Continental Posts Fiscal 2018 Results
VANCOUVER, British Columbia, Nov. 05, 2018 (GLOBE NEWSWIRE) -- Continental Energy Corporation (OTCQB: CPPXF) (the “Company”) today announced that it has posted its audited annual consolidated financial statements on SEDAR and filed its annual report on Form-20F on EDGAR for its Fiscal 2018 year ended 30 June 2018.
Overall, the Company incurred a loss from operations during Fiscal 2018 in the amount of $712,711 compared to a loss of $439,606 for Fiscal 2017 an increase in loss of $273,105 primarily due to non-cash costs of common shares issues to convert debt and conclude transactions. The Company also recorded a gain on settlement of management fees through issuance of its common shares, reducing the impact of these non-cash costs. The Company incurred a loss per share of $0.00 in Fiscal 2018 compared to a loss per share of $0.00 in Fiscal 2017.
The Company’s administrative costs were higher by $165,630 in Fiscal 2018 compared to Fiscal 2017, primarily due to the Company’s increased operational activity. The Company incurred higher professional fees, office costs, engineering services, and travel expenses (in combination higher by $262,189 in comparison to 2017) in order to establish two new subsidiary companies in Indonesia and secure licenses to build own and operate the Maloy refinery. Administrative costs were offset by reduced management fees, lower by $126,206 in Fiscal 2018 compared to Fiscal 2017, due to reduction of fees paid to senior executive officers. The Company’s interest costs were also lower in Fiscal 2018 by $37,304 due to the settlement of convertible debt during the year.
Cash used in operating activities was $430,847 compared to $307,222 used in Fiscal 2017. Net cash raised as a result of private placement financing activities was $436,576 compared to $331,090 during Fiscal 2017.
The full text of the Company's annual audited consolidated financial statements and the accompanying management discussion and analysis for the year are both available for download from the Company's profile on SEDAR at The full text of the Company's annual report on Form-20F is available for download from the Company's profile on SEDAR at or from the Company's profile on EDGAR.
The Company has set its Fiscal 2018 Annual General Meeting for 7 December 2018 at the Company's registered offices in Vancouver and all holders of the Company's shares as of the 26 October 2018 record date for the meeting will be entitled to receive a package of proxy related materials and vote at the meeting.
On behalf of the Company,
Byron Tsokas
Vice President of Business Development
| Source: | Continental Energy Corporation | ||
| Media Contact: | Byron Tsokas, Vice President, ( ) | ||
| Further Information is posted on the Company's website at: | |||
No securities regulatory authority has either approved or disapproved the contents of this news release.
Forward Looking Statements - Any statements in this news release that are not historical or factual at the date of this release are forward looking statements. There are many factors which may cause actual performance and results to be substantially different from any of the Company's expectations, plans, intentions, or objectives or similar forward looking statements described herein. In this release, there are no assurances that the efforts of the Company or its subsidiaries to build, own, and operate a refinery will be successful. Readers should also refer to the risk disclosures outlined in the Company's regulatory disclosure documents filed with the US SEC available at . The Company assumes no obligation to update the information in this release.
