CIC Energy Corp. reports Financial Results for the year ended November 30, 2006
CIC Energy Corp., a British Virgin Islands company engaged in the exploration and development in South Africa, has announced financial results for the year ended November 30, 2006. The reported losses for the period made $2,197,288 or $0.06 per share – an increase, as compared to a loss of $701,024 or $0.04 per share for the period March 10, 2005 (incorporation date of Coal Investment Corp., predecessor of CIC) to November 30, 2005.
The reason for this financial year losses is the fact that in the past year CIC Energy Corp. has increased expenditure significantly, as a result of a full year of exploration activity in the Mmamabula Coalfields in South Africa, which is currently the main focus of the company. Last time CIC Energy released information update on the Mmamabula Energy Project in the mid of December 2006.
The reported capitalized exploration costs for the period ended November 30, 2006 amount to $48,103,307, with exploration costs for the year totaling $44,367,198. Project development costs calitalized during the year amount to $3,131,931.
Previous announcement of CIC Energy concerned the acquisition of SAD-ELEC, - a leading consultancy group in the South African Energy sector, which has provided been providing advice to CIC Energy since August 2005. The settlement has become effective January 1, 2007.