TIDMONE
RNS Number : 0246R
Oneiro Energy PLC
24 October 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310
24 October 2023
Oneiro Energy plc
("Oneiro" or the "Company")
Half Yearly Results for the 6 Months to 31 July 2023
Oneiro plc (LSE:ONE), the LSE-quoted Company focused on energy
transition, is pleased to announce its unaudited financial results
for the 6 months to 31 July 2023 (the "Interims"). The full report
of the Interims is being published on the Company's website
(https://oneiro.energy/investors/) today, with key elements
extracted below.
For further information, please contact:
Oneiro Energy plc
Robert Jones
c/o Peterhouse Capital Limited
+44 (0) 20 7469 0930
Allenby Capital Limited (Financial Adviser)
Nick Harriss / Alex Brearley / Lauren Wright
+44 (0) 20 3328 5656
Peterhouse Capital Limited (Broker)
Lucy Williams / Duncan Vasey
+44 (0) 20 7469 0930
Company Registration Number 13139365 (England and Wales)
ONEIRO ENERGY PLC
UNAUDITED HALF YEAR RESULTS
FOR THE SIX MONTHSED 31 JULY 2023
Chairman's Statement
I am pleased to present the results for the six-month period
ending 31 July 2023.
Strategic focus
The Company's current strategic priority is to identify,
evaluate and rank potential reverse takeover (RTO) targets in the
energy space, utilising our strong in-house expertise. Exploration
& appraisal activities have been led by Rob Jones, a former
Head of Exploration at Cairn Energy, supported by Rod Murray who is
an experienced oilfield operations manager.
Scope
To date, our search has focused primarily on transition energy
natural gas plays, de-risked by existing discoveries and
encompassing sizable upside exploration targets. Initially
spreading the search through North, Central and South America, West
Africa and South-East Asia the Company has compiled and high graded
a number of opportunities. These are ranked and risked reflecting
the best net present value (NPV) and Expected Monetary Value (EMV)
value moving forward through acquisition and speculative resource
addition.
Opportunities
Opportunities reviewed have included a West African play with
1.6 Trillion Cubic Feet (TCF) P50 prospective resource, a Gulf of
Mexico 1.1TCF prospective resource and a South-East Asian 800
Billion Cubic Feet (BCF) discovery with multi TCF exploration
upside potential.
The Board has been pleased with the quality of the opportunities
they have had a chance to review so far and are working to compile
a shortlist which they believe would be attractive to current and
future shareholders. We look forward to updating the market when
circumstances allow.
Corporate Changes
Moving on from the Company's GBP1.2m (gross) Placing and
Admission to the Official List (by way of a Standard Listing) in
May 2023, we have made two key appointments. Firstly, we have
appointed an independent Non-Executive Chairman and secondly
Allenby Capital has come on board as Financial Adviser.
Financial results and current financial position
The Company generated a loss of GBP265,777 in the six month
period ended 31 July 2023 as it continued with its current
strategic priority of identifying, evaluating and executing a RTO
in the energy space.
Cash and cash equivalents as at 31 July 2023 were
GBP969,924.
Warrants
On admission to the London Stock Exchange on 25 May 2023, the
company granted the following warrants to certain investors and
Directors of the company.
Please refer to Note 8 for details of warrants that were granted
to Directors.
I would like to take this opportunity to thank my fellow
Directors, management and advisors for their continued support and
hard work. I remain confident that the Company is well-placed to
execute a successful RTO in the near-term.
Andy Yeo
Non-executive Chairman
24 October 2023
Statement of Comprehensive Income
For the half-year ended 31 July 2023
Statement of Financial Position
At 31 July 2023
Statement of Changes in Equity
For the half-year ended 31 July 2023
Statement of Cash Flows
For the half-year ended 31 July 2023
Principal accounting policies for the Financial Statements
For the half-year ended 31 July 2023
Reporting entity
Oneiro Energy plc (the "Company") is a company incorporated and
registered in England and Wales, with a company registration number
of 13139365. The address of the Company's registered office is
1(st) Floor, 5-6 Argyll Street, London, England, W1F 7TE.
Basis of preparation
The interim financial statements for the half-year ended 31 July
2023 are prepared in accordance with IFRS as adopted by the UK and
IAS 34 'Interim Financial Reporting'. The same accounting policies
are followed in this set of interim financial statements as
compared with the most recent audited annual financial statements
for the year ended 31 January 2023.
The financial information relating to the half-year ended 31
July 2023 is unaudited and does not constitute statutory financial
statements as defined in section 434 of the Companies Act 2006. The
comparative figures for the year ended 31 January 2023 have been
extracted from the annual financial statements, of which the
auditors gave an unqualified audit opinion. The annual financial
statements for the year ended 31 January 2023 has been filed with
the Registrar of Companies.
The Company's financial risk management objectives and policies
are consistent with those disclosed in the year ended 31 January
2023 annual financial statements.
The half-yearly report was approved by the board of directors on
24 October 2023.
Changes in accounting standards, amendments and
interpretations
The accounting policies adopted in the preparation of the
financial information for the half-year ended 31 July 2023 are
consistent with those followed in the preparation of the Company's
annual financial statements for the year ended 31 January 2023. An
additional policy for share based payments was adopted in relation
to the share warrants that were granted to Directors during the
period.
(a) Share-based payments
The company allows for Directors to acquire shares of the
company and all options and warrants are equity-settled. The fair
value of options granted is recognised as an expense with a
corresponding increase in equity. The fair value is measured at
grant date and spread over the period during which the Directors or
employees become unconditionally entitled to the options. The fair
value of the options granted is measured using the Black-Scholes
model, taking into account the terms and conditions upon which the
options were granted. The amount recognised as an expense is
adjusted to reflect the actual number of share options that
vest.
At the date of authorisation of the financial statements, the
following amendments to Standards and Interpretations issued by the
IASB that are effective for an annual period that begins on or
after 1 January 2023. These have not had any material impact on the
amounts reported for the current and prior periods.
Standard or Interpretation Effective Date
IFRS 17 - Insurance Contracts 1 January 2023
IAS 8 - Definition of Accounting Estimates 1 January 2023
IAS 1 - Disclosure of Accounting Policies 1 January 2023
IAS 12 - Deferred Tax Arising from a Single Transaction 1
January 2023
Initial Application of IFRS 17 and IFRS 9 - Comparative
Information
1 January 2023
New and revised Standards and Interpretations in issue but not
yet effective
At the date of authorisation of these financial statements, the
Company has not early adopted the following amendments to Standards
and Interpretations that have been issued but are not yet
effective:
Standard or Interpretation Effective Date
IAS 1 Classification of liabilities as current or
non-current
1 January 2024
IAS 1 - Non-current liabilities with covenants 1 January
2024
IFRS 7 - Supplier finance arrangements 1 January 2024
IFRS 16 - Lease liability in a Sale and Leaseback 1 January
2024
As yet, none of these have been endorsed for use in the UK and
will not be adopted until such time as endorsement is confirmed.
The directors do not expect any material impact as a result of
adopting standards and amendments listed above in the financial
year they become effective.
Critical accounting judgements and key sources of estimation
uncertainty
The preparation of financial statements in conformity with IFRS
as adopted by the UK requires management to make judgments,
estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and
expenses.
The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the
basis of making the judgements about carrying values of assets and
liabilities that are not readily apparent from other sources. The
resulting accounting estimates may differ from the related actual
results.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects
only that period, or in the period of the revision and future
periods if the revision affects both current and future
periods.
In the process of applying the Company's accounting policies,
the Directors' do not believe that they have had to make any
assumptions or judgements that would have a material effect on the
amounts recognised in the financial statements.
Notes to the Financial Statements
For the half-year ended 31 July 2023
1. Operating loss
2. Staff costs and numbers
Further details on Directors' remuneration is given in the
Directors' report.
3. Earnings per share
The basic and diluted earnings per share figures are set out
below:
4. Trade and other receivables
5. Trade and other payables
6. Share capital
7. Financial instruments
Fair value of financial assets and liabilities
All financial assets and liabilities that are recognised in the
financial statements are short term in nature and shown at their
carrying value which is also approximate to their fair value.
8. Share based payments
On 25 May 2023, the company granted share warrants to Directors
on admission to the London Stock Exchange. A summary of the
warrants granted to directors is as follows:
The fair value of the share warrants at the date of grant was
measure using the Black Scholes pricing model, which takes into
account factors such as the option life, share price volatility and
the risk free rate.
Risk free interest rate
The risk-free interest rate is based on the UK 10-year Gilt
yield.
Expected term
The expected term represents the maximum term that the company's
share options in relation to employees of the company are expected
to be outstanding.
Estimated volatility
The estimated volatility is the amount by which the price is
expected to fluctuate during the period. The estimated volatility
for the share options was determined based on the standard
deviation of share price fluctuations of the company since its
listing.
Expected dividends
The company's board of directors may from time to time declare
dividends on its outstanding shares. Any determination to declare
and pay dividends will be made by the board of directors and will
depend upon the company's results, earnings, capital requirements,
financial condition, business prospects, contractual restrictions
and other factors deemed relevant by the board of directors. If a
dividend is declared, there is no assurance with respect to the
amount, timing or frequency of any such dividends. Based on this
uncertainty and unknown frequency, no dividend rate was used in the
assumptions to calculate the share based compensation expense.
The number and weighted average exercise prices of the share
warrants were as follows:
A share-based payment charge of GBP29,913 was recognised during
the period in relation to the share warrants granted in the period.
Additionally, a deferred tax asset amount of GBP21,922 was
recognised directly in the share based payment reserve in respect
of the estimated future tax deduction that exceeds the cumulative
share based payment expense.
9. Deferred tax
The deferred tax asset set out above is related to share based
payments where a tax deduction will not be received until the
exercise date, which will be based on the intrinsic value of the
option.
10. Subsequent events
After the end of the interim period, 6,000,000 Director warrants
became exercisable. The warrants are subject to lock-in agreements
with the Company which would prevent the sale of these instruments
and ordinary shares created therefrom. The lock-in agreements have
a duration of 12 months following Admission, which took place on 25
May 2023. Subsequent to the expiry of the lock-in agreements, any
shares resulting from the exercise of these warrants will be
subject to orderly market agreements for a further 12 months, which
requires Board approval to make any sales.
11. Ultimate controlling party
The Company has a number of shareholders and is not under the
control of any one person or ultimate controlling party.
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END
IR BRBDGLDDDGXX
(END) Dow Jones Newswires
October 24, 2023 02:05 ET (06:05 GMT)
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