ST. HELIER, JERSEY, Oct. 26, 2012 /CNW/ - EastSiberian Plc, formerly PetroKamchatka Plc, ("EastSiberian" or the "Corporation") a Jersey company, reports its unaudited financial results for its first quarter of fiscal year 2013. PetroKamchatka has filed its Condensed Interim Consolidated Financial Statements for the three months ended August 31, 2012 and its Management's Discussion and Analysis ("MD&A") on www.sedar.com and on its website at www.eastsiberianplc.com.
Selected financial information as at and for the three months ended August 31, 2012 and 2011 are set out below and should be read in conjunction with EastSiberian's May 31, 2012 audited Consolidated Financial Statements and MD&A.
SELECTED FINANCIAL INFORMATION
The unaudited consolidated financial information of EastSiberian includes the Corporation, its subsidiaries and its proportionate share of the accounts of its joint interest entities.
All financial information is stated in United States dollars.
|For the three months ended||August 31, 2012||August 31, 2011|
|Net loss and comprehensive loss||$||(517,248)||$||(1,649,423)|
|Net loss per share - basic and diluted||$||(0.11)||$||(0.34)|
|Cash flow from (used in) operating activities||$||(1,180,940)||$||(1,047,945)|
|Cash flow from investing activities||$||1,595,945||$||-|
|Foreign exchange gain (loss) on cash held in foreign currencies||$||3,305||$||(16,098)|
|Increase (decrease) in cash and cash equivalents||$||415,005||$||(1,047,945)|
|As at||August 31, 2012||May 31, 2012|
|Number of common shares outstanding||4,903,998||4,903,998|
EastSiberian reported a net loss for the three months ended August 31, 2012 of $517,248 ($0.11 per share) compared to a net loss of $1,425,253 ($0.34 per share) for the three months ended August 31, 2011. The loss for the current period consisted of general and administrative expenses of $535,713, finance income of $105,332 and income taxes of $86,867, whereas the loss for the first quarter of fiscal year 2012 consisted of operating expenses of $189,404, general and administrative expenses of $826,192, share-based compensation of $23,400, depreciation of $394,669 and finance income of $8,412.
In the three months ended August 31, 2012 and 2011, cash flow used in operating activities was $1,180,940 and $1,047,945 respectively. There were no capital expenditures in the three months ended August 31, 2012 or 2011 however, in the three months ended August 31, 2012 the Corporation finalized the sale of its investment in drilling rig and mobile drilling rig and equipment for proceeds of $1,595,945.
At August 31, 2012, the Corporation's working capital was $174,270 compared to $691,518 at May 31, 2012.
EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey with properties located in the Russian Federation. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com (currently under construction).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward-Looking Statements
This press release together with the audited consolidated financial statements and MD&A referred to therein contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements"). Forward-looking statements are based on the PetroKamchatka's current beliefs as well as assumptions made by, and information currently available to, PetroKamchatka concerning business prospects, strategies, regulatory developments, the ability to obtain equipment in a timely manner to carry out development activities, the ability to get oil to market, and the ability to obtain financing on acceptable terms Although management of EastSiberian considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to either PetroKamchatka and/or its security holders. The forward-looking statements contained in this press release are made as of the date hereof and PetroKamchatka does not undertakes any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
SOURCE: EastSiberian Plc
For further information:
St. Helier, Jersey
Email: [email protected]
St. Helier, Jersey,
Tel: +44 7733 363 016 or +1 403 630 2367
Email: [email protected]
Vice President, Corporate Planning
c/o 1000, 505 - 3rd Street S.W.
Calgary, Alberta, Canada
Tel: +1 403 984 5132
Cell: +1 403 690 6230
Email: [email protected]