REG - Hardy Oil & Gas - Preliminary Results - Part 3
Released: 04/03/2010
- Part 3: For the preceeding part double click [ID:nRSD0620Ib]
expenditure will be subject to impairment testing.
10. Members of the Group
The Group comprises the parent company - Hardy Oil and Gas plc - and the following subsidiary companies, all of which are
wholly owned:
· Hardy Exploration & Production (India) Inc. incorporated under the Laws of State of Delaware, United States of
America.
· Hardy Oil (Africa) Limited registered under the laws of the Isle of Man.
· Hardy Oil Nigeria Limited, owned by Hardy Oil (Africa) Limited, registered under the laws of Nigeria.
All members of the Group are engaged in the business of exploration for and production of oil and gas and all are included
in the consolidated financial statements.
11. Short Term Investments
2009 2008
US$ US$
HSBC US$ Liquidity Fund Class-A 19,863,924 17,795,890
HSBC £ Liquidity Fund Class-A 641,206 4,214,401
20,505,130 22,010,291
641,206
4,214,401
20,505,130
22,010,291
The above investments are in liquid funds which can be converted into cash at short notice. Fair value of these
investments approximates their book values.
12. Share Capital
Number US$0.01 Ordinary Shares "000" US$
Authorised Ordinary Shares
At 1 January 2008 200,000 2,000,000
At 1 January 2009 200,000 2,000,000
At 31 December 2009 200,000 2,000,000
Allotted, issued and fully paid Ordinary Shares
At 1 January 2008 62,262,535 622,625
Share options exercised during the year 38,330 383
Shares issued during the year 20,182 202
At 1 January 2009 62,321,047 623,210
Shares issued during the year 6,208,997 62,090
At 31 December 2009 68,530,044 685,300
Shares issued during the year
20,182
202
At 1 January 2009
62,321,047
623,210
Shares issued during the year
6,208,997
62,090
At 31 December 2009
68,530,044
685,300
Shares issued in the year were as a result of the placing in April 2009. Ordinary Shares issued have equal voting and
other rights with no guarantee to dividend or other payments.
13. Financial Instruments
Book values and fair values of Hardy's financial assets and liabilities are as follows:
Financial assets
Primary financial instruments Book value 2009 US$ Fair value 2009 US$$ Book value 2008 US$ Fair value 2008 US$
Short term investments 20,505,130 20,505,130 22,010,291 22,010,291
Cash and short term deposits 10,036,678 10,036,678 8,139,314 8,139,314
Site restoration deposit 3,630,471 3,630,471 3,211,830 3,211,830
34,172,279 34,172,279 33,361,435 33,361,435
10,036,678
10,036,678
8,139,314
8,139,314
Site restoration deposit
3,630,471
3,630,471
3,211,830
3,211,830
34,172,279
34,172,279
33,361,435
33,361,435
Financial liabilities
Primary financial instruments Book value 2009 US$ Fair value 2009 US$$ Book value 2008 US$ Fair value 2008 US$
Accounts payable (15,362,722) (15,362,722) (13,758,099) (13,758,099)
Provisions for decommissioning (4,500,000) (4,500,000) (4,500,000) (4,500,000)
(19,862,722) (19,862,722) (18,258,099) (18,258,099)
(15,362,722)
(13,758,099)
(13,758,099)
Provisions for
decommissioning
(4,500,000)
(4,500,000)
(4,500,000)
(4,500,000)
(19,862,722)
(19,862,722)
(18,258,099)
(18,258,099)
All of the above financial assets and liabilities are current at the balance sheet dates.
This information is provided by RNS
The company news service from the London Stock Exchange
