3LEGS RESOURCES PLC. Wyniki półroczne. za okres sześciu miesięcy. do 30 czerwca 2014

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1 Wyniki półroczne za okres sześciu miesięcy do 30 czerwca 2014

2 Wyniki półroczne za okres sześciu miesięcy zakończony 30 czerwca Legs Resources plc ( 3Legs lub Spółka, a wraz ze spółkami zależnymi Grupa ), niezależna firma koncentrująca się na poszukiwaniu i rozpoznawaniu niekonwencjonalnych zasobów ropy i gazu, ogłasza swoje wyniki półroczne za okres sześciu miesięcy zakończony 30 czerwca 2014 roku. Ogólne informacje Dwa kolejne odwierty pionowe Lublewo LEP-1 i Sławoszyno LEP-1 wykonano odpowiednio na koncesjach Lębork i Karwia; z odwiertu Lublewo LEP-1 pobrano rdzenie. Odwiert kierunkowy Lublewo LEP-1ST1H jest odwiertem bocznym odwiertu Lublewo LEP-1 wraz z sekcją horyzontalną o długości 1500m. Pomyślnie przeprowadzona 25-cio etapowa stymulacja hydrauliczna sekcji horyzontalnej odwiertu Lublewo LEP-1ST1H uwzględniała dotychczas zdobytą wiedzę, odwiert został poddany długoterminowym testom. W okresie od 8 sierpnia do 17 września odwiert Lublewo LEP-1ST1H produkował średnio 396 mscf/d gazu naturalnego oraz 157 b/d lekkiej ropy. Odwiert produkował większą ilość ropy niż przewidywano, podczas gdy produkcja gazu była niższa niż się spodziewano. Na podstawie dostępnych informacji oraz recenzji Netherland Sewell & Associates, Spółka nie uważa aby wskaźniki przepływu mógłby podnieść się do poziomu, który uzna się za opłacalny. Spółka prowadzi obecnie rozmowy na temat trzech wschodnich koncesji basenu bałtyckiego, które są w 100% posiadaniu Spółki. Informacje korporacyjne Spółka miała prawo do jednorazowego zaprzestania udziału w działalności obejmującej trzy zachodnie koncesje w basenie bałtyckim kiedy udział w wydatkach netto osiągnie 19 mln USD; limit ten został osiągnięty pod koniec sierpnia Spółka wywnioskowała, iż w najlepszym interesie swoich akcjonariuszy byłoby wykorzystanie tej opcji, a tym samym ograniczenie swojej odpowiedzialności finansowej w odniesieniu do trzech zachodnich koncesji; opcja ta została wykorzystana w dniu 17 września W przypadku braku odpowiednich alternatywnych działań, Spółka proponuje po odliczeniu kosztów, bezzwłoczny zwrot pozostałych środków akcjonariuszom i przystąpienie do likwidacji. Wraz ze środkami pienężnymi będącymi w trakcie zwrotu przez spółkę joint venture, Lane Energy Poland Sp. z o.o., na dzień 30 września Spółka posiada środki pieniężne w wysokości około 17 mln GBP, równowartość 20 pensów za akcję. Ponadto, Spółka prowadzi osobne roszczenie wobec ConocoPhillips o zwrot 30% udziału nadwyżki kapitału obrotowego zgromadzonego we wspólnym przedsięwzięciu typu joint venture, wycenionego na 1,64 mln USD netto. W listopadzie 2014 roku Spółka planuje przeprowadzić pierwsze Nadzwyczajne Walne Zgromadzenie aby zatwierdzić natychmiastowy zwrot kwoty nie mniejszej niż 15,5 mln GBP swoim akcjonariuszom, odpowiednik nie mniejszy niż 18 pensów za akcję. Zakłada się, że drugie i ostateczne NWZ odbędzie się w pierwszym kwartale 2015 roku, w celu poddania Spółki dobrowolnej likwidacji, a następnie dokonania końcowego podziału na zakończenie likwidacji. Wypowiedzenia umów zostały już przedstawione wszystkim funkcjonariuszom, pracownikom i konsultantom Spółki. 2

3 Alexander Fraser zgodził się dołączyć do Zarządu Spółki i półpracować z Przewodniczącym oraz Dyrektorem Generalnym nad szybkim i skutecznym zwrotem gotówki oraz likwidacją Grupy. Aby uzyskać więcej informacji: 3Legs Resources plc Tel: Kamlesh Parmar, Dyrektor Generalny Alexander Fraser, Dyrektor Finansowy Jefferies International Limited Tel: Simon Hardy Graham Hertrich Northland Capital Partners Tel: Matthew Johnson FTI Consulting Tel: Oliver Winters Shannon Brushe 3

4 Chairman s and Chief Executive Officer s review Introduction As we announced on 17 September, the Group has exercised its one-time option to withdraw from its principal project, the exploration and appraisal of its three western Baltic Basin concessions where it has been working with ConocoPhillips since This decision followed the conclusion of the first 40 days of testing of the Lublewo LEP-1ST1H horizontal well, which commenced on 8 August. Over that period, the well had flowed at rates which we considered were not commercially viable, and accordingly we concluded that we could not justify further investment in these concessions. We have considered the options open to the Company and have concluded that a return of our remaining cash resources, net of wind-up costs, to shareholders followed by an orderly liquidation of our business would be in the best interests of our shareholders. Further details are set out at the end of this review. Operational review Western Baltic Basin concessions The Group has been working with ConocoPhillips on our three western Baltic Basin concessions since 2009, and the Group and ConocoPhillips have now drilled a total of seven wells (four vertical wells and three lateral wells) on these concessions. 3Legs initially acted as operator of the concessions until September 2012, when ConocoPhillips exercised its option to acquire a 70% interest in these concessions and became operator at the same time. Within these three concessions we focused our activity on the high-graded area located in the northern part of the concessions which, we considered, offered the best prospect of success by reason of the depth and thickness of our primary shale horizon, the Sasino shale. All of our wells encountered hydrocarbons and we flared gas from five of the seven wells, as planned operations to date In the period since 1 January 2014 we concluded the drilling of two vertical exploration wells, Lublewo LEP-1 and Slawoszyno LEP-1. These were followed by the drilling, stimulation and testing of a lateral well, Lublewo LEP-1ST1H, our third lateral well, and seventh well in all, drilled on our western concessions. The first of the two vertical wells, Lublewo LEP-1, was drilled in January 2014 to 2,924 metres true vertical depth into the Middle Cambrian interval. Some 141 metres of full-diameter 4-inch core were recovered from the well over the Lower Silurian, Ordovician, and Cambrian intervals, and an extensive suite of logs was also run at total depth. Drilling of the Slawoszyno LEP-1 vertical well, the second well in our /14 drilling programme, was completed in March The well was drilled to 2,819 metres true vertical depth, also into the Middle Cambrian interval, and an extensive suite of logs was run on the well over the Lower Silurian, Ordovician, and Upper Cambrian intervals. Following a review of the data gathered from the two vertical wells, and of additional 2D seismic recently acquired in the area of the Lublewo well, we agreed with ConocoPhillips to select the Lublewo LEP-1 well as the location for the planned long lateral well, to be drilled by way of a sidetrack from the existing Lublewo LEP-1 well. 4

5 Lublewo LEP-1ST1H lateral well Drilling of the Lublewo LEP-1ST1H lateral well was successfully completed in April The well was drilled with a lateral section measuring approximately 1,500 metres, and strong gas shows were recorded throughout the section during the drilling operation. The lateral section was successfully placed within our primary target zone, the Sasino shale, for its entire length. In this, we were considerably assisted by the new 2D seismic data acquired earlier in the year, as well as by the excellent quality of the core and log data recovered from the Lublewo LEP- 1 vertical well. The combination of all of this data enabled us clearly to identify our target horizon at this location and to plan and execute the well path in our desired azimuth (direction). The use of a synthetic non-aqueous mud system, recycled from the two earlier vertical wells, also mitigated any negative impact of the drilling mud on the surrounding formation, and helped to achieve a clean wellbore throughout the length of the lateral section. A multi-stage stimulation of the Lublewo LEP-1ST1H lateral well was successfully completed in July The programme comprised 25 stages and was executed across 1,469 metres out of the available 1,495 metres of lateral section. This compares with the Lebien LE-2H well, the last lateral well drilled by 3Legs which also targeted the Sasino shale horizon, where a 1,000 metre lateral section was stimulated in 2011 with a 13-stage programme. Some 7.7 million lbs of high quality white sand were placed over the 25 stages of the stimulation of the Lublewo LEP-1ST1H well, which compares with 2.9 million lbs of sand used in the Lebien LE-2H well in The well was opened on 6 August and commenced flowing oil and gas on 8 August. Over the period from 8 August to 17 September, excluding some down time, the well flowed at an average rate of 396 mscf/d natural gas and 157 b/d of light oil. Some 26.0% of the total amount of frac fluid originally injected had been recovered by 17 September. The well has produced higher amounts of oil than anticipated, whereas natural gas production has been lower than had been hoped. While it had been hoped that early hydrocarbon production rates might improve substantially as the well continued to flow back frac fluid, this did not appear to be occurring. We engaged the services of Netherland Sewell & Associates ( NSAI ) to assist in reviewing the production and pressure data from the well and to model likely well performance outcomes. NSAI also performed extensive analysis on core, log and production data taken from other wells drilled by 3Legs and ConocoPhillips on our western Baltic Basin concessions, to assist in modelling the likely future performance of the Lublewo LEP1-ST1H well. On the basis of the information available to us and reviewed with NSAI, we did not feel confident that the flow rates from the well were likely to improve to a level which we would consider commercially viable. In our opinion, the Lublewo LEP1-ST1H lateral well was successfully drilled and stimulated, in all material respects, in such a way as to maximise the production potential of the Sasino horizon at the Lublewo location, which is itself firmly situated within our high-graded area. We do not believe, based on current information, that a significantly better result could be achieved from testing the Sasino formation in a different part of our western Baltic Basin concessions. Seismic acquisition The planned acquisition of 67 km of 2D seismic data on our Lebork concession was completed in January 2014, following the grant of Ministry of Environment approval, and the new data were then processed and interpreted. The data were used to assist in the placement of the Lublewo LEP-1ST1H lateral well. Eastern Baltic Basin concessions We continue to investigate options for our three eastern Baltic Basin concessions, where we hold a 100% interest and we have to date drilled one well, the Legowo LE-1 vertical well drilled in This well was decommissioned in and the location was reinstated and returned to the landowner 5

6 earlier this year. The cost of this work was funded in full by ConocoPhillips under the terms of the Joint Evaluation Agreement signed in We do not forecast any material residual financial exposure of the Group in respect of this well; and if any such exposure were to arise we expect that it would be covered by existing well insurance. We are engaged in discussions with potential industry partners regarding the funding of a programme of further activity on our eastern Baltic Basin concessions. If these discussions are not concluded within our available timeframe, then we will surrender these concessions. Financial review Investment in our oil and gas assets over the six months ended 2014 increased by 6.3 million to 32.2 million, as compared to an increase of 3.7 million over the same period in This additional investment represented our share of costs incurred in connection with exploration and appraisal activities on our western Baltic Basin concessions, in particular the /14 drilling programme. Cash and cash equivalents at 2014 amounted to 17.9 million, compared to 26.8 million at 31 December. This movement reflected investments in our oil and gas assets of 6.3 million, a loss of 1.5 million and movements in working capital over the period. We recorded a loss before exchange rate movements of 1.3 million for the six months ended 30 June 2014, as compared to a loss of 1.5 million for the same period in. After a foreign exchange loss of 0.2 million over the period, as compared to a foreign exchange gain of 1.5 million for the same period in, we recorded a loss of 1.5 million for the six months ended 2014, against a profit of 0.0 million for the six months ended. During the period under review, the Group changed its accounting policy relating to the recognition of foreign exchange gains and losses on intercompany loan transactions, so that foreign exchange gains and losses arising from the re-statement of loan balances are now considered to form part of the Group s investment in its subsidiary entities. The comparative financial information for the year ended 31 December and the period ended have been restated to reflect the new accounting policy. Administrative expenses declined to 0.7 million for the six months ended 2014, against 1.3 million for the six months ended, and included share-based payments of 0.1 million ( 0.2 million for the six months ended ). Corporate review Option exercise Under the arrangement reached with ConocoPhillips in connection with the /14 drilling programme, 3Legs agreed a one-time option to cease participation in activity on its three western Baltic Basin concessions once its net share of expenditure under the programme reached a limit of US$19 million, on or before 31 December This limit had been reached by the end of August The advantage to 3Legs of exercising this option was that it would be discharged from liability to participate in expenditure on future activities on the three concessions, including both the cost of the remainder of the /14 work programme over the $19 million net limit, and the cost of end-of-life decommissioning of six existing wells drilled on the concessions by the Company and ConocoPhillips. In view of the results to date of the Lublewo LEP1-ST1H well, which we considered to be at subcommercial levels, and the further time needed to complete the remainder of the testing phase on the well when the prospects of a more successful outcome appeared remote, we concluded that it would be in the best interests of our shareholders to exercise our option to withdraw from the three western Baltic Basin concessions, thereby capping our financial liability in relation to these operations. This decision was also consistent with statements which we made to shareholders when the /14 programme was announced. 6

7 The Company therefore exercised its option to withdraw on 17 September, which was the latest date for exercise of the option. Its equity interest in the three concessions is now in the process of being transferred to ConocoPhillips for no consideration, in accordance with the terms of the option arrangement. Following completion of the transfer of our equity interest, we will have no further financial exposure in respect of our western Baltic Basin concessions. Use of capital to date The Group originally raised 58.1 million, net of expenses, on its initial public offering on AIM in June 2011 to finance shale exploration in Poland and elsewhere. Subsequently, we committed to limit our geographical focus to Poland, and to seek where possible to monetise our assets outside our Baltic Basin concessions. In addition, the Group held 1.1 million of cash resources immediately prior to its IPO, and generated a further 0.6 million of revenue over the period since then. As a result, the net cash resources utilised by the Group over the period from 2011 to 30 September 2014 amounted to 42.7 million. Using these cash resources, the Group has contributed its net share of three vertical and three lateral wells drilled with ConocoPhillips on its western Baltic Basin concessions, together with four seismic surveys (two 2D and two 3D). The Group has also funded 100% of three lines of 2D and one 3D seismic survey on its southern Poland concessions. Wind-up of activities and return of capital In view of the termination of all of our existing activities, and in the absence of a suitable alternative course of action, the Group proposes to return its remaining funds, net of wind-up costs, to shareholders and put itself into a solvent liquidation. Including sums currently being refunded by the joint venture vehicle Lane Energy Poland Sp. z o.o., the Company has cash resources of approximately 17 million as 30 September 2014, equivalent to 20 pence per share. In addition, we are pursuing a separate claim against ConocoPhillips for the return of our 30% share of a working capital surplus accumulated in the joint venture vehicle since September The value of this claim is $1.64 million net. Notice of termination has been given to all officers, employees and consultants of the Group. All notice periods are six months or less. Office premises in London and Warsaw are held on short term lease arrangements and so can be easily terminated or extended as may be required for the orderly wind-up of the Group s activities. We expect that an extraordinary general meeting to approve the return of the bulk of our funds to shareholders will be held in November 2014, when approval will be sought to return not less than 15.5 million, equivalent to not less than 18 pence per share. We anticipate that a second EGM will then be held in the first quarter of 2015 in order to place the Group into members voluntary liquidation. A final distribution will be made following conclusion of the members voluntary liquidation. Terms for the appointment of a liquidator for a members voluntary liquidation are being discussed. The Group comprises companies incorporated in several jurisdictions, which will have implications for the time and cost involved in completing the liquidation process. Based on discussions with our advisers, we estimate that Group s remaining cash resources of approximately 1.5 million will be sufficient to cover the costs of winding up the Group s activities, liquidation costs and contingency. All efforts will be made to secure a final distribution at the earliest opportunity. Alexander Fraser has agreed to join the Board of the Company to assist in implementing an orderly wind-up of our activities and distribution of cash in as timely and efficient a manner as possible. Further announcements and a shareholders circular to convene an EGM will be published in due course. 7

8 Conclusion It is obviously a matter of considerable regret that our drilling programme on our Baltic Basin concessions has not yielded more positive results. We do however feel that the successful exploration and appraisal of these concessions was a prize worth aiming for and one which we have pursued as diligently as possible in the circumstances, with the backing of the majority of our shareholders. Like all investment in exploration, this was a high-risk activity where the possibility of a total write-off of investment could never be excluded. Other companies have the ability to diversify exploration risk by spreading their investment across a range of projects, but this option was not open to 3Legs. We sincerely thank our shareholders for their steadfast support over the period and for their readiness to invest in this challenging, but potentially highly significant, frontier exploration play. Tim Eggar Chairman Kamlesh Parmar Chief Executive Officer 30 September

9 Consolidated Income Statement For the six months ended 2014 six months ended 2014 six months ended Audited year ended 31 December Note Administrative expenses (663) (1,318) (2,133) Foreign exchange gains/(losses) (216) 1, Non-capitalised exploration and (165) - (451) evaluation expense Impairment of intangible exploration and evaluation assets - - (135) Impairment of loan - - (226) Operating (loss)/ profit (1,044) 176 (2,933) Share of results of joint venture (481) (257) (902) Investment income (Loss)/ profit before tax (1,483) 27 (3,663) Tax - - (Loss)/ profit for the period attributable to equity holders of the parent (1,483) 27 (3,663) (Loss)/ profit per Ordinary Share Basic 4 (0.02)p 0.003p (0.04p) Diluted 4 (0.02)p 0.003p (0.04p) 9

10 Consolidated Statement of Comprehensive Income For the six months ended 2014 six months ended 2014 six months ended Audited year ended 31 December (Loss)/ profit for the period (1,483) 27 (3,663) Other comprehensive income Exchange differences arising on translation of foreign operations (1,156) 1,023 (582) Total comprehensive income for the period attributable to equity owners of the parent (2,639) 1,050 (4,245) 10

11 Consolidated Balance Sheet As at Audited 31 December Note Assets Non-current assets Intangible exploration and evaluation assets 2,351 3,035 2,357 Investment accounted for using the equity method 5 29,826 18,401 23,515 32,177 21,436 25,872 Current assets Trade and other receivables 271 1, Cash and cash equivalents 17,867 36,027 26,792 18,138 37,053 27,115 Total assets 50,315 58,489 52,987 Liabilities Current liabilities Trade and other payables (274) (392) (398) Provisions (25) (165) (25) (299) (557) (423) Non-current liabilities Provisions Total liabilities (299) (557) (423) Net assets 50,016 57,932 52,564 Equity Share capital Share premium account 68,368 68,330 68,347 Share-based payment reserves Accumulated deficit (17,201) (12,028) (15,718) Cumulative translation reserves (2,131) 630 (975) Total equity 50,016 57,932 52,564 11

12 Consolidated Cash Flow Statement For the six months ended 2014 six months ended 2014 six months ended Audited year ended 31 December Note Net cash outflow from operating activities 7 (851) (1,036) (2,783) Investing activities Interest received Purchase of intangible exploration and evaluation assets - (260) (40) Proceeds of disposal of intangible exploration and evaluation assets Investment in joint venture (7,831) (3,751) (10,148) Net cash used in investing activities (7,789) (3,903) (9,766) Financing activities Issue of share capital Repayment of shareholder borrowings Net cash generated from financing activities Net decrease in cash and cash equivalents (8,619) (4,939) (12,532) Effect of foreign exchange rate changes (306) 1,435 (207) Cash and cash equivalents at beginning of period 26,792 39,531 39,531 Cash and cash equivalents at end of period 17,867 36,027 26,792 12

13 Consolidated Statement of Changes in Equity As at 2014 Share capital Share premium account Sharebased payment reserves Accumulated deficit Cumulative translation reserves Total As at 1 January 21 68, (12,055) (393) 56,693 Profit for the period Other comprehensive income: Currency translation differences ,023 1,023 Total comprehensive income for the period ,023 1,050 Share-based payments As at 21 68, (12,028) ,932 As at 1 January 21 68, (12,055) (393) 56,693 Transactions with owners in their capacity as owners: Issue of equity shares Total transactions with owners in their capacity as owners Loss for the year (3,663) - (3,663) Other comprehensive income: Currency translation differences (582) (582) Total comprehensive income for the year (3,663) (582) (4,245) Share-based payments As at 31 December 21 68, (15,718) (975) 52,564 As at 1 January 2014 Transactions with owners in their capacity as owners: Issue of equity shares Total transactions with owners in their capacity as owners Loss for the period (1,483) - (1,483) Other comprehensive income: Currency translation differences (1,156) (1,156) Total comprehensive income for the period (1,483) (1,156) (2,639) Share-based payments As at , (17,201) (2,131) 50,016 13

14 Notes to the Interim Financial Statements For the six months ended General information 3Legs Resources plc (the Company ) is incorporated in the Isle of Man, British Isles under the Isle of Man Companies Act The address of the registered office is Commerce House, 1 Bowring Road, Ramsey, Isle of Man, British Isles, IM8 2LQ. The nature of the Group s operations and its principal activities are the exploration, evaluation and development of oil and gas targets, primarily from unconventional resource plays. 2 Basis of preparation The consolidated interim financial information has been prepared using policies based on International Financial Reporting Standards ( IFRSs ) as issued by the International Accounting Standards Board (the IASB ) and as adopted by the European Union (the EU ). These policies and practices are consistent with those adopted in the Group s financial statements for the year ended 31 December and are also consistent with those which will be adopted in the Group s financial statements for the year ended 31 December During the period ended Legs Resources plc changed its accounting policy for the recognition of foreign exchange gains and losses on group intercompany loan transactions. In previous periods the Group recognised the foreign exchange gains and losses on translation of intercompany loans as an expense through the income statement. However under the amended policy, the exchange gains and losses arising from the re-statement of loan balances are considered to form part of the Group s investment in its subsidiary entities. These exchange adjustments on investment in subsidiaries are now treated accordingly within the foreign currency translation reserves upon the balance sheet. Management consider that this policy provides more relevant information and is more appropriate to the nature of the Group s structure, which results in nonrealised foreign exchange adjustments on group loans in each accounting period. The consolidated interim financial information is unaudited and does not constitute statutory accounts as defined by section 434 of the Companies Act 2006, and should be read in conjunction with the Group s financial statements for the year ended 31 December. In the opinion of the Directors the consolidated interim financial information for the period represents fairly the financial position, results from operation and cash flows for the period in conformity with generally accepted accounting principles consistently applied. The consolidated interim financial information incorporates unaudited comparative information for the period ended, which has been represented in respect of the consolidated income statement to improve the clarity of information presented therein. Comparative figures for the financial year ended have been extracted from the financial statements for that period which carried an unqualified audit report. The consolidated interim financial information has been prepared in accordance with IAS34 Interim Financial Reporting. During the first six months of the current financial year there have been no related party transactions that materially affect the financial position or performance of the Group and there have been no changes in the related party transactions described in the last annual financial statements. The principal risks and uncertainties of the Group have not changed since the last annual financial statements where a detailed explanation of such risks and uncertainties can be found. 14

15 Notes to the Interim Financial Statements For the six months ended Dividends The Directors do not recommend the payment of a dividend for the period. 4 Restatement As discussed in note 2, during the period the Group changed its accounting policy relating to the recognition of foreign exchange gains and losses on intercompany loan transactions. In previous periods the Group recognised the foreign exchange gains and losses on translation of intercompany loans as an expense through the income statement. However under the amended policy, the exchange gains and losses arising from the re-statement of loan balances are considered to form part of the Group s investment in its subsidiary entities. As a result, the comparative financial information for the year ended 31 December, and the period ended have been restated with the adjustments made to the opening balances. A summary of the adjustments made to restate the prior periods is as follows: Consolidated Income Statement Foreign exchange gain/(losses) Profit/(loss) for the period Loss per share For the year ended 31 December as previously stated (632) (4,307) (0.05)p Foreign exchange gains/(losses) p For the year ended 31 December restated 12 (3,663) (0.04)p For the period ended as previously stated 2, p Foreign exchange gains/(losses (719) (719) (0.007)p For the period ended restated 1, p Consolidated Balance Sheet Accumulated deficit Cumulative translation reserves For the year ended 31 December as previously stated (16,362) (331) Foreign exchange gains/(losses) 644 (644) For the year ended 31 December restated (15,718) (975) For the period ended as previously stated (11,309) (89) Foreign exchange gains/(losses (719) 719 For the period ended restated (12,028)

16 Notes to the Interim Financial Statements For the six months ended (Loss)/ profit per Ordinary Share Basic (loss)/ profit per Ordinary Share is calculated by dividing the net (loss)/ profit for the period attributable to Ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period. The weighted average number of Ordinary Shares outstanding during the period and for the prior periods presented has been adjusted in accordance with IAS 33 Earnings per share. The calculation of the basic and diluted (loss)/ profit per share is based on the following data: six months ended 2014 six months ended Audited year ended 31 December (Loss)/ profit (Loss)/ profit for the purposes of basic (loss/ profit per share being net (loss)/ profit attributable to equity holders of the parent (1,483) 27 (3,663) Number of shares Weighted average number of Ordinary Shares for the purposes of basic (loss)/ profit per share 84,912,707 84,782,544 84,804,650 Effect of dilutive potential Ordinary Shares: Share options Convertible loan notes Weighted average number of Ordinary Shares for the purposes of diluted earnings per share 84,912,707 84,782,544 84,804,650 (Loss)/ profit per Ordinary Share Basic (0.02)p 0.003p (0.04)p Diluted (0.02)p 0.003p (0.04)p Options and share rights with an exercise price greater than the average 3Legs Resources plc share price over the period have not been included as these are considered not dilutive. 16

17 Notes to the Interim Financial Statements For the six months ended Investment accounted for using the equity method Lane Energy Poland Sp. z o.o. At 31 December 23,515 Sums invested 7,831 Share of loss for the period (481) Effect of foreign exchange (1,039) At ,826 7 Share capital Authorised and issued equity share capital 2014 Number 000 Number 000 Audited 31 December Number 000 Authorised Ordinary Shares of each 440, , , Issued and fully paid Ordinary Shares of each 84, , , The Company has one class of Ordinary Shares which carry no right to fixed income. 17

18 Notes to the Interim Financial Statements For the six months ended Notes to the cash flow statement six months ended 2014 six months ended Audited year ended 31 December (Loss)/ profit before tax (1,483) 27 (3,663) Adjustments for: Impairment of E&E assets Reversal of provision for E&E licences Investment income (42) (108) (172) Share-based payments Share of results of joint venture Effect of foreign exchange rate changes 195 (348) 235 Operating cash flows before movements in working capital (779) 16 (2,389) Decrease/(increase) in receivables 52 (458) 194 Decrease in payables (124) (594) (588) Cash used in operations (851) (1,036) (2,783) Taxation paid Net cash outflow from operating activities (851) (1,036) (2,783) 9 Events after the balance sheet date Following the exercise on 17 September 2014 of its one-time option to withdraw from its western Baltic Basin concessions, the Group announced on 30 September 2014 its intention, in the absence of a suitable alternative course of action, to return its remaining funds to shareholders and put itself into a solvent liquidation. 18

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