Interim Results

Kern River PLC 20 July 2000 KERN RIVER PLC INTERIM REPORT FOR THE 6 MONTHS ENDED 31 MARCH 2000 CHAIRMAN'S INTERIM STATEMENT Our results for the period were assisted by the steady improvement in Crude Oil prices which, for our Crude production from the Starks Field in Louisiana, have been in excess of $20 per barrel since December 1999. We were able to sustain gross production in excess of 30,000 barrels at Starks. For the six month period ended 31 March 2000 the profit before tax was £100,000 (1999 loss £196,000). In the period under review we continued to focus on a programme of re-working existing wells on the crest of the Starks salt dome structure. Not only does this ensure maximum return for minimum investment but such activity also helps inform our increasing understanding of the reservoir to help identify the optimum location for future drilling. The Balance Sheet reflects the drawdown, during the period, of the remaining £100,000 of the loan from one of our major shareholders. A further loan of £230,000 has been agreed with the same shareholder, which additional funds were drawn down in April 2000. Both of these cash injections are to be invested in the Starks Field so that the Group can benefit from oil prices which are among the best to be realised since the formation of Kern River in 1996. The Directors are actively seeking opportunities to implement development programmes which aim progressively to increase the number of producing wells at Starks. There is nothing further to report concerning the Nukern Lease in California. However, we remain alert to business opportunities which might bring about a suitable joint venture or farm-out. On behalf of the Directors, I would like to assure you of our continuing efforts to achieve best value for shareholders. These are exciting times for the oil industry and we remain intent on maximising the return from our substantial reserves of oil. Neville A. Brown, Chairman 20 July 2000 KERN RIVER PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 6 MONTHS ENDED 31 MARCH 2000 6 months ended 6 months ended Year ended 31 March 2000 31 March 1999 30 Sept 1999 Note 1 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Turnover 334 150 340 Cost of sales (221) (233) (475) ----- ----- ----- Gross profit/(loss) 113 (83) (135) Administrative expenses (43) (49) (86) Exchange gain 41 44 25 ----- ----- ----- Operating profit/(loss) 111 (88) (196) Interest receivable 1 3 4 Interest payable (12) - (4) ----- ----- ----- Profit/(loss) on ordinary activities before taxation 100 (85) (196) Taxation (3) - (4) ----- ----- ----- Profit/(loss)attributable to the Group 97 (85) (200) ===== ===== ===== Basic earnings/(loss) per share Note 3 0.8p (0.7p) (1.7p) ====== ====== ====== Diluted earnings/(loss) per share Note 3 0.8p (0.7p) (1.7p) ====== ====== ====== All disclosures relate only to continuing operations STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Profit/(loss) for the period 97 (85) (200) Currency translation differences 168 160 127 ---- ----- ---- Total recognised gains/(losses) 265 75 (73) ==== ==== ===== KERN RIVER PLC CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2000 31 March 2000 31 March 1999 30 Sept 1999 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Fixed assets Tangible assets 6,686 6,443 6,373 ----- ----- ------ Current assets Debtors 121 42 62 Cash at bank and in hand 68 112 97 ----- ----- ------ 189 154 159 Creditors: Amounts falling due within one year (67) (130) (165) ----- ----- ------ Net current assets/(liabilities) 122 24 (6) ----- ----- ------ Total assets less current liabilities 6,808 6,467 6,367 Creditors:Amounts falling due after more than one year (1,834) (1,609) (1,658) ----- ----- ------ Total net assets 4,974 4,858 4,709 ===== ===== ====== Capital and reserves Called up share capital 2,875 2,875 2,875 Share premium 381 381 381 Merger reserve 2,198 2,198 2,198 Exchange equalisation reserve (52) (147) (225) Profit and loss account (428) (449) (520) ----- ----- ------ Equity shareholders' funds 4,974 4,858 4,709 ===== ===== ====== KERN RIVER PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE 6 MONTHS ENDED 31 MARCH 2000 6 months 6 months Year ended ended ended 30 Sept 31 March 2000 31 March 1999 1999 Note 1 (unaudited) (unaudited) audited) (revised) £'000 £'000 £'000 Cash flow from operating activities (26) (33) (17) Returns on investments and servicing of finance Interest received 1 3 4 Capital expenditure and financial investment Purchase of tangible fixed assets (101) (121) (230) Tax paid (3) - (4) ----- ----- ----- Net cash outflow before financing (129) (151) (247) Financing 100 60 140 ----- ----- ----- Decrease in cash in the period (29) (91) (107) ===== ===== ===== Reconciliation of net cash flow to movement in net debt Decrease in cash in the period (29) (91) (107) Cash inflow from increase in debt (100) (60) (140) Translation differences (64) (78) (46) ------- ------- ------- Movement in net debt in the period (193) (229) (293) Net debt at beginning of the period (1,561) (1,268) (1,268) ------- ------- ------- Net debt at end of period (1,754) (1,497) (1,561) ======= ======= ======= Reconciliation of operating profit/(loss) to cash flow from operations Operating profit/(loss) 111 (88) (196) Depreciation and depletion charges 56 50 103 (Increase)/ decrease in debtors (59) 29 9 (Decrease)/increase in creditors (134) (24) 67 ----- ----- ----- Net cash flow from operations (26) (33) (17) ===== ===== ===== KERN RIVER PLC NOTES TO THE INTERIM ACCOUNTS FOR THE 6 MONTHS ENDED 31 MARCH 2000 1 The financial information set out in this report does not constitute full accounts for the purposes of Section 240 of the Companies Act 1985. The interim accounts for the six months ended 31 March 2000 and 31 March 1999 are unaudited. The comparative figures for the financial year ended 30 September 1999 are not the Company's statutory accounts for the financial year but are abridged from those accounts which have been reported on by the Company's auditors, whose report was unqualified. The interim accounts have been prepared on the basis of the accounting policies set out in the annual financial statements of the Group for the year ended 30 September 1999. The presentation of the cash flow statement for the 6 months to 31 March 1999 has been revised to be consistent with the presentation for the 6 months ended 31 March 2000 and the year ended 30 September 1999. The interim accounts were approved by the Directors on 20 July 2000. 2 Amounts denominated in US Dollars have been converted at the closing rate on 31 March 2000 of £1 to $1.58 (31 March 1999 - $1.61; 30 September 1999 - $1.65). The results of the US subsidiary undertaking have been translated at the average rate ruling in the accounting period of £1 to $1.62 (31 March 1999 - $1.64; 30 September 1999 - $1.63). 3 The figures for diluted and basic earnings per share are based on the profit attributable to the Group of £96,952 (31 March 1999 - loss of £85,064; 30 September 1999 - loss of £199,721) and on the weighted average number of ordinary shares in issue during the period of 11,500,000 (31 March 1999 and 30 September 1999 - 11,500,000). No dividend is proposed. Copies of this interim report are being sent to all shareholders, further copies can be obtained from the Company's registered office,Cooper Street, Wolverhampton WV2 2JL.

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