Audited Full Year Results to 31 December 2021

RNS Number : 5272F
Longboat Energy PLC
22 March 2022
 

Longboat Energy PLC

("Longboat Energy", the "Company" or "Longboat")

 

Audited Full Year Results to 31 December 2021

 

London, 22 March 2022  - Longboat Energy, the emerging company established to build a significant North Sea-focused E&P business, announces its full-year results for the period ended 31 December 2021.

 

 

Highlights

 

Operations Summary

 

Three bilateral transactions executed in June 2021 to farm-in to seven, near-term material exploration wells on the Norwegian Continental Shelf

Four wells drilled to date with three discoveries:

 

Egyptian Vulture: material discovery, significant upside potential

 

Rødhette: potential commersialisation via existing infrastructure

 

Mugnetind: sub-economic discovery

 

Ginny/Hermine: dry well (completed post period)

All four wells were delivered safely on time and budget

 

Financial Summary

 

Remains fully-funded to complete its ongoing committed drilling programme and to pursue its business development activities

 

Cash reserves of ~£26.3 million as at 31 December 2021 and a tax rebate receivable of £8.1 million (31 Dec 2020: £7.7 million)

 

Exploration Finance Facility for £50 million (NOK600m) available for 2022

Loss after taxation of £(4.7)million which includes write down of Mugnetind well

 

Outlook

 

Three high-impact exploration wells over the next ~6 months

 

targeting 69 mmboe (net) and total upside of 254 mmboe (net)

 

primarily gas prospects (83%)

Result of the Kveikje exploration well targeting 36 mmboe (gross) expected in coming days

 

Proposed Norwegian tax changes will lower breakeven commodity prices and increase returns for non-sanctioned projects allowing the Company to consider acquiring development as well as production assets

 

Currently participating in a number of processes where we have specific knowledge and can take advantage of the continuing market dislocation

 

In the short term, the spike in commodity prices will make the M&A market challenging but the move away from Russian oil and gas will further strengthen the strategic case for Norwegian resources 

Longboat is well positioned to pursue the expected forthcoming transactional opportunities, guided by a management team with a strong track record of delivering value through M&A

 

Helge Hammer, Chief Executive Officer of Longboat Energy, commented:

"Longboat remains well-positioned having made one material discovery and another with commercialisation potential from our first four wells.  In the next six months, we will have results from three further exploration wells, each of which could be transformational for the business.

"Furthermore, we continue to leverage our excellent industry relationships and are currently participating in a number of M&A processes."

 

This announcement does not contain inside information

 

Enquiries:

 

Longboat Energy

via FTI

Helge Hammer, Chief Executive Officer

 

Jon Cooper, Chief Financial Officer

 

 

 

Stifel (Nomad)

Tel: +44 20 7710 7600

Callum Stewart

Jason Grossman

Simon Mensley

Ashton Clanfield

 

 

 

FTI Consulting (PR adviser)

Tel: +44 20 3727 1000

Ben Brewerton

Ntobeko Chidavaenzi

longboatenergy@fticonsulting.com

 

 

 

 

Results

For the period to 31 December 2021, the Group's loss after taxation was £4,680,620.

 Dividends

It is the Board's policy that the Company should seek to generate capital growth for its shareholders but may recommend distributions at some future date when the investment portfolio matures, and production revenues are established and when it becomes commercially prudent to do so.

Statement of going concern

The Directors, having considered cash flow forecasts, sensitivities and stress tests and undertaken careful enquiry, are of the opinion that the Group has adequate working capital to continue its operations and meet its liabilities and commitments for a period of at least the next 12 months. Accordingly, the directors have made an informed judgement to continue to adopt the going concern basis of accounting in preparing the annual financial statements. In forming their assessment, the Directors have carefully considered potential risks and uncertainties associated with the Group's business model and additionally the continuing conflict in Ukraine and associated international sanctions on Russia.

The forecasts indicate that sufficient liquidity is maintained across the going concern period and have been prepared on the basis of committed exploration expenditure and budgeted operating costs, continuation of the Norwegian tax refund arrangements based on proposals issued by the Norwegian Ministry of Finance and the continued availability of the Exploration Finance Facility ("EFF") in 2022 and 2023.

In considering the continued access to the EFF, the Directors (and the EFF lending banks based on enquiries made by the Directors) considered written assurances from the Norwegian Ministry of Finance that the existing security structure of the tax refunds will be preserved for 2022, which will enable the EFF to continue to be available. Whilst an element of inherent uncertainty regarding the availability of the EFF remains until the legislative process is complete, the assurances received from the Norwegian Ministry of Finance are such that the Directors consider the risks of the security structure not being preserved for 2022 to be remote. Confirmation of the continued availability of tax refunds as security for the EFF is anticipated when details of the new Norwegian tax regime are published.  In March 2022 Longboat made its first drawing of NOK 15 million under the EFF. The Directors believe this addresses the material uncertainty of being able to draw down the EFF during 2022 that existed and was highlighted in the 2021 interim results.

Outlook

Longboat has established itself as a licence holder in Norway with an outstanding team of professionals, committed to the Company's ethos and strategy, and we are very grateful for their commitment and achievements. Looking ahead, our confidence remains high both in the remaining committed exploration wells and in delivering further successful acquisitions.

We are currently drilling the Kveikje prospect which is in a very prolific area of the North Sea north of Troll close to many recent Equinor operated discoveries. If successful, Kveikje is likely to become part of a new subsea cluster development, which could include several of the nearby discoveries such as Røver Nord, Swisher and Toppand. Subsequently, Cambozola will be drilled back-to-back after Kveikje and followed by Copernicus in the summer. Cambozola and Copernicus are large gas prospects amongst the most exciting wells to be drilled in Norway in 2022 as has been highlighted by Woodmac in their "Wells to Watch" list for the year. The prospects being targeted by these three exploration wells have been estimated by ERC Equipoise Limited to contain prospective resources of 69 mmboe (net) and are primarily gas prospects (83%)  with total upside identified by the Company of 254 mmboe (net).

We are loath to reference the outlook for the Company to the desperate events in Ukraine but inevitably there will be an impact.  In the short term, the spike in commodity prices will make the M&A market challenging for both buyers and sellers, although more so for buyers. Conversely the move away from Russian oil and gas will make the case even stronger for Norwegian resources. 

That aside, Longboat remains well-placed to transact. We have an experienced team with excellent relationships across the industry and we believe there are now many excellent opportunities for Longboat to pursue. However, patience will still be required given the commodity price levels and the competitive landscape.
 

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2021

 

2021

 

2020

 

 

Notes

 

£

 

£

 

GROUP

 

 

Administrative expenses

 

(4,720,133)

 

(2,399,204)

Exploration and evaluation expenses

9

 

(6,399,134)

 

-

 

 

 

 

 

 

 

 

Operating loss

6

 

(11,119,267)

 

(2,399,204)

 

Finance income

5

 

11,412

 

18,736

 

Finance costs

8

 

(484,527)

 

-

 

 

 

 

 

 

 

 

Loss before taxation

 

(11,592,382)

 

(2,380,468)

 

Income tax credit

10

 

6,911,762

 

754,289

 

 

 

 

 

 

 

 

Loss for the year

 

 

(4,680,620)

 

(1,626,179)

 

 

 

 

 

 

 

Other comprehensive income:

 

 

Currency translation differences

580,447

 

524

 

 

 

 

 

 

 

 

Total items that may be reclassified to profit or loss

580,447

 

524

 

 

 

 

 

 

 

 

Total other comprehensive income for the year

580,447

 

524

 

 

 

 

 

 

 

 

Total comprehensive loss for the year

 

(4,100,173)

 

(1,625,655)

 

 

 

 

 

 

 

Loss per share

11

 

pence

 

pence

 

Basic

 

(12.97)

 

(16.26)

Diluted

 

(12.97)

 

(16.26)

 

            

 

 

 

 

Statement of financial position

As at 31 December 2021

 

 

2021

 

2020

 

 

GROUP

Notes

 

£

 

£

 

 

 

 

Non-current assets

 

 

Exploration and evaluation assets

12

 

23,988,754

 

-

 

 

Property, plant and equipment

13

 

29,600

 

11,798

 

 

Right of use asset

13

 

560,709

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

24,579,063

 

11,798

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

Cash and cash equivalents

 

26,282,067

 

7,021,105

 

 

Inventories

14

 

92,798

 

-

 

 

Trade and other receivables

15

 

1,136,081

 

75,807

 

 

Current tax recoverable

16

 

8,149,906

 

777,823

 

 

 

 

 

 

 

 

 

 

 

 

 

35,660,852

 

7,874,735

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

60,239,915

 

7,886,533

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

17

 

4,772,167

 

351,610

 

 

Lease liabilities

18

 

96,172

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

4,868,339

 

351,610

 

 

 

 

 

 

 

 

 

 

 

 

Net current assets

 

30,792,513

 

7,523,125

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

Lease liabilities

18

 

486,630

 

-

 

 

Deferred tax liabilities

19

 

18,766,424

 

431

 

 

 

 

 

 

 

 

 

 

 

 

 

19,253,054

 

431

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

24,121,393

 

352,041

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

36,118,522

 

7,534,492

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

Called up share capital

22

 

5,666,665

 

1,000,000

 

 

Share premium account

23

 

35,570,411

 

7,808,660

 

 

Other reserves

 

 

450,000

 

450,000

 

 

Share option reserve

24

 

353,550

 

97,763

 

 

Currency translation reserve

25

 

580,996

 

549

 

 

Retained earnings

 

 

(6,503,100)

 

(1,822,480)

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

36,118,522

 

7,534,492

 

 

 

 

 

 

 

 

 

The financial statements were approved by the board of directors and authorised for issue on 22 March 2022 and are signed on its behalf by:

 

..............................

 

Helge Hammer

 

Chief Executive

 

 

 

              
 

 

 

Statement of changes in equity

As at 31 December 2021

 

Share capital

Share premium account

Share option reserve

Currency translation reserve

Other reserves

Retained earnings

Total

 

 

Notes

£

£

£

£

£

£

£

 

 

GROUP

 

Balance at 1 January 2020

 

1,000,000

7,808,660

-

25

450,000

 

(196,301)

9,062,384

 

 

Period ended 31 December 2020:

 

Loss for the period

 

-

-

-

 

-

 

(1,626,179)

(1,626,179)

Other comprehensive income

 

-

-

-

524

-

-

524

 

Credit to equity for equity settled share-based payments

 

-

-

97,763

-

-

-

97,763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2020

 

1,000,000

7,808,660

97,763

549

450,000

 

(1,822,480)

7,534,492

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended 31 December 2021:

 

Loss for the year

 

-

-

-

-

-

 

(4,680,620)

(4,680,620)

Other comprehensive income

 

-

-

-

580,447

-

-

580,447

 

Issue of share capital

22

4,666,665

30,333,334

-

-

-

-

34,999,999

 

Credit to equity for equity settled share-based payments

 

-

-

255,787

-

-

-

255,787

 

Costs of share issue

 

-

 

(2,571,583)

-

-

-

-

 

(2,571,583)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2021

5,666,665

35,570,411

353,550

580,996

450,000

 

(6,503,100)

36,118,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

 

Consolidated statement of cash flows

for the Period to 31 December 2020

 

2021

 

2020

 

 

Notes

£

£

£

£

 

 

GROUP

 

 

Cash flows from operating activities

 

 

Cash absorbed by operations

29

 

(4,197,318)

 

(2,164,648)

Tax paid

 

1,429,635

 

(23,533)

 

 

 

 

 

 

 

Net cash outflow from operating activities

 

(2,767,683)

 

(2,188,181)

 

Investing activities

 

Purchase of exploration and evaluation assets

 

(26,513,457)

 

-

 

Tax refund relating to investing activity

 

17,173,053

 

-

 

Purchase of property, plant and equipment

 

(25,769)

 

(12,359)

 

Interest received

 

11,412

 

18,736

 

 

 

 

 

 

 

 

Net cash (used in)/generated from investing activities

 

(9,354,761)

 

6,377

 

 

Financing activities

 

Issue of ordinary shares

 

32,428,416

 

Interest paid

 

(484,527)

 

-

 

Loan facility fees

 

(604,085)

 

-

 

 

 

 

 

 

 

 

Net cash generated from/(used in) financing activities

 

31,339,804

 

-

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash and cash equivalents

 

19,217,360

 

(2,181,804)

 

Cash and cash equivalents at beginning of year

 

7,016,199

 

9,197,479

 

Foreign exchange

 

48,508

 

524

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of year

 

26,282,067

 

7,016,199

 

 

 

 

 

 

 

 

Relating to:

 

Bank balances and short term deposits

 

26,282,067

 

7,021,105

 

Credit cards

 

-

 

(4,906)

 

 

 

 

 

 

                             

 

 

 

Notes to the financial statements

for the Period to 31 December 2020

 

1.  Statutory information

 

Longboat Energy plc is a public limited company, limited by shares, registered in England and Wales. The Company's registered number is 12020297 and registered office address 5th Floor, One New Change, London, England, EC4M 9AF.

 

2.  Accounting policies

 

2.1.  Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The 2021 Annual Report was approved by the Board of Directors on 21st March 2022. The financial information in this statement is audited but does not have the status of statutory accounts within the meaning of Section 434 of the Companies Act 2006. The auditors report was unqualified and did not contain statements under s498(2) or (3) Companies Act 2006, nor did they contain a material uncertainty in relation to going concern.

The financial statements of Longboat Energy plc and the Company have been prepared in accordance with International Reporting Standards (IFRS) in conformity with the requirements of the Companies Act 2006.

 

The financial statements have been prepared on the historical cost basis.

 

2.2.  Going concern

The Directors, having considered cash flow forecasts, sensitivities and stress tests and undertaken careful enquiry, are of the opinion that the Group has adequate working capital to continue its operations and meet its liabilities and commitments for a period of at least the next 12 months. Accordingly, the directors have made an informed judgement to continue to adopt the going concern basis of accounting in preparing the annual financial statements. In forming their assessment, the Directors have carefully considered potential risks and uncertainties associated with the Group's business model and additionally the continuing conflict in Ukraine and associated international sanctions on Russia.

 

The forecasts indicate that sufficient liquidity is maintained across the going concern period and have been prepared on the basis of committed exploration expenditure and budgeted operating costs, continuation of the Norwegian tax refund arrangements based on proposals issued by the Norwegian Ministry of Finance and the continued availability of draw down under the EFF in 2022 and 2023.

 

In considering the continued access to the EFF, the Directors (and the EFF lending banks based on enquiries made by the Directors) considered written assurances from the Norwegian Ministry of Finance that the existing security structure of the tax refunds will be preserved for 2022, which will enable the EFF to continue to be available. Whilst an element of inherent uncertainty regarding the availability of the EFF remains until the legislative process is complete, the assurances received from the Norwegian Ministry of Finance are such that the Directors consider the risks of the security structure not being preserved for 2022 to be remote. Confirmation of the continued availability of tax refunds as security for the EFF is anticipated when details of the new Norwegian tax regime are published.  In March 2022 Longboat made its first drawing of NOK 15 million under the EFF. The Directors believe this addresses the material uncertainty associated with being able to draw down under the EFF during 2022 that existed and was highlighted in the 2021 interim results.

 

The Ministry of Finance has not yet confirmed if the pledge will continue in 2023, however, the bulk of the Group's committed E&A expenditure is scheduled for the current year and sensitivity scenarios in which no draw downs are available in 2023 demonstrate that sufficient liquidity is retained for at least 12 months from the date of approval of the financial statements.  The Directors have obtained legal advice which confirms that contractual repayment terms of amounts drawn down in 2022 would be unaffected by an adverse revision to the security package in 2023. The Directors have further considered combination stress case scenarios in which exploration cost escalation is combined with inability to access the EFF which indicates that liquidity is retained until Q4 2023, however, the Directors are at a well progressed stage with lending banks regarding alternate facilities being available should they be required.

 

Having considered the forecasts the Directors consider that the Group will have sufficient liquidity and no material uncertainties are considered to exist in respect of going concern.

 

3.  Critical accounting estimates

 

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

Exploration and evaluation assets (note 6 and 12)

Judgement is required to determine whether impairment indicators exist in respect of the Group's exploration assets recognised in the statement of financial position. The Group has to take into consideration whether the assets have suffered any impairment, taking into consideration the results of the drilling to date, and the likelihood of reserves being found. The Group relies upon information from third parties to take these decisions, and can be subject to change if future information becomes available. At 31 December 2021 the Group determined that impairment of £6.9 million was required in respect of the Mugnetind licence detailed in note 6 and 12.  Judgment was further exercised in evaluating the extent to which an impairment indicator existed at year end in respect of the Ginny/Hermine licence however based on the timing of substantive drilling post year end and the continued evaluation of the well no impairment indicator was considered to exist.

 

Share-based payments (note 25)

Estimation was required in determining inputs to the share-based payment calculations including share price volatility as detailed in note 25.

 

The fair value of the options were determined by an external valuation provider using an industry accepted pricing model.  For the July and September 2020 awards, the vest date calculation required judgment to determine the point at which the Group and recipients had a shared mutual understanding of the terms of the awards. The Board consider that IPO Admission Document provided such a shared mutual understanding given the detailed disclosure of the terms of the scheme. Accordingly, the estimated fair value of the awards has been spread over the vesting period which commenced at IPO. For the awards issued during 2021, the vesting period was seen to commence on date of issue.

 

Cost Allocation

The issue of new shares needs to be treated in accordance with IAS 32. According to IAS 32, the costs of issuing new shares and a stock market listing should be accounted for as follows:

 

Incremental costs that are directly attributable to issuing new shares should be deducted from equity, share premium, (net of any income tax benefit) - IAS 32.37; and

Costs that relate to the stock market listing, or are otherwise not incremental and directly attributable to issuing new shares, should be recorded as an expense in the statement of comprehensive income.

 

The directors exercised judgement in allocation of the costs that relate to both share issuance and listing. These were allocated between those functions on a rational and consistent basis.  In the absence of a more specific basis for apportionment, an allocation of common costs based on the proportion of new shares issued to the total number of (new and existing) shares listed is an acceptable approach. The total costs that were deducted from share premium were £2,572k.  These are all directly attributable to the issue with the remainder of the costs (£451k) being expensed as they were related but not directly attributable. These are accounted for through administrative expenses in the Statement of Comprehensive Income.

 

Expected credit loss (note 16)

Determining an expected credit loss on an intercompany loan for an exploration business is very subjective, as unlike a financial institution there is no default credit history on a loan book to a portfolio of customers.  This is exploration and one successful well would have the ability to provide the necessary value ultimately to repay any intercompany loans.  The next three wells are important wells and are some of the larger wells in the portfolio.  Consequently, the directors have determined a provision equivalent to 25% of the loan value is appropriate based on assessment of scenarios related to well success factors.

 

 

4.

Employees

 

 

 

 

GROUP

 

 

 

The average monthly number of persons (including directors) employed by the group and company during the year was:

 

 

 

 

 

 

2021

2020

 

 

Number

Number

 

 

 

Executive Directors

3

2

 

Non-Executive Directors

4

4

 

Staff

4

2

 

 

 

 

 

 

 

 

 

 

Total

11

8

 

 

 

 

 

 

 

Their aggregate remuneration comprised:

 

 

 

2021

2020

 

 

£

£

 

 

 

Wages and salaries

1,703,062

646,485

 

Social security costs

245,771

82,826

 

Pension costs

133,047

41,782

 

Foreign currency gains

 

(33,844)

-

 

Share based payment charge

255,737

97,763

 

 

 

 

 

 

 

 

 

 

 

2,303,773

868,856

 

 

 

 

 

 

 

 

 

 

Foreign currency gains arise on wages and salaries due to one of the executive directors salaries being declared in GBP and paid in NOK.

 

 

 

The remuneration of the highest paid director is shown below.

 

 

 

 

Taxable

Annual

 

 

 

Salary

Benefits

Bonus

Pension

Total

 

 

Helge Hammer

231,099

16,890

55,514

-

303,504

 

                    

 

 

5

Investment income

 

 

 

 

 

 

 

GROUP

2021

2020

 

 

 

£

£

 

 

 

Interest income

 

 

 

Bank deposits

11,412

18,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest income for financial assets that are not held at fair value through profit or loss is £11,412 (2020: £18,736).

 

 

 

6

Operating loss

 

 

 

 

 

GROUP

2021

2020

 

 

£

£

 

 

Operating loss for the year is stated after charging/(crediting):

 

 

 

Exchange losses

151,369

28,037

 

 

Fees payable to the company's auditor for the audit of the company's financial statements

36,190

36,170

 

 

Other assurance services

126,000

16,000

 

 

Subsidiary audit fees

4,190

4,170

 

 

Depreciation of property, plant and equipment

30,057

2,767

 

 

Costs associated with share issue

451,000

-

 

 

Share-based payments

255,787

97,763

 

 

Executive Director's remuneration

799,860

226,024

 

 

Non-Executive Director remuneration

262,938

230,541

 

 

Wages and salaries

640,264

150,719

 

 

Pensions and payroll taxes

344,924

124,608

 

 

Operating leases less than 12 month term

77,815

96,519

 

 

 

7

Auditor's remuneration

 

 

 

 

 

GROUP

2021

2020

 

 

Fees payable to the group's auditor and associates:

£

£

 

 

 

 

For audit services

 

 

 

Audit of the financial statements of the group

36,190

36,170

 

 

 

 

 

 

 

 

 

 

 

During the year the auditor provided non-audit services of £110,000 in their role as Reporting Accountant in relation to the work on the admission to AIM and £16,000 (2020: £16,000) relating to the interim review.

 

 

 

 

 

8

Finance costs

 

 

 

2021

2020

 

 

GROUP

£

£

 

 

 

 

Interest on bank overdrafts and loans

484,527

-

 

 

 

 

 

 

 

 

 

 

 

The Group has entered into a rolling exploration funding facility with 1 SR-Bank ASA and ING Bank N.V. in Norway which will allow the Group to receive funding for exploration activities to take place. The loan interest charged for the facility is a margin of 2.50% p.a. plus NIBOR. For the undrawn loan amount, a commitment fee equal to 40% of the margin is charged.

 

 

 

9

Exploration and evaluation expenses

 

 

2021

2020

 

 

GROUP

£

£

 

 

 

Amounts written off on exploration activity

 

(6,399,134)

-

 

 

 

 

 

 

 

 

 

During the year, the Group acquired working interests in seven exploration wells on the Norwegian Continental Shelf, which completed on 1 September 2021.

 

 

 

During the year, the evaluation of the licences was completed, and it was determined that the Mugnetind well was dry, therefore the Directors have evaluated the potential future cashflows from that well and future licence prospectivity, and have decided to write off the value of the well and associated licence costs. Further information in respect of subsequent events can be found in note 28.

 

 

 

 

 

10

Income tax expense

 

 

2021

2020

 

 

GROUP

£

£

 

 

 

Current tax

 

 

Foreign tax on losses for the current period

 

(25,971,588)

(754,708)

 

 

 

 

 

 

 

 

Deferred tax

 

 

Origination and reversal of temporary differences

19,059,826

419

 

 

 

 

 

 

 

 

 

Total tax (credit)

 

(6,911,762)

(754,289)

 

 

 

 

 

 

 

 

The charge for the year can be reconciled to the loss per the income statement as follows:

 

 

 

 

2021

2020

 

 

£

£

 

 

 

Loss before taxation

 

(12,172,830)

(2,380,992)

 

 

 

 

 

 

 

 

Expected tax credit based on a corporation tax rate of 19.00% (2020: 19.00%)

 

(2,312,838)

(452,284)

 

Effect of expenses not deductible in determining taxable profit

581,294

29,421

 

 

Effect of overseas tax rates

1,463,583

 

(16,696)

 

Deferred tax not recognised

442,003

439,559

 

 

Foreign taxes and reliefs

 

(6,911,762)

(754,289)

 

Reameasurement of deferred tax for changes in tax rates

 

(172,264)

-

 

 

Fixed asset differences

 

(1,778)

-

 

 

 

 

 

 

 

 

 

Taxation credit for the year

 

(6,911,762)

(754,289)

 

 

 

 

 

 

                         

 

Unused tax losses in the UK on which no deferred tax asset has been recognised as at 31 December 2021 was £2,871,071  (2020: £1,288,521) and the potential tax benefit was £717,768 (2020: £439,559). Deferred tax assets, including those arising from temporary differences, are recognised only when it is considered more likely than not that they will be recovered, which is dependent on the generation of future assessable income of a nature and of an amount sufficient to enable the benefits to be utilised. The current tax (rebate) of GBP 25.9 million (NOK 306.3 million) represents what has been paid out during 2021 and will be paid out during 2022 according to Norwegian Tax Legislation.  As per 31 December 2021 GBP 18.5 million (NOK 209.1 million) has been refunded, leaving GBP 8.2 million (NOK 97.2 million) to be paid during 2022.  The deferred tax charge represents the tax portion on capitalised intangibles being deductible for tax purposes.

 

 

11

Earnings per share

 

 

 

 

 

GROUP

2021

2020

 

 

 

£

£

 

 

 

Number of shares

 

 

 

Weighted average number of ordinary shares for basic earnings per share

36,082,191

10,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

Earnings for basic and diluted earnings per share being net profit attributable to equity shareholders of the group for continued operations

 

(4,680,620)

(1,626,179)

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share (expressed in pence)

 

 

 

From continuing operations

 

(12.97)

(16.26)

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares outstanding during the period.

 

Diluted earnings per share is calculated using the weighted average number of shares adjusted to assume to conversion of all dilutive potential ordinary shares. 2,281,667 (2020: nil) of share options are not included because they are anti-dilutive.

 

 

 

 

 

 

 

12

Exploration and evaluation assets

 

 

 

 

 

 

GROUP

£

 

 

 

Cost

 

 

Additions - purchased

29,716,850

 

 

Foreign currency adjustments

671,038

 

 

Exploration write off

 

(6,399,134)

 

 

 

 

 

 

At 31 December 2021

23,988,754

 

 

 

 

 

 

 

Carrying amount

 

 

At 31 December 2021

23,988,754

 

 

 

 

 

 

 

During the year, the Group acquired interests in seven exploration licences on the Norwegian Continental Shelf, which completed on 31 August 2021.

 

 

 

 

During the year, the evaluation of the licences was completed, and it was determined that the Mugnetind well was dry, therefore the Directors have evaluated the potential future cashflows from that well and future licence prospectivity, and have decided to write off the value of the well and associated licence costs.  There have been no post balance sheet events to indicate any further indicators of impairment that were in place at the year end

 

              
 

 

13

Property, plant and equipment

 

 

 

Right of use assets

Fixtures and fittings

Computers

Total

 

 

GROUP

£

£

£

£

 

 

Cost

 

 

At 1 January 2020

-

-

2,245

2,245

 

 

Additions

-

-

12,360

12,360

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2020

-

-

14,605

14,605

 

 

Additions

580,044

3,340

37,869

621,253

 

 

Disposals

-

-

 

(15,322)

(15,322)

 

Foreign currency adjustments

-

-

 

(119)

(119)

 

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2021

580,044

3,340

37,033

620,417

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation and impairment

 

 

At 1 January 2020

-

-

-

-

 

 

Charge for the year

-

-

2,767

2,767

 

 

Foreign currency adjustments

-

-

40

40

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2020

-

-

2,807

2,807

 

 

Charge for the year

20,015

167

9,875

30,057

 

 

Eliminated on disposal

-

-

 

(2,050)

(2,050)

 

Foreign currency adjustments

 

(680)

-

 

(26)

(706)

 

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2021

19,335

167

10,606

30,108

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrying amount

 

 

At 31 December 2021

560,709

3,173

26,427

590,309

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2020

-

-

11,798

11,798

 

 

 

 

 

 

 

 

 

 

 

               

 

 

 

14

Inventories

 

 

 

2021

2020

 

 

 

GROUP

£

£

 

 

 

 

 

Materials and supplies

92,798

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Closing inventories are equal to their net realisable value.

 

 

 

15

Trade and other receivables

 

 

 

2021

2020

 

 

 

GROUP

£

£

 

 

 

 

 

Trade receivables

22,662

-

 

 

 

Taxes recoverable

81,737

22,161

 

 

 

Other receivables

40,462

-

 

 

 

Prepayments

991,220

53,646

 

 

 

 

 

 

 

 

 

 

 

 

 

1,136,081

75,807

 

 

 

 

 

 

 

 

 

 

                

The directors consider that the carrying amount of trade and other receivables approximates to their fair value.

 

 

16

Current tax recoverable

 

 

 

 

 

2021

2020

 

 

 

GROUP

£

£

 

 

 

Current tax receivable

8,149,906

777,823

 

 

 

 

 

 

 

 

 

17

Trade and other payables

 

 

 

2021

2020

 

 

 

GROUP

£

£

 

 

 

 

 

Trade payables

580,084

129,713

 

 

 

Accruals

2,753,202

115,309

 

 

 

Social security and other taxation

239,922

94,850

 

 

 

Other payables

1,198,959

11,738

 

 

 

 

 

 

 

 

 

 

 

 

 

4,772,167

351,610

 

 

 

 

 

 

 

 

 

 

 

 

18

Lease liabilities

 

 

 

 

GROUP

 

 

 

 

The Group has lease contracts for buildings used in its operations. The Group has agreed a new lease for its Stavanger office which was signed in September 2021. The Group's obligations under its leases are secured by the lessor's title to the leased assets.

 

 

 

 

Set out below are the carrying amounts of right of use assets recognised and the movements during the period:

 

 

 

 

2021

 

 

£

 

 

At 1 January 2021

-

 

 

Additions

585,706

 

 

Depreciation charge for the year

 

(20,015)

 

 

Foreign exchange

 

(4,982)

 

 

 

 

 

 

 

 

 

At 31 December 2021

560,709

 

 

 

 

 

 

 

Set out below are the carrying value of lease liabilities and the movements.

 

 

 

2021

 

 

 

£

 

 

 

At 1 January 2021

-

 

 

 

Additions

585,706

 

 

 

Interest

2,758

 

 

 

Foreign exchange

 

(5,662)

 

 

 

 

 

 

 

 

 

 

At 31 December 2021

582,802

 

 

 

 

 

 

 

 

 

 

 

£

 

 

 

Within one year

96,172

 

 

 

In two to five years

486,630

 

 

 

 

 

 

 

 

 

 

 

582,802

 

 

 

 

 

 

 

 

 

Maturity analysis

 

£

 

 

 

 

 

Within one year

 

111,799

 

 

 

In two to five years

 

514,273

 

 

 

 

 

 

 

 

 

 

 

Total undiscounted liabilities

 

626,072

 

 

 

Future finance charges and other adjustments

 

(43,270)

 

 

 

 

 

 

 

 

 

 

Lease liabilities in the financial statements

 

(582,802)

 

 

 

 

 

 

 

 

 

 

Amounts recognised in profit or loss include the following:

 

£

 

 

 

 

 

Depreciation expense of right of use assets

 

19,335

 

 

 

Foreign exchange on depreciation

 

680

 

 

 

 

 

Interest expense for right of use assets

 

2,758

 

 

 

 

 

 

 

 

19

Deferred taxation

 

 

 

 

GROUP

 

 

 

 

The following are the deferred tax liabilities and assets recognised and movements thereon during the current and prior reporting period.

 

 

 

 

 

ACAs

 

 

£

 

 

 

 

Deferred tax balance at 1 January 2020

-

 

 

 

 

Deferred tax movements in prior year

 

 

Differences in tax basis for depreciation in Norway

431

 

 

 

 

 

 

 

 

 

Deferred tax liability at 1 January 2021

431

 

 

 

 

Deferred tax movements in current year

 

 

Differences in tax basis for offset of tax losses in Norway

19,059,825

 

 

Foreign exchange

 

(293,832)

 

 

 

 

 

 

 

 

 

Deferred tax liability at 31 December 2021

18,766,424

 

 

 

 

 

 

 

 

                       

 

20

Financial risk management

 

 

 

The Group is exposed to financial risks through its various business activities. In particular, changes in interest rates exchange rates can have an effect on the capital, financial situation of the Group. In addition, the Group is subject to credit risks.

 

The Group has adopted internal guidelines, which concern risk control processes and which regulate the use of financial instruments and thus provide a clear separation of the roles relating to operational financial activities, their implementation and accounting, and the auditing of financial instruments. The guidelines on which the Group's risk management processes are based are designed to ensure that the risks are identified and analysed across the Group. They also aim for a suitable limitation and control of the risks involved, as well as their monitoring. The Group controls and monitors these risks primarily through its operational business and financing activities.

 

 

 

 

Credit Risks

 

The credit risk describes the risk from an economic loss that arises because a contracting party fails to fulfil their contractual payment obligations. The credit risk includes both the immediate default risk and the risk of credit deterioration, connected with the risk of the concentration of individual risks. For the Group, credit and default risks are concentrated in the financial institutions in which it places cash deposits.

 

The Group's policy is to place its cash with banks with an appropriate credit rating in accordance with the Company's Treasury Risk Management Policy.

 

 

 

Notwithstanding existing collateral, the amount of financial assets indicates the maximum default risk in the event that counterparties are unable to meet their contractual payment obligations. The maximum credit default risk amounted to £26,345,191 at the balance sheet date, of which £26,282,067 was cash on deposit at banks.

 

 

 

Liquidity Risks

 

Liquidity risk is defined as the risk that a company may not be able to fulfil its financial obligations. The Group manages its liquidity by maintaining cash and cash equivalents sufficient to meet its expected cash requirements to implement its investment policy. In the event that there is a risk that the cash required to follow the investment policy is greater than the Group's liquid resources, the Group would seek confirmation of the continuation of the policy and the raising of further financing at a shareholder general meeting.

 

 

 

At 31 December 2021, the Group has cash on deposit of £26,282,067 (2020: £7,021,104).

 

 

 

Market Risks

 

 

Interest Rate Risks

 

 

Interest rate risks exist due to potential changes in market interest rates and can lead to a change in the fair value of fixed-interest bearing instruments, and to fluctuations in interest payment for variable interest rate financial instruments.

 

 

The Group is exposed to interest rate risk on cash held on deposit at banks. Interest income for the year to 31 December 2021 was £11,412 (2020: £18,736). These accounts are maintained for liquidity rather than investment, and the interest rate risk is not considered material to the Group.

 

 

Currency risks

 

 

The Group operates in the UK and Norway, incurs expenses in Sterling, United States Dollars and Norwegian Kroner ("NOK"), and holds cash in sterling, US Dollars and NOK. The Group incurs some expenditure in foreign currency when the investment policy requires services to be obtained overseas. The foreign exchange risk on these costs is not considered material to the Group.

 

 

The Group's exposure to foreign currency risk at the end of the reporting period is summarised below. All amounts are presented in GBP equivalent.

 

 

2021

 

 

£

 

Cash and cash equivalents

 

11,804,980

 

Trade and other receivables

 

1,104,580

 

Trade and other payables

 

(4,693,250)

 

Lease liabilities

 

(582,803)

 

 

 

 

 

 

 

 

Net exposure

 

7,633,507

 

 

 

 

 

 

 

 

Foreign currency gains and losses were not material in 2020 and therefore have not been disclosed.

 

 

 

 

 

 

 

 

Sensitivity analysis

 

 

 

As shown in the table above, the Company is exposed to changes in exchange rates through its balances held in non-GBP. The table below shows the impact in GBP on pre-tax profit and loss of a

10% increase/decrease in the exchange rates, holding all other variables constant.

 

 

 

 

 

2021

 

 

 

£

 

 

 

Exchange rate increases by 10%

 

848,167

 

 

 

Exchange rate decreases by 10%

 

(693,955)

 

            

 

21

Retirement benefit schemes

 

 

 

GROUP

 

 

2021

2020

 

 

Defined contribution schemes

 

£

£

 

 

 

Charge to profit or loss in respect of defined contribution schemes

133,047

41,782

 

 

 

 

 

 

 

 

 

The Group does not operate any defined benefit schemes.

 

 

 

        

 

 

22

Share capital

 

 

 

 

 

GROUP

 

 

 

2021

2020

2021

2020

 

 

 

Ordinary share capital

Number

Number

£

£

 

 

 

Issued and fully paid

 

 

 

Ordinary of 10p each of 10p each

56,666,665

10,000,000

5,666,665

1,000,000

 

 

 

 

 

On 10 June 2021 46,666,666 Ordinary Shares were allotted at 75p per Ordinary Share. This brought the total share capital to 56,666,666 ordinary shares.

 

 

 

 

23

Share premium account

 

 

 

 

2021

2020

 

 

 

£

£

 

 

 

 

 

 

At the beginning of the year

7,808,660

7,808,660

 

 

 

Issue of new shares

30,333,334

-

 

 

 

Costs of share issue

 

(2,571,583)

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At the end of the year

35,570,411

7,808,660

 

 

 

 

 

 

 

 

 

 

 

 

 

24

Share option reserve

 

 

 

 

2021

2020

 

 

£

£

 

 

 

 

At the beginning of the year

97,763

-

 

 

Arising in the year

255,787

97,763

 

 

 

 

 

 

 

 

 

 

 

At the beginning and end of the year

353,550

97,763

 

 

 

 

 

 

 

 

 

 

 

During the year, Longboat Petroleum plc operated three share incentive schemes:  the  Founder Incentive Plan (FIP), the Long Term Incentive Plan (LTIP) and the Co-investment  plan (CIP).  Details of the schemes are summarized below:

 

 

 

 

Founder Incentive Plan

 

 

 

 

 

Under the FIP, the founders are eligible to receive 15% of the growth in returns of the Company from its Admission to AIM in November 2019 over a five year period. The awards are expressed as a percentage of the total maximum potential award, being 10% of the Company's issued share capital.

 

 

 

 

Should a hurdle of doubling of the Total Shareholder Return ("TSR") over the five-year period be met, the awards will be converted into nil cost options over ordinary shares of 10p each in the share capital Company.  The hurdle is adjusted for any capital raises that occur during the performance period, including the share placing of 10 June 2021, and for any additional value to accrue to the founders, those placing shares will need to increase by the same hurdle but as adjusted for time to reflect the shorter period between the date of the placing and the original measurement dates in years three to five.

 

 

 

 

For the purpose of determining the fair value of an award, the following assumptions have been applied and a valuation calculation run through the Monte Carlo Model:

 

 

 

 

Grant date - 3 July 2020 and 24 September 2020

 

£

 

 

Weighted average share price at grant date

 

0.78

 

 

TSR performance

 

-

 

 

Risk free rate

 

-0.08%

 

 

Dividend yield

 

-

 

 

Volatility of Company share price

 

50.44%

 

 

 

 

The risk-free rate assumption has been set as the yield as at the calculation date on zero coupon government bonds of a term commensurate with the remaining performance period.

 

 

The historical 3 year volatility of the constituents of the FTSE AIM Oil & Gas supersector, as of the date of grant, was used to derive the volatility assumption.

 

 

 

 

The weighted average exercise price of outstanding options is nil.

 

 

The weighted average remaining contractual life as at 31 December 2021 is 27 months.

 

 

Co-Investment Plan (CIP) awards

 

 

 

 

The awards granted under the CIP are nil cost options to acquire Matching Sharesbeing ordinary shares of 10p each in the share capital of the Company.. The awards are subject to a share price performance condition, where the share price growth over the vesting period must be greater than 30%. No options will vest if this condition is not met.

 

 

 

 

For the purpose of determining the fair value of an award, the following assumptions have been applied and a valuation calculation run through the Monte Carlo Model:

 

 

 

 

Grant date

 

02-Jul-21

 

 

Performance period (years)

 

3

 

 

Share price at grant date

 

£0.70

 

 

Exercise price

 

£0.10

 

 

Risk free rate

 

15.00%

 

 

Dividend yield

 

0%

 

 

Volatility of Company share price

 

51.00%

 

 

Fair value per award

 

£0.38

 

 

 

 

2021

Weighted average fair

 

 

No.

value (£ per share)

 

 

Outstanding at beginning of the period

 

-

 

-

 

 

Granted during the period

 

639,900

 

£0.38

 

 

Forfeited during the period

 

-

 

-

 

 

Exercised during the period

 

-

 

-

 

 

Expired during the period

 

-

 

-

 

 

Outstanding at the end of the period

 

639,900

 

-

 

 

Exercisable at the end of the period

 

-

 

-

 

 

 

 

The weighted average exercise price of outstanding options is £0.10.

 

 

The weighted average remaining contractual life as at 31 December 2021 is 30 months.

 

 

 

 

Long Term Incentive Plan

 

 

 

The awards issued under the LTIP are nil-cost options subject to a performance condition.

 

 

 

 

For the purpose of determining whether the condition has been met, the TSR of the Company is measured over the three year performance period, commencing at the grant date. The return index is averaged over the 30 dealing day period prior to the start of the performance period and over the final 30 days of the performance period.

 

                       

 

The awards have been valued using the Monte Carlo model, which calculates a fair value based on a large number of randomly generated simulations of the Company's TSR.

 

 

For the purpose of determining the fair value of an award, the following assumptions have been applied:

 

 

 

 

Grant date

 

01 Sept 20

2 July 21

11 Oct 21

8 Nov 21

 

 

Weighted average share price at grant date

 

0.885

0.72

0.78

0.705

 

 

TSR performance

 

-

-

-

-

 

 

Risk free rate

 

-0.1%

0.15%

0.60%

n/a

 

 

Dividend yield

 

0.0%

0.0%

0.0%

0.0%

 

 

Volatility of Company share price

 

58.00%

51.00%

50.00%

n/a

 

 

Weighted average fair value

 

£0.33

£0.33

£0.36

£0.33

 

The risk-free rate assumption has been set as the yield as at the calculation date on zero- coupon

government bonds of a term commensurate with the remaining performance period.

 

 

The historical three year volatility of the constituents of the FTSE AIM Oil & Gas supersector , as of the date of grant, was used to derive the volatility assumption.

 

Opening share awards

 

40,000

 

Awarded in the period

 

1,375,100

 

Exercised during the period

 

-

 

Expired during the period

 

(98,600)

 

Outstanding at the end of the period

 

1,316,500

 

Exercisable at the end of the period

 

-

 

 

The weighted average exercise price of outstanding options is £0.10.

 

The weighted average remaining contractual life as at 31 December 2021 is 27 months.

 

 

25

Currency translation reserve

 

 

 

GROUP

 

 

2021

2020

 

£

£

 

 

At the beginning of the year

549

25

 

Currency translation differences

580,447

524

 

 

 

 

 

 

 

At the end of the year

580,996

549

 

 

 

 

 

 

 

The currency translation reserve relates to the movement in translating operations denominated in currencies other than sterling into the presentation currency.

 

 

 

 

 

                   
 

 

26

 

Related party transactions

 

On 10 June 2021, the Company announced a conditional placing and subscription for New Ordinary Shares (the "Fundraising") raising gross proceeds of £35 million. The following related parties subscribed for shares at a price of 75 pence per share as set out below:

 

 

 

 

 

 

Blackrock Investment Management

7,000,258

Graham Stewart

200,000

Helge Hammer

506,667

Jonathan Cooper

200,000

Nicholas Ingrassia

160,000

Jorunn Seatre

26,667

Blackacre Trust No 1

100,000

Blackacre Trust No 2

100,000

 

 

 

Remuneration of key management personnel

Members of the Board of Directors are deemed to be key management personnel. Key management personnel compensation for the financial period is the same as the Director remuneration set out in note 4 to the accounts.

 

 

Other information

Directors' interests in the shares of the Company in the current and prior period, including family interests, were as follows:

 

 

 

 

Ordinary shares

 

 

Helge Hammer

 

837,023

 

 

Jonathan Cooper

 

333,432

 

 

Graham Stewart

 

350,000

 

 

Jorunn Saetre

 

51,667

 

 

Nick Ingrassia

 

179,023

 

 

Julian Riddick (PDMR)

 

272,648

 

 

Hilde Salthe (PDMR)

 

11,805

 

 

 

Under IAS 24 section 4, all intragroup transactions which have been eliminated on consolidation are exempt from being disclosed as the Group have prepared consolidated financial statements.

 

 

 

In addition, the following conditional awards have been made to the Executive Directors and Company Secretary under the FIP which are expressed as a percentage of the total maximum potential award, being 10% of the Company's issued share capital:

 

 

 

Founder

Percentage entitlement of Initial Award pool

 

Maximum percentage entitlement of growth in value from IPO

 

Maximum percentage of issued share capital

 

 

%

 

%

 

%

 

 

Helge Hammer

23.50%

 

3.53%

 

1.48%

 

 

Graham Stewart

19.75%

 

2.96%

 

0.62%

 

 

Jonathan Cooper

19.13%

 

2.87%

 

0.59%

 

 

Julian Riddick

18.50%

 

2.78%

 

0.48%

 

 

 

The Group does not have one controlling party.

 

 

27

Subsequent Events

 

 

Post the year end, the results of the Equinor operated Ginny and Hermine well were announced on 4th February 2022 with the well failing to find hydrocarbons. The operator is currently assessing if there is further prospectivity on the licence.

 

Post the year end Russia invaded the Ukraine.  The Board has assessed the risks to the Company associated with the Russian invasion of Ukraine and, unless the conflict escalates into a conflict between Russia and NATO, has concluded that there are no direct consequences to the Company although there are indirect risks as outlined, in the Principal Risks and Uncertainties section, notably as regards commodity prices, FX rates and the impact on the M&A market.

 

 

 

28

Cash absorbed by operations

 

 

 

2021

2020

 

 

 

GROUP

£

£

 

 

 

 

 

Loss for the year after tax before other comprehensive income

 

(4,680,620)

(1,626,179)

 

 

 

 

Adjustments for:

 

 

 

Taxation credited

 

(6,911,763)

(754,289)

 

 

Exploration write off

6,399,134

-

 

 

 

Release of prepaid bank fees

103,517

-

 

 

 

Investment income

-

 

(18,736)

 

 

Interest payable

484,527

-

 

 

 

Interest receivable

 

(11,412)

-

 

 

 

Time writing adjustments

 

(448,071)

-

 

 

 

Depreciation

27,982

2,807

 

 

 

Other

-

431

 

 

 

Equity settled share based payment expense

255,736

97,763

 

 

 

 

 

Movements in working capital:

 

 

 

Increase in inventories

 

(92,798)

-

 

 

 

Decrease in trade and other receivables

104,906

7,192

 

 

 

Increase in trade and other payables

571,544

126,363

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash absorbed by operations

 

(4,197,318)

(2,164,648)

 

 

 

 

 

 

 

 

 

                  

 

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