Directors Report
Directors Report
Purpose:
It is useful for the shareholders to find out issues such as whether the company has good finance, whether the market has potential and whether the business has the structural capacity to expand into new opportunities.
Finance: During the financial year ended 31 March 2014, the consolidated income of the Company and its subsidiaries amounted to USD 17.0 million (previous year USD 18.8 million). The operating revenue for the year is USD 15.8 million as against USD 17.7 million in the previous year. The consolidated loss for the year under review amounted to USD 8.5 million as compared to previous year loss of USD 9.7 million. Loss before tax is USD 3.4 million, which is almost at the same level as was in the previous year due to compensatory impact in revenues and cost.
The Company has net debt of USD 487 million (previous year net debt of USD 410 million). The cash balance available to the Company amounted to USD 26 million. The Company is exploring various medium- to long-term funding options.
Also, the company has loan agreement with Axis Bank, Jubilant Energy (Holding) B.V. (the Company’s holding/promoter company) for the partial re-financing of the EXIM Bank.
To give an idea about company’s future plan.
Expected production from KG DD-West field will be Company’s first commercial gas production.
Submit Field Development Plan for the six discoveries in KG Block, which when approved will mature significant amount of Contingent Resources to 2P Reserves.
Increase the productivity per well through hydrofracing in future DDW development wells through the integrated project management firm.
Submit Field Development Plan for Kathalchari discovery in Tripura Block by end 2014, approve of which will move significant Contingent Resources to 2P Reserves category. Objective is to fast track production of first gas from the Kathalchari discovery.
Appraise the North Atharamura-1 well discovery over the next
Purpose:
It is useful for the shareholders to find out issues such as whether the company has good finance, whether the market has potential and whether the business has the structural capacity to expand into new opportunities.
Finance: During the financial year ended 31 March 2014, the consolidated income of the Company and its subsidiaries amounted to USD 17.0 million (previous year USD 18.8 million). The operating revenue for the year is USD 15.8 million as against USD 17.7 million in the previous year. The consolidated loss for the year under review amounted to USD 8.5 million as compared to previous year loss of USD 9.7 million. Loss before tax is USD 3.4 million, which is almost at the same level as was in the previous year due to compensatory impact in revenues and cost.
The Company has net debt of USD 487 million (previous year net debt of USD 410 million). The cash balance available to the Company amounted to USD 26 million. The Company is exploring various medium- to long-term funding options.
Also, the company has loan agreement with Axis Bank, Jubilant Energy (Holding) B.V. (the Company’s holding/promoter company) for the partial re-financing of the EXIM Bank.
To give an idea about company’s future plan.
Expected production from KG DD-West field will be Company’s first commercial gas production.
Submit Field Development Plan for the six discoveries in KG Block, which when approved will mature significant amount of Contingent Resources to 2P Reserves.
Increase the productivity per well through hydrofracing in future DDW development wells through the integrated project management firm.
Submit Field Development Plan for Kathalchari discovery in Tripura Block by end 2014, approve of which will move significant Contingent Resources to 2P Reserves category. Objective is to fast track production of first gas from the Kathalchari discovery.
Appraise the North Atharamura-1 well discovery over the next