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SEN Senterra Egy

2.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Senterra Energy PLC Interim results for period ending 31 December 2015 (7745T)

31/03/2016 4:29pm

UK Regulatory


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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

FR EASDFDADKEFF

(END) Dow Jones Newswires

March 31, 2016 11:29 ET (15:29 GMT)

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