1、INFRASTRATA plcAnnual Report&Financial Statements2013TABLE OF CONTENTSINFRASTRATA plc2CHAIRMANS STATEMENTCHIEF EXECUTIVES OPERATING REVIEWCORPORATE AND SOCIAL RESPONSIBILITYOPERATIONS OVERVIEWDIRECTORS,SECRETARY,ADVISORS AND SHAREHOLDER INFORMATIONREPORT OF THE DIRECTORS-DIRECTORS OF THE COMPANY-COR
2、PORATE GOVERNANCE-DIRECTORS RESPONSIBILITIESINDEPENDENT AUDITORS REPORTFINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTSLETTER FROM CHAIRMAN WITH NOTICE OF AGMNOTICE OF ANNUAL GENERAL MEETINGPROXY FORM WITH NOTES34-889-121314-2116-1818-20212223-2829-5657-5859-6061-62CHAIRMANS STATEMENTLast year
3、I reported on your Companys successful transition from a single project gas storage development business to one with an increasing focus on oil and gas exploration.In 2013 our small and dedicated management team has made considerable progress further mitigating delivery risk associated with each of
4、our three major projects-the exploration licences located in Country Antrim,Northern Ireland(PL1/10)and Dorset(P1918)plus the Islandmagee natural gas storage project in Northern Ireland.This has been achieved against a background of increasing public scrutiny and legislative regulation on-shore in t
5、he UK,which has had the inevitable consequence of creating some delay in bringing projects to maturity.Although the availability of new funding for oil and gas exploration on this scale has also been disappointing across the entire sector during this period I am pleased to report that continued shar
6、eholder support has enabled the company to weather the delays and remain well placed to face the coming year.In Northern Ireland on licence PL1/10 we are at an advanced stage of securing the necessary consents and approvals to drill having earlier identified a suitable site for a first exploration w
7、ell and engaged with the landowners.The prospectivity of this licence is very exciting indeed,offering the potential for very significant upside in shareholder value.We have made tremendous progress on the offshore Dorset licence P1918 where Dorset County Council resolved to grant planning permissio
8、n for a first exploration well after year end.We plan to drill from an on-shore location at California Quarry to the offshore Purbeck Prospect.The licence is in an area where successful exploration has been carried out in the past and there is a proven petroleum source.On both our exploration projec
9、ts we have now reached a stage where we can be confident that subject to successful completion of funding arrangements we can look forward to drilling the wells during 2014.This may be later than we had originally anticipated but the opportunity to unlock significant shareholder value on each remain
10、s undiluted.We have also progressed the Islandmagee natural gas storage project in Northern Ireland,funded by BP Gas Marketing since early 2012,with the intention of disposing of an interest in the project when a new developer to complete the construction has been identified.An issue that continues
11、to hinder progress on this project is lack of confirmation of the cross-border regulatory regime within which the facility will operate.Once received this will trigger drilling of the first well and that in turn will move us towards the intended disposal of an interest in the project.In this context
12、 it was,however,extremely encouraging to see the project identified as being of significance in the broader European context when it was listed as a Project of Common Interest by the European Commission and was then prequalified for potential debt guarantee support under HM Treasurys UK Guarantee Sc
13、heme.These are both very significant elements in enhancing the attractiveness of the project to potential investors.Your Companys priorities remain focussed upon the delivery of value to shareholders on each of our three main projects in the short-term.Strategically,we are also turning our minds to
14、the future and the longevity of our business.The abilities and experience of our management team are unique and we believe they offer a real advantage through the selection and assessment of exploration opportunities and the hands-on management of the pre-drilling project programme to bring a projec
15、t to maturity far quicker than would otherwise be the case.New business would ultimately require a reinforced management team and reliable source of funding to pursue new opportunities.We will keep shareholders informed as our thoughts develop on this subject and in the meantime the Board is gratefu
16、l for their forbearance and continued support.I would like to conclude by offering my thanks to Andrew Hindle and the rest of the executive team for their tremendous effort and achievements during the year.I would also like to record my thanks to Craig Gouws who was CFO of the Company from inception
17、 in 2007 until his departure in September 2013 to live overseas.Stewart McGarrity was appointed Finance Director in September 2013 and has been very quick to engage with Andrew Hindle and the team in driving our programme of work forward.Ken Ratcliff,Non-executive Chairman2 December 2013INFRASTRATA
18、plc3CHIEF EXECUTIVES OPERATING REVIEWInfraStrata has continued to refocus its activities on oil and gas exploration in its two operated licences within the United Kingdom,County Antrim in Northern Ireland and Dorset in Southern England.The Group also has non-operated interests in exploration license
19、s in Hampshire,Dorset and East Midlands through associated companies Corfe Energy Limited(“Corfe”)and Brigantes Energy Limited(“Brigantes”).The Company has also been engaged in the development of a gas storage project in County Antrim in Northern Ireland with a view to realising fair value for our i
20、nterest in the project as soon as practicable.InfraStrata works alongside strong and experienced partners in all projects and the Companys small management team is supported by a highly effective network of service delivery specialists.During the past year significant progress has been made on all o
21、ur projects and,having effectively managed a number of challenges to the programme on each of them,we now look forward to a busy 2014 during which we expect to see the drilling of two exploration wells and one gas storage well.A detailed review of the Groups business is provided below.OIL AND GAS EX
22、PLORATIONCounty Antrim-PL1/10Petroleum Licence PL1/10(Central Larne-Lough Neagh Basin)was awarded in March 2011 by the Northern Ireland Department of Enterprise,Trade and Investment(“DETI”).The five year licence covers an area of 663 square kilometres over what the Company believes is a very prospec
23、tive largely unexplored sedimentary basin.Following the sale of a further 5%interest in the licence to our associated company Brigantes(40%owned by InfraStrata)announced in March 2013,InfraStrata has a direct operated interest of 25%and is now carried in respect of all but 10%of the costs to drill t
24、he first exploration well and is seeking a further farmout to complete the funding of the well costs.Brigantes now holds a 45%interest in the license resulting in an overall net licence interest for InfraStrata of 43%.The other partners in the licence are Cairn Energy(20%)and Terrain Energy(10%).The
25、 Larne-Lough Neagh Basin is a SW-NE trending Permo-Triassic Basin,overlying an older Carboniferous sequence.The basin has historically received little attention from explorers,primarily due to the thick development of Palaeocene Antrim Flood Basalts overlying the target horizons.This has been a barr
26、ier to effective seismic imaging but with the recent technological advances in data processing,exploration in the basin is now entering an exciting phase.Only one exploration well has historically been drilled in the centre of the basin covered by the PL1/10 licence,back in 1971,before any seismic d
27、ata had been acquired.Drilling in the area over the past 40 years has largely been for coal exploration and geothermal feasibility.However this has confirmed the development of good sandstone reservoirs and seals within the thick Permo-Triassic sedimentary section.Oil-prone source rocks have been id
28、entified on the margins of the Basin within the Carboniferous section,and gas-prone coals have also been mined to the west in the Coalisland area,and along the North Antrim coast.The basin is also along trend from the Midland Valley of Scotland where oil and gas prone rocks of Carboniferous age are
29、well known.It is anticipated that in the more deeply buried areas of the Larne-Lough Neagh Basin the Carboniferous will have been buried sufficiently to generate oil and possibly also gas.Substantial progress has been made in the de-risking of the Larne-Lough Neagh Basin play following two seismic s
30、urveys undertaken by InfraStrata in 2011 and 2012 acquiring over 400km of new 2D seismic data which revealed a basin very similar in structural style to the prolific East Irish Sea Basin with a large number of undrilled structures.In March 2013,the Company published a prospectivity review of the PL1
31、/10 license prepared by project geoscience Merlin Energy Resources Limited(“Merlin”).Merlin has identified combined un-risked P50 prospective resources on the PL1/10 licence in the Triassic and Permian sandstone reservoir intervals of over 450 million barrels of oil(“mmbo”)(net InfraStrata over 194
32、mmbo at 43%).During the year a suitable site from which to drill the well was selected and substantial and satisfactory progress made in both negotiations with the landowner and the progression of the necessary consents.The un-risked P50 prospective resources targeted by the first exploration well h
33、ave been estimated by the joint venture at 40 mmbo(net InfraStrata 17 mmbo at 43%),an increase on the previous estimate of 25 mmbo following further detailed mapping of the seismic data.Preparation for procurement of the drilling activities is progressing with the final programme dependant on comple
34、tion of consents and farmout activities.INFRASTRATA plc4The PL1/10 partners submitted an application for an adjacent prospective area in the 27th UK Offshore Round in 2012 and the licence was offered by the UK Department of Energy and Climate Change(“DECC”)on 29 November 2013.Un-risked P50 prospecti
35、ve resources of 150 mmbo have been identified within the application area.Dorset-P1918Petroleum licence P1918 comprises Blocks 97/14,97/15 and 98/11 and was awarded in February 2012 by the DECC.Following the farmout of a further 8%interest in the licence to our associated company Corfe(40%owned by I
36、nfraStrata)in August 2012,InfraStrata now has a direct operated 70%interest and Corfe holds a 20%interest in the licence resulting in an overall net licence interest for InfraStrata of 78%.This is subject to a net profits interest equivalent to 3.75%on the whole licence in favour of eCORP Oil&Gas UK
37、 Limited(“eCORP”).The other partner in the licence is Cairn Energy with a 10%interest.The Company is seeking a further farmout to complete the funding of the costs of the first exploration well.Within and immediately adjacent to the licence area there are a number of active oil and gas seeps.A total
38、 of seven wells have previously been drilled within the licence area,including the first UK offshore well in 1963 on Lulworth Banks in Block 97/14.Six of these wells encountered oil or gas shows and three flowed oil or gas on test.The advances in technology and higher petroleum prices mean that we a
39、re hopeful of being able to develop one or more of the existing discoveries profitably as a base from which to appraise the full potential of the area.The prospective resources on the license have been estimated by the joint venture at 93 mmbo(net InfraStrata 73 mmbo at 78%).The focus for a first ex
40、ploration well is the offshore extension of the Purbeck Prospect,an anticline in the east of the licence,up dip of the onshore well Southard Quarry-1,which encountered oil and gas shows within Jurassic and Triassic intervals.Only the Sherwood was tested but failed to flow.The Purbeck Prospect immedi
41、ately overlies the kitchen area for the giant Wytch Farm oilfield.This large structure lies largely within Licence P1918.During the year we reprocessed 156km of onshore and offshore 2D data to further define the sub-surface target location.In June 2013,ocean divers collected gas samples from an acti
42、ve gas seep above the Purbeck Prospect.Isotopic analysis of the gas indicates that the gas was generated at the base of the oil window as expected.Following two public information events held in June 2013,a planning application for drilling and testing of the California Quarry-1 well was submitted t
43、o Dorset County Council(“DCC”)in July 2013 and DCC resolved to grant planning permission for the well on 29 November 2013,subject to conditions in the normal course of business.The well,to be drilled from onshore to offshore within licence P1918 will target prospective resources,within licence,estim
44、ated by the joint venture at 10 million barrels of oil equivalent“mmboe”(net InfraStrata 8 mmboe at 78%).The planning conditions preclude construction or drilling activities between March and September and consequently we currently anticipate the well will be drilled in late 2014.The P1918 partners
45、submitted an application for adjacent prospective areas in the 27th UK Offshore Round in 2012 and the licence was offered by DECC on 29 November 2013.Non-operated exploration interestsINFRASTRATA plc5CHIEF EXECUTIVES OPERATING REVIEWThe Company has non-operator exploration interests via its sharehol
46、dings in associated companies Corfe and Brigantes as follows:PEDL201(Leicestershire)-Corfe 12.5%interest(net InfraStrata 5%)with planning permission for a first well(Burton on the Wolds-1)expected to be drilled during 2014 and targeting prospective resources estimated by the joint venture of 4 mmbo(
47、net InfraStrata 0.2 mmbo)PEDL237/PL090(Dorset)Corfe 12.5%interest(net InfraStrata 5%)expecting to complete interpretation of seismic surveys in 2014 PEDL 070(Hampshire)Corfe and Brigantes combined 10%(net InfraStrata 4%).Avington field currently producing around 70 barrels of oil per day.GAS STORAGE
48、Islandmagee project County AntrimIslandmagee Storage Limited(“IMSL”)is an independent Northern Ireland registered company and is a joint venture between a wholly-owned subsidiary of InfraStrata plc(65%shareholder)and Moyle Energy Investments Limited,part of the Mutual Energy group of companies(35%sh
49、areholder).During 2012,IMSL was granted planning permission for a natural gas storage facility at Islandmagee,County Antrim and a Gas Storage Licence from the Utility Regulator.IMSL plans to create seven caverns,capable of storing up to a total of 500 million cubic metres of gas in Permian salt beds
50、 approximately 1,500 metres beneath Larne Lough.The project has unique advantages including being immediately adjacent to gas and electrical infrastructure,the salt being at an optimum depth for gas storage and close to a water source for solution mining of the salt to create the caverns.The project
51、 is also designed to access the extrinsic value of the gas storage market in the UK and Ireland by being able to respond to short-term volatility.The proposed gas storage facility will make a significant contribution to the security of gas supplies for the whole island of Ireland.Ireland is dependen
52、t on gas for around 65%of its electricity generation with 90%of the islands gas imported via a single pipeline from Scotland.The facility,when complete,will store enough gas to satisfy Northern Irelands demand for around 60 days.Northern Ireland has a target to generate 40%of electricity from renewa
53、bles by 2020 this will primarily be achieved through wind-powered generation.A shift to renewable energy sources is likely to result in an increasing reliance on gas-fired power stations to support the inherently intermittent supply from wind.Rapid cycle gas storage facilities,such as this planned p
54、roject,will be important to respond to the increasingly fluctuating demands for gas to fuel this electricity generation requirement.The estimated timescale for the project is approximately seven years,with the first cavern becoming operational after five years.The drilling of a well is planned,subje
55、ct to confirmation on the regulatory framework for the project,to collect samples of the Permian salt to provide the final design parameters for the caverns.In January 2012 IMSL entered into agreements with BP Gas Marketing Limited(“BPGM”)for the appraisal of the project and the option for BPGM to a
56、cquire a 50.495%equity interest in IMSL.Under the terms of a Joint Appraisal Agreement,BPGM is funding the activities necessary to develop the project up to the point where a decision can be made on whether to proceed with its detailed engineering design.During 2013,work was substantially completed
57、on securing the land rights necessary for the construction and operation of the facility and applications were submitted for the necessary marine and associated environmental licences to the Department of Environment and Northern Ireland Environment Agency.The well site construction for the Islandma
58、gee-1 gas storage well commenced in May 2013 and was completed shortly after the financial year end.IMSL had received 1,427,277 from BPGM at 31 July 2013 under the Joint Appraisal Agreement.The next step is to drill the well,which will be fully funded by BPGM and will provide the core samples of Per
59、mian salt to confirm the depth,thickness,rock mechanical properties and composition of the salt to finalise the design of the caverns and will complete the projects credentials and facilitate the realisation of InfraStratas interest in IMSL.Procurement of the well will commence once the delayed regu
60、latory framework for the project has been confirmed.We now expect the well to be drilled in mid-2014.On 16 October 2013,we were delighted to announce that the importance of the project had been acknowledged by the European Commission which had given it Project of Common Interest(“PCI”)status requiri
61、ng Member States to give priority and quick passage in the permitting process and cooperation in its development.It also means the project is eligible to apply for significant financial support from the European Union in the form of direct grant or other forms of financial backing from institutions
62、such as the European Investment Bank.The project has also been pre-qualified(deemed eligible for support)under the Treasurys UK Guarantee Scheme which is making cover of up to 40 billion available to ensure that key infrastructural projects across all sectors in the UK,those that really ought to go
63、ahead,are not held back due to any difficulty in obtaining finance.Under the scheme the Government will guarantee a certain proportion of the capital required to fund projects,so that banks can lend more freely in todays risk-averse lending environment.Both of these developments give us further conf
64、idence that the full development of the project can commence within reasonably short timescales.The assets and liabilities of IMSL have been classified as held for sale in the Groups balance sheet since inception of the Joint Appraisal Agreement in January 2012,in firm expectation that BPGM will exe
65、rcise the option to acquire a controlling interest in IMSL and at that point InfraStrata will seek the disposal of an interest in the project to a new partner who will take the full development of the project forward.CHIEF EXECUTIVES OPERATING REVIEWINFRASTRATA plc6CHIEF EXECUTIVES OPERATING REVIEWP
66、ortland project-DorsetLast year we reported that the poor seasonal gas storage market,a different market to that being targeted by the Islandmagee project,meant that it is unlikely that the Portland gas storage project will be realised in the near term and we fully impaired our historical investment
67、 in the project,with the exception of data obtained from seismic surveys and drilling,which are key for the development of the petroleum exploration play.With the decision not to pursue the gas storage project,the Portland site leases were terminated at their break date on 1 June 2013.The Company,th
68、rough its subsidiary,Portland Gas Transportation Limited,will continue to renew the gas pipeline construction authorisation with DECC as a potential means of exporting future gas production under the P1918 licence.The Company will continue to examine this and other opportunities which may arise to r
69、ealise some value from our historic investment in the project.In June 2012 we restructured the funding obligations of eCORP,formerly joint venture partners in the Portland project,into an obligation to provide a further US$2.88 through monthly subscriptions of US$120,000 for preference shares in our
70、 subsidiary Portland Gas Limited.In return eCORP will earn a 7.5%share of the future profits from the Portland project.Amounts received from eCORP during the financial year totalled US$1,440,000 and the balance due of US$1,200,000 is included on the Group balance sheet at 31 July 2013.FUNDINGInfraSt
71、rata continues to have no debt and to operate a funding model for our projects which manages risk for our shareholders by attracting investment by quality partners and thereby minimising our own commitments to pay the costs of exploration and other project development costs.The sale of a 5%interest
72、in licence PL1/10 to Brigantes(40%owned by InfraStrata)announced in March 2013 raised 150,000,together with a commitment by Brigantes to carry 5%of InfraStratas share of the first exploration well.Gross aggregate expenditure during the year on the PL1/10 and P1918 licences was 392,195 of which Infra
73、Stratas share was 146,128.We are currently in the process of seeking further partners to fund the balance of InfraStratas share of the costs of drilling the first exploration well on each of these licences.The Groups associated companies,Corfe and Brigantes are self-funded and therefore we have no c
74、ommitments to fund exploration costs on our non-operated exploration interests.InfraStrata director William Colvin represents the Companys interests on the Board of each of these associated companies.BPGM fully funded the expenditure on the Islandmagee gas storage project amounting to 951,588 during
75、 the financial year under the terms of the Joint Appraisal Agreement and are expected to continue funding the development of the project through the drilling of the well.The process of securing new partners for the Islandmagee gas storage project,including a lead developer for the main construction
76、of the project,has been initiated with expressions of interest received from a number of potential investors.The next focused approach to potential new partners will be following the drilling of the first well in 2014.Securing a new partner should present the opportunity to realise cash for all or p
77、art of InfraStratas 65%shareholding in IMSL.Securing a new partner and commencement of construction would also trigger the payment to InfraStrata of approximately 1.3m in settlement of partner Mutual Energys share of the shareholders loan account to IMSL.As explained above,eCORP continues to subscri
78、be for preference shares in our subsidiary Portland Gas Limited.Aggregate receipts during the financial year were 899,608(US$1,440,000).This has offset the payments made in respect of the Portland site leases totalling 750,000 during the financial year.These leases were terminated at their break dat
79、e on 1 June 2013.Post year end,on 23 September 2013,the Company completed the placing of 8,000,000 new ordinary shares at 10p per share and raised 800,000 before expenses.The proceeds of the Placing have improved the Companys balance sheet and enable the Company to be flexible about the funding of e
80、xploration costs in advance of the completion of the farmout of exploration well costs.Any balance of the Placing proceeds will be used for contingency and general working capital purposes.INFRASTRATA plc7OUTLOOKThe Groups activities during the year ended 31 July 2013 and since the year end have bee
81、n focused on the activities which de-risk our three main projects including the delivery of the various agreements with third parties,obtaining consents and approvals and the continuing assessment and refinement of the prospectivity within our exploration licence areas.Managements focus going into 2
82、014 now switches to the completion of the farmout process on PL1/10 and P1918 and the procurement and drilling of exploration wells on each these two exploration licences as well as the well at the Islandmagee gas storage project.Each of our main projects has the potential to lead to a steep change
83、in valuation and future opportunities.Andrew Hindle,Chief Executive Officer2 December 2013CORPORATE AND SOCIAL RESPONSIBILITYThrough the work of the Portland Gas Trust,InfraStrata continues to support local communities in its area of operation.The Trust is a registered charity that supports initiati
84、ves around education,geology and the environment.Throughout the year the Trust has continued to support local projects both financially,and in kind,through Rachel Barton,Manager of the Trust.Subject to obtaining full project funding,Islandmagee Storage Limited intends to set up a Trust with objectiv
85、es around education,geology and the environment.An initial investment of 1 million over three years,with a further 50,000 per annum for a minimum of six years thereafter is planned.The company is continuing discussions with local residents and community groups in the Larne Lough area with regard to
86、ideas and initiatives which could be funded through the proposed Trust.Local businesswoman,Judith Tweed,is the company Community Liaison Consultant;Judith is collating a wide range of ideas for potential funding.INFRASTRATA plc8CHIEF EXECUTIVES OPERATING REVIEWPL 1/10InfraStrata(Operator)-43%*,Briga
87、ntes Energy Limited-45%,Cairn Energy-20%,Terrain Energy Limited-10%*InfraStrata holding comprises 25%direct interest together with an additional net 18%interest via shareholding in Brigantes Energy LimitedThe licence covers 663 km2 in the Larne-Lough Neagh Basin which has been largely overlooked by
88、the oil and gas industry,primarily due to the presence of extensive surface flood basalts at or near the surface.By applying newer techniques in seismic processing,InfraStrata has been able to image below the basalts and this has revealed a basin with a large number of prospective undrilled structur
89、es.Key FeaturesOver 20 high-grade prospects have been identified within the licence and 27th Round Application area with combined prospective resources over 600 mmbo Primary targets are the Triassic Sherwood Sandstone and the Permian Collyhurst Sandstone,with potential deeper reservoir targets in th
90、e Carboniferous sandstonesFirst prospect to drill has estimated P50 prospective resources of 40 mmbo Site identified for first exploration wellForward PlanDrilling of first exploration wellProject OverviewDuring 2011 and 2012,InfraStrata acquired over 400km of new 2D seismic data which revealed a ba
91、sin very similar in structural style to the prolific East Irish Sea Basin.Existing geothermal wells have confirmed the development of good sandstone reservoirs and seals within the thick Permo-Triassic sedimentary section.Oil-prone source rocks have been identified on the margins of the basin within
92、 the Carboniferous section,and gas-prone coals have also been mined to the west.As with any new exploration province anywhere,the presence of a working petroleum basin remains the highest risk of the play and can only be resolved by drilling.Success with the first well would open up a new play fairw
93、ay within the licence with multiple reservoir targets in multiple prospects.INFRASTRATA plc9P1918InfraStrata(Operator)-78%*,Corfe Energy Limited-20%,Cairn Energy-10%*InfraStrata holding comprises 70%direct interest together with an additional net 8%interest via shareholding in Corfe Energy LimitedTh
94、e licence comprises three offshore Blocks 97/14,97/15 and 98/11,covering an area of 584 km2 in the Wessex Basin adjacent to the giant Wytch Farm oilfield.There are existing undeveloped oil and gas discoveries and active oil and gas seeps within P1918 licence.Prospects have been identified with combi
95、ned prospective resources over 90 mmboe.Key FeaturesInitial focus on the offshore extension of the Purbeck Anticline Planning permission approved in November 2013 for a wellsite to drill the Purbeck Prospect onshore to offshoreInfraStrata owns rights to construct a gas pipeline connection from Portl
96、and to NTSForward PlanInterpretation of reprocessed seismic data to further define the sub-surface target locationDrilling of the California Quarry-1 exploration wellProject OverviewA total of seven wells have previously been drilled within the licence area,six of these wells encountered oil or gas
97、shows and three flowed oil or gas on test.The InfraStrata led joint venture purchased approximately 3,500 kilometres of existing 2D seismic data,and three existing 3D surveys,within or adjacent to the licence.A total of 156 km 2D seismic and 33.5 km2 3D seismic has been reprocessed and the interpret
98、ation of the data will be completed in 2014.The drilling of the exploration well in 2014 will target a prospect with gross 10 mmboe within the P1918 licence.Additional prospects with combined prospective resources over 70 mmboe will be further evaluated in 2014.INFRASTRATA plc10NON-OPERATOR LICENCES
99、InfraStrata interest via 40%shareholding in Corfe Energy Limited and Brigantes Energy LimitedInfraStrata presently has an interest in three onshore licences covering a total of 513 km2:PEDL 201(Corfe Energy Limited-12.5%)located in the East Midlands Petroleum ProvincePEDL 237/PL090(Corfe Energy Limi
100、ted-12.5%)located in the Wessex BasinPEDL 070(Corfe Energy Limited-5%,Brigantes Energy Limited 5%)located in the Weald BasinKey FeaturesPlanning permission granted in July 2013 for drilling Burton on the Wolds well in PEDL 201Successful acquisition of a 3D seismic survey covering an area of approxim
101、ately 68.5 km2 in PEDL237/PL090Forward PlanDrilling of the Burton on the Wolds exploration well in 2014Interpretation of acquired 3D seismic data in PEDL237/PL090Project OverviewThe Burton on the Wolds prospect has been mapped using both newly acquired and vintage 2D seismic data.The prospect covers
102、 an area of approximately 1.3 km2 with target prospective resources of 4 mmbo.A number of structural prospects and leads have been mapped using existing vintage 2D seismic data within PEDL237/PL090.Interpretation of the acquired 3D seismic survey will further define these prospects and identify loca
103、tions for future exploration drilling.PEDL070 contains the Avington Field which currently produces c.70 bopd(no decline).INFRASTRATA plc11SOURCE:Egdon Resources plcISLANDMAGEE PROJECTInfraStrata-65%,Moyle Energy Investments Limited-35%The Islandmagee gas storage project has a number of advantages wh
104、ich enhance its commercial case,including:being immediately adjacent to gas and electrical infrastructure,the salt being at an optimum depth for gas storage being close to a water source for solution mining of the salt to create the cavernsThe project is designed to access the extrinsic value of the
105、 gas storage market in the UK and Ireland by being able to respond to short-term volatility.Key FeaturesA 500mcm(18 bcf)fast-acting salt gas storage facilityProject is strategically important for island of Ireland&GBGranted Project of Common Interest status by EU in October 2013BP Gas Marketing have
106、 an option to acquire 50.495%following completion of an agreed work programme which includes the drilling of a well Planning permission and a gas storage licence granted in October 2012HM Treasury stated in October 2013 that the project is eligible for the 40bn UK Guarantee SchemeForward PlanClarifi
107、cation on the regulatory framework for the projectDrilling of the Islandmagee-1 appraisal wellProject OverviewThe project plans to create seven caverns within a layer of Permian salt greater than 200 metres thick which is located approximately 1,500 metres beneath Larne Lough.Samples of the salt wil
108、l be obtained from the drilling of the appraisal well which will provide final design parameters for the caverns.The estimated timescale for the project is approximately seven years,with the first cavern becoming operational after five years.The facility will make a significant contribution to the s
109、ecurity of energy supplies as well as helping to meet the greater short-term demands placed on the gas network to support increased intermittent renewable generation.INFRASTRATA plc12INFRASTRATA plc13DIRECTORS,SECRETARY,ADVISORSAND SHAREHOLDER INFORMATIONDirectorsCompany secretaryRegistered OfficePr
110、incipal officeAuditorTax advisorsRegistrarsNominated advisor and brokerSolicitorsBankersInvestor and public relationsKenneth Maurice Ratcliff(Non-executive Chairman)Andrew David Hindle(Chief Executive Officer)Stewart McGarrity(Finance Director)-Appointed 25 September 2013Craig Gouws(Chief Financial
111、Officer)-Resigned 25 September 2013)Walter Rookehurst Roberts(Legal and Commercial Director)Maurice Edward Hazzard(Non-executive Director)William Colvin(Non-executive Director)Walter Rookehurst RobertsBlackstable HouseLongridgeSheepscombeStroudGloucestershire,GL6 7QX80 Hill RiseRichmondSurrey,TW10 6
112、UBNexia Smith&Williamson1 Bishops Wharf,Walnut Tree CloseGuildfordSurrey,GU1 4RASmith&Williamson LLP1 Bishops Wharf,Walnut Tree CloseGuildfordSurrey,GU1 4RACapita Asset ServicesThe Registry34 Beckenham RoadBeckenhamKent,BR3 4THArden Partners plc125 Old Broad StreetLondon,EC2N 1ARField Fisher Waterho
113、use LLP35 Vine StreetLondon,EC3N 2AABank of Scotland plc33 Old Broad StreetLondon,EC2N 1HZBuchanan Communications Limited107 CheapsideLondon,EC2V 6DNREPORT OF THE DIRECTORSFOR THE YEAR ENDED 31 JULY 2013INFRASTRATA plc14The directors have pleasure in presenting their report and audited financial sta
114、tements for the year ended 31 July 2013.PRINCIPAL ACTIVITY AND REVIEW OF BUSINESSThe principal activities of the Group throughout the year were petroleum exploration and the development of a sub-surface gas storage facility.General InfraStrata plc is incorporated and domiciled in England and Wales.B
115、usiness reviewDuring the year the Group continued to develop its petroleum exploration and gas storage business.A review of the Groups business and funding arrangements during the financial period and its outlook for the future is given in the Chairmans statement and the Chief Executives operating r
116、eview on pages 3 to 8.Health,safety and environmentThere were no reportable health,safety or environmental incidents during the financial year.Key performance indicators Key performance indicators,both financial and non-financial,are used by the Board to monitor progress against predetermined object
117、ives:ObjectiveWe endeavour to develop projects in accordance with project schedules We seek to identify new project opportunitiesWe aim to control general and administrative costs keeping costs as low as possibleWe aim to prudently manage Group working capitalDefinitionPredetermined and agreed proje
118、ct development schedules adhered to including submission of planning applicationsIdentify new project opportunities which are expected to increase shareholder value once development commencesManagement and control of group general and administrative costsManagement and control of working capital ens
119、uring liquidity as is necessaryStrategyDelivery of projects to sensible time schedules.Submit and achieve planning permission approvals in a cost effective and timely manner Develop a balanced portfolio of projectsMaintain low cost of Group general and administration expenditure and conserve cash to
120、 the extent possibleManagement of working capital to ensure liquidity to develop projects as planned in development schedulesOur Group KPIs provide a measure of our progress and performance against our strategy.Key performance indicators include identification of new economic project opportunities,s
121、ubmission of project planning applications in accordance with project scheduling,project development in accordance with project development programme,management of general and administrative costs and Group working capital management.The KPIs are reported at Board meetings.Measurement entails analys
122、ing variance between expected and actual progress,financial position and financial performance.Relevant performance measures for 2013 include:The prudent application of available cash resources.The cash balance at the financial year end was 774,745(948,037 including cash resources classified as held
123、 for sale).INFRASTRATA plc15Net corporate and administration expenditure was once again very well controlled during the financial year-excluding gas storage lease costs and transaction legal fees these were 1,054,008(2012:1,068,547).No new ordinary shares were issued for cash during the financial ye
124、ar.The proceeds of the Placing in September 2013 have improved the Companys balance sheet and enable the Company to be flexible about the funding of exploration costs in advance of the completion of the farm-out of exploration well costseCORP continued to subscribe for the agreed$2,880,000 preferenc
125、e shares in Portland Gas Limited during the year.The Islandmagee Storage Limited funding transaction with BPGM progressing.PL1/10 well site negotiations progressed to expectation.P1918 well site lease secured and planning application submitted since the year end.Principal risk factors The directors
126、are responsible for the effectiveness of the Groups risk management activities and internal control processes.As a participant in the gas storage development and upstream oil&gas industries,the Group is exposed to a wide range of business risks in the conduct of its operations.The Group is exposed t
127、o financial,operational,strategic and external risks which are further described below.These risks are not exhaustive and additional risks or uncertainties may arise or become material in the future.Any of these risks,as well as other risks and uncertainties in this document,could have a material ef
128、fect on the Groups business.Financial risks-failure to meet financial obligationsCost inflation and over runsAccess to working capital Operational risks-damage to shareholder value,environment,personnel or communities caused by operational failuresLoss of key employeesDelays in planning application
129、awardsSustained exploration failuresFailure of third party servicesOnce hydrocarbon production projects become operational there will be an increased environmental risk(for example hydrocarbon spillage)Failure to be seen to be acting in a socially responsible manner and/or failure to maintain good l
130、ocal community relations.Strategic and external risks-failure to manage and grow the business while creating shareholder valueFuture deterioration of capital markets,reducing ability to raise new equity fundingMisalignment with partners Shareholder sentimentMix of storage and upstream interestsCorpo
131、rate governance failings There is no assurance that the Groups exploration and development activities will be successful.The directors seek to manage and mitigate these risks by developing a balanced portfolio of projects,recruitment and retention of suitably skilled personnel,through compliance wit
132、h applicable legislation and careful management of cash resources and requirements.The successful progression of the Groups activities depends not only on technical success,but also on the ability of the Group to obtain appropriate financing through equity financing,farm downs,disposing of interest
133、in projects or other means.If the Group is unable to obtain additional financing needed to fulfil its planned work programmes some interests may be relinquished and/or the scope of operations reduced.Share capitalOn 14 June 2013 the Company issued 500,000 new ordinary shares of 10 pence each at 10 p
134、ence per share to Andrew Hindle under a salary sacrifice agreement which conserved 50,000 of the Companys cash resources.Following the financial year end on 23 September 2013 the Company issued 8,000,000 new ordinary shares of 10 pence each at 10 pence per share to raise 800,000,before expenses,to i
135、nstitutional and other shareholders.Following the Placing,the Company has 99,491,599 ordinary shares in issue.OutlookAn outlook for the Groups business and funding arrangements is given in the Chairmans statement and the Chief Executives operating review on pages 3 to 8.REPORT OF THE DIRECTORS FOR T
136、HE YEAR ENDED 31 JULY 2013RESULTS AND DIVIDENDSThe 2013 financial year was an active period for the Group during which cash investment in projects was largely funded by partners.BPGM funded Islandmagee Storage Limited to the extent of 951,588 during the financial year bringing their total investment
137、 to 1,427,277.The Group recognised cash revenue of 62,428(2012:253,932)which arose from activities including operatorship income,consulting and technical services.Revenues in 2012 included 150,000 received for services to a former joint venture which is now a subsidiary.These revenues offset corpora
138、te and administrative expenditure.Corporate and administrative expenditure,before gas storage lease costs and transaction legal fees of 750,774(2012:190,659),was 1,054,008(2012:1,068,547).The Group incurred a loss after tax of 1,642,760(2012:19,727,362).The loss in 2012 included net losses of 18,420
139、,125 relating to the impairment and restructure of the Portland gas storage project as detailed in note 16 to the financial statements.The loss for the year,together with the balance of 19,865,967 loss brought forward leaves a retained loss of 21,508,727 to be carried forward.The directors do not re
140、commend the payment of a dividend(2012:nil).In accordance with international financial reporting standards,the Islandmagee Storage project assets and liabilities continue to be classified as a disposal group and they are shown as held for sale and in the consolidated statement of financial position-
141、note 21.As a corollary,the net loss attributable to this project company,representing costs that could not be capitalized,has been classified as arising from discontinued operations in the statement of comprehensive income.CHARITABLE AND POLITICAL DONATIONSPortland Gas Trust is a charity which suppo
142、rts initiatives focusing on the environment,geology and education with its activities centered on Portland,Dorset.In prior years,the Group supported the Trust by incurring and paying costs on its behalf.In 2013,the Group waived the resultant loans to the Trust which amounted to 125,708.As these loan
143、s had previously been impaired,no expense was recognised in the year in respect of them.During 2012 charitable donations were 250.No donations were made for political purposes(2012:nil).PAYMENT OF CREDITORSThe Groups policy for all suppliers is to fix terms of payment when entering into a business t
144、ransaction,ensure that the supplier is aware of those terms and to abide by the agreed terms of payment.The number of days trade creditors was 13(2012:26)for the Group.RISK MANAGEMENTThe financial risk management objectives and policies of the Company in relation to the use of financial instruments,
145、and the exposure of the Company and its subsidiary undertakings to its main risks,credit risk and liquidity risk,are set out in note 24 to the financial statements.The directors,who served during the year and subsequently,were as follows:Executive DirectorsA D HindleC S Gouws(resigned 25 September 2
146、013)S McGarrity(appointed 25 September 2013)W R RobertsREPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2013Non-executive DirectorsK M RatcliffM E HazzardW ColvinINFRASTRATA plc16All directors benefit from the provisions of individual directors Personal Indemnity insurance policies.Premiums payabl
147、e to third parties are as described in note 6.The Company operates a share option scheme and the particulars of share options granted to directors are detailed in note 6 to the financial statements.DIRECTORSREPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2013DIRECTORS OF THE COMPANYDirectors of t
148、he Company at the date of this Annual Report and their abridged CVs are as follows:Ken Ratcliff(Non-Executive Chairman)Ken Ratcliff,JP,BSc.,FCA,(63)is a Chartered Accountant with extensive finance and business experience.He is currently College Accountant at Epsom College and co-founder of Geokineti
149、cs Processing UK Limited,an oil and gas industry seismic contractor.He was an audit manager with Touche Ross&Co in London before moving into accountancy and finance positions within the oil and gas industry in 1978.Ken has previously held senior management positions with Ensign Geophysics Limited,Se
150、ismic Geocode Limited,Tenneco Corporation and Merlin Geophysical Limited.He joined the Board in 2007 and became Chairman in October 2007.Ken has been a non-executive director of Egdon Resources plc since 2001.Andrew Hindle(Chief Executive Officer)Andrew Hindle,BSc.,MSc.,PhD,FGS,CGeol,(51)is a highly
151、 experienced geologist with over 25 years worldwide experience.He holds a degree in Geological Sciences gained in 1983 from Leeds University and,following a year with BP,gained a MSc.degree in Petroleum Geology in 1985 from Aberdeen University.In 1998 he completed a PhD(part-time)through the Open Un
152、iversity.He received the J.C.“Cam”Sproule Memorial Award from the American Association of Petroleum Geologists in 1999.He worked for Texaco from 1985 until 1996 on UK and international petroleum exploration and development projects,working overseas from 1990 to 1994.Subsequently,he worked for Anadar
153、ko Algeria Corporation from 1996 to 1997.In 1997 he became a founding director of Egdon Resources plc and,following the demerger of Egdon and InfraStrata,remained a non-executive director of Egdon until February 2011.Andrew has been the Chief Executive of the Group since 2005.Andrew is also a direct
154、or of Geofocus Limited and Toffee Limited.Stewart McGarrity(Finance Director)Stewart McGarrity,BCom.CA,(52)has 27 years of UK and international experience in both senior finance and commercial roles.Following qualification as a Chartered Accountant,Stewart spent a number of years with Deloitte in Zi
155、mbabwe and Hong Kong in senior audit and technical roles.Stewart then held a senior financial position with the Airport Authority in Hong Kong during the construction and commercial development of Hong Kong International Airport.Since returning to the UK he has worked with property investor and deve
156、loper MEPC plc,based in London as Group Financial Controller and with tie Limited,in Edinburgh,developing and maintaining the business case for Edinburgh Trams and other transport projects.Stewart joined InfraStrata in July 2013 as Financial Controller.Walter Roberts(Legal Director and Company Secre
157、tary)Walter Roberts,MA(Cantab.),(62)is an oil and gas lawyer with a strong record in commercial and legal management.Walter qualified as a solicitor with Simmons&Simmons before joining Phillips Petroleum in 1980.He then worked for Lasmo in both the UK and in Australia where he set up its legal depar
158、tment.Walter was the principal negotiator for UK joint venture commercial negotiations and gas sales for Talisman Energy(UK)Limited(previously Bow Valley Petroleum(U.K.)Limited)until 1995.More recently he was the London partner of Cummings&Co.and he is currently an executive director of Pinnacle Ene
159、rgy Limited and a non-executive director of Egdon Resources plc.Walter joined the Board of Egdon Resources plc in 2001 as a non-executive director.He joined the Group in an executive role in 2007.Maurice Hazzard(Non-Executive Director)Maurice Hazzard,(75)has extensive business experience in the oil
160、and gas industry,particularly in large offshore projects.He has held senior positions with Phillips Petroleum,Hamilton Bros.Oil&Gas Limited and Halyard Offshore Limited.Between 1979 and 1989 Maurice was responsible for development of the Energy Division of the Tung Group of companies,based in Hong K
161、ong,and during this period was Executive Chairman of Houlder Marine Drilling Limited.From 1989 to 1996 he was a consultant with Maritime Audit&Technical Services Limited,consulting to the international offshore oil and marine services industry.From 1996 to 1999 he was Chairman and CEO of PD Systems
162、International Limited,a UK electronics manufacturer.He is also non-executive Chairman of Orbitron Technologies Limited,a software company.William Colvin(Non-Executive Director)William Colvin,BCom.CA,(55)is a Chartered Accountant and has wide experience in the oil and gas,and healthcare sectors in se
163、nior management and board positions of large corporations.He was Finance Director of British-Borneo Oil&Gas Plc from 1992 to 1999.From 1990 to 1992,William was Finance Manager/Director at Oryx UK Energy.From 1984 to 1989,he worked in a variety of financial roles for Atlantic Richfield(ARCO)Inc.He qu
164、alified as a Scottish Chartered Accountant in 1982 and holds a Bachelor of Commerce degree from the University of Edinburgh.William is currently a non-executive director of Energy XXI,the independent oil&natural gas exploration and production company.DIRECTORS EMOLUMENTSThe directors emoluments are
165、disclosed in note 6 to the Financial Statements.INFRASTRATA plc17DIRECTORS AND SUBSTANTIAL SHAREHOLDINGSThe directors of the Company held the following beneficial shareholdings as at 30 November 2013.Number%INFRASTRATA plc18104,0007,422,625-277,2261,132,37819,326272,7270.107.46-0.281.140.020.27Ken R
166、atcliffAndrew HindleStewart McGarrity(appointed 25 September 2013)Craig Gouws(resigned 25 September 2013)Walter RobertsMaurice HazzardWilliam ColvinThe Company has received notification of the following interests in 3%or more of the Companys issued share capital at 30 November 2013.The percentages p
167、resented are at the date of notification.Ordinary shares of 10p eachOrdinary shares of 10p eachNumber%15,516,6006,294,8062,974,0131,858,95018.266.923.803.60JP Morgan Asset Management Holdings Inc.Mark AbbottMaven Income and Growth VCT 5 PLCCalculus Nominees LimitedThe UK Corporate Governance CodeThe
168、 directors recognise the value of the UK Corporate Governance Code(“the Code”)and whilst under the AIM rules compliance is not required the directors believe that the Company applies the recommendations in so far as is appropriate for a public company of its size.The Company therefore does not fully
169、 comply with the Code.The BoardAt the financial year end the Board was comprised of three Executive Directors and three Non-executive directors whose background and experience are relevant to the Companys activities.As such,the directors are of the opinion that the Board has a suitable balance and t
170、hat the recommendations of the Code have been implemented to an appropriate level.The Board,through the directors,maintain regular contact with its advisors and public relations consultants in order to ensure that the Board develops an understanding of the views of major shareholders about the Compa
171、ny.All directors have access to the advice and services of the company secretary who is responsible to the Board for ensuring that the Board procedures are followed and that the applicable rules and regulations are complied with.In addition,the company secretary will ensure that the directors receiv
172、e appropriate training as necessary.The appointment and removal of the company secretary is a matter for the Board as a whole.The table below contains details on the number of meetings held during the period and individual director attendance.BoardAudit CommitteeRenumeration CommitteeNumber of meeti
173、ngs held during the 2013 financial year942Number of meetingsattendedNumber of meetings attendedNumber of meetings attended989777-4-4-222Executive DirectorsAndrew HindleCraig GouwsWalter RobertsNon-executive DirectorsKen RatcliffMaurice HazzardWilliam Colvin Of which 2 were minimally attended as they
174、 were to finalise business already approved by all directorsCORPORATE GOVERNANCEAudit CommitteeThe Audit Committee met four times in the year to 31 July 2013.Its members are William Colvin(Chairman)and Ken Ratcliff.Members of the committee attended all meetings either in person or by telephone.Senio
175、r representatives of the external auditors attend these meetings if considered appropriate.The external auditor has unrestricted access to the Chairman of the committee.The role of the Audit Committee includes:Consideration of the appointment of the external auditor and the audit fee.Reviewing the n
176、ature,scope and results of the external audit.Monitoring the integrity of the financial statements and interim report.Discussing with the Groups auditors problems and reservations arising from the interim and final results.Reviewing the external auditors management letter and managements response.Re
177、viewing on behalf of the Board the Groups system of internal control and making recommendations to the Board.The committee also keeps under review the necessity for establishing an internal audit function but considers that,given the size of the Group and the close involvement of senior management i
178、n day-to-day operations,there is currently no requirement for such a function.Notwithstanding the absence of an internal audit function,the committee keeps under review the effectiveness of the Groups internal controls and risk management systems.Renumeration CommitteeThe members of the Remuneration
179、 Committee are Maurice Hazzard(Chairman),Ken Ratcliff and William Colvin.The committee met twice during the year and the meeting was attended by all current members.The Groups policy is to remunerate senior executives fairly in such a manner as to facilitate the recruitment,retention and motivation
180、of staff.The Remuneration Committee recommends to the Board a framework for the remuneration of the Chairman,the Executive Directors and the senior management of the Group.The principal objectives of the Committee include:Determining and recommending to the Board the remuneration policy for the Chie
181、f Executive and Executive Directors;Reviewing the design of share incentive plans for approval by the Board and determining the annual award policy to Executive Directors under existing plans;andDuring the year and the prior year,the Remuneration Committee discussed the continuing need to maintain m
182、otivation of the Executive during a period of intense activity and changing focus.Salaries for Executive Directors have not been increased and there have been no bonus payments for the past two years reflecting a commitment by the Executive Directors to continuing control over the Groups administrat
183、ive expenses and alignment of their remuneration and other incentives to the delivery of value to shareholders.The view of the committee is that the salaries remain competitive,but are not over generous,and therefore did not recommend an adjustment during the current financial year.Non-executive fee
184、s are considered and agreed by the Board as a whole and there has been no specific review in this regard during the period.The committee remains mindful of the continuing responsibility and reliance placed upon all of the Companys employees and will endeavour to ensure that this is reflected in appr
185、opriate remuneration packages.Nomination CommitteeThe Company has not established a Nomination Committee as the directors are of the opinion that such a committee is inappropriate given the current size of the Company.INFRASTRATA plc19REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2013CORPORATE
186、GOVERNANCERelations with ShareholdersCommunication with shareholders is given high priority and the Company therefore communicates regularly with shareholders including the release of announcements for the interim and annual results and after significant developments.The Annual General Meeting is no
187、rmally attended by all directors.Shareholders,including private investors,are invited to ask questions on matters including the Groups operations and performance and to meet with the directors after the formal proceedings have ended.Representatives of the Board,at least twice per year,together with
188、the Company brokers go on road shows during which existing and new investors are updated on Company affairs.The Company maintains a website(www.infrastrata.co.uk)for the purpose of improving information flow to shareholders as well as potential investors.The website contains all press announcements
189、and financial reports as well as extensive operational information about the Groups activities and enquiries from individual shareholders on matters relating to their shareholdings and the business of the Group are welcomed.The Board encourages shareholders to attend the Annual General Meeting,at wh
190、ich members of the Board are available to answer questions.Arden Partners plc who were appointed as Nominated Advisor and broker to the Company during the prior financial year has actively been researching the Company and its business followed by research notes being issued.Internal controlsThe dire
191、ctors are responsible for the Groups system of internal controls,the setting of appropriate policies on those controls,and regular assurance that the system is functioning effectively and that it is effective in managing business risk.Internal control systems are designed to meet the particular need
192、s of the Group and to manage rather than eliminate the risk of failure to meet business objectives.The internal controls cover financial,operational and compliance matters and are reviewed on an on-going basis.The directors consider that the frequency of Board meetings and the information provided t
193、o the Board in relation to Group operations assists the identification,evaluation and management of significant risks relevant to its operations on a continuous basis.The Groups internal controls can only provide reasonable and not absolute assurance against material misstatement or loss or the risk
194、 of failure to meet business objectives.Having thus monitored risk management and internal control processes in place,the Board considers that the Companys internal control systems operated appropriately during the year and up to the date of signing of the Annual Report and Financial Statements.GOIN
195、G CONCERNThe directors have prepared the financial statements on the going concern basis which assumes that the Group will continue in operational existence for the foreseeable future.The basis of this assumption is detailed in the accounting policies in note 2 to the financial statements.After maki
196、ng inquiries and considering all the relevant factors in relation to the Group,the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.For this reason,they continue to adopt the going concern basis of accountin
197、g in preparing the annual financial statements.INFRASTRATA plc20REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2013CORPORATE GOVERNANCEThe directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.UK Company
198、 law requires the directors to prepare Group and Company financial statements for each financial year.Under that law the directors have elected(as required by the rules of the AIM market of the London Stock Exchange)to prepare Group financial statements in accordance with International Financial Rep
199、orting Standards(“IFRS”)as adopted by the European Union(“EU”)and have elected to prepare the Company financial statements in accordance with IFRS as adopted by the EU and as applied in accordance with the provisions of the Companies Act 2006.The Group financial statements are required by law and IF
200、RS adopted by the EU to present fairly the financial position and performance of the Group;the Companies Act 2006 provides in relation to such financial statements that references in the relevant part of that Act to financial statements giving a true and fair view are references to their achieving a
201、 fair presentation.Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the Group and of the profit or loss of the group for that period.In preparing each of the Group and
202、 Company financial statements,the directors are required to:select suitable accounting policies and then apply them consistently;make judgements and estimates that are reasonable and prudent;state whether they have been prepared in accordance with IFRSs as adopted by the EU;prepare the financial sta
203、tements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business.The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Companys transactions and disclose with reasonable accur
204、acy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006.They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and
205、 other irregularities.The directors are responsible for the maintenance and integrity of the corporate and financial information included on the InfraStrata plc website.Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation i
206、n other jurisdictions.DISCLOSURE OF INFORMATION TO THE AUDITORIn the case of each person who was a director at the time this report was approved:-so far as the director was aware there was no relevant audit information of which the Companys auditor was unaware;and the director had taken all steps th
207、at the director ought to have taken as a director to make himself aware of any relevant information and to establish that the Companys auditor was aware of that information.This information is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.AUDITOR
208、A resolution to re-appoint the auditor,Nexia Smith&Williamson,will be proposed at the forthcoming Annual General Meeting.By order of the BoardA Hindle Director2 December 2013 INFRASTRATA plc21DIRECTORS RESPONSIBILITIESWe have audited the financial statements of InfraStrata plc for the year ended 31
209、July 2013 which comprise the Consolidated Statement of Comprehensive Income,the Consolidated and Parent Company Statements of Financial Position,the Consolidated and Parent Company Statements of Cash Flow,the Consolidated and Parent Company Statements of Changes in Equity,and the related notes 1 to
210、37.The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards(IFRSs)as adopted by the European Union and as regards the parent Company financial statements,as applied in accordance with the provisions of the Companie
211、s Act 2006.This report is made solely to the companys members,as a body,in accordance with Chapter 3 of Part 16 of the Companies Act 2006.Our audit work has been undertaken so that we might state to the Companys members those matters we are required to state to them in an auditors report and for no
212、other purpose.To the fullest extent permitted by law,we do not accept or assume responsibility to anyone other than the Company and the Companys members as a body,for our audit work,for this report,or for the opinions we have formed.Respective responsibilities of directors and auditorAs explained mo
213、re fully in the Directors Responsibilities Statement on page 21,the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.Our responsibility is to audit the financial statements in accordance with applicable law and Inte
214、rnational Standards on Auditing(UK and Ireland).Those standards require us to comply with the Financial Reporting Councils(FRCs)Ethical Standards for Auditors.Scope of the audit of the financial statementsA description of the scope of an audit of financial statements is provided on the FRCs website
215、at www.frc.org.uk/apb/scope/private.cfm.Opinion on financial statementsIn our opinion:the financial statements give a true and fair view of the state of the Groups and the parent Companys affairs as at 31 July 2013 and of the Groups loss for the year then ended;the Group financial statements have be
216、en properly prepared in accordance with IFRSs as adopted by the European Union;andthe parent Company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006;andthe financial
217、statements have been prepared in accordance with the requirements of the Companies Act 2006.Opinion on other matter prescribed by the Companies Act 2006In our opinion the information given in the Report of the directors for the financial year for which the financial statements are prepared is consis
218、tent with the financial statements.Matters on which we are required to report by exceptionWe have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,in our opinion:adequate accounting records have not been kept by the parent Company,or
219、returns adequate for our audit have not been received from branches not visited by us;orthe parent Company financial statements are not in agreement with the accounting records and returns;orcertain disclosures of directors remuneration specified by law are not made;orwe have not received all the in
220、formation and explanations we require for our audit.Andrew BondSenior Statutory Auditor,for and on behalf ofNexia Smith&WilliamsonStatutory Auditor,Chartered Accountants,1 Bishops Wharf,Walnut Tree Close,Guildford,GU1 4RA2 December 2013INFRASTRATA plc22INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF I
221、NFRASTRATA PLCCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2013Notes20132012Continuing operationsRevenueCost of salesGross profitAdministrative expensesOperating lossFinance incomeShare of loss of Joint VentureImpairment of interest in Joint VentureGain arising on assumi
222、ng control of the former Joint VentureShare of loss of AssociatesLoss before taxationTaxationLoss for the year from continuing operationsLoss for the year from discontinued operationsLoss for the year attributable to the equity holders of the parentOther comprehensive incomeTotal comprehensive loss
223、for the year attributable to the equity holders of the parentBasic and diluted earnings per shareContinuing operationsDiscontinued operationsContinuing and discontinued operations491616161610111262,428-62,428(1,804,782)(1,742,354)25,566-(43,862)(1,760,650)315,188(1,445,462)(197,298)(1,642,760)-(1,64
224、2,760)(1.59)p(0.22)p(1.81)p253,932-253,932(1,259,206)(1,005,274)2,596(10,306,395)(10,626,210)2,512,480(174,869)(19,597,672)-(19,597,672)(129,690)(19,727,362)-(19,727,362)(23.30)p(0.15)p(23.45)pINFRASTRATA plc23CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS AT 31 JULY 2013Notes20132012Non-current ass
225、etsIntangible fixed assetsProperty,plant and equipmentInvestments in associatesOther receivablesTotal non-current assetsCurrent assetsTrade and other receivablesAvailable for sale financial assetsCash and cash equivalentsAssets classified as held for saleTotal current assetsCurrent liabilitiesTrade
226、and other payablesDeferred income tax liabilities Liabilities directly associated with assets classified as held for saleTotal current liabilitiesNet current assetsNon-current liabilitiesDeferred income tax liabilitiesNet assetsShareholders fundsShare capitalShare premiumMerger reserve Share based p
227、ayment reserveRetained earningsAttributable to owners of the parentNon-controlling interestsTotal equity141516171819202122232123252627283,478,8431,9742,627,973-6,108,790893,56312,500774,7451,680,8084,190,2675,871,075(533,236)(179,478)(149,560)(862,274)5,008,801(706,630)10,410,9619,149,16011,920,2198
228、,988,112434,920(21,508,727)8,983,6841,427,27710,410,9613,399,4737,4712,705,131768,1026,880,1771,114,14512,5001,918,2013,044,8463,206,0036,250,849(905,750)-(73,032)(978,782)5,272,067(1,201,296)10,950,9489,099,16011,920,2198,988,112333,735(19,865,967)10,475,259475,68910,950,948Company registration num
229、ber:06409712Approved and authorised for issue by the Board on 2 December 2013A Hindle Director INFRASTRATA plc24S McGarrityDirectorCOMPANY STATEMENT OF FINANCIAL POSITIONAS AT 31 JULY 2013Notes20132012Non-current assetsIntangible exploration assetsProperty,plant and equipmentInvestmentsTotal non-cur
230、rent assetsCurrent assetsTrade and other receivablesAvailable for sale assetsCash and cash equivalentsTotal current assetsCurrent liabilitiesTrade and other payablesNet current assetsNet assetsShareholders fundsShare capitalShare premiumMerger reserveShare based payment reserveRetained earningsTotal
231、 equity14151618192022252627113,9341,974600116,5083,861,70212,500730,3724,604,574(503,826)4,100,7484,217,2569,149,16011,920,2198,466,827434,920(25,753,870)4,217,25634,5647,15360042,3173,623,51812,5001,814,6035,450,621(858,636)4,591,9854,634,3029,099,16011,920,2198,466,827333,735(25,185,639)4,634,302C
232、ompany registration number:06409712Approved and authorised for issue by the Board on 2 December 2013A Hindle Director INFRASTRATA plc25S McGarrityDirectorCONSOLIDATED STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 JULY 2013COMPANY STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 JULY 2013Non
233、-controlling interestTotal equityAttributable to the owners of the parentRetained earningsMerger reserveShare based payment reserveShare premiumShare capitalBalance at 31 July 2011Loss for the yearTotal comprehensive loss for the yearShares issuedShare based paymentsBP Gas Marketing Limited-Islandma
234、gee Storage Limited option(note 28)Balance at 31 July 2012Loss for the yearTotal comprehensive loss for the yearShares issuedShare based paymentsBP Gas Marketing Limited-Islandmagee Storage Limited option(note 28)Balance at 31 July 20137,826,433-1,272,727-9,099,160-50,000-9,149,16011,848,946-71,273-
235、11,920,219-11,920,2198,988,112-8,988,112-8,988,112322,431-11,304-333,735-101,185-434,920(138,605)(19,727,362)(19,727,362)-(19,865,967)(1,642,760)(1,642,760)-(21,508,727)28,847,317(19,727,362)(19,727,362)1,344,00011,304-10,475,259(1,642,760)(1,642,760)50,000101,185-8,983,684-475,689475,689-951,5881,4
236、27,27728,847,317(19,727,362)(19,727,362)1,344,00011,304475,68910,950,948(1,642,760)(1,642,760)50,000101,185951,58810,410,961Total equityRetained earningsMerger reserveShare based payment reserveShare premiumShare capitalBalance at 31 July 2011Loss for the yearTotal comprehensive loss for the yearSha
237、res issuedShare based paymentsBalance at 31 July 2012Loss for the yearTotal comprehensive loss for the yearShares issuedShare based paymentsBalance at 31 July 20137,826,433-1,272,727-9,099,160-50,000-9,149,16011,848,946-71,273-11,920,219-11,920,2198,466,827-8,466,827-8,466,827322,431-11,304333,735-1
238、01,185434,920(1,390,342)(23,795,297)(23,795,297)-(25,185,639)(568,231)(568,231)-(25,753,870)27,074,295(23,795,297)(23,795,297)1,344,00011,3044,634,302(568,231)(568,231)50,000101,1854,217,256INFRASTRATA plc26INFRASTRATA plc27CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 JULY 2013Notes2013
239、2012Net cash(used in)operating activitiesInvesting activitiesInterest receivedPurchase of exploration intangible assetsPurchase of gas storage intangible assetsPurchase of equipmentProceeds from the disposal of exploration intangible assetsPGL preference shares receiptsCash inflow on acquisition of
240、subsidiaryNet cash generated from/(used in)investing activitiesFinancing activitiesProceeds on issue of ordinary sharesContribution from non-controlling interestNet cash generated from financing activitiesNet(decrease)/increase in cash and cash equivalentsCash and cash equivalents at beginning of ye
241、arCash and cash equivalents at end of yearCash and cash equivalents consist of:Cash at bank2920(2,249,084)5,318(146,128)(754,390)(368)150,000899,608-154,040-951,588951,588(1,143,456)1,918,201774,745774,745(423,415)2,596(34,564)(371,510)-156,86253,574(193,042)1,344,000475,6891,819,6891,203,232714,969
242、1,918,2011,918,201Significant non-cash transactionsThere were no significant non-cash transactions in the year.The significant non-cash transaction for the year ended 31 July 2012 was the assumption of control over the previous joint venture.Cash flows arising from discontinued activitiesCash flows
243、arising from discontinued operations are analysed in note 29.COMPANY STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 JULY 2013INFRASTRATA plc28Notes20132012Net cash(used in)/generated from operating activitiesInvesting activitiesInterest receivedPurchases of exploration intangible assetsPurchases of eq
244、uipmentProceeds on the disposal of exploration intangible assetsNet cash generated from/(used in)investing activitiesFinancing activitiesProceeds on issue of ordinary sharesNet cash generated from financing activitiesNet(decrease)/increase in cash and cash equivalentsCash and cash equivalents at beg
245、inning of yearCash and cash equivalents at end of yearCash and cash equivalents consist of:Cash at bank2920(1,092,979)5,245(146,129)(368)150,0008,748-(1,084,231)1,814,603730,372730,372385,0861,633(34,564)-(32,931)1,344,0001,344,0001,696,155118,4481,814,6031,814,603Significant non-cash transactionsTh
246、ere were no significant non-cash transactions in the year.The significant non-cash transaction for the year ended 31 July 2012 was the recognition of impairment losses in respect of the companys investments in and balances with its subsidiaries.NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31
247、JULY 20131.GENERAL INFORMATIONInfraStrata plc is a company incorporated in England&Wales under the Companies Acts 2006 and is domiciled in the United Kingdom and is listed on the AIM market of the London Stock Exchange.2.ACCOUNTING POLICIESThe financial statements are based on the accounting policie
248、s set out below which have been consistently applied.The estimates and judgements used in applying these accounting policies are summarised in note 33.Basis of preparationInfraStrata plc adopted International Financial Reporting Standards(IFRS)as adopted by the European Union effective in July 2013,
249、as the basis for preparation of its financial statements.The financial information has been prepared under the historical cost convention as modified by the revaluation of certain financial assets.Going concernThe directors have prepared the financial statements on the going concern basis which assu
250、mes that the Group will continue in operational existence for the foreseeable future.The Islandmagee gas storage project,in which InfraStrata plc currently holds a 65%interest,is funded by BPGM.Under the terms of a Joint Appraisal Agreement,BPGM agreed to fund the activities necessary to develop the
251、 project,including the drilling of the first well,up to the point where a decision can be made on whether to proceed with its detailed engineering design.Subsequent to this decision,it is expected that BPGM will exercise its option to acquire 50.495%of Islandmagee Storage Limited,leaving InfraStrata
252、 with a 32.18%holding.The directors believe that a further disposal of an interest in Islandmagee Storage Limited is the best way of maximising shareholder value by allowing an entity other than InfraStrata plc to develop this project.It is expected that such a disposal will provide working capital
253、for the Group and will transfer responsibility for funding future development of the Islandmagee gas storage project to the new shareholder.The Group generally seeks to farmout the costs of exploration on its directly operated licences to manage risk and minimise cash requirements.The Group is curre
254、ntly seeking to farmout its current paying interests on exploration licences PL1/10 and P1918 prior to commitment to drilling exploration wells.On 1 June 2012,eCORP agreed to subscribe for US$2.88 million of Portland Gas Limited preference shares over the following two years.The funds received to da
255、te have enabled the Company to settle existing commitments including lease payments in respect of land at Portland.On 23 September 2013 the Company issued 8,000,000 new ordinary shares of 10 pence each at 10 pence per share to institutional and other shareholders and raised 800,000 before costs.The
256、proceeds of the Placing have improved the Companys balance sheet and enable the Company to be flexible about the funding of exploration costs in advance of the completion of the farmout of exploration well costs.After making inquiries and considering all the relevant factors in relation to the Group
257、,the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.For this reason,they continue to adopt the going concern basis of accounting in preparing the annual financial statements.Adoption of new and revised sta
258、ndardsAt the date of approval of these financial statements,the following Standards and Interpretations which have not yet been applied in these financial statements were in issue but not yet effective(and in some cases,had not yet been adopted by the EU)and that may have an impact going forward:IFR
259、S 9 Financial Instruments:Recognition and measurementINFRASTRATA plc29INFRASTRATA plcIFRS 10 Consolidated Financial StatementsIFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other EntitiesIFRS 13 Fair Value MeasurementIAS 19 Employee benefits IAS 27 Separate Financial StatementsIAS 28
260、Investments in Associates and Joint Ventures The directors anticipate that all of the above standards and interpretations will be adopted in the Groups financial statements in future periods.Adoption of these standards is not expected to have a material impact on the Group.Basis of consolidationThe
261、financial information incorporates the financial information of the Company and entities controlled by the Company.Control is achieved where the Company has power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.Business combinations a
262、nd goodwillOn acquisition,the assets and liabilities and contingent liabilities of subsidiaries are measured at their fair values at the date of acquisition.Any excess of cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill.Any deficiency of the
263、cost of acquisition below the fair values of the identifiable net assets acquired(i.e.discount on acquisition)is credited to the income statement in the period of acquisition.Goodwill arising on consolidation is recognised as an asset and reviewed for impairment at least annually.Any impairment is r
264、ecognised immediately in the income statement and is not subsequently reversed.When a business combination is achieved in stages,the Groups previously held equity interest in the acquiree is re-measured to fair value at the acquisition date and the resulting gain or loss,if any,is recognised in prof
265、it or loss in the statement of comprehensive income.Non-controlling interests that are present ownership interests are recognised at the non-controlling interests proportionate share of the recognised net assets,except that negative non-controlling interests are not recognised where the Group is obl
266、iged to bear the non-controlling interests share of any net liabilities.Oil and gas exploration joint venturesThe Group is engaged in oil and gas exploration and development which may lead to production through unincorporated joint ventures.The Group accounts for its share at cost of the results and
267、 net assets of these joint ventures as jointly controlled assets based on its percentage ownership of these joint ventures.In addition,where the Group acts as operator to the joint venture,the gross liabilities and receivables(including amounts due to and from non-operating partners)of the joint ven
268、ture are included in the statement of financial position.Details of the Groups oil&gas exploration joint ventures accounted for as jointly controlled assets are provided in note 35.Farmouts in the exploration and evaluation phaseThe Group does not record any expenditure made by the farminee on its a
269、ccount.It also does not recognise any gain or loss on its exploration and evaluation farmout arrangements but redesignates any costs previously capitalised in relation to the whole interest as relating to the partial interest retained.Any cash consideration received directly from the farminee is cre
270、dited against costs previously capitalised in relation to the whole interest with any excess accounted for by the farminor as a gain on disposal.Interests in associatesThe Group has interests in associates,which are entities over which the Group has significant influence but not control and which ar
271、e not joint ventures.The Group recognises its interest in associates using equity accounting.The financial statements of the associates are prepared for the same reporting year as the parent company,using consistent accounting policies.Disposal groups held-for-saleDisposal groups are classified as a
272、ssets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable.They are stated at the lower of carrying amount and fair value less costs to sell if30NOTES TO THE FINANCIAL STATEMENTStheir carrying amount is to be reco
273、vered principally through a sale transaction rather than through continuing use.Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker as required by IFRS 8“Operating Segments”.The chief operating decision-ma
274、ker,who is responsible for allocating resources and assessing performance of the operating segments,has been identified as the Board of directors.The accounting policies of the reportable segments are consistent with the accounting policies of the Group as a whole.Segment profit represents the profi
275、t earned by each segment without allocation of gains or losses on the disposal of available-for-sale investments,investment income,interest payable and tax.This is the measure of profit that is reported to the Board of directors for the purpose of resource allocation and the assessment of segment pe
276、rformance.When assessing segment performance and considering the allocation of resources,the Board of directors review information about segment assets and liabilities.Property plant and equipmentProperty plant and equipment is stated at cost less accumulated depreciation and any recognised impairme
277、nt loss.The initial cost of an asset comprises its purchase price or construction cost and any costs directly attributable to bringing the asset into operation.Depreciation is charged so as to write off the cost of assets,over their estimated useful lives,using the straight-line method,once the asse
278、t has been brought into use,on the following basis:Gas storage research and development costsResearch expenditure,incurred when undertaking exploration activities for gas storage opportunities,is written off in the year in which it is incurred.Capitalisation and impairment of intangible gas storage
279、assetsCosts of development of gas storage facilities are capitalised as intangible assets once it is probable that future economic benefits that are attributable to the assets will flow to the Group and until consent to construct has been awarded,at which time the capitalised costs are transferred t
280、o plant and equipment provided there being reasonable certainty of construction proceeding.The nature of these costs includes all direct costs incurred in project development.No amortisation or depreciation is provided until the storage facility is brought into commercial use.An impairment test is p
281、erformed annually and whenever events or circumstances arising during the development phase indicate that the carrying value of a development asset may exceed its recoverable amount.The aggregate carrying value is compared against the expected recoverable amount of the cash generating unit,generally
282、 by reference to the present value of the future net cash flows expected to be derived from storage revenue.The present value of future cash flows is calculated on the basis of future storage prices and cost levels as forecast at the balance sheet date.Capitalisation of project rental costs are revi
283、ewed on a regular basis and expensed when the physical progress on the project is in the directors opinion,significantly less than expected.The cash generating unit applied for impairment test purposes is generally an individual gas storage facility.Where the carrying value of the facility is greate
284、r than the present value of its future cash flows a provision is made.Any such provisions are charged to cost of sales.Oil&gas exploration and evaluation expenditure and assetsThe Group accounts for oil&gas expenditure under the full cost accounting method.INFRASTRATA plc31NOTES TO THE FINANCIAL STA
285、TEMENTSOffice equipmentFreehold land20-33%0%There is no depreciation to charge in respect of capitalised tangible gas storage inclusive of related and pipeline costs as the assets are fully impaired.The carrying values of property plant and equipment are reviewed for impairment when events or change
286、s in circumstances indicate that the carrying value may not be recoverable.INFRASTRATA plc32Pre-licence costs(other than payments to acquire rights to explore)are those costs incurred prior to acquiring the rights to explore and are charged directly to the income statement.All costs incurred after t
287、he rights to explore an area have been obtained,such as geological,geophysical,data costs and other direct costs of exploration and appraisal are accumulated and capitalised as exploration and evaluation assets(“E&E”).E&E costs are not amortised prior to the conclusion of appraisal activities.If tec
288、hnical feasibility is demonstrated and commercial reserves are discovered,then following development sanction,the carrying value of the relevant E&E asset will be reclassified as a development and production asset,but only after the carrying value of the E&E asset has been assessed for impairment,an
289、d where appropriate,its carrying value adjusted.Development assets will be depreciated on the unit production method.If after completion of appraisal activities in an area,it is not possible to determine technical feasibility or commercial viability,then the costs of such unsuccessful exploration an
290、d evaluation are written off to the income statement as a component of costs of sales in the period the relevant events occur.The costs associated with any wells which are abandoned are fully amortised when the abandonment decision is taken.When oil or gas is sold from E&E assets,the carrying value
291、of the E&E asset is reduced by the gross profit generated from the sale.InvestmentsInvestments in subsidiaries are stated at cost less provision for impairments.TaxationTax expense represents the sum of the tax currently payable and any deferred tax.The taxable result differs from the net result as
292、reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.The Groups liability for current tax is calculated using tax rates that have been enacted or substantially
293、enacted by the balance sheet date.Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit,and is accounted for using the b
294、alance sheet liability method.Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.Such as
295、sets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition(other than in a business combination)of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.Deferred tax liabilities ar
296、e recognised for taxable temporary differences arising on investments in subsidiaries,except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.The carrying amount of deferred tax ass
297、ets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liabili
298、ty is settled or the asset realised.Deferred tax is charged or credited to the income statement,except when it relates to items charged or credited directly to equity,in which case the deferred tax is also dealt with in equity.Deferred tax assets and liabilities are offset when there is a legally en
299、forceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current assets and liabilities on a net basis.Foreign currencyTransactions in foreign currency are recorded at
300、the rates of exchange prevailing on the dates of the transactions.At each balance sheet date,monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date and gains or losses are taken to operating profit.LeasesLeases ar
301、e classified as finance leases or hire purchase lease contracts whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.All other leases are classified as operating leases.NOTES TO THE FINANCIAL STATEMENTSINFRASTRATA plc33Rental costs under operati
302、ng leases are charged on a straight-line basis over the lease term.Share based payment transactionsEmployees(including senior executives)of the Group receive part of their remuneration in the form of share based payment transactions,whereby employees render services as consideration for equity instr
303、uments(equity settled transactions).The cost of equity settled transactions is recognised,together with a corresponding increase in equity,over the period in which the performance and or service conditions are fulfilled,ending on the date on which the relevant employees become fully entitled to the
304、award(the vesting date).The cumulative expense recognised for equity settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Groups best estimate of the number of equity instruments that will ultimately vest.The income st
305、atement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.No expense is recognised for awards that do not ultimately vest,except for awards where vesting is conditional upon a market condition,which are treated as vestin
306、g irrespective of whether or not the market condition is satisfied,provided that all other performance conditions are satisfied.Where the terms of an equity settled award are modified,as a minimum an expense is recognised as if the terms had not been modified.In addition,an expense is recognised for
307、 any modification which increases the total fair value of the share based payment arrangement,or is otherwise beneficial to the employee as measured at the date of modification.Where an equity settled award is cancelled,it is treated as if it had vested on the date of cancellation,and any expense no
308、t yet recognised for the award is recognised immediately.However,if a new award is substituted for the cancelled award,and designated as a replacement award on the date that is granted,the cancelled and new awards are treated as if they were a modification of the original award,as described in the p
309、revious paragraph.Retirement benefit costsThe Company has a defined contribution plan which requires contributions to be made into an independently administered fund.The amount charged to the income statement in respect of pension costs reflects the contributions payable in the year.Differences betw
310、een contributions payable during the year and contributions actually paid are shown as either accrued liabilities or prepaid assets in the balance sheet.Financial instrumentsFinancial assets and financial liabilities are recognised on the balance sheet when the Group becomes a party to the contractu
311、al provisions of the instrument.Trade and other receivables are measured at initial recognition at fair value and are subsequently measured at amortised cost using the effective interest method.A provision is established when there is objective evidence that the Group will not be able to collect all
312、 amounts due.The amount of any provision is recognised in the income statement.Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less.Trade and other payables are initially measured at fair value,and are subsequently m
313、easured at amortised cost,using the effective interest rate method.Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.Equit
314、y instruments issued by the Company are recorded at the proceeds received,net of direct issue costs.Interest bearing bank loans,overdrafts and other loans are recorded at the proceeds received,net of direct issue costs.Finance costs are accounted for on an accruals basis in the income statement usin
315、g the effective interest method.Available for sale financial assets are those non-derivative financial assets that are designated as available for sale or are not classified as financial assets at fair value through profit and loss,held to maturity investments or loans and receivables.After initial
316、recognition available for sale financial assets are measured at fair value with gains or losses being recognised as a separate component of equity until the investment is derecognised or until the investment is determined to be impaired at which time the cumulative gain or loss previously reported i
317、n equity is included in the income statement.The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date.For investments where there is no active market,fair value is d
318、etermined using appropriate valuation techniques.NOTES TO THE FINANCIAL STATEMENTSINFRASTRATA plc343.SEGMENT INFORMATIONThe directors have determined the Groups operating segments by reference to the risk profile of the Groups activities,which are affected predominately by location of the Groups ass
319、ets.The Groups head office is located in the United Kingdom with operations located in Dorset and Northern Ireland.The segmental businesses activities are the development and construction of gas storage and associated facilities,and petroleum exploration.2013Continuing activitiesRevenueAdministrativ
320、e expensesShare of loss of associatesFinance incomeTaxationDiscontinued activitiesAdministrative expensesAnalysis of:Assets by segmentLiabilities by segmentNet assets per segmentCapital expenditureDepreciationDorsetNorthern IrelandGas StorageExplorationGas StorageExplorationCentral incomeand overhea
321、dsTotal49,311(868,440)-20,248247,890(550,991)-(550,991)882,522(189,829)692,693-3,421-(24,134)-67,29846,585-46,5854,811,862(715,212)4,096,65033,394-*(197,298)*(197,298)*4,190,267*(149,560)*4,040,707*724,373-4,327-(19,728)-(15,401)-(15,401)1,301,803(383,980)917,823112,735-5,369(936,342)-5,318-(925,655
322、)-(925,655)793,412(130,324)663,0883685,86562,428(1,804,782)(43,862)25,566315,188(1,445,462)(197,298)(1,642,760)11,979,866(1,568,905)10,410,961870,8705,865*discontinued activities comprise the results,assets and liabilities of Islandmagee Storage Limited which is classified as held for sale as explai
323、ned in note 21.NOTES TO THE FINANCIAL STATEMENTSRevenueRevenue is recognised as the fair value of the consideration received or receivable and represents the amounts receivable for services delivered during the normal course of business.Revenue is recognised as the services are delivered.Operating a
324、ctivitiesThe activities of investments controlled by InfraStrata plc are treated as operating activities in the Group financial statements.Finance incomeFinance income is recognised when it is probable that the economic benefits will flow to the group and the amount of income can be measured reliabl
325、y.Income is accrued on a time basis,by reference to the principal outstanding and the effective interest rate applicable.INFRASTRATA plc352012Continuing activitiesRevenue from services provided to joint venture and associatesAdministrative expensesShare of loss of joint ventureShare of loss of assoc
326、iatesImpairment of interest in joint ventureGain arising on assuming control of the former joint ventureFinance incomeDiscontinued activitiesAdministrative expensesAnalysis of:Assets of segmentLiabilities by segmentNet assets per segmentCapital expenditureDepreciationDorsetNorthern IrelandGas Storag
327、eExplorationGas StorageExplorationUnallocatedTotal150,000(183,559)(10,306,395)-(10,626,210)1,218,334-(19,747,830)-(19,747,830)1,846,155(567,201)1,278,954-(83,354)-1,294,146-1,210,792-1,210,7924,721,556(773,930)3,947,626-*(129,690)*(129,690)*3,206,003*(73,032)*3,132,971*371,510-97,142-(91,515)-5,627-
328、5,6271,383,048-1,383,04834,564-6,790(1,075,647)-2,596(1,066,261)-(1,066,261)1,974,265(765,916)1,208,349-7,690253,932(1,259,206)(10,306,395)(174,869)(10,626,210)2,512,4802,596(19,597,672)(129,690)(19,727,362)13,131,027(2,180,079)10,950,948406,0747,690*discontinued activities comprise the results,asse
329、ts and liabilities of Islandmagee Storage Limited which is classified as held for sale as explained in note 21.NOTES TO THE FINANCIAL STATEMENTS201320124.PROFIT OR LOSS BEFORE TAXATIONFees payable to the Groups auditor and its associates:-for the audit of the Companys annual financial statements-for
330、 the audit of the Companys subsidiaries-other services relating to taxation-all other servicesDepreciationProfit on the disposal of intangible assetsNet foreign exchange loss/(gain)Operating lease rentals-land and buildingsResearch costs18,40020,30023,0003,7505,865(49,945)46,373780,00010,37616,00021
331、,6509,1506,5507,690-(961)180,00055,7912013Number2012Number5.EMPLOYEE INFORMATIONExecutive Directors and staff65Staff costs for the above persons and Non-executive Directors were:Wages and salariesSocial security costsDefined contribution pension plan expenditureShare based payments651,06575,17835,75
332、3101,185863,181698,67082,41617,92511,304810,315INFRASTRATA plc36NOTES TO THE FINANCIAL STATEMENTSDuring the year the company sold a 5%interest in PL1/10 to Brigantes Energy Limited for cash consideration of 150,000 and a carry of 5%of the costs of the initial well.The transaction gave rise to a prof
333、it on disposal of 49,945(Company:83,242).279,167*120,000123,96037,50015,00015,000590,6276.DIRECTORS AND KEY MANAGEMENT EMOLUMENTS AND COMPENSATIONPensionTotal2013BenefitsBonusSalary&feesExecutive DirectorsAndrew HindleCraig GouwsWalter RobertsNon-executive DirectorsKen RatcliffMaurice HazzardWilliam Colvin-11,28011,2804,395125-27,080252,610134,89594,55039,64515,12515,000551,82579,03361,863692,721-
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