FORZA PETROLEUM LIMITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022
FORZA PETROLEUM LIMITED
Consolidated Financial Statements
For the three and six months ended June 30, 2023 and 2022
Table of Contents
Page | |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | 2 |
Consolidated Statement of Financial Position | 3 |
Consolidated Statement of Changes in Equity | 4 |
Consolidated Statement of Cash Flows | 5 |
Notes to the Consolidated Financial Statements | 6 |
In accordance with subsection 4.3(3) of National Instrument 51-102 - Continuous Disclosure Obligations, Forza Petroleum Limited discloses that its auditors have not reviewed the unaudited condensed consolidated interim financial statements as at and for the three and six months ended June 30, 2023 and 2022.
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FORZA PETROLEUM LIMITED
Consolidated Financial Statements
For the three and six months ended June 30, 2023 and 2022
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Three months ended June 30 | Six months ended June 30 | ||||
$000s | Note | 2023 | 2022 | 2023 | 2022 |
Revenue | 1,327 | 98,766 | 49,082 | 181,126 | |
Royalties | (543) | (40,437) | (20,042) | (74,138) | |
Net revenue | 784 | 58,329 | 29,040 | 106,988 | |
Operating expense | 5, 6 | (6,715) | (9,251) | (15,196) | (17,941) |
Depreciation, depletion and amortization | (542) | (12,376) | (11,220) | (24,775) | |
Impairment loss | 5, 6 | (121,421) | - | (121,421) | - |
General and administration expense | 18 | (1,417) | (1,375) | (2,991) | (3,115) |
Other expense | (513) | (171) | (3,433) | (412) | |
Increase in expected credit loss against trade and other | 8 | ||||
receivables | (1,901) | - | (5,822) | - | |
Change in fair value of purchase consideration | 11a | - | (1,670) | (1,795) | (3,301) |
(Loss) / Profit from operations | (131,725) | 33,486 | (132,838) | 57,444 | |
Finance income | 19 | 735 | 1,255 | - | |
Finance expense | 20 | (178) | (49) | (363) | (120) |
Foreign exchange (losses) / gains | (52) | 8 | (59) | 25 | |
(Loss) / Profit before income tax | (131,220) | 33,445 | (132,005) | 57,349 | |
Income tax expense | 17 | (60) | (1,907) | (1,095) | (3,575) |
(Loss) / Profit for the period | (131,280) | 31,538 | (133,100) | 53,774 | |
Comprehensive income for the period | (131,280) | 31,538 | (133,100) | 53,774 | |
(Loss) / Earnings per share (basic and diluted) | 14 | (0.22) | 0.05 | (0.22) | 0.09 |
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FORZA PETROLEUM LIMITED
Consolidated Financial Statements
For the three and six months ended June 30, 2023 and 2022
Consolidated Statement of Financial Position
June 30 | December 31 | ||
$000s | Note | 2023 | 2022 |
Non-current assets | 5 | ||
Intangible assets | - | 51,351 | |
Property, plant and equipment | 6 | 183,272 | 247,335 |
Deferred tax assets | 252 | 247 | |
183,524 | 298,933 | ||
Current assets | 7 | ||
Inventories | 10,775 | 12,969 | |
Trade and other receivables | 8 | 54,886 | 62,500 |
Other current assets | 9 | 1,614 | 2,675 |
Cash and cash equivalents | 10 | 71,217 | 71,103 |
138,492 | 149,247 | ||
Total assets | 322, 016 | 448,180 | |
Current liabilities | 11 | ||
Trade and other payables | 102,403 | 97,102 | |
102,403 | 97,102 | ||
Non-current liabilities | |||
Retirement benefit obligation | 12 | 1,533 | 1,394 |
Decommissioning obligation | 20,158 | 18,947 | |
21,691 | 20,341 | ||
Total liabilities | 124,094 | 117,443 | |
Equity | 13 | ||
Share capital | - | 1,365,467 | |
Contributed surplus | 13 | 1,365,467 | - |
Reserves | 15 | 22,357 | 22,072 |
Accumulated deficit | (1,189,902) | (1,056,802) | |
Total equity | 197,922 | 330,737 | |
Total equity and liabilities | 322,016 | 448,180 |
The consolidated financial statements were approved by the Board of Directors and authorized for issue on July 25, 2023. On behalf of the Board of Directors:
signed | signed | |
Vance Querio | Peter Newman | |
Director | Director |
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FORZA PETROLEUM LIMITED
Consolidated Financial Statements
For the three and six months ended June 30, 2023 and 2022
Consolidated Statement of Changes in Equity
Contributed | Accumulated | ||||||
$000s | Note | Share capital | surplus | Reserves | deficit | Total equity | |
Balance at December 31, 2021 | 1,363,221 | - | 23,301 | (919,695) | 466,827 | ||
Profit for the period | - | - | - | 53,774 | 53,774 | ||
Share based payment compensation | 15 | - | - | 454 | - | 454 | |
Balance at June 30, 2022 | 1,363,221 | - | 23,755 | (865,921) | 521,055 | ||
Loss for the period | - | - | - | (191,758) | (191,758) | ||
Share based payment compensation | 15 | - | - | 1,361 | - | 1,361 | |
Shares issued for LTIP | 13, 15 | 2,246 | - | (2,246) | - | - | |
Cash issued for LTIP | 13, 15 | - | - | (798) | - | (798) | |
Gain on defined benefit obligation, net of tax | - | - | - | 877 | 877 | ||
Balance at December 31, 2022 | 1,365,467 | - | 22,072 | (1,056,802) | 330,737 | ||
Loss for the period | - | - | (133,100) | (133,100) | |||
Reduction of stated capital | 15 | (1,365,467) | 1,365,467 | - | - | - | |
Share based payment compensation | 15 | - | - | 285 | - | 285 | |
Balance at June 30, 2023 | - | 1,365,467 | 22,357 | (1,189,902) | 197,922 |
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Forza Petroleum Ltd. published this content on 25 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2023 20:50:55 UTC.
