EastSiberian Plc (TSX NEX: ESB.H) Reports Financial Results for the year ended May 31, 2015 and Provides Update on Nicaragua Opportunity
ST. HELIER, Jersey, Sept. 8, 2015 /CNW/ – EastSiberian Plc (“EastSiberian” or the “Corporation”) a Jersey company, reports its audited financial results for the year ended May 31, 2015. EastSiberian has filed its Consolidated Financial Statements for the year ended May 31, 2015 and its Management’s Discussion and Analysis (“MD&A”) on www.sedar.com.
SELECTED FINANCIAL INFORMATION
The audited consolidated financial information of EastSiberian includes the Corporation, its subsidiaries and its investments in equity accounted investees.
Selected financial information for the year ended May 31, 2015 and 2014 and as at May 31, 2015 and May 31, 2014 are set out below and should be read in conjunction with EastSiberian’s May 31, 2015 Consolidated Financial Statements and MD&A. All financial information is stated in United States dollars, unless otherwise indicated.
EastSiberian reported a net loss for the year ended May 31, 2015 of $1,380,544 ($0.9 per share) compared to a net loss of $215,013 ($0.04 per share) for the year ended May 31, 2014. The loss for the current period consisted of general and administrative expenses of $1,166,580, loss on equity accounted investees of $43,127, accounts receivable written-down of 175,511 and foreign exchange gain of $4,674, whereas the loss for the year ended May 31, 2014 consisted of general and administrative expenses of $639,750, loss on equity accounted investees of $89,166, foreign exchange loss of $17,467, other income of $26,340, gain from accounts payable write-off of $238,296 and gain on foreign exchange differences transferred from other comprehensive income of $266,734.
On August 29, 2015, the Corporation was informed by the Ministry of Energy and Mines (“MEM”) of the Government of Nicaragua that the Corporation’s request to MEM for approval as a qualified exploration and exploitation contractor in Nicaragua, submitted on July 21, 2015, was denied. In its decision, MEM cited specific deficiencies in the application. In subsequent discussions with MEM, they have indicated that they are receptive to a revised application from the Corporation that addresses the deficiencies raised by MEM. The Corporation is working to address the identified deficiencies and intends to submit a revised application in the near future.
EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com.
Neither the TSX NEX nor its Regulation Services Provider (as that term is defined in the policies of the TSX NEX) accepts responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward-Looking Statements
This press release together with the unaudited consolidated financial statements and MD&A referred to therein contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”). Forward-looking statements are based on the EastSiberian’s current beliefs as well as assumptions made by, and information currently available to, EastSiberian concerning business prospects, strategies, regulatory developments, the ability to obtain equipment in a timely manner to carry out development activities, the ability to get oil to market, and the ability to obtain financing on acceptable terms Although management of EastSiberian considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to either EastSiberian and/or its security holders. The forward-looking statements contained in this press release are made as of the date hereof and EastSiberian does not undertakes any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.