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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Senterra Egy | LSE:SEN | London | Ordinary Share | GB00BYX0MB92 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMSEN
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 GBP59,986, largely as a result of ongoing administrative costs. Cash assets at the period end were over GBP1 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
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SENTERRA ENERGY PLC
STATEMENT OF COMPREHENSIVE INCOME FOR THE INTERIM
PERIODED 30 JUNE 2016
Period Period
to 30 to 31
June December
2016 2015
GBP GBP
(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 31 December
2016 2015
GBP GBP
(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 PERIODED 30 JUNE 2016
Share Premium Retained Total
Capital on shares earnings equity
GBP GBP GBP GBP
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
Period to 31
to 30 June December
2016 2015
GBP GBP
(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 1,027 -
activities
------------ ------------
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 1,006,000 -
the end of the period
============ ============
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)
===================================== =================
+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
===================================== =================
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QQLFLQKFFBBV
(END) Dow Jones Newswires
September 27, 2016 02:02 ET (06:02 GMT)
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