The Company incurred a net loss from operations of $473,289 during Fiscal 2016 compared to $956,418 during Fiscal 2015 fiscal, a decrease of $483,129; primarily due to a losses involved with the Fiscal 2015 disposition of the Company’s Visionaire Energy AS affiliate. The Company’s administrative costs were $134,814 lower in 2016 than the previous year, down from $391,270 in 2016 compared to $585,344 in 2015. This was due primarily as a result of lower operating costs due to the Visionaire affiliate divestment in the prior year. At the end of Fiscal 2016 on 30 June 2016, the Company’s had a working capital deficit of $1,282,380 compared to a working capital deficit of $836,752 at the end of the prior Fiscal 2015 year.
Share-based payments expense were $26,200 during 2016 compared to $100,000 during 2015. Cash used in operating activities during 2016 was $74,225 compared to $558,421 used in 2015. The change is attributable to lower activity and the disposal of the Norwegian subsidiaries by the Company during 2015. Net cash raised from financing activities during 2016 was $71,500 compared to $120,000 raised during 2015. The Company incurred a loss per share of $0.00 in 2016 and $0.01 in 2015.
During the nine month period ended 31 March 2017 the Company incurred a loss from operations of $285,834 compared to a loss of $351,922 for the comparative 2016 period, a decrease of $66,088. During the same nine month period of 2017, the Company incurred a loss per share of $0.00 compared to $0.01 during the comparative 2016 period. At the end of the third quarter and nine months of the Company’s Fiscal 2017 year ended 31 March 2017, the Company has a working capital deficiency of $1,567,666, up from $1,282,380 as at the end of the Fiscal 2016 year ended 30 June 2016.
The Company’s administrative costs were $34,552 lower in the nine month period ended 31 March 2017, primarily as a result of lower professional fees due, 2017 – $250,556 and 2016 – $285,108. The Company incurred no share-based payments expense during the nine months of 2017 period compared to $26,200 during the prior 2016 period. Cash used in operating activities was $29,700 compared to $59,827 used in the comparative 2016 period, largely attributable to lower activity during the nine months ended 31 March 2017. Net cash raised from financing activities, primarily loans from directors, during the nine month period was $29,100 compared to $56,500 during the prior 2016 period. Interest expense related to the Company’s convertible debt during the Current Period was $34,585 compared to $35,532 during the comparative period in 2016.
The Company also filed on SEDAR for Fiscal 2016 both its “Annual Oil and Gas Report” and its “Annual Information Form” (“AIF“) in the forms required by NI 51-101 “Standards of Disclosure for Oil and Gas Activities” and NI 51-102 “Continuous Disclosure Obligations“. Complete copies of these two reports are available for download from the Company’s issuer profile on the SEDAR website, www.sedar.com. The AIF was filed in the form of a US SEC Annual Report on Form-20F, also filed by the Company concurrently on EDGAR and available for download under the Company’s profile on the EDGAR website, www.sec.gov/edgar.
On behalf of the Company,
Robert V. Rudman, CPA
Chief Financial Officer
Further Info: www.continentalenergy.com
No securities regulatory authority has either approved or disapproved the contents of this news release.
Forward Looking Statements – Any statements in this news release that are not historical or factual at the date of this release are forward looking statements. There are many factors which may cause actual performance and results to be substantially different from any plans or objectives described in any forward looking statements. Readers should also refer to the risk disclosures outlined in the Company’s regulatory disclosure documents filed with the Securities and Exchange Commission available at www.sec.gov. The Company assumes no obligation to update the information in this release.
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SOURCE Continental Energy Corporation
