TIDMEDL

RNS Number : 8607N

Edenville Energy PLC

27 September 2019

27 September 2019

EDENVILLE ENERGY PLC

("Edenville" or the "Company")

Interim Results for the six months to 30 June 2019

Edenville Energy plc (AIM: EDL), the company developing a coal project in southwest Tanzania, announces the Company's unaudited interim results for the six months ended 30 June 2019.

Key Period Highlights

 
 --   Executed equity placing to raise GBP510,000 (gross) in April 
       2019 to advance coal production 
 --   Coal wash plant upgraded and now fully operational; including 
       a Lamella water treatment plant, the introduction of a coal 
       sizer and installation of a pre-screening plant, thereby 
       enabling greater efficiency and productivity 
 --   Started to re-treat fine coal, recovering approximately 40% 
       of coal material above 8mm for either direct sale or subsequent 
       blending with existing coal stocks to increase saleable product 
 --   Completed the land compensation for the New Northern Mining 
       Area (the "Northern Area") 
 --   In June 2019 the Company established the new road to the 
       Northern Area and commenced stripping and exposing of coal 
 
 

Post Period Highlights

 
 --   Coal mining commenced in the Northern Area 
 --   Encouraging coal sampling results. Analysis of unwashed Northern 
       Area coal returned energy values averaging 6,200kcal/kg, 
       with the highest being over 6,800kcal/kg. These energy values 
       are significantly higher than those seen in previously mined 
       areas, which averaged approximately 5,000kcal/kg; the yielding 
       of +6,000 kcal/kg GCV from unwashed coal provides the opportunity 
       to sell coal without the requirement to put it through the 
       wash plant 
 --   Large coal measures of approximately 20m (and up to 40m) 
       in thickness, 4 metres from surface, have been exposed in 
       the Northern Area, compared to measures of approximately 
       3.5m in thickness in previously mined areas 
 --   Mining now focused in the Northern Area given lower strip 
       ratio, improved economics and better quality of coal 
 --   Purchased two 30 tonne trucks from TATA, to be used in mining 
       load and haul, moving away from contractor haulage to owner 
       operated haulage 
 --   In September 2019 the Company raised an additional GBP300,000 
       by way of a placing of 600,000,000 new ordinary shares, envisaged 
       to provide sufficient capital until the Company turns cash 
       flow positive from operations 
 --   Appointment of mining industry expert Alistair Muir as a 
       Non-Executive Director replacing Arun Srivastava 
 

Jeff Malaihollo, Chairman of Edenville, commented: "During 2019 the Company has achieved encouraging operational progress at the Rukwa coal project. The completion of the various upgrades to the wash plant are already providing greater recoveries, a reduction in consumables and should also enable greater throughput as mining operations continue to expand. The opening up of the Northern Mining Area has yielded materially positive results, with thicker seams and higher quality coal than previously experienced at Rukwa. As a consequence the Board believes both the economics and the profitability of operations should improve further as we continue to increase coal sales to new and historic customers.

"From a corporate perspective, the Company has recapitalised itself and formed a solid foundation from which to further build and achieve our primary short term objective, to become cash flow positive from operations during H1 2020.

"Whilst additional work naturally remains to be done, we are confident of reaching those value-enhancing milestones for shareholders in the timeframes previously outlined. We would like to thank all of our shareholders for their continuing support and we look forward to the remainder of 2019 with confidence."

For further information please contact:

 
                                 +44 (0) 20 3934 
 Edenville Energy Plc             6630 
 Jeff Malaihollo - Chairman 
 Rufus Short - CEO 
 
 SP Angel Corporate Finance      +44 (0) 20 3470 
  LLP                             0470 
 (Nominated Adviser and Joint 
  Broker) 
 David Hignell 
 Jamie Spotswood 
 Abigail Wayne 
 
                                 +44 (0) 20 7936 
 Brandon Hill Capital Limited     5200 
 (Joint Broker) 
 Oliver Stansfield 
 Jonathan Evans 
 
                                 +44 (0) 20 3934 
 IFC Advisory Limited             6630 
 (Financial PR and IR) 
 Tim Metcalfe 
 Graham Herring 
 Florence Chandler 
 

CEO's report

Operational Report

Production of Coal

During the period the Company's primary focus was on the coal mining operations at the Company's Rukwa Coal Project (the "Project") in southwest Tanzania.

January 2019 got off to a good start with the addition of a second excavator to open up the mine along with the existing machine. The Lamella Plant was operational and the newly constructed pre-screen plant started processing test material in January 2019 and became fully operational in February.

In January 2019 the Company decided to carry out an Open Offer to existing shareholders in order to raise the remaining capital needed to open up the Northern Mining Area and subsequently increase production. However, the Open Offer, at 0.12p per share, was poorly received and only approximately 10% of the planned GBP619,099 was eventually raised. This left the Company in a challenging situation on how best to meet customers' orders and expand the operation.

From February 2019 the Company took measures to conserve capital and continue supply to key customers whilst seeking alternative funding arrangements. As announced on 1 April 2019, production was adversely impacted in H1 2019 with approximately 18,772 tonnes of Run of Mine ("ROM") coal processed to produce 4,411 tonnes of washed coal and 11,134 tonnes of fine coal between 1 January 2019 and 30 June 2019.

On 29 April 2019 the Company announced a conditional fundraising of GBP510,000 along with certain cost saving measures and started to make preparations to apply some of this funding to the Project development. The main areas targeted were the opening up of the pit in the Northern Area, which has higher quality coal and thicker and easier to access coal seams. At the same time we made small upgrades to the plant and infrastructure, such as an improved water pumping system and installation of a coal sizer prior to the plant. At the end of the period land compensation work and the building of the road to the Northern Area were completed. In addition, overburden stripping, which exposed coal, was undertaken in the Northern Area and mining subsequently commencing in July 2019.

The Company's target is to firstly reach a steady state production rate of 6,000 tonnes per month of washed coal product, which we believe will enable the Tanzania operations to break even. Following this the second target is to reach 10,000 tonnes of washed coal produced per month which will provide positive cash flow for the Company. The Directors believe the Company remains on track to become cash flow positive from existing operations during H1 2020.

The fine coal is effectively produced as a by-product and, to that end, we are continuing discussions with the previously outlined buyers of fine coal. The introduction of the pre-screen means that some of the stockpiled fine coal can now be reprocessed. During the period we targeted areas of stockpiled fine coal that contained economically recoverable coal to feed through the pre-screen. Approximately 4,500 tonnes of the fine stockpile have been treated yielding 1,800 tonnes of sized coal.

Until recently, the Company had been relying on trucks supplied by contractors, which had sometimes proved to be an expensive and inefficient option. To this end, as announced on 21 August 2019, Edenville took the decision to purchase two 30 tonnes trucks which are now used to provide the backbone of load and haul operations at the Project. The wash plant is currently operating on a two shift basis, with the new trucks currently supplying the plant on one shift with the other shift being used to process coal from stockpiles. As the Northern Area continues to develop the focus of mining is moving to this area and a double shift operation of extracting coal from the Northern Area will start once training of operators is completed by mid-October 2019.

Production in H2 2019 started well with the plant producing 1,134 tonnes of washed product, principally in the first half of July 2019, as the effects of the upgrades began to show. The wash plant was reaching production rates of over 100 tonnes per day from a single shift during this period. However, during the second half of July and the majority of August 2019, mining was adversely affected by the lack of available contractor trucks and a delay on the delivery of our own trucks, which in turn compromised the plant's production ability. With the arrival of our own trucks in late August 2019 this issue has now been resolved and the available coal supply is steadily increasing, with further increases in production rates anticipated in the short term. This will subsequently enable increased sales to identified customers, many of whom require a surety of supply, which the Company should now be able to offer. As production of washed coal increases the Directors expect unit sales costs to progressively fall. Post period end approximately 1,510 tonnes of washed coal has been shipped between 1 July 2019 and 20 September 2019.

Coal to Power Project

In October 2018 the Company submitted a Request for Qualification ("RFQ") for coal fired generation projects in Tanzania to Tanzania Electric Supply Company ("Tanesco"), which Tanesco officially accepted as being complete and complying with their requirements. However, two weeks later, for reasons not given by Tanesco, the RFQ was cancelled and subsequently reinstated for a resubmission date in December 2018. Edenville resubmitted their RFQ documents in line with the criteria set forward by Tanesco, which appeared identical to the previous criteria. On 14 February 2019 Tanesco informed the Company that it had been unsuccessful in moving through the RFQ process to supply power to Tanesco. No clear explanation has been given for this decision to date. As far as the Company is aware no other privately held coal projects in Tanzania progressed successfully through the process.

The AFR RI-3A Tanzania - Zambia Transmission Interconnector project, which is being part financed by the World Bank, is continuing to move forward which we believe will have positive implications for our proposed coal to power project. The financing agreement for credit is now in place and the procurement plan is continuing to progress. As previously stated the Company's long term plan is to provide electricity to this transmission grid once it is completed and we are continuing to work towards this goal. Currently completion is stated as being in 2024.

However, in the short to medium term the focus of the Company is on it coal mining operations and the sale of coal to Tanzanian and other customers in East Africa.

Financial Results

For the six month period ended 30 June 2019 the Company had revenue of GBP151,140 (H1 2018: GBP59,310).

The Group made a loss after taxation of GBP888,045 (H1 2018 loss of GBP544,959). The net assets at 30 June 2019 amounted to GBP6,367,559 (30 June 2018 GBP7,568,436).

The total comprehensive loss for the period was GBP887,339 (H1 2018 loss of GBP387,412), which included a gain of GBP706 (H1 2017 gain of GBP157,457) arising from the translation of the Tanzanian subsidiary accounts from US Dollars to Sterling.

Rufus Short

Chief Executive Officer

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                               Six months    Six months            Year 
                                                    ended         ended           ended 
                                                  30 June       30 June          31 Dec 
                                                       19            18              18 
                                                Unaudited     Unaudited         Audited 
                                       Note           GBP           GBP             GBP 
 Revenue                                          151,140        59,310         337,125 
 Cost of sales                                  (476,352)      (54,663)     (1,191,312) 
 
 Gross profit                                   (325,212)         4,647       (854,187) 
 Administrative expenses                        (483,112)     (526,648)       (839,515) 
 Share based payments                            (16,077)      (23,235)        (76,319) 
 Written off intangible asset                           -             -               - 
 
 Group operating loss                           (824,401)     (545,236)     (1,770,021) 
 Finance income                                        56           277             529 
 Finance costs                                   (63,700)                      (16,212) 
 
 Loss on operations before taxation             (888,045)     (544,959)     (1,785,704) 
 
 Taxation                                               -             -               - 
 
 Loss for the period after taxation             (888,045)     (544,959)     (1,785,704) 
 Other comprehensive income/(loss): 
 Gain/(loss) on translation of 
  overseas subsidiary                                 706       157,547       (378,531) 
 
 Total comprehensive (loss)/income 
  for the period                                (887,339)     (387,412)     (1,407,173) 
 
 Attributable to: 
 Equity holders of the Company                  (886,401)     (386,955)     (1,404,725) 
 Non-controlling interest                           (938)         (457)         (2,448) 
 
                                                (887,339)     (387,412)     (1,407,173) 
 
 Loss per share 
 - basic and diluted (pence)            2          (0.04)        (0.04)          (0.12) 
 
 

The income for the period arises from the Group's continuing operations.

CONSOLIDATED statement of financial position

as at 30 june 2019

 
                                                        As at          As at          As at 
                                                      30 June        30 June         31 Dec 
                                                           19             18             18 
                                                    Unaudited      Unaudited        Audited 
                                          Note            GBP            GBP            GBP 
 Non-current assets 
 Property, plant and equipment             4        1,027,062        975,267      1,139,031 
 Intangible assets                         5        5,779,973      5,664,122      5,775,829 
 
                                                    6,807,035      6,639,389      6,914,860 
 Current assets 
 Inventories                                          329,559        163,184        256,082 
 Trade and other receivables                          506,042        390,755        396,671 
 Cash and cash equivalents                             75,843        537,478        160,042 
 
                                                      911,444      1,091,417        812,795 
 Current liabilities 
 Trade and other payables                           (749,860)      (162,370)      (556,063) 
 Convertible loan notes                             (252,428)                     (288,118) 
 
                                                  (1,002,280)      (162,370)      (844,181) 
 
 Current assets less current 
  liabilities                                        (90,844)        929,047       (31,386) 
 
 Total assets less current liabilities              6,716,191      7,568,438      6,883,474 
 
 Non - current liabilities 
 Convertible loan notes                             (348,632)              -      (282,076) 
 
                                                    6,367,559      7,568,436      6,601,398 
 
 Capital and reserves 
 Called-up share capital                   6        3,294,935      2,722,036      2,722,036 
 Share premium account                             18,631,157     18,566,642     18,566,642 
 Share based payment reserve                          291,540        224,376        275,463 
 Foreign currency translation 
  reserve                                             934,202        712,512        933,496 
 Retained earnings                               (16,771,838)   (14,647,974)   (15,884,731) 
 
 Issued capital and reserves 
  attributable to owners of the 
  parent company                                    6,379,996      7,577,592      6,612,906 
 Non-controlling interest                            (12,437)        (9,156)       (11,508) 
 
 Total equity                                       6,367,559      7,568,436      6,601,398 
 
 

CONSOLIDATED statement of changes in equity

 
 
                                 ----------------------------------Equity 
                                 Interests-------------------------------- 
 
                                                                               Foreign 
                                                                 Share        currency                         Non- 
                         Share        Share       Retained      option     translation                  Controlling 
                       capital      premium       Earnings     reserve         reserve         Total       interest         Total 
                           GBP          GBP            GBP         GBP             GBP           GBP            GBP           GBP 
 
 Balance at 1 
  January 
  2019               2,722,036   18,566,642   (15,884,731)     275,463         933,496     6,612,906       (11,508)     6,601,398 
 Issue of share 
  capital             572,899        64,515              -           -               -     637,414                -     637,414 
 Share based 
  payment 
  charge                     -            -              -      16,077               -        16,077        -              16,077 
 Foreign currency 
  translation                -            -              -           -             706           706        9                 715 
 Loss for the 
  period                     -            -      (887,107)           -               -     (887,107)      (938)         (888,045) 
 
 Balance at 30 
  June 
  2019               3,294,935   18,631,157   (16,771,838)     291,540         934,202     6,379,996     (12,437)       6,367,559 
 
 
 Balance at 1 
  January 
  2018               2,679,750   17,910,928   (14,212,274)     309,943         554,965     7,243,312        (8,464)     7,234,848 
 Issue of share 
  capital             42,286        697,714              -           -               -     740,000                -     740,000 
 Share issue costs           -     (42,000)              -           -               -      (42,000)              -      (42,000) 
 Share based 
  payment 
  charge                     -            -              -      23,235               -        23,235        -              23,235 
 Lapse of share 
  options                    -            -        108,802   (108,802)               -             -        -                   - 
 Foreign currency 
  translation                -            -              -           -         157,547       157,547       (235)          157,312 
 Loss for the 
  period                     -            -      (544,502)           -               -     (544,502)      (457)         (544,959) 
 
 Balance at 30 
  June 
  2018               2,722,036   18,566,642   (14,647,974)     224,376         712,512     7,577,592     (9,156)        7,568,436 
 
 
 
                                                                               Foreign 
                                                                 Share        currency                         Non- 
                         Share        Share       Retained      option     translation                  Controlling 
                       capital      premium       Earnings     reserve         reserve         Total       interest         Total 
                           GBP          GBP            GBP         GBP             GBP           GBP            GBP           GBP 
 
 Balance at 1 
  January 
  2018               2,679,750   17,910,928   (14,212,274)     309,943         554,965     7,243,312        (8,464)     7,234,848 
 Issue of share 
  capital               42,286      697,714              -           -               -       740,000              -       740,000 
 Cost of issue               -     (42,000)              -           -               -      (42,000)              -      (42,000) 
 Share 
  options/warrants 
  charge                     -            -              -      76,319               -        76,319              -        76,319 
 Cancellation of 
  share 
  options                    -            -        110,799   (110,799)               -             -              -             - 
 Foreign currency 
  translation                -            -              -           -         378,531       378,531          (746)       377,785 
 Loss for the year           -            -    (1,783,256)           -               -   (1,783,256)        (2,448)   (1,785,704) 
 Non-controlling 
  interest 
  share of 
  goodwill                   -            -              -           -               -             -            150           150 
 
 Balance at 31 
  December 
  2018               2,722,036   18,566,642   (15,884,731)     275,463         933,496     6,612,906       (11,508)     6,601,398 
 
 

consolidated CASH FLOW STATEMENT

 
                                           Six months   Six months          Year 
                                                ended        ended         ended 
                                              30 June      30 June        31 Dec 
                                                   19           18            18 
                                            Unaudited    Unaudited       Audited 
                                                  GBP          GBP           GBP 
 Cash flows from operating activities 
 Operating loss                             (824,401)    (545,263)   (1,770,021) 
 Depreciation                                 110,929      104,493       229,732 
 Amortisation                                  14,461            -        57,928 
 Share based payments                          16,077       23,235        76,319 
 (Increase) in inventories                   (73,477)    (163,184)     (256,082) 
 (Decrease) in trade and other 
  receivables                               (108,496)     (81,565)      (77,196) 
 Increase in trade and other payables         191,590       13,527       390,069 
 Foreign exchange gain/(loss)                (11,006)        4,323        37,584 
 
 Net cash used in operating activities      (684,323)    (644,434)   (1,311,667) 
 
 Cash flows from investing activities 
 Purchase of exploration and evaluation 
  assets                                            -    (467,553)     (468,145) 
 Purchase of property, plant and 
  equipment                                     (706)            -     (259,601) 
 Finance income                                    56          277           529 
 Finance cost                                (16,884)            -             - 
 
 Net cash used in investing activities       (17,494)    (467,276)     (727,217) 
 
 Cash flows from financing activities 
 Proceeds from issue of convertible 
  loan notes                                        -            -       548,853 
 Repayment of convertible loan               (11,787)            - 
  notes 
 Proceeds on issue of shares                  630,214      740,000       740,000 
 Share issue costs                                  -     (42,000)      (42,000) 
 
 Net cash generated from financing 
  activities                                  618,427      698,000     1,246,853 
 
 
 Net decrease in cash and cash 
  equivalents                                (83,430)    (413,710)     (792,031) 
 Cash and cash equivalents at beginning 
  of year                                     160,042      951,078       951,078 
 Exchange losses on cash and cash 
  equivalents                                   (769)          110           995 
 
 
 Cash and cash equivalents at end 
  of year                                      75,843      537,478       160,042 
 
 
 

NOTES TO THE INTERIM REPORT

   1.         Financial information and basis of preparation 

The interim financial statements of Edenville Energy Plc are unaudited consolidated financial statements for the six months ended 30 June 2019 which have been prepared in accordance with IFRSs as adopted by the European Union. They include unaudited comparatives for the six months ended 30 June 2018 together with audited comparatives for the year ended 31 December 2018.

The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2018 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) contained a "Material uncertainty relating to going concern paragraph and (iii) did not contain any statement under section 498 of the Companies Act 2006.

The interim consolidated financial statements for the six months ended 30 June 2019 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2019. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2018. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and adopted by the EU.

   2.          Loss per share 

The calculation of the basic and diluted loss per share is based on the following data:

 
                                  30 June 19        30 June 18       31 December 
                                                                              18 
                                         GBP               GBP               GBP 
 Loss after taxation               (888,045)         (544,959)         (1,785,704) 
 
 Weighted average number 
  of shares in the period      2,311,584,263     1,412,667,005       1,476,497,888 
 
 Basic and diluted loss 
  per share (pence)                   (0.04)            (0.04)              (0.12) 
 

The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options and warrants would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive.

   3.         Dividends 

No dividends are proposed for the six months ended 30 June 2019 (six months ended 30 June 2018: GBPnil, year ended 31 December 2018: GBPnil).

   4.    Tangible assets 
 
                                 Plant &      Fixtures   Motor vehicles 
                               machinery    & fittings                          Total 
                                     GBP           GBP              GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2019                         1,435,541         7,360           93,946     1,536,847 
 Additions                           706             -                -           706 
 Foreign exchange 
  adjustment                       4,600            10              249         4,859 
 
 At 30 June 2019               1,440,847         7,370           94,195     1,542,412 
 
 Accumulated depreciation 
 As at 1 January 
  2019                           306,410         7,010           84,396       397,816 
 Charge for period               109,736            43            1,150       110,929 
 Foreign exchange 
  adjustment                       6,325            10              270         6,605 
 
 As at 30 June 2019              422,471         7,063           85,816       515,350 
 
 
 Net book value 
 As at 30 June 2019            1,018,376           307            8,379     1,027,062 
 
 
 
 
                                 Plant &      Fixtures   Motor vehicles 
                               machinery    & fittings                          Total 
                                     GBP           GBP              GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2018                         1,111,852         7,184           89,709     1,208,745 
 Additions                             -             -                -             - 
 Foreign exchange 
  adjustment                      25,679            70            1,697        27,446 
 
 At 30 June 2018               1,137,531         7,254           91,406     1,236,191 
 
 Accumulated depreciation 
 As at 1 January 
  2018                            64,873         6,719           77,570       149,162 
 Charge for period               102,941            58            1,494       104,493 
 Foreign exchange 
  adjustment                       5,687            70            1,512         7,269 
 
 As at 30 June 2018              173,501         6,847           80,576       260,924 
 
 
 Net book value 
 As at 30 June 2018              964,030           407           10,830       975,267 
 
 
 
   4.         Tangible assets (continued) 
 
                                 Plant &      Fixtures   Motor vehicles 
                               machinery    & fittings                          Total 
                                     GBP           GBP              GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2018                         1,111,852         7,184           89,709     1,208,745 
 Additions                       259,601             -                -       259,601 
 Foreign exchange 
  adjustment                      64,088           176            4,237        68,501 
 
 At 31 December 2018           1,435,541         7,360           93,946     1,536,847 
 
 
 Accumulated depreciation 
 As at 1 January 
  2018                            64,873         6,719           77,570       149,162 
 Charge for the year             226,551           115            3,066       229,732 
 Foreign exchange 
  adjustment                      14,986           176            3,760        18,922 
 
 At 31 December 2018             306,410         7,010           84,396       397,816 
 
 Net book value 
 As at 31 December 
  2018                         1,129,131           350            9,550     1,139,031 
 
 
   5.    Intangible assets 
 
 
 
                                   Development     Goodwill       Total 
                                and production 
                                   expenditure 
                                           GBP          GBP         GBP 
 Cost or valuation 
 As at 1 January 
  2019                               5,501,291    1,572,197   7,073,488 
 Foreign exchange 
  adjustment                            17,721        5,064      22,785 
 
 At 30 June 2019                     5,519,012    1,577,261   7,096,273 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 
  2019                                  57,928    1,239,731   1,297,659 
 Charge for the 
  period                                14,461            -      14,461 
 Foreign exchange 
  adjustment                               187        3,993       4,180 
 
 As at 30 June 
  2019                                  72,576    1,243,724   1,316,300 
 
 
   Net book value 
 As at 30 June 
  2019                               5,446,436      333,537   5,779,973 
 
 
 
 
   5.    Intangible assets (continued) 
 
                                 Exploration 
                              and evaluation 
                                      assets 
                                   Tanzanian       Development 
                                    Licences    and production      Goodwill         Total 
                                                   expenditure 
                                         GBP                             GBP           GBP 
 As at 1 January 2018              4,757,087                 -     1,485,965     6,243,052 
 Additions                           452,758            14,795             -       467,553 
 Foreign exchange 
  adjustment                         117,944                 -        34,552       152,496 
 Transfer                        (5,327,789)         5,327,789 
 
 At 30 June 2018                           -         5,342,584     1,520,517     6,863,101 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2018                      -                 -     1,171,734     1,171,734 
 Foreign exchange 
  adjustment                               -                 -        27,245        27,245 
 
 As at 30 June 2018                        -                 -     1,198,979     1,198,979 
 
 
 Net book value 
 As at 30 June 2018                        -         5,342,584       321,538     5,664,122 
 
 
 Cost or valuation 
  As at 1 January 2018                               4,757,087     1,485,965     6,243,052 
 Additions                                             468,145             -       468,145 
 Foreign exchange 
  adjustment                                           276,059        86,232       362,291 
 
 At 31 December 2018                                 5,501,291     1,572,197     7,073,488 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2018                                        -     1,171,734     1,171,734 
 Depletion of development 
  and production assets                                 57,928             -        57,928 
 Foreign exchange 
  adjustment                                                 -        67,997        67,997 
 
 At 31 December 2018                                    57,928     1,239,731     1,297,659 
 
 Net book value 
 As at 31 December 
  2018                                               5,443,363       332,466     5,775,829 
 
 
 
   6.    Share capital 
 
                                                No         GBP                No          GBP         GBP 
                                          Ordinary    Ordinary          Deferred     Deferred       Total 
                                         shares of      shares         shares of       shares       share 
                                        0.02p each    of 0.02p       0.001p each    of 0.001p     capital 
                                                          each                           each 
 Issued and fully paid 
 At 1 January 2019                   1,547,746,369     309,551   241,248,512,346    2,412,485   2,722,036 
 On 20 February 2019 
  the company issued 36,000,000 
  shares at 0.02p                       36,000,000       7,200                 -            -       7,200 
 On 20 February 2019 
  the Company issued 64,515,192 
  shares at 0.12p each                  64,515,192      12,904                 -            -      12,904 
 On 2 May 2019 the Company 
  issued 500,000,000 shares 
  at 0.02p each                        500,000,000     100,000                 -            -     100,000 
 On 20 May 2019 the Company 
  issued 2,263,980,200 
  shares at 0.02p each               2,263,980,200     452,795                 -            -     452,795 
 
 As at 30 June 2019                  4,412,241,761     882,450   241,248,512,346    2,412,485   3,294,935 
                                  ================  ==========  ================  ===========  ========== 
 
 
 
 
                                          No         GBP                No          GBP         GBP 
                                    Ordinary    Ordinary          Deferred     Deferred       Total 
                                   shares of      shares         shares of       shares       share 
                                  0.02p each    of 0.02p       0.001p each    of 0.001p     capital 
                                                    each                           each 
 Issued and fully paid 
 At 1 January 2018             1,336,317,797     267,265   241,248,512,346    2,412,485   2,679,750 
 On 3 May 2018 the Company 
  issued 211,428,572 shares 
  at 0.35p each                  211,428,572      42,286                 -            -      42,286 
 
 As at 30 June 2018            1,547,746,369     309,551   241,248,512,346    2,412,485   2,722,036 
                              ==============  ==========  ================  ===========  ========== 
 
 
 
 
                                          No         GBP                No          GBP         GBP 
                                    Ordinary    Ordinary          Deferred     Deferred       Total 
                                   shares of      shares         shares of       shares       share 
                                  0.02p each    of 0.02p       0.001p each    of 0.001p     capital 
                                                    each                           each 
 Issued and fully paid 
 At 1 January 2018             1,336,317,797     267,265   241,248,512,346    2,412,485   2,679,750 
 On 3 May 2018 the Company 
  issued 211,428,572 shares 
  at 0.35p each                  211,428,572      42,286                 -            -      42,286 
 
 As at 31 December 2018        1,547,746,369     309,551   241,248,512,346    2,412,485   2,722,036 
                              ==============  ==========  ================  ===========  ========== 
 
 
 
   7.    Distribution on interim report to shareholders 

The interim report will be available for inspection by the public at the registered office of the company during normal business hours on any weekday and from the Company's website http://www.edenville-energy.com/. Further copies are available on request.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR BUGDCCSDBGCL

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September 27, 2019 02:00 ET (06:00 GMT)

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