INDUS GAS LIMITED For Immediate Release
Indus Gas Limited
("Indus" or "the Company")
Interim Results
Indus Gas Limited (AIM:INDI.L), an oil & gas exploration and development company with assets in India, is pleased to report its interim results for the six month period ending 30 September 2016.
Consolidated reported adjusted revenues, operating profit and profit before tax for the interim period ending 30 September 2016 were US$ 27.39m (US$ 22.63m interim 2015), US$ 22.33m (US$ 16.78m interim 2015) and US$ 22.61m (US$ 14.27m interim 2015) respectively.
The Company has continued to make provision for a notional deferred tax liability of US$ 9.94m (US$ 7.79m interim 2015), in accordance with IFRS requirements.
The integrated Field Development Plan in respect of about 2000 sq. kms. outside of the 176 sq. kms. SGL area is under examination by the Directorate General of Hydrocarbons. A revised Field Development Plan in respect of the SGL area for the enhancement of production to about 80 mmscfd has recently been submitted to Management Committee for approval.
The Company continues to realise US$5 per mmBtu in respect of its existing gas sales contract. Discussions for the second contract with GAIL and RRVUNL for the additional gas supplies to the 160 MW turbine at Ramgarh are expected to be finalized in first quarter of 2017. The gas turbine has been procured by RRVUNL and the gas price needs to be mutually agreed. Discussions are also being held for finalising the gas pipeline to evacuate additional gas supply from the Non-SGL area of the block.
Commenting, Peter Cockburn, Chairman of Indus, said:
"Indus has made good progress in the period and continues to see consistent growth in revenue and profits. The revenues are now expected to increase substantially once the additional gas supplies commence."
For further information please contact:
Indus Gas Limited
Peter Cockburn c/o+44 (0)20 76145900
Arden Partners plc
Steve Douglas / Patrick Caulfield +44 (0)20 7614 5900
Bell Pottinger PR
Lorna Cobbett +44 (0)20 3772 2500
Unaudited Condensed Consolidated Statement of Financial Position
(All amounts inUS$, unless otherwise stated)
Notes Asat 30 September 2016 As at 30 September 2015 As at 31 March 2016(Unaudited) | (Unaudited) | (Audited) | ||
ASSETS | ||||
Non-current assets | ||||
Intangible assets: exploration and evaluation assets | 7 | - | - | - |
Property, plant and equipment | 8 | 599,706,703 | 522,510,609 | 562,441,955 |
Tax assets | 1,962,498 | 1,483,713 | 1,735,438 | |
Other assets | 885 | 6,225 | 885 | |
Total non-current assets | 601,670,086 | 524,000,547 | 564,178,278 | |
Current assets | ||||
Inventories | 4,549,391 | 4,265,838 | 4,113,607 | |
Trade receivables | 2,973,857 | 4,304,910 | 3,266,738 | |
Advance for expenditure to related party | 11 | 12,003,316 | - | - |
Other current assets | 7,204,623 | 186,186 | 238,879 | |
Cash and cash equivalents | 10,316,555 | 106,023,268 | 61,081,916 | |
Total current assets | 37,042,742 | 114,780,202 | 68,701,140 | |
Total assets | 638,717,828 | 638,780,749 | 632,879,418 | |
LIABILITIES ANDEQUITY | ||||
Shareholders' equity | ||||
Share capital | 3,619,443 | 3,619,443 | 3,619,443 | |
Additional paid-in capital | 46,733,689 | 46,733,689 | 46,733,689 | |
Currency translation reserve | (9,313,781) | (9,313,781) | (9,313,781) | |
Merger reserve | 19,570,288 | 19,570,288 | 19,570,288 | |
Share option reserve | - | 324,865 | - | |
Retained earnings | 55,923,065 | 33,702,917 | 43,256,305 | |
Total shareholders' equity | 116,532,704 | 94,637,421 | 103,865,944 |
Unaudited Condensed Consolidated Statement of Financial Position (Contd.)
(All amounts in US $, unless otherwise stated)
Notes Asat As at As at 30 September 2016 30 September 2015 31 March 2016 (Unaudited) (Unaudited) (Audited)LIABILITIES Non-current liabilities Long term debt , excluding current portion | 9 | 262,221,896 | 305,040,754 | 283,779,293 |
Provision for decommissioning | 1,218,750 | 1,353,405 | 1,132,726 | |
Deferred tax liabilities (net) | 50,387,937 | 34,234,802 | 40,445,531 | |
Payable to related parties, excluding current portion | 11 | 132,271,106 | 124,208,932 | 128,107,609 |
Deferred revenue | 25,563,995 | 25,563,995 | 25,563,995 | |
Total non-current liabilities | 471,663,684 | 490,401,888 | 479,029,154 | |
Current liabilities | ||||
Current portion of long term debt | 9 | 44,923,382 | 20,864,714 | 37,556,739 |
Current portion payable to related parties | 11 | 299,187 | 27,631,649 | 7,175,123 |
Accrued expenses and other liabilities | 221,785 | 167,991 | 175,372 | |
Deferred revenue | 5,077,086 | 5,077,086 | 5,077,086 | |
Total current liabilities | 50,521,440 | 53,741,440 | 49,984,320 | |
Total liabilities | 522,185,124 | 544,143,338 | 529,013,474 | |
Total liabilities and equity | 638,717,828 | 638,780,749 | 632,879,418 |
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Indus Gas Limited published this content on 29 December 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 December 2016 12:32:13 UTC.
Original documenthttp://www.indusgas.com/docs/Interim results September 2016_1483010011.pdf
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