REG - Global Petroleum Ltd - Annual Financial Report – Year Ended 30 June 2023

Global PetroleumAnnouncement

27/10/2023 07:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231027:nRSa5314Ra&default-theme=true

RNS Number : 5314R  Global Petroleum Ltd  27 October 2023

27 October 2023

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.

 

Global Petroleum Limited

("Global" or "the Company")

 

Annual Financial Report - Year Ended 30 June 2023

 

Global (AIM: GBP) announces its financial results for the year ended 30 June
2023.

 

Summary

 

Operational

·    The focus during the reporting period, and subsequently, has been on
ongoing exploration work and the farm-out process in respect of Global's
Namibian licence PEL0094 ("Licence");

·    In August 2023 the Company announced that the Namibian authorities
had given approval for the Company and its partners to proceed to the First
Renewal Period of the Licence, with a duration of two years from September
2023 to September 2025. Importantly, the usual requirement at the end of the
Initial Exploration Period to relinquish 50 per cent of the Licence area was
waived;

·    The Company believes that the Walvis Basin, where PEL0094 is
situated, has the potential to be extremely successful, and has the advantage
of much shallower water depths generally than the discoveries in the Orange
Basin;

·    Global has continued its efforts to farm-out an interest in the
Licence. As the Company anticipated, following the discoveries potential
farminees have first looked for possible opportunities in the Orange Basin;

·    In Italy, in September 2023, the Company announced that it had been
informed that appeals against the environmental decrees granted in its favour
by the Italian authorities had recently been dismissed.  The Company
submitted further documentation in connection with the Applications some
months ago to the Italian Ministry of Ecological Transition and has been
awaiting further dialogue with the Ministry regarding the process going
forward.

 

Financial

·    Loss after tax US$1,283,634 (2022: loss US$1,647,094) reflecting
ongoing exploration expenditure in Namibia;

·    Cash balance at year end US$356,389 (30 June 2022: US$1,139,775), and
US$376,000 at 23 October 2023, reflecting the equity raise in August 2023;

·    Costs and overheads minimised with all Directors now waiving
salaries/fees;

·    Equity raise of £250,000 gross proceeds in August 2023, following
confirmation of entering the First Renewal Period by the Namibian authorities,
regarded as disappointing by the Company.

 

Strategy and Outlook

Global believes the drilling in the Orange Basin by Shell and TotalEnergies to
date strongly suggests that Namibia has become a world class petroleum
province and that the Walvis Basin and the Company's Licence will benefit
accordingly.

 

The Company continues to explore all strategic alternatives in order to
preserve and maximise shareholder value. In order to facilitate this, the
urgent priority for the Company is to strengthen its finances in the very near
future.

 

At the Company's request, the Namibian authorities have extended the deadline
for Global to provide the work programme guarantee required under the Licence
renewal until the end of November 2023. Absent further extensions/deferrals,
the Company requires significant additional funding in order to meet its
Licence and other payments due in the near future, for which the Company does
not currently have sufficient cash resources.

 

 

 

The Company confirms that a full copy of its latest Annual Report and Accounts
will be available shortly on the Company's website: www.globalpetroleum.com.au
(http://www.globalpetroleum.com.au)

 

For further information, please visit www.globalpetroleum.com.au
(http://www.globalpetroleum.com.au) or contact:

 

 Global Petroleum Limited                        +44 (0) 20 3 875 9255
 Peter Hill, Managing Director & CEO

 Andrew Draffin, Company Secretary

 Panmure Gordon (UK) Limited (Nominated Adviser  +44 (0) 20 7886 2500

 & Joint Broker)
 John Prior / Freddie Twist

 Corporate Broking: Hugh Rich

 CMC Markets (Joint Broker)                      +44 (0) 20 7170 8200

 Tom Curran/Thomas Smith

 Tavistock (Financial PR & IR)                   +44 (0) 20 7920 3150

 Simon Hudson / Nick Elwes

 

 

 

The following is an extract from the Annual Financial Report, the full report
can be accessed at the link below:

 

Link: http://www.rns-pdf.londonstockexchange.com/rns/5314R_1-2023-10-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5314R_1-2023-10-27.pdf)

 

 

LETTER TO SHAREHOLDERS

 

Dear Shareholders,

 

We are pleased to present to you the Global Petroleum Limited ("Global" or the
"Company") Annual Financial Report for the year ended 30 June 2023.

 

The Company's focus during the reporting period, and subsequently, has been on
ongoing exploration work and its farm-out process in respect of its Namibian
licence PEL0094 ("Licence"), the extension/renewal of the Licence period, and
the strengthening of its finances in order to maintain its options for the
Licence. The Company has also continued to engage with the Italian authorities
regarding the Company's exploration permit applications.

 

On 11 August 2023 the Company announced that the Namibian authorities had
given approval for the Company and its partners to proceed to the First
Renewal Period of the Licence, with a duration of two years from September
2023 to September 2025.

 

Importantly, the usual requirement at the end of the Initial Exploration
Period to relinquish 50 per cent of the Licence area was waived.

 

In the broader Namibian context, Global is in agreement with the widely held
industry view that the drilling in the Orange Basin by Shell and TotalEnergies
to date strongly suggests that Namibia has become a world class petroleum
province, in terms of scale of likely resources.

 

The relevance of the Orange Basin discoveries for Global and its partners lies
in the fact that the oil in the Orange Basin is interpreted both by the
operators of the discoveries and the Company to be sourced from the
Barremian-Aptian Kudu Shale. Work by the Company has demonstrated that this
source rock is likely generating oil in and around the Company's PEL0094
Licence. In addition, there are further similarities between some of the
reservoirs and trapping styles in the Orange Basin and those mapped by the
Company in its Licence. Accordingly, the Company believes that the Walvis
Basin, where PEL0094 is situated, also has the potential to be extremely
successful, and has the advantage of much shallower water depths generally
than the discoveries in the south.

 

Global has continued its efforts to farm-out an interest in the Licence. As
the Company anticipated, following the discoveries potential farminees have
first looked for possible opportunities in the Orange Basin.

 

Regarding Italy, in September 2023 the Company announced that it had been
informed that appeals against the environmental decrees granted in its favour
by the Italian authorities had recently been dismissed by the Council of State
(having previously been dismissed by the Tribunal in Rome). The actions were
brought by the Municipality of Margherita di Savoia in Puglia against the
relevant Italian Ministries and entities - with Global joined as an
"interested party" - and related to all four of the Company's exploration
permit applications in the Southern Adriatic ("Applications").

 

The Company submitted further documentation in connection with the
Applications some months ago to the Italian Ministry of Ecological Transition
and has been awaiting further dialogue with the Ministry regarding the process
going forward.

 

Once this process is complete, the Company will assess its options in relation
to the Applications and make a further announcement accordingly.

 
Financial Position and Corporate

As noted above, rather than an extension of the Initial Exploration Period of
the Licence for a further 12 months as originally contemplated, the Company
was invited by the Namibian authorities to apply for an extension into the
First Renewal Period.

 

Due to factors outside the Company's control, this process took longer than
anticipated, and than had previously been the case. Having received
confirmation of the Licence extension in August rather than June 2023 as
originally expected, the Company was then in a position to proceed with an
equity raise, and on 31 August 2023 Global announced that it had raised
£250,000 in aggregate before costs through the placing of 250,000,000
Ordinary Shares (the "Placing") at a placing price of 0.1 pence per share. The
Company regarded the amount raised as disappointing in relation to the sum
targeted.

 

The Company has taken steps to cut costs where practicable to preserve its
cash resources. However this alone will not ensure the Company's ability to
continue as a going concern for the next 12 months. As announced on 13
September 2023, three of the Company's Directors have been deferring
Directors' salary/fees since July 2023, as part of an overall effort to reduce
costs generally, and in particular to minimise outgoings until such time as
the financial position of the Company has been strengthened. As of the date of
this report, all of the Directors are now deferring salary/fees.

 

The Company requires significant additional funding in order to meet its
Licence and other payments due in the near future, for which the Company does
not currently have sufficient cash resources. Accordingly, the Company will
very likely need to raise funds via a share placing in the near future.

 

Further information regarding the Company's Licence position specifically, and
on its going concern status generally, is provided in note 1 to the financial
statements.

 

Financial Results

During the year ended 30 June 2023, the Group recorded a loss after tax of
US$1,283,634 (2022: US$1,167,094). Cash balances at 30 June 2023 amounted to
US$356,389 (30 June 2022: US$1,139,775). On 23 October 2023 Global had cash
balances of US$376,000 following the equity raise completed after the end of
the reporting period. The Group has no debt outside of suppliers who are
settled on normal commercial terms.

 
Strategy and Outlook

Global is in full agreement with the widely held industry view that the
drilling in the Orange Basin by Shell and TotalEnergies to date strongly
suggests that Namibia has become a world class petroleum province, in terms of
scale of likely resources and that the Walvis Basin will benefit accordingly,
a development from which Global would be well positioned to benefit.

 

The Company continues to explore all strategic alternatives in order to
preserve and maximise shareholder value. In order to facilitate this, the
urgent priority for the Company is to strengthen its finances in the very near
future.

 

At the Company's request the Namibian authorities have extended the deadline
for Global to provide the work programme guarantee required under the Licence
renewal until the end of November 2023. Absent further extensions/deferrals,
the Company requires significant additional funding in order to meet its
Licence and other payments due in the near future, for which the Company does
not currently have sufficient cash resources.

 

 John van der Welle  Peter Hill
 Chairman            Chief Executive Officer

 

OPERATING AND FINANCIAL REVIEW

 

Namibian Project

The Namibian Project consists of an operated 78 per cent participating
interest in Petroleum Exploration Licence ("PEL") 0094 (acquired in 2018)
which covers Block 2011A (see Figure 1). The Company also previously held an
operated 85 per cent participating interest in PEL0029 covering Blocks 1910B
and 2010A. PEL0029 expired on 3 December 2020, enabling the Company to focus
its technical efforts on PEL0094.

 

Over the course of 2020 the Company purchased historic 2D seismic data, and
commissioned an AVO study. Interpretation of this data plus the studies
enabled the source rock to be mapped with even further confidence into
Global's acreage. This work also helped improve interpretation of the Marula
prospect (increasing the geological chance of success of Marula), as well as
our understanding of the relatively under-explored eastern part of the block,
vindicating the Company's view that the overall acreage is highly prospective.

 

Consequently, in January 2021 the Company announced an updated estimate of
Prospective Resources for PEL0094. The additional Prospective Resources in the
east of PEL0094 consisted of 7 new leads with a total unrisked gross
Prospective Resources (Best Estimate) of 2,048 million barrels of oil
("barrels"). As previously reported, the pre-existing prospects - Marula and
Welwitschia Deep - contain a total of 881 million barrels, making a new total
on the Licence of 2,929 million barrels unrisked gross Prospective Resources
(Best Estimate).

 

Regarding the Prospective Resources attributable to Global, the total unrisked
net Prospective Resources (Best Estimate) total 2,284 million barrels,
compared with the previous number of 687 million barrels net to Global - which
related to Marula and Welwitschia Deep alone.

 

In April 2022 the Company announced that the Namibian authorities had granted
a one-year extension to the Initial Exploration Period, from September 2022 to
September 2023, and during the reporting period Global has continued with its
technical work.

 

After successfully mapping, with the latest technology, the Barremian-Aptian
Kudu Shale source rock from previous drilling in the Walvis Basin into its
Licence area, in late 2021 the Company worked with the well-regarded
geochemical consultancy IGI to build a number of petroleum systems models for
the Walvis Basin. This study was further updated in mid-2022 and predicts that
in all cases the source rock is mature in the northern Walvis Basin and that
sufficient volumes of hydrocarbons have migrated into the prospects in
PEL0094. In June 2022 the Company licensed a satellite radar oil seep study
over the Walvis, in which a number of oil seeps have been identified within
PEL0094. This further supports the Company's interpretation of a working
petroleum system in the area.

 

The Company purchased additional 2D seismic data in 2022 and carried out
further technical interpretation both on the principal prospects, Marula and
Welwitschia Deep and, in particular, on the leads in the eastern part of the
Licence, with the objective of proving up further resources and better
defining those already reported.

 

On 14 August 2023 the Company announced that the Namibian authorities had
given approval for the Company and its partners to proceed to the First
Renewal Period ("FRP") of the Licence, with a duration of two years from
September 2023 to September 2025. Importantly, the usual requirement at the
end of the Initial Exploration Period ("IEP") to relinquish 50 per cent of the
Licence area was waived. The work commitment for the FRP is to acquire,
process and interpret 2,000 kms of 3D seismic data (the "3D Seismic") -
carried over from the IEP and to drill a well contingent upon the results of
the 3D Seismic. The original well commitment for the FRP - as specified in the
Petroleum Agreement for PEL0094 - was firm, rather than contingent.

 

The oil and gas exploration sector in Namibia has been transformed since early
2022 by significant oil discoveries (with associated gas) in the Orange Basin,
to the south of Global's position. Shell and its partners Qatar Energy and
NAMCOR made the first discovery at Graff, followed by a discovery at nearby La
Rona and more recently further discoveries at Jonker and Lesedi. Shell has a
rig on contract until at least June 2024 to drill both appraisal and
exploration wells and perform tests on the discoveries. Shell also performed a
flow test at Graff.

 

Meanwhile in the licence immediately to the west, TotalEnergies and its
partners Qatar Energy, Impact Oil and Gas and NAMCOR made the Venus discovery.
Announced shortly after Graff, Venus has now also been appraised by the
Venus-1X well, which flowed oil with positive results. TotalEnergies moved on
to drill an unsuccessful exploration well, Nara-1X, and followed this by
moving to drill a further exploration well - Mangetti-1X.

 

The scale of the exploration and appraisal effort strongly suggests that a
significant new petroleum producing province will be established in Namibia
within a decade. This has encouraged others nearby to accelerate exploration.
Chevron farmed into the licence north of Venus and Woodside into a licence
north of there. On both licences large 3D seismic data surveys have been
acquired, prior to any decisions on drilling. To the north of Shell's licence,
GALP has announced that it will drill at least one exploration well this
coming drilling season.

 

The relevance of the Orange Basin discoveries for Global and its partners lies
in the fact that the oil in the Orange Basin is interpreted both by the
operators of the discoveries, and the Company, to be sourced from the
Barremian-Aptian Kudu Shale. Work by the Company has demonstrated that this
source rock is likely generating oil in and around the Company's PEL0094
Licence. In addition, there are further similarities between some of the
reservoirs and trapping styles in the Orange Basin and those mapped by the
Company in its Licence.

 

Accordingly, the Company believes that the Walvis Basin, where PEL0094 is
situated, also has the potential to be extremely successful, and has the
advantage of much shallower water depths generally than the discoveries in the
south.

 

FIGURE 1 - Map of Namibia showing PEL0094

 

Italian Applications

In August 2013, the Company submitted applications, proposed work programmes
and budgets to the Italian Ministry of Economic Development for four
exploration areas offshore Italy in the Southern Adriatic: d 80 F.R- GP, d 81
F.R- GP, d 82 F.R-GP and d 83 F.R-GP (the "Applications"). The Applications
are contiguous with the Italian median lines abutting Croatia, Montenegro and
Albania respectively (see Figure 2 below).

 

As previously reported, various local authorities and interest groups appealed
to either the Rome Tribunal or the President of the Republic against the
Environmental Decrees in relation to the applications of the four areas.
Publication of Environmental Decrees is the final administrative stage before
grant of the permits. All first instance appeals made to the Rome Tribunal and
to the President of the Republic were subsequently adjudicated in Global's
favour.

 

However, Puglia, as the Italian region principally interested, made additional
appeals to the Council of State (the highest level of appeal in Italy) against
the judgements of the Rome Tribunal. The subsequent appeals were heard by the
Council of State in January 2020, and in February 2020 the Council of State
issued a judgement. Essentially, the Council of State suspended the
proceedings before it and referred the matter to the European Court,
requesting the Court to rule whether the four Applications contravene a
relevant EU Directive relating to the maximum permissible size of individual
permits, in particular having regard to the fact that the four permit
applications are contiguous.

 

The judgement of the European Court was announced by the Company in January
2022. The Court found, in effect, that the Company's Applications do not
contravene EU law.

 

Separately from the appeals process above, in February 2019 the Italian
Parliament passed a Bill suspending all hydrocarbon exploration activities -
including permit applications - for a period of 18 months. Under the proposed
legislation, a Government-appointed Commission was to review all onshore and
offshore areas for the stated purpose of evaluating their suitability for
hydrocarbon exploration and development in the future. In doing so, the
suitability of such activities in the context of social, industrial, urban,
water source and environmental factors were to be evaluated. In offshore
areas, suitability would additionally be assessed having regard to the impact
of such activity on the littoral environment, marine ecosystems and shipping
routes. Following the 18-month evaluation period, the intention was that a
Hydrocarbon Plan would be activated, setting out a strategy for future
exploration and development. Following the expiry of its initial 18-month
term, the moratorium was extended twice.

 

In February 2022, the Plan for Sustainable Energy Transition of Appropriate
Areas ("Plan") was published and came into legal effect. A key structural
component of the Plan is the provision that in future only exploration for gas
(as opposed to oil) will be permitted in Italy, both onshore and offshore.
With specific regard to the Applications, the Plan also provides that certain
sections of the application areas as previously constituted are deemed to be
excluded, a process referred to by the relevant authorities as
"re-perimeterisation".

 

Notwithstanding the Company's reservations as to the practicality of gas-only
exploration - a reservation which Global believes is widely shared within the
Energy Industry and beyond - the Company provided the Italian authorities
technical evidence of the gas prospectivity within the reduced application
areas, also thereby accepting the re-perimeterisation of those areas.

 

The Italian Ministry of Ecological Transition ("Ministry") subsequently
informed Global that the Company's exploration objectives in the amended
Applications are in compliance with the provisions of the Plan. The Company
accordingly submitted further documentation several months ago, since when the
Company has been awaiting further dialogue with the Italian Ministry.

 

In the meantime, in September 2023, the Company announced that it had been
informed that appeals against the environmental decrees granted in its favour
by the Italian authorities had recently been dismissed by the Council of State
(having previously been dismissed by the Tribunal in Rome). The actions were
brought by the Municipality of Margherita di Savoia in Puglia against the
relevant Italian Ministries and entities - with Global joined as an
"interested party" - and related to all four of the Company's exploration
permit applications in the Southern Adriatic:

Once this process is complete, the Company will assess its options in relation
to the Applications and make a further announcement accordingly.

 

FIGURE 2 - Map of Permit Applications - Italy offshore.

 

STRATEGY

Global Petroleum's strategy is to maximize its gearing to exploration success
in order to enhance shareholder value. This will be achieved through the
acquisition of early licence positions in frontier exploration areas in Africa
and the Mediterranean either directly through licence rounds, joint venture
arrangements or acquisition.

 

Whilst the geographic focus is Africa and the Mediterranean, the Company will
also consider other frontier areas that it considers to be highly prospective.

 

 

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2023

 

 

                                                                         2023         2022

                                                Note                     US$          US$

 Continuing operations
 Employee benefits expense                                               (397,456)    (450,400)
 Administrative expense                                                  (727,225)    (830,592)
 Exploration and business development expenses  11                       (27,667)     (21,767)
 Depreciation and amortisation expense                                   (3,439)      (3,439)
 Share based payments                           19                       (47,027)     -
 Other expenses                                                          (113,653)    (162,970)
 Foreign exchange gain (loss)                                            24,557       (178,445)
 Results from operating activities                                       (1,291,910)  (1,647,613)
 Finance income                                                          8,276        519
 Net finance income                                                      8,276        519
 (Loss) from continuing operations before tax                            (1,283,634)  (1,647,094)
 Tax expense                                    3                        --           -
 (Loss) from continuing operations after tax                             (1,283,634)  (1,647,094)
 (Loss) for the year                                                     (1,283,634)  (1,647,094)

 Earnings per share
 From continuing and discontinued operations
 Basic earnings per share (cents)               6                        (0.12)       (0.21)
 Diluted earnings per share (cents)             6                        (0.12)       (0.21)

 

The accompanying notes form part of these financial statements.

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023

 

                                           2023          2022

 Assets Current assets              Note   US$           US$
 Cash and cash equivalents          7      356,389       1,139,775
 Trade and other receivables        8      35,301        37,020
 Other assets                       12     190,083       185,159
 Total current assets                      581,773       1,361,954

 Non-current assets
 Property, plant and equipment      10     9,719         13,158
 Exploration and evaluation assets  11     1,724,039     1,291,599
 Total non-current assets                  1,733,758     1,304,757
 Total assets                              2,315,531     2,666,711

 Liabilities
 Current liabilities

 Trade and other payables           13     89,894        112,048
 Provisions                         14     259,751       220,730
 Total current liabilities                 349,645       332,778
 Total liabilities                         349,645       332,778

 Net assets                                1,965,886     2,333,933

 Equity
 Issued capital                     15     44,343,531    43,474,971
 Reserves                           23     854,227       1,249,042
 Accumulated losses                        (43,231,872)  (42,390,080)
 Total equity                              1,965,886     2,333,933

 

The accompanying notes form part of these financial statements

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2023

 

 

                                                              Issued Capital  Option Reserve  Foreign Currency Translation  Accumulated Losses  Total

                                                                                              Reserve
                                                              US$             US$             US$                           US$                 US$
 Consolidated Group
 Balance at 1 July 2021                                       42,189,991      678,632         570,410                       (40,742,986)        2,696,047
 Comprehensive income
 Loss for the year                                            -               -               -                             (1,647,094)         (1,647,094)
 Total comprehensive income for the year                      -               -               -                             (1,647,094)         (1,647,094)

 Transactions with owners, in their capacity as owners, and
 other transfers
 Issue of shares                                              1,367,000       -               -                             -                   1,367,000
 Transaction costs                                            (82,020)        -               -                             -                   (82,020)
 Total transactions with owners and other transfers           1,284,980       -               -                             -                   1,284,980

 Balance at 30 June 2022                                      43,474,971      678,632         570,410                       (42,390,080)        2,333,933

 Balance at 1 July 2022                                       43,474,971      678,632         570,410                       (42,390,080)        2,333,933
 Comprehensive income
 Loss for the year                                            -               -               -                             (1,283,634)         (1,283,634)
 Total comprehensive income for the year                      -               -               -                             (1,283,634)         (1,283,634)

 Transactions with owners, in their capacity as owners, and
 other transfers
 Issue of shares                                              924,000         -               -                             -                   924,000
 Transaction costs                                            (55,440)        -               -                             -                   (55,440)
 Issue of options                                             -               47,027          -                             -                   47,027
 Expiry of options                                            -               (441,842)       -                             441,842             -
 Total transactions with owners and other transfers           868,560         (394,815)       -                             441,842             915,587

 Balance at 30 June 2023                                      44,343,531      283,817         570,410                       (43,231,872)        1,965,886

 

The accompanying notes form part of these financial statements

 

CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 JUNE 2023

 

                                                                  Note  2023         2022

                                                                        US$          US$

 Cash flows from operating activities
 Interest received                                                      8,276        519
 Payments to suppliers and employees                                    (1,202,684)  (1,551,823)
 GST/VAT refunds received                                               3,632        43,602
 Net cash (used in) operating activities                          18a   (1,190,776)  (1,507,702)

 Cash flows from investment activities
 Payments for exploration and business development expenditure          (460,107)    (340,900)
 Reclassification of bank guarantee                                     -            (130,050)
 Net cash (used in) investing activities                                (460,107)    (470,950)

 Cash flows from financing activities
 Proceeds from issue of shares                                          924,000      1,367,000
 Payments for capital raising costs                                     (55,440)     (82,020)
 Net cash provided by financing activities                              868,560      1,284,980

 Net decrease in cash held                                              (782,323)    (693,672)
 Cash and cash equivalents at beginning of financial year               1,139,775    1,834,434
 Effect of exchange rates on cash holdings in foreign currencies        (1,063)      (987)
 Cash and cash equivalents at end of financial year               7     356,389      1,139,775

 

The accompanying notes form part of these financial statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-       Ends -

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  FR MRBFTMTMTMTJ