Source - RNS
RNS Number : 8654K
Senterra Energy PLC
27 September 2016
 

For Immediate Release

27 September 2016

 

Senterra Energy plc

("Senterra" or the "Company")

Interim Report and Accounts

for the Period from 1 January 2016 to 30 June 2016

 

Chairman's Statement

 

 

Senterra Energy Plc is pleased to announce the publication of its unaudited results for the six month period ended 30 June 2016.

 

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.

Following our announcement of 22 February 2016, the Company continued to both 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 who had expressed interest in working with Senterra to facilitate a public listing.

On 23 May 2016, we were therefore pleased to announce that the Company had signed a non-binding letter of intent to acquire a SIM-card technology business based in Singapore and dealings in the Company's shares were, accordingly, suspended pending the publication of a prospectus in relation to this transaction. Our announcement referred to the possibility of a short-term loan being provided by the Company to this business. However, to date, no loan has been made by the Company.

Due to the complexities of the business being acquired, the work on preparing a prospectus has taken longer than originally anticipated and whilst this is being finalised, the Board would like to emphasise that it is managing its cash position in a prudent manner.

As part of the work on this transaction, it was decided to change the Company's accounting date to 31 December and accordingly the results for the six month period to 30 June 2016 are herein presented as unaudited interim figures.

We look forward to updating shareholders on progress on this transaction shortly.

 

 

Kurt Portmann                                                                                 

Chairman                                                                                           

 

27 September 2016

 

 

 

 

Results for the period

 

 

The unaudited financial results for the period ended 30 June 2016 are set out in this report.

 

During this period Senterra generated a pre-tax loss of £59,986, largely as a result of ongoing administrative costs. Cash assets at the period end were over £1 million.

 

The Company has no debt and continues to be in a strong position to finance its obligations.

 

Risks and uncertainties -

 

The Directors have identified the following as key risks in the first 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. 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 30 June 2016 (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 have 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") and with International Accounting Standard 34 on Interim Financial Reporting ("IAS 34"). 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 have been prepared in accordance with IAS 34 as adopted by the European Union. The Report of the Directors includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:-

 

·     an indication of important events that have occurred during the first half of the financial year and their impact on the set of financial statements contained in the Interim Report and Accounts;

 

·     the principal risks and uncertainties for the remaining half of the financial year; and

 

·     material related party transactions that have taken place in the first half of the current financial year and any material changes in the related party transactions described in the last annual report.

 

The Directors of Senterra Energy Plc are Kurt Portmann (Non-Executive Chairman), Jeremy King (Non-Executive) and Alberto Cattaruzza (Non-Executive).

 

Kurt Portmann                                                                                 

Chairman

 

27 September 2016

 

 

SENTERRA ENERGY PLC

 

STATEMENT OF COMPREHENSIVE INCOME FOR THE INTERIM PERIOD ENDED 30 JUNE 2016



Period to 30 June

2016


Period to 31 December 2015



£


£



(unaudited)


(audited)






Listing expenses


-


(128,347)






Administrative expenses


(61,013)


(23,563)











Operating loss


(61,013)


(151,910)






Interest received


1,027


-











Loss before taxation


(59,986)


(151,910)






Taxation


-


-






Loss and total Comprehensive Income for the Period Attributable to Equity Owners of the Company


(59,986)


(151,910)






Loss per share in pence - basic and diluted


(0.2)


(2.2)






The results above derive wholly from continuing operations.




















 

 

 

SENTERRA ENERGY PLC

 

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016

 



30 June

 2016


31 December 2015


 


£


£


 


(unaudited)


(audited)


 







 

Current Assets






 

Other receivables


-


1,106,129


 

Prepayments


67,718


3,165


 

Cash and cash equivalents


1,006,000


-


 







 



1,073,718


1,109,294


 







 

Total assets


1,073,718


1,109,294


 







 

Equity






 

Share capital


270,000


270,000


 

Share premium


945,501


945,501


 

Retained earnings


(211,896)


(151,910)


 







 

Total equity


1,003,605


1,063,591


 







 

Current liabilities






 

Accruals


40,113


15,703


 

Deferred shares


30,000


30,000


 







 



70,113


45,703


 







 

Total equity and liabilities


1,073,718


1,109,294


 







 







 







 







 

 

 

SENTERRA ENERGY PLC

 

STATEMENT OF CHANGES IN EQUITY FOR THE INTERIM PERIOD ENDED 30 JUNE 2016

 



 

 

 






 


Share     Capital

Premium on shares


Retained earnings


Total equity


 


           £

£


£


£


 










 

      At 31 December 2015 (audited)

           270,000


945,501


(151,910)


1,063,591


 








 

      Loss for the period

           -


-


(59,986)


(59,986)


 










 

      At 30 June 2016 (unaudited)

270,000


945,501


(211,896)


1,003,605


 










 









 









 









 

 

 

 

SENTERRA ENERGY PLC

 

STATEMENT OF CASH FLOWS FOR THE INTERIM PERIOD ENDED 30 JUNE 2016








Period to 30 June

2016


Period to 31 December 2015




£


£




(unaudited)


(audited)








Cash Flows from Operating Activities






Loss from operations


(61,013)


(151,910)


Decrease/(increase) in debtors


1,041,576


(1,109,294)


Increase in trade and other payables


24,410


15,703








Net cash flow from operating activities


1,004,973


(1,245,501)








Cash Flows from Investing Activities






Interest received


1,027


-








Net cash generated from investing activities


1,027


-








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


1,006,000


-








Cash and cash equivalents at the beginning of the period


-


-








Cash and cash equivalents at the end of the period


1,006,000


-








 

 

SENTERRA ENERGY PLC

 

NOTES TO THE INTERIM ACCOUNTS

 

Accounting policies

 

The same accounting policies and methods of computation are followed in these interim accounts as compared with the most recent annual financial statements.

 

Basis of preparation - Going concern

 

After making enquiries, the Directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly they adopt the going concern basis in preparing the Company's financial statements.

 

 

For further information, please visit www.senterraenergy.com or contact:

 

Senterra Energy plc (Company)


Jeremy King

+44 (0) 20 3137 1904



Optiva Securities Limited (Joint Broker)


Christian Dennis

+44 (0) 20 3137 1902



Dowgate Capital Stockbrokers Limited (Joint Broker)


Jason Robertson and Neil Badger 

+44 (0) 1293 517 744



Beaumont Cornish Limited (Financial Adviser)


Roland Cornish and Felicity Geidt

+44 (0) 20 7628 3396

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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