HIGHLIGHTS
Operational
Etinde, offshore
In
The JO partners continue to await the completion of the New Age-Perenco transaction.
New Age has reduced its operational footprint placing Etinde development activities on a 'care and maintenance' basis, pending the transfer to
Whilst New Age has completed several outstanding tasks from the 2021 post-FEED analysis programme during the calendar year, very little progress has been made otherwise.
Financial
The loss for the financial year was
Currently, there is no draft work plan or budget for the 2023 calendar year as New Age has left this task open for
Hydrocarbures ('SNH'), most likely in Spring 2023.
Etinde development team in place in early 2023, following completion of its Etinde interest acquisition, and may seek to take a fresh look at Etinde development options which would incur an additional cost.
When combined with our current cash and liquid resources, the Directors' cash flow forecasts and projections indicate a material risk that
The Board is currently discussing and investigating various options, including debt and equity issues, as well as hybrid debt instruments to raise additional funding during early 2023. No such plans have been put in place at the current time and there can be no certainty that any additional financing will be concluded, nor as to the terms of any such additional financing.
Outlook
The Company's key objective is to continue to deliver its outlined strategy in FY2023. The most important deliverables include:
Working with JO partners on commercial and financial matters in respect of the Etinde development options with the aim of reaching an Etinde project financial investment decision (FID) in 2023.
To renew the Etinde Exclusive Exploitation Agreement ('EEEA') licence as part of the regulatory process associated with FID.
Maintaining disciplined management of capital and operational expenditure to secure progress towards
FID whilst maintaining financial resources and raising additional financing.
Contact:
Chief Executive
T: 00 44 20 3327 0150
NOMAD and Broker
T: 00 44 20 7601 6100
This announcement may include statements that are, or may be deemed to be 'forward-looking statements'. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes', 'estimates', 'anticipates', 'projects', 'expects', 'intends', 'may', 'will', 'seeks' or 'should' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include statements regarding the Company's intentions, beliefs or current expectations concerning, amongst other things, the results of operations, financial conditions, liquidity, prospects, growth and strategies of the Company and its direct and indirect subsidiaries (the 'Group') and the industry in which the Group operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Group's actual results of operations, financial conditions and liquidity, and the development of the industry in which the Group operates, may differ materially from those suggested by the forward-looking statements contained in the announcement. In addition, even if the Group's results of operations, financial conditions and liquidity, and the development of the industry in which the Group operates, are consistent with the forward-looking statements contained in the announcement, those results or developments may not be indicative of results or developments in subsequent periods. In light of those risks, uncertainties and assumptions, the events described in the forward-looking statements in the announcement may not occur. Other than in accordance with the Company's obligations under the AIM Rules for Companies and the Market Abuse Regulations, the Company undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in the announcement.
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