ST. HELIER, Jersey, April 26, 2013 /CNW/ - EastSiberian Plc, formerly PetroKamchatka Plc, ("EastSiberian" or the "Corporation") a Jersey company, reports its unaudited financial results for its third quarter of fiscal year 2013. EastSiberian has filed its Condensed Interim Consolidated Financial Statements for the nine months ended February 28, 2013 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 and nine months ended February 28, 2013 and February 29, 2012 are set out below and should be read in conjunction with EastSiberian's condensed consolidated interim financial statements for the three and nine months ended February 28, 2013 and February 29, 2012, its MD&A for the nine months ended February 28, 2013 and its May 31, 2012 audited Consolidated Financial Statements.
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.
|Three months ended||Nine months ended|
|February 28,||February 29,||February 28,||February 29,|
|Net loss and comprehensive loss||$||(207,303)||$||(5,042,693)||$||(1,165,058)||$||(8,209,936)|
|Net loss per share - basic and diluted||$||(0.04)||$||(0.73)||$||(0.24)||$||(1.62)|
|Cash flow from (used in) operating activities||$||(577,365)||$||(782,662)||$||(2,349,642)||$||(3,283,091)|
|Cash flow from (used in) investing activities||$||-||$||-||$||1,595,945||$||(30,915)|
|Foreign exchange gain (loss) on cash held in foreign currencies||$||6,274||$||53,878||$||9,579||$||(3,229)|
|Increase (decrease) in cash and cash equivalents||$||(577,365)||$||(1,483,399)||$||(753,697)||$||(3,314,006)|
|As at|| February 28,
| May 31,
|Number of common shares outstanding||4,903,998||4,903,998|
EastSiberian reported a net loss for the three and nine months ended February 28, 2013 of $207,303 ($0.04 per share) and $1,165,058 ($0.24 per share) respectively, compared to a net loss of $3,561,143 ($0.73 per share) and $7,953,189 ($1.62) respectively, for the three and nine months ended February 29, 2012. The loss for the three months ended February 28, 2013, consisted of a recovery of operating costs in the amount of $238,296 accrued at May 31, 2012 which dissipated, general and administrative expenses of $452,834, finance costs of $2,152 and income tax recovery of $9,387, whereas the loss for the third quarter of fiscal year 2012 consisted of operating expenses of $310,047, general and administrative expenses of $697,620, share-based compensation of $791, depreciation of $985,829, impairment of $1,791,137, finance costs of $6,643 and income taxes of $69,076. For the nine months ended February 28, 2013, net loss consisted of a recovery of operating costs of $238,296, general and administrative expenses of $1,436,937, finance income of $113,663 and income taxes of $80,080. The net loss for the period February 29, 2012, consisted of operating expenses of $300,864, general and administrative expenses of $2,335,065, share based compensation of $32,855, depreciation of $1,631,262, impairment of $3,615,897, and finance costs of $37,246.
For the three and nine months ended February 28, 2013, cash used in operating activities was $577,365 and $2,349,642 respectively. Cash from investing activities for the three and nine months ended February 28, 2013, was $nil and $1,595,945 respectively. Cash used in operating activities for the three and nine months ended February 29, 2012, were $782,662 and $3,283,091 respectively. Cash used in investing activities were $nil and $30,915 respectively, for the three and nine months ended February 29, 2012.
At February 28, 2013, the Corporation had negative working capital of $473,540 compared to working capital of $691,518 at May 31, 2012. At February 28, 2013, current liabilities included $727,747 owing to directors and officers who have agreed to accept common shares of the Corporation in lieu of cash.
The Corporation previously announced the expiry and termination of the Farm-in Agreement at March 31, 2013. The Corporation is currently engaged with specific investors examining existing producing properties and other development opportunities in Russia.
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.
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 EastSiberian's current beliefs as well as assumptions made by, and information currently available to, EastSiberian 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 EastSiberian 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
St. Helier, Jersey,
Tel: +44 7733 363 016 or +1 403 630 2367
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