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Sovereign Oilfield Group

  • BY: Andrew Hore |
  • POSTED: 19/05/2009 |

Shares in Sovereign Oilfield Group slumped 7p to 14.5p each when they returned from suspension on 19 May 2009.

Sovereign has sent out its annual report for the year to March 2008 and published its interim figures, as well as sorting out its finances, so it was able to lift the share suspension.

Sovereign lost £3.2m on revenues of £47.7m in the six months to September 2008. Discontinued activities accounted for half the loss. There was a property disposal gain of £1m during the period. In the 12 months to March 2008, Sovereign lost £7.5m.

Net debt was still £30.3m at the end of September 2008, although £5.4m of disposal cash had not been received at that date. Outstanding banking facility defaults will be waved until 31 May 2010. Revised interest rates charge for the facility should save £3.4m in finance costs up until March 2011.

One of the company’s founders, Dr Peter Felter, has stepped down from the board.

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