TIDMACPE
RNS Number : 2146V
ACP Energy PLC
03 April 2023
3 April 2023
ACP ENERGY PLC
("ACP" or "the Company")
Interim Reports and Financial Statements
ACP Energy Plc (ACPE.L), a company formed to capture value
accretive opportunities in the oil & gas industry, is
announcing its Interim Financial Statements for the period ended 31
December 2022.
Chairman's Statement
I am pleased to report the unaudited interim financial
statements to shareholders for the period ending 31 December
2022.
During the period, ACP Energy screened and evaluated numerous
acquisition opportunities in the upstream segment of the oil &
gas industry. The Company focused on those opportunities that
aligned with its acquisition strategy. Through this process, the
Company high-graded a portfolio of opportunities and completed
detailed evaluations of the most attractive within the group.
Post Period
On January 16, 2023, the company announced the signing of a Sale
and Purchase Agreement ("SPA") for a collection of producing
assets, operating under technical service contracts, which are
under development, and currently producing approximately 4,100
bopd, in a highly prolific basin in Latin America. Further details
on the assets will be provided as part of the relisting
process.
If the Transaction is completed, it will constitute a reverse
takeover under the Listing Rules.The Transaction will be subject to
the satisfaction of certain conditions, including:
-- The approval of the required share authorities and other
ancillary matters to be set out in a Notice of General Meeting by
shareholders of the Company;
-- The successful completion of fundraising activities to, inter
alia, satisfy the consideration payable to the seller; and
-- Admission of the enlarged share capital to trading on AIM.
Accordingly, there is no certainty that the Transaction will
proceed.
As the Transaction will constitute a Reverse Takeover, the
Company requested that the listing of its Ordinary Shares be
temporarily suspended with effect from 7.30 a.m. on January 16,
2023. Pending the publication of an Admission Document and
completion of due diligence, ACP intends to make an application for
the enlarged Company to have its Ordinary Shares admitted to
trading on the AIM Market of the London Stock Exchange
("Relisting").
The Company is progressing in its efforts to complete the
transaction and looks forward to providing further updates in due
course. If the transaction is not completed, the Company will
continue to identify value-accretive opportunities that fit its
stated acquisition strategy.
Paul Welch
Executive Chairman
31 March 2023
For further information:
www.acpenergyplc.com
ACP Energy
Paul Welch, Chairman
Celicourt Communications +44 208 434 2643 / acpenergy@celicourt.uk
Mark Antelme / Jimmy Lea
Respons i b ili ty statement
This statement is being made by the Chairman, Mr. Paul Welch,
and to the best of his knowledge:
a. the financial statements, prepared in accordance with IAS 34
'Interim financial reporting' as adopted by the United Kingdom ,
give an accurate and fair view of the assets, liabilities,
financial position, and profit or loss of the issuer, and
b. the management report includes a fair review of the
development and performance of the business and the issuer's
position, together with a description of the principal risks and
uncertainties they face.
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR ACP ENERGY PLC FOR
THE 6 MONTHS TO 31 DECEMBER 2022
Unaudited statement of comprehensive income
The statements of comprehensive income of ACP Energy PLC for the
periods ended 31 December 2022 and 31 December 2021 are set out
below:
Unaudited Unaudited
6 months 6 months
ended 31 ended 31
Dec 2022 Dec 2021
GBP GBP
Administrative expenses (411,221) -
------------ ------------
Operating loss (411,221) -
Income tax - -
------------ ------------
Loss and total comprehensive loss
for the period (411,221) -
------------ ------------
Earnings per share
Basic loss per share (0.9320p) -
Diluted loss per share (0.9320p) -
==========
Unaudited statement of financial position
The statements of financial position of ACP Energy PLC as at 31
December 2022 and 30 June 2022 are set out below:
Notes Unaudited Audited
as at 31 as at 30
ASSETS Dec 2022 Jun 2022
Current assets GBP GBP
Trade and other receivables 2 62,798 40,022
Cash and cash equivalents 395,677 599,876
------------ ------------
458,475 639,898
------------ ------------
Total assets 458,475 639,898
------------ ------------
EQUITY
Called up share capital 93,200 93,200
Share premium account 560,183 560,183
Other reserves 428,982 229,189
Retained earnings (690,247) (279,026)
------------ ------------
Total equity 392,118 603,546
------------ ------------
LIABILITIES
Trade and other payables 3 66,357 36,352
Total liabilities 66,357 36,352
------------ ------------
Total equity and liabilities 458,475 639,898
------------ ------------
Unaudited statement of changes in equity
The statement of changes in equity of ACP Energy PLC for the 18
month period ended 31 December 2022 is set out below:
Share
Share premium Other Retained
capital account Reserves earnings Total
GBP GBP GBP GBP GBP
Balance at 1 July
2021 3,000 - - - 3,000
-------------------------- ---------- --------- ---------- ------------ ------------
Loss for the period
and total comprehensive - - - -
loss for the period -
-------------------------- ---------- --------- ---------- ------------ ------------
Issue of share capital 57,000 - - - 57,000
-------------------------- ---------- --------- ---------- ------------ ------------
Balance at 31 December
2021 60,000 - - - 60,000
-------------------------- ---------- --------- ---------- ------------ ------------
Loss for the period
and total comprehensive
loss for the period - - - (279,026) (279,026)
-------------------------- ---------- --------- ---------- ------------ ------------
Issue of share capital 33,200 560,183 - - 593,383
-------------------------- ---------- --------- ---------- ------------ ------------
Share-based payments - - 229,189 - 229,189
-------------------------- ---------- --------- ---------- ------------ ------------
Balance at 30 June
2022 93,200 560,183 229,189 (279,026) 603,546
-------------------------- ---------- --------- ---------- ------------ ------------
Loss for the period
and total comprehensive
loss for the period - - - (411,221) (411,221)
-------------------------- ---------- --------- ---------- ------------ ------------
Share-based payments - - 199,793 - 199,793
-------------------------- ---------- --------- ---------- ------------ ------------
Balance at 31 December
2022 93,200 560,183 428,982 (690,247) 392,118
-------------------------- ---------- --------- ---------- ------------ ------------
Unaudited statement of cash flows
The statements of cash flows of ACP Energy PLC for the six
months ended 31 December 2022 and 31 December 2021 are set out
below:
Unaudited Unaudited
6 months 6 months
ended 31 Dec ended 31 Dec
2022 2021
GBP GBP
Cash flows from operating activities
Cash absorbed by operations (204,199) (38,720)
------------- -------------
Net cash outflow from operating activities (204,199) (38,720)
------------- -------------
Financing activities
Proceeds from issue of shares - 60,000
Net cash generated from financing activities - 60,000
------------- -------------
Net (decrease)/increase in cash and
cash equivalents (204,199) 21,280
Cash and cash equivalents at beginning
of period 599,876 -
------------- -------------
Cash and cash equivalents at end of
period 395,677 21,280
------------- -------------
Notes to the unaudited interim financial statements
1 Accounting policies
Company information
ACP Energy Plc is a public company limited by shares incorporated
in England and Wales. The registered office is 21 High Street,
Lutterworth, LE17 4AT. The company's principal activity is
intended to be that of investment in upstream oil and gas assets.
1.1 Basis of preparation
The unaudited interim financial statements present the financial
track record of the company for the six months ended 31 December
2021, 31 December 2022 and the 18-month period ended 31 December
2022.
The accounting policies set out in the financial statements
for the period ended 30 June 2022 have been applied consistently
to all periods presented in these unaudited interim financial
statements.
The unaudited interim financial statements have been prepared
in accordance with the IAS 34 'Interim financial reporting'
as adopted by the United Kingdom. They should be read in conjunction
with the financial statements for the period ended 30 June
2022, which are prepared in accordance with IFRS as adopted
by the United Kingdom and with the Companies Act 2006.
The unaudited interim financial statements for the six months
ended 31 December 2021 and for the six months ended 31 December
2022 do not comprise statutory accounts within the meaning
of section 434 of the Companies Act 2006.
The unaudited interim financial statements are prepared in
sterling, which is the functional currency of the company.
Monetary amounts in these unaudited interim financial statements
are rounded to the nearest GBP.
The unaudited interim financial statements have been prepared
on the historical cost basis.
1.2 Significant accounting policies
The unaudited interim financial statements have been prepared
on the basis of accounting policies adopted in the financial
statements for the year ended 30 June 2022 and expected to
be adopted in the financial statements for the period ending
30 June 2023. Where new IFRS standards, amendments or interpretations
became effective in the six months to 31 December 2022 there
has been no material impact on the net assets or results of
the company.
2 Trade and other receivables
Unaudited Audited
as at as at
31 Dec 2022 30 Jun 2022
GBP GBP
VAT recoverable 21,092 21,097
Prepayments 41,706 18,925
62,798 40,022
------------------ ------------------
3 Trade and other payables
Unaudited Audited
as at as at
31 Dec 2022 30 Jun
GBP 2022
GBP
Trade payables 12,412 15,139
Accruals 53,945 21,213
66,357 36,352
------------- --------
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END
STRFLFIRSLIVIIV
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