Interim Results

Web-Angel PLC
11 October 2000

                            
                      web-angel plc
                            
    Interim results for six months ended 30 June 2000
                            
Highlights:


*  Successful  completion of reverse takeover  of  United
Energy plc and admission to AIM.

*  Office opened in Stockholm to focus on m-commerce  and
enabling wireless technology companies.

*  US  and  Japan  partners secured  adding  to  existing
European network.

*  275%  valuation increase in Ascot Drummond, a  leading
web-based accountancy services.

* 29.25% stake taken in Ybag Limited, Europe's first shop-
by-request service.

*  The  interim results are in line with expectations  at
the time of the reverse takeover with bank balances at 30
June of £6.8million.

Penny Hughes, Chairman of web-angel plc, said:

'We  have already seen a number of revaluation events  at
significant premiums to our original investments and have
a  number  of  potentially attractive new investments  on
which due diligence is currently being carried out.'

'I  am  optimistic and excited about our mobile  commerce
initiatives  and expect these to contribute a  number  of
quality   investments   to  the   portfolio   and   drive
significant  improvements  in shareholder  value  in  the
future.'

                         

For further information:
Chris Eyles, Chief Executive            0207 400 6377
web-angel plc

David Rydell/Oliver Jones               0207 353 9203
Bell Pottinger Financial


Chairman's Statement

Background


On  8  June  2000 the Company successfully completed  its
transition  from  an  oil and gas  production  to  an  e-
commerce   services   and   investment   business,   with
completion of the acquisition of the entire issued  share
capital  of  each  of the partners of Web  Angel  Limited
Partnership   (together  web-angel).   The  decision   to
acquire  web-angel  was supported  by  over  99%  of  the
shareholders  who voted, as was the change of  name  from
United Energy plc to web-angel plc.

I  was delighted to be appointed Chairman following  John
Billington's decisions to stand down on completion of the
acquisition;  and, together with my fellow Directors,  we
are  actively  putting  in place the  foundations  of  an
exciting  and  successful business that will  provide  an
opportunity  for the creation of significant  shareholder
value in the future.

Results


The  results  for six months ended 30 June  2000  include
only  one  month's trading of web-angel, with  the  other
five  months primarily reflecting the costs and  expenses
of the discontinued business maintaining the 'cash shell'
and identifying a suitable new business.

The  overall loss for the period of £184,000 is  in  line
with our expectations at the time that the acquisition of
web-angel was completed.   Cash at 30 June 2000  amounted
to  £6.8 million, which gives the Group a strong platform
to build and develop its investment portfolio.  The Group
had net assets per share of 20.6 pence at this date.

Investment Portfolio

The portfolio compromised eight e-business investments at
30  June  2000,  which overall are making good  progress,
despite  the  uncertain  market  conditions  which   have
affected the second and third quarters of the year.

Subsequent  to the 30 June, the Group has taken  a  9.76%
interest  in  ETC  (Electronic Trading Company)  Limited.
The  interest  comprises equity earned  as  a  result  of
providing  e-business strategy advice and other  services
to  ETC,  as  well  as a £300,000 cash investment,  which
supplemented  the  initial earned equity  position.   The
Group  has  also  gained a further 2.55% stake  in  Ascot
Drummond  Limited  by way of earned  equity,  taking  its
total equity stake to 5.93% at a total cost of £205,000.

Recently, web-angel has agreed to take a 29.25% stake  in
Ybag  Limited, in return for a combination  of  strategic
advice and assistance in scaling the Ybag business, and a
£97,500  cash investment. Ybag is Europe's first shop-by-
request  service  and has already signed  up  over  2,500
retailers  with over 30,000 shopping requests  since  the
service was launched in March 2000.

The majority of the Group's investments are either in the
process of raising further funds or have recently  raised
funds  at  prices substantially higher than the price  at
which  web-angel invested.  In particular, Ascot Drummond
has  recently raised £6.25 million of funds from  Mercury
Private Equity, at a price that is nearly treble the cost
of web-angel's investment position.

Other Developments

Whilst  continuing  to implement our existing  e-commerce
investment   strategy,  we  are  looking   to   focus   a
significant  proportion  of the  company's  resources  on
developing Mobile commerce initiatives (i.e. products and
services that are delivered over wireless networks).   We
believe  that  this  initiative will  best  leverage  our
existing  expertise, capabilities and networks, and  that
we  will excel in this specialised segment of the market.
To  support  this  focus we opened a  Swedish  office  in
August  and  have recruited personnel focused exclusively
on  developing  networks within the region  and  sourcing
appropriate mobile commerce opportunities to  launch  via
the  web-angel network and through our alliance with  the
McKenna group into America.  Initial indications  of  the
quality and quantity of deals are encouraging.

The McKenna Group, OC&C's e-business strategy partners in
Silicon  Valley, has recently announced the formation  of
the McKenna Venture Accelerator Fund in the US as well as
in   Japan.    These  funds,  together  with  web-angel's
European  network,  allow us to operate  a  truly  Global
integrated  network  to identify and  develop  technology
investments.  OC&C is one of the three web-angel founders
along  with  Brait SA and Ermgassen & Co.   It  is  these
three founders that provide web-angel with access to high
quality consultancy and corporate finance skills together
with quality investment opportunities.

Outlook

The   outlook  remains  exciting,  albeit  under   market
conditions  which  are less favourable  for  fundraising.
Our access to world-class experience and expertise in the
M   and   E-   commerce  space,  coupled  with  extensive
professional   networks  and  pan   European   roll   out
capabilities,  clearly differentiates us in  the  crowded
marketplace.  The level and quality of deal flow  remains
of  a high standard, with opportunities to negotiate more
sizeable equity positions arising from recognition of the
quality  of  our expertise and the more difficult  market
conditions.

I  am optimistic about the mobile commerce initiative and
expect this to contribute a number of quality investments
to  the portfolio and drive considerable improvements  in
shareholder value.

Within  our portfolio, we have already started to  see  a
number  of revaluation events at significant premiums  to
our  original investments and have a number of  potential
new  investments on which due diligence is being  carried
out.  I  am  confident that we will able to make  further
positive  announcements  in  this  respect  in  the  near
future.

Penny Hughes


Unaudited Group Results for the Six Months ended 30 June
2000

                                Six        Six       Year
                             months     months   ended 31
                           ended 30   ended 30   December
                          June 2000  June 1999       1999
                              £'000      £'000      £'000
                                                         
Turnover                         71      2,380      2,346
                                                         
Cost of sales:                                           
Production costs                  -       (945)      (931)
Depletion of oil and gas                                 
 interests                        -     (1,019)      (992)
                                  -     (1,964)    (1,923)
Gross Profit                     71        416        423
                                                         
Administrative expenses        (288)      (464)      (654)
Amortisation of Goodwill        (85)         -          -
                                                         
Operating loss                 (302)       (48)      (231)
                                                         
Exceptional gain on                                      
 closure of former                                       
 associate                        -          -         30
Exceptional (loss)/gain                                  
 on disposal of                                          
 discontinued operations          -        160     (3,227)
Interest receivable and                                  
 similar income                 118         17        142
Interest payable and                                     
 other charges                    -       (378)      (345)
                                                         
Loss on ordinary                                         
 activities before                                       
 taxation                      (184)      (249)    (3.631)
Taxation                          -          -        (82)
Loss on ordinary                                         
 activities after                                        
 taxation                      (184)      (249)    (3,713)
Loss per share                 (0.4p)     (0.6p)     (9.5p)


Unaudited Group Balance Sheet for the Six months ended 30
June 2000

                                Six       Year
                             months   ended 31
                           ended 30   December
                          June 2000       1999
                              £'000      £'000
                                              
Fixed assets                                  
Intangible goodwill          19,995          -
Other tangible assets            18         17
Investments                     625           
                             20,638         17
Current assets                                
Debtors                         606        466
Investments                      75         75
Cash at bank                  6,795      3,523
                              7,476      4,064
Creditors:  amounts                           
 falling due within one                       
 year                        (1,410)      (401)
Net current assets            6,066      3,663
                                              
Total assets less                             
 current liabilities         26,704      3,680
                                              
Creditors: amounts                            
 falling due after more                       
 than one year                    -          -
                                              
Net assets                   26,704      3,680
                                              
Capital and reserves                          
Called up share capital       4,824      3,889
Share premium account        22,540        272
Other reserves: capital                       
 reserve                        608        608
Profit and loss account      (1,268)    (1,089)
                                              
Shareholders' funds-                          
 equity                      26,704      3,680


Notes

1.The figures above and on page three do not constitute
statutory accounts within the meaning of Section  240 of
the Companies Act 1985.  The comparative figures for the
year ended 31 December 1999 have been extracted from the
statutory accounts for that year, on which the auditors
reported without qualification, and which have been filed
with the Registrar of Companies.

2.The interim results for the six months ended 30 June
2000 are unaudited and have been prepared in accordance
with the accounting policies adopted in the statutory
accounts for the year ended 31 December 1999.  In
addition, goodwill has arisen in the financial statements
for the first time.  The accounting policy relating to
purchased goodwill is to capitalise and amortise to nil
over its useful economic life.

3.The directors do not propose to recommend the payment
of an interim dividend (1999: nil)
These interim results are being circulated to
shareholders and are available upon request from the
Company's Head Office at 65 Kingsway, London WC2B 6TD
(Tel: [phone] e-mail: [e-mail])


web-angel plc
65 Kingsway, London WC2B 6TD
Telephone: [phone] Facsimile:020 7828 5349
e-mail: [e-mail]