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Share Name Share Symbol Market Type Share ISIN Share Description
Mustang Energy Plc LSE:MUST London Ordinary Share GB00BJ9MHH56 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 11.00 10.00 12.00 11.00 11.00 11.00 0.00 07:46:38
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 0.0 -0.2 -0.1 - 1

Mustang Energy PLC Half-year Report

30/10/2019 12:00pm

UK Regulatory (RNS & others)


Mustang Energy (LSE:MUST)
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TIDMMUST

RNS Number : 6540R

Mustang Energy PLC

30 October 2019

Wednesday 30 October, 2019

Mustang Energy PLC

Interim Results Half Year to 31 July 2019

Mustang Energy PLC

30 October 2019

Mustang Energy PLC

Interim Results Half Year to 31 July 2019

Mustang Energy PLC (the "Company" or "Mustang"), a special purpose acquisition company formed to acquire oil and gas projects in developed jurisdictions, is pleased to announce its unaudited interim results for the half year ended 31 July 2019.

Highlights:-

 
 
        *    Successful Listing of the Company's shares on the LSE 
             Standard List in July 2019 
 
        *    Decent deal flow with due diligence ongoing on a 
             number of producing US assets 
 *    Acquisition targets remain in GBP2-50million range 
 
 
        *    Tight control on overheads with Directors not 
             receiving remuneration 
 

Commenting, Dean Gallegos, Managing Director of the Company, said: "We remain confident of moving forward with our strategy and are encouraged by the potential opportunities currently being evaluated. We look forward to providing further updates when there are developments"

ABOUT THE COMPANY

Mustang aims to use strong management experience and relationships to acquire interests in low cost, low risk development projects that possess significant undeveloped upside with access to existing infrastructure.

ENQUIRIES

For further information, please visit www.mustangplc.com, follow us on Twitter @Mustang_Plc, or contact:

Mustang Energy PLC

Dean Gallegos, Managing Director

dg@mustangplc.com

+61 416 220007

Optiva Securities (Broker)

Jeremy King

Jeremy.king@optivasecurities.com

+44(0)203 137 1904

Chairman's Statement

 
Dear Fellow Shareholders 
 The Company was formed to undertake an acquisition of a target company 
 or business or asset(s) with operations in the energy or natural 
 resources sectors. 
 As you are aware the Company's shares began trading on the standard 
 list of the London Stock Exchange on the 29 July 2019. Even though 
 the Company has only been funded for a very short period of time 
 we have been active in executing the Company's objectives as outlined 
 in the Company's prospectus. 
 The directors believe that their network and profile following admission 
 mean that the Company will be able to target an acquisition where 
 the target company or business or asset(s) has a transaction value 
 of between GBP2 million and GBP50 million. 
 The Company's determinations in identifying a prospective target 
 company or business or asset(s) in the energy or natural resources 
 sectors will not be limited to a specific geographic region, stage 
 of development from exploration through to production. However, 
 it is the Company's preference that the target is generating cashflow 
 or has the capability of generating cash flow within 12-18 months 
 of acquisition. 
 Since admission to the London Stock Exchange the Company has been 
 actively seeking suitable acquisition opportunities and has seen 
 good deal flow. The Company has commenced due diligence on a number 
 of assets located in the USA, all of these assets are already in 
 production and have development upside. 
 The due diligence process for each of these assets is in the early 
 stages and there can be no guarantee that the assets will fulfil 
 the Company's requirements and if they do fulfil these requirements 
 that the Company can attract the required funding to be able to 
 successfully complete an acquisition. 
 The Company will remain diligent in minimising its overheads. The 
 Company does not rent an office space and is not paying any remuneration 
 to its directors until an acquisition is successfully completed. 
 I look forward to communicating with you further once a suitable 
 acquisition has been identified and secured by the Company. 
A J Broome AM 
Chairman 
30 October 2019 
 

INTERIM MANAGEMENT REPORT

FOR THE SIX MONTH PERIODED 31 JULY 2019

 
      The directors are responsible for preparing the interim report in 
       accordance with applicable law and regulations. The directors confirm 
       that the condensed interim financial information has been prepared 
       in accordance with International Accounting Standard 34 ('Interim 
       Financial Reporting') as adopted by the European Union. 
       The interim management report includes a fair review of the information 
       required by the Disclosure and Transparency Rules paragraphs 4.2.7 
       R and 4.2.8 R, namely: 
        *    the interim condensed financial statements, which 
             have been prepared in accordance with applicable 
             accounting standards, give a true and fair view of 
             the assets, liabilities, financial position, and 
             profit or loss of the issuer as required by DTR 
             4.2.4R; and 
 
 
       - an indication of important events that have occurred during the 
       six months ended 31 July 2019 and their impact on the condensed 
       set of financial information, and a description of the principal 
       risks and uncertainties for the remaining six months of the year; 
       and 
        *    material related-party transactions during the six 
             months ended 31 July 2019 and any material changes in 
             the related-party transactions described in the 
             Annual report and accounts 2019. 
 
 
       The directors of the company are listed in the interim condensed 
       financial statements. 
       The directors are responsible for the maintenance and integrity 
       of, amongst other things, the financial and corporate governance 
       information. 
       The interim condensed financial statements have been prepared on 
       a going concern basis. 
       The interim report was approved by the Board of Directors and authorised 
       for issue on 30 October and signed on its behalf by: 
D L Gallegos 
Managing Director 
30 October 2019 
 
 
                                                                                  Period        Period 
                                                                                   ended         ended 
                                                                                 31 July       31 July 
                                                                                    2019          2018 
                                                                             (unaudited)   (unaudited) 
                                                                  Notes              GBP           GBP 
 
Administrative expenses                                                        (142,827)        (58,788) 
 
 
 
Operating loss                                                                 (142,827)        (58,788) 
 
Income tax expense                                                                     -             - 
 
 
 
Loss and total comprehensive 
 income                                                                        (142,827)        (58,788) 
 
 
 
Loss per share                                                      3 
Basic                                                                             (0.20)        (14,697) 
Diluted                                                                           (0.20)        (14,697) 
 
The income statement has been prepared on the basis that all operations 
 are continuing operations. 
 
 
 
                                               31 July    31 January 
                                                  2019          2019 
                                           (unaudited)   (unaudited) 
                                   Notes           GBP           GBP 
 
Non-current assets 
Property, plant and equipment                      711           902 
 
 
 
Current assets 
Trade and other receivables          4         390,202        13,260 
Cash and cash equivalents                      275,281             - 
 
 
 
                                               665,483        13,260 
 
 
 
Total assets                                   666,194        14,162 
 
 
 
Current liabilities 
 
Trade and other payables                        37,469        88,310 
 
 
 
Net current assets/(liabilities)               628,014        (75,050) 
 
 
 
Total liabilities                               37,469        88,310 
 
 
 
Net assets/(liabilities)                       628,725        (74,148) 
 
 
 
Equity 
 
Called up share capital              6          84,000             - 
Share premium account                7         675,000             - 
Share based payment reserve                     86,700             - 
Retained earnings                            (216,975)        (74,148) 
 
 
 
Total equity                                   628,725        (74,148) 
 
 
 
 
 
                                       Share capital  Share premium  Share based    Retained       Total 
                                                            account      payment    earnings 
                                                                         reserve 
                                Notes            GBP            GBP          GBP         GBP         GBP 
Balance at 17 January 
 2018                                              -              -            -           -           - 
 
 
 
Loss and total comprehensive 
 income for the period                             -              -            -    (58,788)      (58,788) 
 
 
 
Balance at 31 July 2018 
 (unaudited)                                       -              -            -    (58,788)      (58,788) 
 
 
 
Loss and total comprehensive 
 income for the period                             -              -            -    (15,360)      (15,360) 
 
 
 
Balance at 31 January 
 2019 (unaudited)                                  -              -            -    (74,148)      (74,148) 
 
 
 
Loss and total comprehensive 
 income for the period                             -              -            -   (142,827)     (142,827) 
Issue of share capital 
 - paid                           6           37,500        337,500            -           -     375,000 
Issue of share capital - unpaid               46,500        337,500                        -     384,000 
Share based payment                                -              -       86,700           -      86,700 
 
 
 
Balance at 31 July 2019 (unaudited)           84,000        675,000       86,700   (216,975)     628,725 
 
 
 
 
 
                                           31 July 2019           31 July 2018 
                                            (unaudited)            (unaudited) 
                                Notes           GBP      GBP           GBP      GBP 
 
Cash flows used in operating 
 activities 
 
Cash (used in)/generated 
 from operations                 11                     (20)                  1,160 
 
 
 
Net cash (outflow)/inflow 
 from operating activities                              (20)                  1,160 
 
Investing activities 
Purchase of property, plant and 
 equipment                                        -                (1,160) 
 
 
 
Net cash used in investing 
 activities                                                -                  (1,160) 
 
Financing activities 
Proceeds from issue of shares               275,301                      - 
 
 
 
Net cash generated from/(used 
 in) financing activities                            275,301                      - 
 
 
 
Net increase in cash and cash 
 equivalents                                         275,281                      - 
 
Cash and cash equivalents at 
 beginning of year                                         -                      - 
 
 
 
Cash and cash equivalents 
 at end of year                                      275,281                      - 
 
 
 
 
 
1    Notes to the interim financial statements 
 
     General information 
     Mustang Energy PLC (the "Company") is a Public Limited Company 
      incorporated and domiciled in England and Wales. The interim 
      condensed financial statements for the six months ended 31 July 
      2019. The address of the Company's registered office is 48 Chancery 
      Lane, c/o Keystone Law, London, WC2A 1JF. The interim condensed 
      financial statements of the Company were authorised for issue 
      in accordance with a resolution of the Directors on 30 October 
      2019. 
      These interim condensed financial statements do not comprise 
      statutory accounts within the meaning of section 434 of the Companies 
      Act 2006. The unaudited statutory accounts for the period ended 
      31 January 2019 have been delivered to the Registrar of Companies 
      in England and Wales and are publicly available on the Company's 
      website: www.mustangplc.com. The interim condensed financial 
      statements have been prepared on a going concern basis. 
 
1.1  Accounting convention 
     The Interim Financial Statements are for the six months ended 
      31 July 2019 and have been prepared in accordance with IAS 34 
      'Interim Financial Reporting'. They do not include all of the 
      information required in annual financial statements in accordance 
      with IFRS, and should be read in conjunction with the financial 
      statements for the period ended 31 January 2019. 
 
     The financial statements have been prepared under the historical 
      cost convention. 
 
1.2  Accounting policies, critical estimates and judgements 
     The accounting policies, methods of computation, critical estimates 
      and judgements followed in the interim financial statements are 
      in accordance with those followed in preparing the financial 
      statements for the period ended 31 January 2019. 
 
     Accounting policies adopted since the preparation of the financial 
      statements for the period ended 31 January 2019 are as follows: 
 
1.3  Financial instruments 
     The Company adopted IFRS 9 on 1 January 2018. IFRS 9 addresses 
      the classification, measurement and derecognition of financial 
      assets and financial liabilities and introduces new rules for 
      hedge accounting, a new impairment model for financial assets 
      and early recognition of expected credit losses. 
      Under IFRS 9, the assessment of impairment of financial assets 
      is based on an 'expected credit loss' model. It is required to 
      consider historic, current and forward-looking information (including 
      macro-economic data). This will result in the earlier recognition 
      of credit losses. 
      The classification and measurement of financial liabilities are 
      not affected by the adoption of IFRS 9. 
 
1.4  Share-based payments 
     Equity-settled share-based payments are measured at fair value 
      at the date of grant by reference to the fair value of the equity 
      instruments granted. The fair value determined at the grant date 
      is expensed on a straight-line basis over the vesting period, 
      based on the estimate of shares that will eventually vest. A 
      corresponding adjustment is made to equity. 
 
 
2   Adoption of new and revised standards and changes in accounting 
     policies 
 
    Standards which are in issue but not yet effective 
 
    At the date of authorisation of these interim condensed financial 
     statements, the following Standards and Interpretations, which 
     have not yet been applied in these financial statements, were 
     in issue but not yet effective: 
 
    IFRS 16                                                             Leases 
 
    * Not yet endorsed for use in the EU. 
     The Directors are currently assessing the impact of these standards 
     and interpretations on the financial statements. It is not anticipated 
     that adoption of these standards and interpretations will have 
     a material impact on the current financial position and performance 
     of the Company. 
 
3   Loss per share                                                         31 July      31 July 
                                                                              2019         2018 
                                                                               GBP          GBP 
    Number of shares 
 Weighted average number of Ordinary shares 
  for basic loss per share                                                 706,081            4 
 
 
 
 Weighted average number of Ordinary shares 
  for diluted loss per share                                               706,081            4 
 
 
 
    Loss 
    Continuing operations 
 Loss for the period from continued operations                           (142,827)       (58,788) 
 
 
 
 Loss for basic and diluted loss per share being 
  net loss attributable to equity shareholders 
  of the company for continued operations                                (142,827)       (58,788) 
 
 
 
    Loss per share for continuing operations 
 Basic loss per share                                                       (0.20)       (14,697) 
 Diluted loss per share                                                     (0.20)       (14,697) 
 
4    Trade and other receivables 
                                                                           31 July   31 January 
                                                                              2019         2019 
                                                                               GBP          GBP 
 
     Unpaid share capital                                                  383,699            - 
     Other receivables                                                           -       11,260 
     VAT recoverable                                                         6,503        2,000 
 
 
 
                                                                           390,202       13,260 
 
 
 
 
 
5   Share-based payment transactions 
 
                                                                  Number of share warrants/options 
                                                                                           31 July  31 July 2018 
                                                                                              2019 
 
 Granted                                                                                 1,100,000             - 
 
 
 
    In July 2019 210,000 Warrants and 900,000 options were granted 
     with an exercise price of 10p each. 
     Each Warrant entitles the Warrant Holder to subscribe for one 
     Ordinary Share at the Placing Price per each Ordinary Share. 
     The Warrants have not been admitted to trading on the Official 
     List but are freely transferable. The Warrant Holder must exercise 
     the Warrants within a three year period from 29 July 2019. The 
     Warrants can be transferred by means of an instrument of transfer 
     in any usual form or any other form approved by the Board. 
     The Warrants have been granted to Optiva Securities Limited 
     in consideration for the provision of brokering services to 
     the Company (and other services ancillary to the Admission of 
     shares onto the London Stock Exchange). 
     On 29 July 2019, the Company granted 900,000 Options to company 
     directors. Each Option entitles the Option Holder to subscribe 
     for one Ordinary Share at the Placing Price per each Ordinary 
     Share. The Options vest when the share price of the Ordinary 
     Shares reaches 15p. The Option Holders must exercise the Options 
     within a five year period from 29 July 2019, subject to the 
     Options having vested. 
 
    Black Scholes Model                                                                    31 July       31 July 
                                                                                              2019          2019 
                                                                                          Warrants       Options 
 
    Share price                                                                            GBP0.10       GBP0.10 
    Exercise price                                                                         GBP0.10       GBP0.10 
 Expected volatility                                                                          120%          120% 
 Risk-free interest rate                                                                      0.68          0.68 
    Expected life                                                                          3 years       5 years 
 Number of warrants/options granted                                                        210,000       900,000 
 
 
 
 
 
                                                                                31 July  31 January 
6   Share capital                                                                  2019        2019 
                                                                                    GBP         GBP 
    Ordinary share capital 
    Issued 
    4 Ordinary shares of 1p each - unpaid                                             -           - 
 899,996 Ordinary shares of 1p each 
  - unpaid                                                                        9,000           - 
 3,750,000 Ordinary shares of 1p each 
  - paid                                                                         37,500           - 
 3,750,000 Ordinary shares of 1p each 
  - unpaid                                                                       37,500           - 
 
 
 
                                                                                 84,000           - 
 
 
 
    On 15 July 2019 899,996 Ordinary shares of 1p each were issued 
     at par. 
     On 17 July 2019 7,500,000 Ordinary shares of 1p each were issued 
     at 10p per share. 
     Of the 3,750,000 Ordinary shares that were paid for, 2,750,000 
     shares were settled in cash and 100,000 shares were settled through 
     the capitalisation a director's loan account. 
     The Ordinary shares have attached to them full voting rights, 
     dividend and capital distribution rights (including on a winding 
     up) but they do not confer any rights of redemption. 
 
7   Share premium account 
                                                                                31 July  31 January 
                                                                                   2019        2019 
                                                                                    GBP         GBP 
 
    At beginning of six month period                                                  -           - 
 Issue of new shares - paid                                                     337,500           - 
 Issue of new shares 
  - unpaid                                                                      337,500           - 
 
 
 
 At end of six month period                                                     675,000           - 
 
 
 
 
 
8     Related party transactions 
 
      At the interim reporting date GBP10,210 (31 January 2019 - GBP70,789) 
       was due to D L Gallegos, a director of the company. The amount 
       is interest free and repayable on demand. 
 
9     Events after the reporting date 
 
      There have been no material events since the interim reporting 
       date which require disclosure. 
 
10   Principal risks and uncertainties 
 
     The Directors consider that the principal risks and uncertainties 
      that could have a material effect on the Company's performance 
      are unchanged from those identified on page 13 of the Annual Report 
      and unaudited financial statements for the period ended 31 January 
      2019. 
 
11    Cash generated from operations 
                                                                                 31 July    31 July 
                                                                                    2019       2018 
                                                                                     GBP        GBP 
 
      Loss for the six month period after tax                                  (142,827)     (58,788) 
 
      Adjustments for: 
      Depreciation and impairment of property, plant 
       and equipment                                                                 191          - 
      Equity settled share based payment expense                                  86,700          - 
 
      Movements in working capital: 
      Decrease/(increase) in trade and other receivables                           6,757      (1,266) 
      Increase in trade and other payables                                        49,159     61,214 
 
 
 
      Cash (absorbed by)/generated from operations                                  (20)      1,160 
 
 
 
 

Copies of this interim report will be made available on the Company's website, www.mustangplc.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR LLFELIFLIVIA

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