Interim results for period ending 31 December 2015

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 £1.25 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 £1.109 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)
Jeremy King	[phone]
Optiva Securities Limited (Joint Broker)
Christian Dennis	[phone]
Dowgate Capital Stockbrokers Limited (Joint Broker)
Jason Robertson and Neil Badger	[phone]
Beaumont Cornish Limited (Financial Adviser)
Roland Cornish and Felicity Geidt	[phone]

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 31st December 2015. On 10th 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 £1.25 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 £142,410, 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 £1.1 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
				Period to 31 December 2015
				£
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
										£
	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     Capital		Premium on shares			Retained earnings				Total equity
		£		£			£				£
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
				£
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.
2	Basis of preparation - 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.

 

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