at the offices of the Company's Nominated Adviser, Seymour
Pierce Ltd, being 20 Old Bailey, London EC4M 7EN. Electronic copies
are available on the Company's website, www.goldoilplc.com.


Notes to Editors


Gold Oil

Gold Oil Plc is an independent oil and natural gas exploration and
exploitation company focused on Central and Southern America. Shares
in Gold are quoted on the AIM market in London - (Stock Quote GOO.L).

The Company is seeking to maintain a balanced portfolio of high-risk
high reward and low risk cash flow projects by establishing
significant licence positions concentrated in a few geographic
areas. The Company currently has significant acreage and is
recognised as an operator for both onshore and offshore Perú, is an
operator with an exploration licences onshore Colombia, is operator
of production onshore Colombia.

The Company's objective is to deliver shareholder value through
capital appreciation.

CHAIRMAN'S STATEMENT

Introduction

The year under review has been one of challenge for Gold Oil and its
shareholders. Following the resignation of Gary Moore and Pat Mahony
I was appointed executive chairman in March this year and Mike
Burchell became a non executive director. In April, Thomas Tidow
joined the board with responsibility for operations.

Review of Operations

The year has seen considerable activity for the Group in its two main
geographic locations, Peru and Colombia.

Perú

Gold Oil Licence Interests in Peru at 30 April 2009


Block Licence Expiry Date Size (ha) Interest Operator
Name

Block Exploration Expires 5 May 2036 303,000 100% Gold Oil
XXI Licence (Oil) Plc
Block Exploration Expires 12 February 371,339 100% Gold Oil
Z34 Licence 2037 (Oil) Plc


In July 2008 the Group drilled a second exploration well, SA2X, on
the onshore Block XXI, a kilometre north of SA1X to test the Verdun
and Palaeozoic sands. The well was located on the basis of a detailed
gravimetric survey and a DNME (differentially nomalised method)
survey. The latter is a system of mapping the subsurface resistivity
which, when interpreted, can indicate the presence of hydrocarbons.
It is the first application of this process outside of Russia where
it has been extensively tested, but the results on Block XXI showed
major problems with the interpretation by the Russian contractor. The
well was plugged and abandoned in late September 2008.

We are now planning to acquire more detailed information on the block
in order to generate a new drilling prospect and are scheduling a 2D
seismic survey in the first quarter of 2010, close to the SA1X site.
The main object is to try and identify the extent of a trap updip of
the oil and gas logged in the Palaeozoic and Verdun in SA1X. Testing
of the Palaeozoic and Verdun in SA1X was impossible because of the
mechanical condition of the well and the influx of highly saline
water which we believe came from a zone at the base of the Palaeozoic
which exhibited good reservoir properties and trapping conditions in
the Palaeozoic.

We have recently presented an application for the necessary
environmental permits to allow us to conduct the survey and we expect
to receive the required consents shortly. It is encouraging to note
that there is considerable activity on the neighbouring block (Block
XIII) where reported production from recent wells is around 3,000
bopd.
The Z34 block is immediately to the west of four of the largest
developed oil fields in Northern Peru that have produced 1.6 billion
barrels and, in 2006, the Group farmed out half its interest in Block
Z34 to Plectrum Petroleum plc ("Plectrum"). Following the acquisition
of Plectrum by Cairn Energy Plc ("Cairn") in September 2007 the
Company had been in negotiation with Cairn about the future of the
block. As Cairn had no strategic focus in the region, in October 2008
the Company reacquired the 50% of the block from Plectrum giving it a
100% interest. As well as returning its interest, Plectrum also made
a payment to the Group of US$1.5 million. With the Group holding 100%
of the Block the US$1.5 million was deposited in an escrow account in
Lima as a guarantee against the seismic work programme. The Group
finally received its environmental permit from the Environment
Ministry in August 2008. In April 2009 SCAN Geophysical, a Norwegian
company specialising in the acquisition of marine seismic, was
contracted to acquire 2,013 kms of 2D seismic on Block Z34 in water
depths of 200m to 3,000m. This was successfully completed in June
2009. Initial processing indicated a variety of leads, some in
200300m of water. It is very encouraging to note that the seismic
survey has confirmed the initial geological model with a definitive
presence of turbidite style structures trapped in 'geological mega
structural features' similar to the neighbouring Z2B oilfields, and
their extension into Z34. The Z2B oilfields which are located to the
east in shallower water have produced over 300 MMbbl of light oil and
still have large proven reserves. Some reprocessing of the onboard
processed data and improvement of the acquired seismic lines is in
process and will help to improve the interpretation and refine the
mapping of the initial leads. The data collected from the survey is
considerable and needs to be analysed thoroughly. However, we believe
that even at this initial stage the five leads identified so far
could have substantially more reserves then those of the neighbouring
block Z2B.

Colombia

Gold Oil Licence Interests in Colombia at 30 April 2009


Block Name Licence Expiry Date Size Interest Operator
(ha)
BurdineMaxineNancy NIT 03/09/2015 10,598 58.5% Union
830.132.9595 Temporal
II&B
Rosa Blanca NIT 03/07/2037 44,392 40% Gold Oil
900.074.8172 Colombia
SAC
Azar 12/12/2030 20,897 20% Gran
Tierra


During the year under review the Group agreed to acquire an
additional 18.05% working interest in the prolific NancyBurdineMaxine
fields through the acquisition of a 100% shareholding in Inversiones
Petroleras de Colombia SA to give a total interest to the Company of
58.05%. The consideration paid for the additional stake was US$4
million. With a majority stake in this project, the Group became the
operator of the fields. In July 2009, on receipt of the Environmental
Permits for three Burdine wells, the Group commenced work on them to
evaluate their condition. Burdine 1, 4 and 5 were found to be in good
mechanical condition and were put on short term production tests. The
initial, restricted, flow rate from Burdine5 was around 60 bopd and
bottom hole pressure analysis indicates that this well is an
excellent candidate for reperforating the producing intervals. Well
Burdine1 is now on a longer term production test with around 300 bopd
of light crude. The short term plan is to workover the Burdine wells
and subsequently upgrade the construction of Burdine production
facilities. The medium term plan (Q2 in 2010) is to locate one or two
new prospects for the drilling of development wells on the crest of
Nancy after interpretation of available seismic lines. At present the
Nancy structure has only one producing well, N1, from which the
actual identified reserves are being drained, but N1 is on the flank
of the structure and, as expected, production is declining.

The Group finalised its acquisition of a 20% working interest in the
Azar Block in the Putumayo Basin of Colombia. The Group was carried
through the Palmera1 work over and will be carried for half of its
20% working interest in the first exploration well on the Block. The
workover of the Palmera1 well tested 15o API oil at 45 bopd although
a bottomhole pressure survey indicated a pumped potential of 300
bopd. It is suspended pending studies on its completion as a
producing well and additional economic studies. A 3D and 2D seismic
programme has been completed on the block to confirm the location of
the next exploration well and firm up other prospects on the block
for possible drilling in 2010.

On the Rosa Blanca block the Group had farmed out half its interest
to Osage Exploration and Development Inc ("Osage") who carried the
Group for the cost of the well and 30 days of testing. Subsequently
Osage farmed out part of its interest to Lewis Energy Colombia
("Lewis Energy") who operates the block to the south of the Rosa
Blanca block. The first exploration well on the block was drilled and
then suspended in December 2008 pending testing. The well was
extensively tested over two periods in late January 2009 and mid
March 2009. However, as only water was tested from all four zones the
well was plugged and abandoned in late March 2009. As recently
announced, Lewis Energy and Osage have left the licence group so Gold
Oil (90%) and Empesa S.A. (10%) will use the funds lodged by all
parties with ANH (Agence Nacional de Hidrocarburo) to shoot seismic
later this year. Lewis Energy has signed an agreement to come back
onto the Rosa Blanca Block for 25% equity and reimbursement of their
share of past costs incurred by Gold Oil and Empesa.

With our increased level of activity in Colombia, the Group opened a
small office in Bogota and recruited Mr Carlos Gaviria, an
experienced engineer, as Country Manager.

Cuba

In Cuba no progress has been made in getting the Cuban Government to
approve negotiations for a PSA (production sharing agreement). We are
keeping this project under review and will report back to
shareholders if any progress is made.

Operational Outlook

In Peru we are planning to farm out part of our interests in Block
Z34 and Block XXI and we have active negotiations in process. In
Colombia our primary efforts will focus on increasing production of
Nancy and Burdine. We are also exploring the possibility of
negotiating an extension of the licence for the Nancy Burdine fields
and the initial indications are that this should be possible. In
addition, subject to the results of the seismic interpretation, we
intend to participate in one exploration well on the Azar block for
which our interest is partially carried. Activity on the Rosa Blanca
block will depend on the outcome of the new seismic and further
geological and geophysical work

Financial Review

Revenue for the year increased to £1,004,000 (2008: £398,000). The
loss after tax for the year was £3,039,000 (2008: profit of
£837,000).

At the year end the Group had cash of £2,179,000 (2008: £5,150,000).

The Directors recommend that no dividend be paid (2008 £nil).

Corporate Review

During the year two share placings were undertaken by the Company:
the first in July 2008 saw 22.92m of the Company's ordinary shares,
that had previously been held for the account of the Company
following the disposal of its interest in Minmet Resources plc,
issued at 8p per share to raise £1.8m; and the second in January 2009
where 16.125m new shares were issued at 4p per share to raise
£645,000, both amounts before expenses. A dispute arose with regard
to the second placing which has now been resolved (see below).

The Company faced two legal disputes during the period. A wrongful
termination case brought by Mrs Imelda Moore following her redundancy
in April 2008 was settled on terms favourable to the Company in July
2009. The dispute, arising out of the placing of 16.125m new shares
in the Company undertaken in January 2009, was settled out of court,
again with a positive outcome for the Company.

The six million shares which were the subject of the dispute were
returned and subsequently placed out at a price of 4.5 pence per
share to raise £270,000 in additional cash for the Company.

Upon my appointment as Chairman, an immediate reduction of overheads
was implemented. Strict cost controls remain in place.

Management and Staff

I would like to thank all my colleagues for their efforts during the
year. We are currently a small team within the Company and this can
have an effect on timelines. It is important that we strengthen our
management team as soon as is practicable and bring in direct
technical expertise.

Conclusion

The current macroeconomic climate makes for very challenging
conditions at the present time for small oil and gas exploration
companies such as Gold. Exploration for hydrocarbons is a capital
intensive business and in the year under review the steep decline in
world equity markets and the contraction of credit markets placed
serious limitations on access to capital. All E&P businesses have
suffered during this period as the high risk sectors have been hit
particularly hard by the financial crisis and the price of oil
declined significantly.

Notwithstanding the above, we are moving all of our assets forward at
the current time. I believe we have an interesting portfolio of
assets with a strategy in place to try and balance "blue sky"
exploration risk with solid production and that we have retained a
good geographic focus. A significant challenge facing the Company
will be to raise sufficient capital, either directly or indirectly,
to realise the potential of our assets.

Finally I want to thank shareholders for the patience and support
they have demonstrated throughout the year.

Mark Pritchard

Chairman

29 October 2009


STATEMENT OF NET OIL RESERVES & CONTINGENT RESOURCES AS DETERMINED ON
1 JULY 2009 (AND 31 MAY 2008)

At 1 July 2009: Colombia - Nancy-1 Well: Gold Oil Net Interest 27.4%

1. NET RESERVES

Production
As of As of 1.5.2008 to
1 July 2009 1 July 2008 30.4.2009
Oil Mbbl Oil Mbbl Oil Mbbl
Proven 29.6 50.5 30.9
Probable 1,287.2 *
Proven plus Probable 1,316.8 50.5
Possible 2,007.5 *
Total Proved plus Probable plus 30.9
Possible 3,324.3 121.0

* Independent Expert report not available at the time of printing

2. NET CONTINGENT OIL RESOURCES


As of As of

1 July 2009 1 July 2008

Oil Mbbl Oil Mbbl

Contingent Undeveloped 6,250 +

Prospective Undeveloped 3,201 +

Total Resources 9,451 9,267



Notes:

1. The Reserve and Resource estimates shown in this report are based
upon the joint reserves and resource definitions of the Society of
Petroleum Engineers
2. Reserves and Contingent Resources have been prepared by Morning
Star Consultants, LCC of Houston, Texas, USA
3. Net volumes have been calculated based on Gold Oil's 58.5%
Participating Interest, which after Royalty amounts to 27.4%
+ Analysis not available


Azar (Palmera-1 well)

The unaudited Operator's estimate of reserves is
as shown below
Gold Oil Net Interest 18.4%
P10 P50 P90
Reserves Mbbl Gold Oil's Interest 117.39 82.06 46.96


The Operator of Azar has calculated that Potential Resources of three
structures could amount to 40.2 million barrels of which Gold Oil's
interest could be 7.4 million barrels.

CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2009





2009 2008
£'000 £'000

Revenue 1,004 398

Cost of sales (925) (148)

Gross profit 79 250

Development expenditure written off (1,932) (1,083)
Administration expenses (1,321) (757)

Operating loss (3,174) (1,590)

Finance income 101 208
Goodwill impairment - (129)
Exceptional items
Gains on sales of assets - 2,652

Profit/(loss) on ordinary activities
before taxation (3,073) 1,141

Income tax expense 34 (304)

Profit/(loss) on ordinary activities
after taxation (3,039) 837

Dividends - -

Surplus/(deficit) for the year (3,039) 837

Profit/(loss) on ordinary activities
after taxation is attributable to:
Equity shareholders (3,039) 837
Minority interests - -

(3,039) 837

Earnings per ordinary share
Basic (0.62p) 0.18p
Diluted (0.62p) 0.18p




CONSOLIDATED BALANCE SHEET AT 30 APRIL 2009



2009 2008
£'000 £'000
Assets

Non current assets
Property plant and equipment
--- oil and gas assets 144 183
--- others 14 17
Intangibles 2,399 2,105
Goodwill 1,862 -

4,419 2,305
Current assets
Inventories 123 214
Trade and other receivables 2,696 3,187
Cash and cash equivalents 2,179 5,150

4,998 8,551

Total assets 9,417 10,856

Equity and liabilities

Capital and reserves
Share capital 125 120
Share premium account 10,752 10,124
Foreign exchange translation reserve 876
Retained earnings (4,683) (1,644)

Total equity 7,070 8,600

Current liabilities
Trade and other payables 2,347 2,256

Total equity and liabilities 9,417 10,856




The financial statements were approved and authorised for issue by
the Board of Directors on 29 October 2009 and were signed on its
behalf by:



Mark Pritchard Michael Burchell
Director Director


Company registration number: 5098776 (England and Wales)



COMPANY BALANCE SHEET AS AT 30 APRIL 2009
2009 2008
£'000 £'000
Assets

Non current assets
Property plant and
equipment
--- oil and gas
assets 102 183
--- others - 1
Exploration and
evaluation 503 -
Investments 4,864 3,356

5,469 3,540
Current assets
Trade and other
receivables 1,292 3,243
Cash and cash
equivalents 1,967 2,229

3,259 5,472

Total assets 8,728 9,012

Equity and
liabilities

Capital and reserves
Share capital 125 120
Share premium account 10,752 10,124
Foreign exchange
translation reserve 91
Retained earnings (6,300) (3,305)

Total equity 4,668 6,939

Current liabilities
Trade and other
payables 4,060 2,073

Total equity and 8,728 9,012
liabilities




The financial statements were approved and authorised for issue by
the Board of Directors on 29 October 2009 and were signed on its
behalf by:


Mark Pritchard Michael Burchell
Director Director



Company registration number: 5098776 (England and Wales)


STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2009


Group Foreign
Share Share Exchange Retained
Capital Premium Translation Earnings Total
£'000 £'000 £'000 £'000 £'000

As at 1 May 2007 116 9,305 - (2,758) 6,663

Shares issued 4 819 - - 823
Profit for the year - - - 837 837
Foreign exchange
translation - - - 277 277

As at 30 April 2008 120 10,124 - (1,644) 8,600

Shares issued 5 676 - - 681
Costs of share issue - (48) - - (48)
Profit for the year - - - (3,039) (3,039)
Foreign exchange
translation - - 876 876

As at 30 April 2009 125 10,752 876 (4,683) 7,070


Company
As at 1 May 2007 116 9,305 - (1,122) 8,299

Shares issued 4 819 - - 823
Loss for the year - - - (2,372) (2,372)
Foreign exchange
translation - - - 189 189

As at 30 April 2008 120 10,124 - (3,305) 6,939

Shares issued 5 676 - - 681
Costs of share issue - (48) - - (48)
Profit for the year - - - (2,871) (2,871)
Foreign exchange
translation - - 91 91

As at 30 April 2009 125 10,752 91 (6,176) 4,792



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

Share premium represents the excess of the amount subscribed for
share capital over the nominal value of those shares net of share
issue expenses.

Retained earnings represents the cumulative loss of the Group
attributable to equity shareholders.



CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2009



Group Company Group Company
2009 2009 2008 2008
£'000 £'000 £'000 £'000

Operating activities (2,476) 3,013 (2,440) (1,220)

Investing activities
Return from investment and
servicing of finance 101 106 208 206
Sale of investment assets - - 3,006 1,206
Acquisition of investment
assets - (2,028) (303) (1,130)
Acquisition of goodwill (1,698) - 182 -
Loan advanced to
subsidiary - (1,935) - (1,418)
Purchase of intangible
assets (294) - (209) 0
Purchase of tangible fixed
assets (143) (99) (8) (1)
Share of joint venture
bank balance - 48 - -
Received on acquisition of
subsidiary * 906 - - -

(1,128) (3,908) 2,876 (1,137)
Financing activities
Proceeds from issue of
share capital 633 633 823 823

Net cash inflow (2,971) (262) 1,259 (1,534)

Cash and cash equivalents
at the beginning of the
year 5,150 2,229 3,891 3,763

Cash and cash equivalents
at the end of the year 2,179 1,967 5,150 2,229

Reconciliation to Consolidated
Balance Sheet
Cash and cash equivalents 2,179 1,967 5,150 2,229


* This arises from the acquisition of Plectrum Petroleum Limited at a
consideration of $32.165M. Plectrum was owed $33.665M by the seller
and, as a result, a net sum of $1.5M was paid to the Group.

NOTES TO THE CASH FLOW
STATEMENT

Operating activities

Operating loss for the
year (3,174) (1,100) (1,615) (452)
Depreciation and
amortisation 21 9 128 122
Tax paid (47) (66) (50) (50)
Foreign exchange
translation 876 91 (56) (195)

Operating cash outflows
before movements in
working capital (2,324) (1,066) (1,593) (575)

Increase/(decrease) in
inventories 91 - (214) -
Increase/(decrease) in
receivables 491 2,032 (2,601) (1,354)
(Decrease)/increase in
payables (1,361) 1,420 1,968 709
Short term loans received 627 627 - -

Net cash outflows from
operating activities (2,476) 3,013 (2,440) (1,220)




Segmental Information

In the opinion of the Directors the Group has once class of business,
being the exploration for, and development and production of, oil and
gas reserves, and other related activities.

The Group's primary reporting format is determined to be the
geographical segment according to the location of the oil and gas
asset. There are currently three geographic reporting segments: South
America and Spain, which are involved in production, development and
exploration activity, and the United Kingdom being the head office.



Exploration and production 2009
United South
Kingdom Spain America Total
£'000 £'000 £'000 £'000
Revenue - oil - - 1,309 1,309
-
Cost of sales - (39) (1,191) (1,230)

Gross profit - (39) 118 79
Development expenditure written off (129) - (1,803) (1,932)
Administration expenses (783) (3) (535) (1,321)

Operating profit/(loss) (912) (42) (2,220) (3,174)

Finance income 53 - 48 101
Goodwill impairment - - - -
Gains on disposal of assets - - - -

Profit/(loss) before taxation (859) (42) (2,172) (3,073)

Income Tax expense 144 1 (111) 34

Profit/(loss) before taxation (715) (41) (2.283) (3,039)

Assets and liabilities
Segment assets 306 123 6,809 7,238
Cash and cash equivalents 1,560 7 612 2,179

Total assets 1,866 130 7,421 9,417

Segment liabilities 679 10 1,324 2,013
Current tax liabilities 111 37 186 334

Total liabilities 790 47 1,510 2,347

Other segment items

Capital expenditure - - 142 142

Depreciation and amortisation 1 - 19 20
Acquistion costs - oil and gas assets - - - -





Exploration and production 2008
United South
Kingdom Spain America Total
£'000 £'000 £'000 £'000
Revenue - oil - - 398 398

Cost of sales - - (148) (148)

Gross profit - - 250 250
Development expenditure written off (18) - (1,065) (1,083)
Administration expenses (750) - (7) (757)

Operating profit/(loss) (768) - (822) (1,590)

Finance income 206 - 2 208
Goodwill on consolidation written off - - (129) (129)
Gains on disposal of assets 1,052 250 1,350 2,652

Profit/(loss) before taxation 490 250 401 1,141

Income Tax expense (179) (75) (50) (304)

Profit/(loss) before taxation 311 175 351 837

Assets and liabilities
Segment assets 4,384 - 1,322 5,706
Cash and cash equivalents 1,430 181 3,539 5,150

Total assets 5,814 181 4,861 10,856

Segment liabilities 44 0 1,908 1,952
Current tax liabilities 254 37 13 304

Total liabilities 298 37 1,921 2,256

Other segment items

Capital expenditure 1 - 7 8
Depreciation and amortisation 1 - 128 129
Acquistion costs - oil and gas assets - - 209 209






Loss for the period

As permitted by section 230 of the Companies Act 1985, the holding
company's income statement has not been included in these financial
statements. The loss for the financial year is made up as follows:
2009 2008
£'000 £'000

Holding company's loss 2,871 2183







Earnings per share

Loss per ordinary share 2009 2008
- Basic (0.62p) 0.18p
- Diluted (0.62p) 0.18p


Earnings per ordinary share is based on the Group's loss for the
financial year of £2,696,000 (2008 - profit of £837,000).

The weighted average number of shares used in the calculation is the
weighted average ordinary shares in issue during the year.

2009 2008
Number Number
Weighted average ordinary shares 488,567,333
in issue during the year 474,408,008
Potentially dilutive - -
warrants issued

Weighted average ordinary shares for 488,567,333 474,408,008
diluted earning per share





Cash and cash
equivalents 2009 2008
Group Company Group Company
£'000 £'000 £'000 £'000

Bank current
accounts 461 300 318 78
Bank deposit
accounts 1,718 1,667 4832 2151

2,179 1,967 5,150 2,229

Bank deposit accounts comprise cash held by the Group and short-term
bank deposits with an oriignal maturity of three months or less and
earn interest at respective short-term deposit rates. The carrying
amount of these assets approximates to their fair value.

As at 30 April 2009, bank deposits included £1,200,000 (2008 -
£600,000) that is being held as a guarantee in respect of a letter of
credit and is not available for use until the Group fulfills certain
licence commitments in Peru. In June 2009, these commitments were met
which would enable the guarantee to be released but, should the Group
decide to move to the next stage of exploration, then the guarantees
would remain in place.





Trade and other payables 2009 2008
Group Company Group Company
£'000 £'000 £'000 £'000

Short term loans 627 627 - -
Trade payables 31 27 33 32
Other creditors 409 2,881 833 690
Accruals and deferred income 982 357 1,086 16
Deferred consideration - - - 1,067
Taxation 298 168 379 268

2,347 4,060 2,331 2,073






Share capital 2009 2008
£'000 £'000
Authorised
1,000,000,000 ordinary shares of £0.00025 each 250 250


Alloted, called up and fully paid
Equity: 480,853,909 ordinary shares of £0.00025 each 125 120



On 9 May 2008, 575,000 ordinary shares were issued at 1p per share on
the exercise of warrants.

On 19 May 2008, 2,875,000 ordinary shares were issued at 1p per share
on the exercise of warrants.

On 20 January 2009, 16,125,000 ordinary shares were issued at 4p per
share on the placing of the shares. As at 30 April 2009, 6,000,000 of
this placing remained unpaid but the amount due has been received
since the year end.
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