TIDMSEN
RNS Number : 7745T
Senterra Energy PLC
31 March 2016
For immediate release 31 March 2016
Senterra Energy Limited
("Senterra" or the "Company")
Interim results for the period ended 31(st) December 2015
Senterra Energy (LSE : SEN) is pleased to announce the
publication of its unaudited results for the period from
5(th) June 2015 to 31(st) December 2015.
Chairman's Statement
Senterra Energy Plc is pleased to announce the publication of
its unaudited results for the period ended 31(st) December 2015. On
10(th) November 2015, Senterra's shares were admitted to listing on
the Official List of the UK Listing Authority ("UKLA") by way of a
standard listing under Chapter 14 of the UKLA's Listing Rules and
to trading on the London Stock Exchange's main market.
At listing, the Company issued 25,000,000 new ordinary shares at
a price of 5 pence per share, raising GBP1.25 million before
expenses.
Senterra was formed to take control of or invest in businesses
within the oil and gas sector favouring companies with existing
production and revenues where there would be scope for growth and
attractive returns for shareholders.
Further to our update announcement of 22 February 2016, the
Company continues to conduct due diligence upon acquisition targets
within the oil and gas sector and follow up on expressions of
interest by other parties with opportunities outside that of the
energy sector. These additional parties have expressed interest in
working with the Senterra acquisition vehicle to facilitate a
public listing.
In addition to its review of potential oil and gas targets, the
Board believes that there are some potentially attractive
businesses and technologies amongst these other proposals which it
believes will create significant shareholder value if successfully
acquired and looks forward to updating the market when further
progress is made.
Whilst Senterra is seeking to secure an acquisition, the Board
would like to emphasise that it is managing its cash position of
GBP1.109 million in a prudent manner.
Kurt Portmann
Chairman
31st March 2016
For more detailed information please see the full Director's and
Interim Report below. The Interim Report and Accounts will be
available shortly at the Company's website
www.senterraenergy.com
Contacts:
Senterra Energy plc (Company)
===================================== =================
+44 (0) 20 3137
Jeremy King 1904
===================================== =================
Optiva Securities Limited (Joint
Broker)
===================================== =================
+44 (0) 20 3137
Christian Dennis 1902
===================================== =================
Dowgate Capital Stockbrokers
Limited (Joint Broker)
===================================== =================
+44 (0) 1293 517
Jason Robertson and Neil Badger 744
===================================== =================
Beaumont Cornish Limited (Financial
Adviser)
===================================== =================
Roland Cornish and Felicity +44 (0) 20 7628
Geidt 3396
===================================== =================
SENTERRA ENERGY PLC
REPORT OF THE DIRECTORS
FOR THE INTERIM PERIOD ENDED 31 DECEMBER 2015
Chairman's Statement
Senterra Energy Plc is pleased to announce the publication
of its unaudited results for the period ended 31(st)
December 2015. On 10(th) November 2015, Senterra's
shares were admitted to listing on the Official List
of the UK Listing Authority ("UKLA") by way of a standard
listing under Chapter 14 of the UKLA's Listing Rules
and to trading on the London Stock Exchange's main
market.
At listing, the Company issued 25,000,000 new ordinary
shares at a price of 5 pence per share, raising GBP1.25
million before expenses.
Senterra was formed to take control of or invest in
businesses within the oil and gas sector favouring
companies with existing production and revenues where
there would be scope for growth and attractive returns
for shareholders.
Further to our update announcement of 22 February
2016, the Company continues to conduct due diligence
upon acquisition targets within the oil and gas sector
and follow up on expressions of interest by other
parties with opportunities outside that of the energy
sector. These additional parties have expressed interest
in working with the Senterra acquisition vehicle to
facilitate a public listing.
In addition to its review of potential oil and gas
targets, the Board believes that there are some potentially
attractive businesses and technologies amongst these
other proposals which it believes will create significant
shareholder value if successfully acquired and looks
forward to updating the market when further progress
is made.
Whilst Senterra is seeking to secure an acquisition,
the Board would like to emphasise that it is managing
its cash position in a prudent manner.
Kurt Portmann
Chairman
31st March 2016
Results for the period
The financial results for the period ended 31 December
2015 are set out in this report.
During this period Senterra generated a pre-tax loss
of GBP142,410, the majority relating to one-off expenditures
associated with the formation of the Company and its
admission to the Official List. Cash assets at the
period end were over GBP1.1 million.
The Company has no debt and continues to be in a strong
position to finance its obligations.
Risks and uncertainties -
The Group has identified the following as key risks
in the second six months of this financial year:
The Oil and Gas sector - exploration, development
and production
The estimating of reserves and resources is a subjective
process and there is significant uncertainty in any
reserve or resource estimate. In addition, the exploration
for and production of oil and other natural resources
is speculative and involves a high degree of risk,
in particular a company's operations may be disrupted
by a variety of tasks and hazards which are beyond
its control such as environmental regulation, governmental
regulations or delays, increase in costs and the availability
of equipment or services, and the volatility of oil
and gas prices.
The Company's relationships with the Directors
The Company is dependent on the Directors to identify
potential acquisition opportunities and to execute
an acquisition, and the loss of the services of the
Directors could materially affect it.
Business Strategy
The Company is an entity with no operating history,
and has not yet formally identified any potential
target company or business for acquisition . The Company
may be unable to complete an acquisition or to fund
the operations of a target business if it does not
obtain additional funding.
Auditing
This interim report and accounts for the six month
period ended 31st December 2015 (the "Interim Report
and Accounts") has not been audited or reviewed pursuant
to the Financial Reporting Council guidance on 'Review
of Interim Financial Information".
Statement of Directors' Responsibilities
The Interim Report and Accounts are the responsibility
of, and has been approved by, the Directors. The Directors
are responsible for preparing the Interim Report and
Accounts in accordance with the Disclosure and Transparency
Rules (the "DTRs") of the United Kingdom's Financial
Conduct Authority (the "FCA"). The DTRs require that
the accounting policies and presentation applied to
the half yearly figures must be consistent with those
applied in the latest published annual accounts.
The Directors confirm that, to the best of their knowledge,
the set of financial statements contained in the Interim
Report and Accounts, which have been prepared in accordance
with International Accounting Standard 34, 'Interim
Financial Reporting' as adopted by the European Union,
give a true and fair view of the assets, liabilities,
financial position and profit and loss of the Group,
as required by DTR 4.2.2 and in particular include
a fair review of:-
* the important events that have occurred during the
half of the financial year and their impact on the
set of financial statements contained in the Interim
Report and Accounts, as required by DTR 4.2.7R;
* the principal risks and uncertainties for the
remaining half of the year as required by DTR 4.2.7R;
* and related party transactions that have taken place
in the first half of the current financial year.
The Directors of Senterra Energy Plc are Kurt Portmann
(Non-Executive Chairman), Jeremy King (Non-Executive)
and Alberto Cattaruzza (Non-Executive)
Kurt Portmann
Chairman
31st March 2016
SENTERRA ENERGY PLC
STATEMENT OF COMPREHENSIVE INCOME FOR THE INTERIM
PERIOD ENDED 31 DECEMBER 2015
(MORE TO FOLLOW) Dow Jones Newswires
March 31, 2016 11:29 ET (15:29 GMT)
Period
to 31
December
2015
GBP
Revenue -
Administrative expenses (142,410)
Operating loss (142,410)
Loss before taxation (142,410)
Taxation -
Loss and total Comprehensive Income
for the Period Attributable to Equity
Owners of the Company (142,410)
=============
Loss per share in pence - basic
and diluted (2.05)
=============
The results above derive wholly
from continuing operations.
SENTERRA ENERGY PLC
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2015
31 December
2015
GBP
Current Assets
Prepayments 3,165
Cash and cash equivalents 1,106,129
1,109,294
-------------
Total assets 1,109,294
=============
Equity
Share capital 300,000
Share premium 945,501
Retained earnings (142,410)
Total equity 1,103,091
-------------
Current liabilities
Accruals 6,203
Total equity and liabilities 1,109,294
=============
SENTERRA ENERGY PLC
STATEMENT OF CHANGES IN EQUITY FOR THE INTERIM PERIOD
ENDED 31 DECEMBER 2015
Share Premium Retained Total
Capital on shares earnings equity
GBP GBP GBP GBP
On incorporation - - - -
Issue of shares 300,000 1,000,000 - 1,300,000
Share issue costs - (54,499) - (54,499)
Loss for the period - - (142,410) (142,410)
At 31 December 2015 300,000 945,501 (142,410) 1,103,091
============ =========== ============
SENTERRA ENERGY PLC
STATEMENT OF CASH FLOWS FOR THE INTERIM PERIOD ENDED
31 DECEMBER 2015
Period
to 31
December
2015
GBP
Cash Flows from Operating Activities
Loss from operations (142,410)
(Increase) in debtors (3,165)
Increase in trade and other payables 6,203
Net cash flow from operating
activities (139,372)
----------
Cash Flows from Financing Activities
Proceeds from issuance of shares 1,300,000
Costs from issuance of shares (54,499)
Net cash generated from financing
activities 1,245,501
----------
Net increase in cash and cash
equivalents 1,106,129
Cash and cash equivalents at
the beginning of the period -
Cash and cash equivalents at
the end of the period 1,106,129
==========
SENTERRA ENERGY PLC
NOTE TO THE INTERIM ACCOUNTS
1 Comparative figures
No comparative figures have been presented as
the interim accounts cover the period from incorporation
on 5 June 2015 to 31 December 2015.
Basis of preparation
2 - Going concern
After making enquiries, the Directors have a
reasonable expectation that the Company has
adequate resources to continue in operational
existence for the foreseeable future. Accordingly,
the Directors have adopted the going concern
basis in preparing the Company's interim accounts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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