Share Name Share Symbol Market Type Share ISIN Share Description
Rockrose Energy LSE:RRE London Ordinary Share GB00BYNFCH09 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 127.00p 124.00p 130.00p - - - 0 06:30:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers - - - - 19.47

RockRose Energy plc Interim Results

29/09/2017 7:01am

UK Regulatory (RNS & others)


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RNS Number : 1659S

RockRose Energy plc

29 September 2017

29 September 2017

RockRose Energy plc

("RockRose" or "the Company")

Interim Results

RockRose Energy PLC ("RockRose" or the "Company") is pleased to announce to announce its interim results for the six months ended 30 June 2017.

Chairman's Statement

A fundraise of GBP8million gross was completed on the 6(th) July 2017 (after the interim balance sheet date), underpinning the continued development of the company in its stated strategy of pursuing targeted acquisitions to create a scalable energy business with a capital efficiency that is able to deliver shareholder returns in a low oil price environment. Having reviewed numerous opportunities within the market to enhance the company's position in the UKCS and northern Europe we are convinced that now is the optimum time in the exploration and production life cycle in these areas for smaller niche companies like RockRose to acquire assets from much larger companies for whom such assets are no longer material.

The company is well placed to take its strategy forward given the restatement by the government of their MER Strategy to Maximise the Economic Recovery of oil in the North Sea. We are also encouraged by the statements from the Minister and the head of the Oil and Gas Authority that the overall cost of decommissioning in the North Sea is targeted to be reduced by some 35% (OGA - UKCS Decommissioning 2017 Cost Estimate Report). This has recently been reinforced by the Chancellor Philip Hammond in his speech on the 25(th) September, with the stated intention "to extract every possible last commercially-viable molecule from the basin".

The company is working towards completing the previously reported Maersk, Sojitz and Egerton transactions, which it is looking to complete early in Q4 of 2017. It is also advancing other transactions that will enable RockRose to become a significant producer in the region.

At the end of the period and prior to the fund raise the Total Assets for the company stood at GBP2,524,281.

The Risks and Uncertainties are unchanged from the last reporting period and are described in detail in our annual report for 2016.

Ends

Enquiries:

   RockRose Energy plc                                          +44 (0)20 3826 4800 

Broker

Hannam & Partners (Advisory) LLP

   Giles Fitzpatrick / Andrew Chubb                          +44 (0)20 7907 8500 

Financial PR

Camarco

   Billy Clegg                                                              +44 (0)20 3757 4980 

Georgia Edmonds

Ollie Head

For further information, please visit the Company's updated website at www.rockroseenergy.com.

STATEMENT OF DIRECTORS RESPONSIBILITIES

The directors confirm, to the best of their knowledge, that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and that the interim management report 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 period and their impact on the condensed set of 
      financial statements, and a description of the principal risks and uncertainties for the remaining six months of 
      the period; 

and

   -- material related-party transactions in the period, and any material changes in the related party transactions 
      described in the annual report. 

By order of the Board

Andrew Austin

Executive Chairman

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHSED 30 JUNE 2017

 
                                 Notes 
                                          Six months   Six months 
                                               ended        ended 
                                             30 June      30 June 
                                                2017         2016 
                                                 GBP          GBP 
 
 
 Administrative expenses             6   (1,381,377)    (263,072) 
 Exceptional Items                 7       (529,375)     (42,434) 
                                        ------------  ----------- 
 
 Operating loss                          (1,910,752)    (305,506) 
 
 Finance Income                                  845        2,163 
 Finance costs                                     -          (1) 
                                        ------------  ----------- 
 
 Loss before tax                         (1,909,907)    (303,344) 
 
 Tax                                               -            - 
                                        ------------  ----------- 
 
 Loss for the period and 
  total comprehensive expense            (1,909,907)    (303,344) 
                                        ============  =========== 
 
 Basic and diluted loss per 
  share                           12        (0.1910)     (0.0303) 
 

The notes are an integral part of these condensed interim financial statements.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2017

(Registered number: 09665181)

 
                              Notes           30 June        31 December 
                                                 2017               2016 
                                                  GBP                GBP 
 
 Assets 
 
 Current Assets 
 Trade and other 
  receivables                   8           1,085,433            244,428 
 Cash and cash equivalents      9           1,438,848          2,387,968 
                                         ------------      ------------- 
 
 Total Assets                               2,524,281          2,632,396 
                                         ============      ============= 
 
 Equity and Liabilities 
 
 Current Liabilities 
 Trade and other 
  payables                     10           2,204,386            441,042 
                                         ------------      ------------- 
 
 Total liabilities                          2,204,386            441,042 
                                         ------------      ------------- 
 
 Share Capital and 
  Reserves 
 
   Share Capital 
                               11           2,000,000          2,000,000 
 Share Premium                  11          2,224,816          2,224,816 
 Accumulated Losses                       (4,020,264)        (2,110,357) 
 Share Option Reserve                         115,343             76,895 
                                         ------------      ------------- 
 
                                              319,895          2,191,354 
                                         ------------      ------------- 
 
 Total Equity and 
  Liabilities                               2,524,281          2,632,396 
                                         ============      ============= 
 
 

These financial statements were approved by the Board of Directors on 28(th) September 2017 and were signed on its behalf by:

..........................................

A. P. Austin

Director

The notes are an integral part of these condensed interim financial statements.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHSED 30 JUNE 2017

 
                                                                 Share 
                             Share       Share   Accumulated    Option 
                           Capital     Premium        Losses   Reserve         Total 
                               GBP         GBP           GBP       GBP           GBP 
 
 Balance at 
 1 January 2017          2,000,000   2,224,816   (2,110,357)    76,895     2,191,354 
                        ==========  ==========  ============  ========  ============ 
 
 Cumulative loss 
  for the 
 period                          -           -   (1,909,907)         -   (1,909,907) 
                        ----------  ----------  ------------  --------  ------------ 
 
 Total comprehensive 
 loss                            -           -   (1,909,907)         -   (1,909,907) 
                        ----------  ----------  ------------  --------  ------------ 
 
 
 Share option 
  charges                        -           -             -    38,448        38,448 
                        ----------  ----------  ------------  --------  ------------ 
 
 Total transactions 
  with 
  owners                         -           -             -    38,448        38,448 
                        ----------  ----------  ------------  --------  ------------ 
 
 Balance at 
  30 June 2017           2,000,000   2,224,816   (4,020,264)   115,343       319,895 
----------------------  ----------  ----------  ------------  --------  ------------ 
 

The notes are an integral part of these financial statements.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE SIX MONTHSED 30 JUNE 2017

 
                                                 Six months    Six months 
                                        Notes         ended         ended 
                                                    30 June       30 June 
                                                       2017          2016 
                                                        GBP           GBP 
  Cash flows from operating 
   activities 
  Loss for the period                           (1,909,907)     (303,344) 
  Share based payments                               38,448             - 
  Finance cost                                            -             1 
  Finance income                                      (845)       (2,163) 
  Increase in trade and other 
   receivables                                    (841,005)       173,495 
  Increase in other trade 
   and payables                                   1,763,344   (1,132,385) 
                                               ------------  ------------ 
  Cash used in operating activities               (949,965)   (1,264,396) 
                                               ------------  ------------ 
 
  Cash flows from investing 
   activities 
  Interest paid                                           -           (1) 
  Interest received                                     845         2,163 
                                               ------------  ------------ 
  Net cash generated from 
   investing activities                                 845         2,162 
                                               ------------  ------------ 
 
  Cash flows from financing 
   activities 
  Proceeds from issue of shares 
   net of treasury shares                                 -     4,400,000 
                                               ------------  ------------ 
  Net cash generated from 
   financing activities                                   -     4,400,000 
                                               ------------  ------------ 
 
 
  Net increase/(decrease) 
   in cash and cash equivalents                   (949,120)     3,137,766 
 
  Cash and cash equivalents 
   at the beginning period                        2,387,968            78 
                                               ------------  ------------ 
 
  Cash and cash equivalents 
   at the end of period                   9       1,438,848     3,137,844 
                                               ============  ============ 
 

The notes are an integral part of these condensed interim financial statements.

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 30 JUNE 2017

   1        General information 

Rockrose Energy Plc ('the company') has been formed to make acquisitions of companies or businesses in the upstream oil and gas and power sector.

The company is a public limited company incorporated on 1 July 2015, which is listed on the London Stock Exchange and incorporated and domiciled in the UK. The address of its registered office is Dashwood House, 69 Old Broad Street, London.

These condensed interim financial statements were approved for issue on 28(th) September 2017.

These condensed interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2016 were approved by the board of directors on 31 March 2017 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.

These condensed interim financial statements have not been reviewed nor audited.

   2        Basis of preparation 

These condensed interim financial statements for the six months ended 30 June 2017 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34, 'Interim financial reporting', as adopted by the European Union. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with IFRSs as adopted by the European Union.

Consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiary for the six months ended 30 June 2017. Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group.

Going concern

These interim condensed consolidated financial statements have been prepared on a going concern basis. With the successful fundraise post the balance sheet date the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, a period of not less than twelve months from the date of this report. Accordingly they continue to adopt the going concern basis in preparing the interim condensed financial statements.

Segment reporting

In the opinion of the directors the operations of the company represent one segment, and are treated as such, when evaluating its performance. The chief operating decision maker is the Board of Directors. The Board of Directors reviews management accounts prepared for the company when assessing performance.

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 30 JUNE 2017

   3        Accounting policies 

The accounting policies applied in these condensed financial statements are consistent with those followed in the preparation of the Group's financial statements for the year ended 31 December 2016.

A number of amendments to IFRSs became effective for the financial year beginning on 1 January 2017 however the group did not have to change its accounting policies or make material retrospective adjustments as a result of adopting these new standards.

   4        Estimates 

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

In preparing these condensed interim financial statements, the significant judgements made by management in applying the company's accounting policies and the key accounting estimates are the accruals and going concern evaluation. Other than the evaluation of going concern and accruals, the company's financial statements do not contain any significant accounting estimates.

   5        Financial risk management 

As at 30 June 2017 the company's financial instruments consisted of cash and cash equivalents, trade and other receivables and trade and other payables including accrued liabilities. With respect to all of these financial instruments, the company estimates that their fair values approximate their carrying values at 30 June 2017 based on the nature of those instruments.

The company's risk exposures and impact on the company's financial instruments are summarised below:

Credit risk

The company's credit risk is primarily attributable to cash, which is held in Metro Bank.

Market risk

             (a)   Interest rate risk 

Cash balances do not generate material amounts of interest. There are no other interest bearing financial instruments therefore the company is not exposed to interest rate risk.

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 30 JUNE 2017

   5        Financial risk management (continued) 

Market risk (continued)

             (b)   Foreign currency risk 

All the balances as of 30 June 2017 and the transactions for the six month period then ended were denominated in UK GBP which is the company's functional and presentation currency. The company is therefore not exposed to foreign currency risk.

Capital management

The capital of the company is represented by the net assets attributable to holders of ordinary shares. The company's objective when managing capital is to safeguard the company's ability to continue as a going concern and fund development, in order to provide returns for shareholders and benefits for other stakeholders. The company has not paid dividends, nor returned capital to the shareholder to date. The company is not subject to externally imposed capital requirements.

   6        Administrative expenses 

These include salaries and directors fees, periodic listing fees, printing, advertising and distribution costs and professional advisory fees, including legal fees, any other applicable expenses and office overheads.

   7        Exceptional items 

Exceptional items include professional fees incurred in relation to potential acquisitions.

   8        Trade and other receivables 
 
 
                                 Group         Group 
                               30 June   31 December 
                                  2017          2016 
                                   GBP           GBP 
 
       VAT receivable          224,676       156,977 
       Prepayments             860,757        87,451 
 
                             1,085,433       244,428 
                            ==========  ============ 
 

Prepayments include an amount of GBP771,658 relating to transaction costs for placing of new shares which were issued, subsequent to the period end, on 6(th) July 2017.

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 30 JUNE 2017

   9    Cash and cash equivalents 
 
 
                                   Group         Group 
                                 30 June   31 December 
                                    2017          2016 
                                     GBP           GBP 
 
     Cash at bank                 49,914       529,560 
     Short term deposit        1,388,934     1,858,408 
                              ----------  ------------ 
                               1,438,848     2,387,968 
                              ==========  ============ 
 
   10   Trade and other payables 
 
                               Group         Group 
                             30 June   31 December 
                                2017          2016 
                                 GBP           GBP 
 
     Trade payables        1,207,106        18,261 
     Accruals                463,566       396,615 
     Other payables          533,714        26,166 
                          ----------  ------------ 
                           2,204,386       441,042 
                          ==========  ============ 
 
   11    Share capital and share premium 
 
                                    Number of 
                                       shares    Share capital        Share premium 
                                                           GBP                  GBP 
 Balance at 1 January 
  2017 & 30 June 2017              10,000,000        2,000,000            2,224,816 
 

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2017

   12      Loss per share 

Basic earnings per share amounts are calculated by dividing the profit for the period by the weighted average of shares outstanding during the period.

 
                                        Six Months   Six Months 
                                             ended        ended 
                                           30 June      30 June 
                                              2017         2016 
                                               GBP          GBP 
 
 Loss for the period attributable 
  to the shareholders                  (1,909,907)    (303,344) 
 Weighted average number 
  of shares                             10,000,000   10,000,000 
 
 Basic and diluted loss 
  per share                               (0.1910)     (0.0303) 
                                      ============  =========== 
 
 
   13      Related party transactions 

During the six month period ended 30 June 2017, the company maintained a loan account with the director, A P Austin. The amounts owed from the director totalled GBP9,921.

 
Six Months 
     ended 
   30 June 
      2017 
       GBP 
 

Directors' fees 665,948

Directors' fees include share based payment costs, accrued bonuses related to the placing and directors' benefits in kind.

   14      Subsequent events 

On 6(th) July 2017, 5,333,334 shares were placed and a total of GBP8 million (GBP7.2 million net of placing costs) of capital was raised.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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