REG - Nativo Resources Plc - Half Year Report
30/09/2024 07:00
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RNS Number : 1294G Nativo Resources Plc 30 September 2024
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.
30 September 2024
Nativo Resources plc
(Formerly Echo Energy plc)
("Nativo" or the "Company")
Half Year Report for the Six Months Ended 30 June 2024
Nativo Resources plc (LON:NTVO), which has interests in precious metals mining
and production in Peru, presents its half year report for the six month period
ended 30 June 2024.
Year to date highlights
· Announced on 1 July 2024 the formation of a 50:50 joint venture
in Peru with the founding partners of Boku Resources SAC ("Boku") to
participate in gold and silver mining and the cleaning of known tailings
deposits containing gold and silver in Peru
o Boku is initially in the process of establishing formalised artisanal and
small mining operations on its 100% held Tesoro Gold Mine and in the
medium-term aims to build a material resource base of gold and silver rich
tailings for processing
o Boku is advancing Artisanal Mining on the "Bonanaza" vein. Significant
mineralised vein material generated during preparation and appraisal of the
stope will form a bulk sample that Boku intends to sell to a commercial
processor - this will provide an indication of grade in the stope to be
developed. Assuming favourable grades, Boku intends to commence mining the
stope in December 2024. Production will be scaled with development of
additional shafts and new vein exploitation.
· Announced on 15 July 2024 that Boku had also acquired the Ana
Lucia polymetallic concession in the Ancash region of central Peru
· Announced on 31 July 2024 a placing raising gross proceeds of
£418,245
o In conjunction, the Company announced it had terminated the convertible
loan note deed announced on 6 June 2024
· Andrew Donovan appointed as Non-Executive Director on 26
September 2024
For further information please contact:
Nativo Resources Via Vigo Consulting
Stephen Birrell, Chief Executive Officer nativo@vigoconsulting.com (mailto:nativo@vigoconsulting.com)
Zeus Capital Limited (Nominated Adviser and Joint Broker) Tel: +44 (0)20 3829 5000
James Joyce
James Bavister
Isaac Hooper
Tel: +44 (0)20 7469 0930
Peterhouse Capital limited (Joint Broker)
Duncan Vasey
Lucy Williams
Tel: +44 (0)20 7390 0234
Vigo Consulting (Investor Relations) nativo@vigoconsulting.com (mailto:nativo@vigoconsulting.com)
Ben Simons
Peter Jacob
About Nativo Resources plc (formerly Echo Energy plc)
Following the partial divestment of its assets in Argentina, Nativo entered
into a 50:50 joint venture in Peru in July 2024 with an experienced local
partner for precious metals (gold/silver) mining and the cleaning of known
tailings deposits containing Measured and Indicated resources of gold and
silver. Through the JV, known as Boku Resources, Nativo has secured an
opportunity to scale operations in Peru producing gold and silver through
primary mining and tailings cleaning, owning 50% of the production and
resources. Initially, Boku is establishing formalised artisanal and small
mining operations on its 100% held Tesoro Gold concession, southern Peru,
targeting early cash flow generation in Q4 2024.
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Chairman and Chief Executive Officer's Statement
In June 2023, the Company completed the divestment of its majority share in
the Santa Cruz Sur gas portfolio in Argentina. The Company transferred to the
buyers the significant in-country creditors whilst greatly reducing the
Company's cost base but still retained a 5% working interest in the portfolio
and an equity position in the operator InterOil Exploration and Production
ASA. Following the divestment, the Board refocussed, seeking opportunities to
acquire new assets. This review of the business strategy has culminated in
Nativo repositioning itself as a small-scale miner of precious metals in Peru
via the formation in July 2024 of a 50:50 joint venture in Peru with
experienced local partners, Boku Resources ("Boku"). Peru is one of the
world's largest gold producers. An estimated 3.2Moz of gold was produced in
2023 of which artisanal small miners ("ASM") are estimated to have produced
640koz. Boku has a three-fold strategy:
· Primary mining of gold and silver, initially from the 100%-owned
Tesoro Gold Mine
· Cleaning of known tailings deposits containing gold and silver
with up to seven projects having been identified, and the potential to rapidly
build a resource inventory
· Develop gold processing capability at scale
To reflect this transformation, the Company has rebranded as Nativo Resources
plc ("Nativo"), a move that was approved at the GM on 28 August 2024.
The Company secured funding post period, in July 2024, to recommence
production from the high-grade, Tesoro Gold Mine in the Arequipa region of
Peru. Cash flow generated from Tesoro will be used to boost production,
establish processing facilities and acquire and develop other similar projects
in the region, for example the Ana Lucia polymetallic concession in the Ancash
region of central Peru which the Company acquired in July 2024. Initially,
Boku will sell vein material to a tolling plant; however, Boku plans in due
course to install its own commercial processing facility to process vein
material supplied by ASMs in the region on a fixed margin basis as well as its
own production, thereby capturing greater value.
Using historical mine records, Nativo has also identified up to seven tailings
deposits in central Peru that it believes host significant gold and silver
resources. The vintage of these deposits means they do not comply with modern
Peruvian mining legislation and present liabilities for their owners; however,
with improved technologies and high gold prices, Nativo is investigating the
possibility of reprocessing the tailings to recover the precious metals.
Through this process, the tailings would be redeposited in accordance with
modern environmental standards. The Board considers this approach to be a
relatively low risk and low-cost form of exploration from which the Company
could potentially build a significant resource inventory that can be brought
swiftly into production and at a cost which makes it profitable, providing
steady cashflow. Cleaning legacy tailings using modern techniques has been
demonstrated to improve recovery rates to over 90% versus the historical
45-50%.
In March 2024, WH Ireland Limited (which subsequently had its Capital Markets
Division acquired by Zeus Capital Limited in July 2024) became Nominated
Adviser and Corporate Broker to the Company. Post period, in July 2024, the
Company appointed Peterhouse Capital Limited as a joint Corporate Broker
alongside Zeus.
The Board is excited by the potential to deliver growth for shareholders via
the repositioning of the business as a small-scale miner in Peru. The prospect
of near-term cash flow generation, initially from Tesoro, should, in due
course, create opportunities to begin to address legacy balance sheet issues
including loans and borrowings. We would like to thank shareholders for their
continued support. Finally, the directors draw attention to the Accounting
Policy notes regarding Going Concern, Estimates and the previous audit on
pages nine and ten. As noted previously, Nativo's cash position remains tight
and cash balances are being managed carefully. The Company is in discussions
regarding seeking further funds which will need to be raised in the near term.
Christian Yates Stephen Birrell
Chair Chief Executive Officer
Consolidated Statement of Comprehensive Income for the
Period ended 30 June 2024
Continuing operations Note Unaudited Unaudited Audited
1(st) January 2024 to 1(st) January 2023 to 30(th) June 2023 Year to
US $
30(th) June 2024 31 December 2023
US $
US $
Revenue 1 - - -
Cost of sales - - -
Gross profit - - -
Distribution costs - - -
Administrative expenses (720,625) (857,722) (1,218,489)
Other losses - - (2,298)
Operating loss (720,625) (857,722) (1,220,787)
Finance income 448,225 175,311 203,371
Finance costs (416,034) (77,263) (1,792,337)
Net finance income/(cost) 2 (32,191) 98,048 (1,588,966)
Loss before tax (688,434) (759,654) (2,809,753)
Taxation 3 - - -
Loss for the year from continuing operations (688,434) (759,654) (2,809,753)
Discontinued operations
Profit/(loss) for the year after taxation from discontinued operations 5 - (5,818,517) 9,055,875
Gain on sale of discontinued operations - 17,115,930
Profit/(loss) for the year (688,434) 10,537,759 6,246,122
Other comprehensive income
Exchange difference on translating foreign operations - - 1,634,560
Total comprehensive income for the year (688,434) 10,537,759 7,880,682
Profit/(loss) attributable to:
Owners of the company (688,434) 10,537,759 7,880,682
Profit/(loss) per share (US cents)
Basic 4 (0.01) 0.19 0.13
Diluted (0.01) 0.19 0.13
Profit/(loss) per share (US cents) for continuing operations
Basic 4 (0.01) 0.19 (0.06)
Diluted (0.01) 0.19 (0.06)
Consolidated Statement of Financial Position as at 30 June 2024
Note Unaudited 1(st) January 2024 to Unaudited Audited
30(th) June 2024 1(st) January 2023 to 30(th) June 2023 Year to
US $ US $
31 December 2023
US $
Assets
Non-current assets
Property, plant and equipment 6 1 2,299 1
Available for sale 555,562 -
Right of use asset 27,972 - 41,958
27,973 557,861 41,959
Current assets
Trade and other receivables 84,886 349,590 94,459
Equity accounted investments 361,552 - 283,422
Cash and cash equivalents 7 3,353 994,504 83,127
449,791 1,344,094 461,008
Assets of disposal group held for sale - - -
Total assets 477,764 1,901,955 502,967
Equity and liabilities
Equity
Share capital 8 19,812,570 19,893,385 19,796,814
Share premium 9 84,804,095 83,790,504 84,123,447
Capital contribution reserve 7,212,492 7,212,492 7,212,492
Foreign currency translation reserve (1,846,481) (3,481,041) (1,846,481)
Warrant reserve 532,726 260,201 510,732
Share option reserve 676,294 644,560 676,294
Retained earnings (118,804,739) (113,420,740) (118,094,311)
Equity attributable to owners of the company (7,613,043) (5,100,638) (7,621,013)
Non-current liabilities
Loans and borrowings 10 7,369,863 5,463,036 7,281,149
7,369,863 5,463,036 7,281,149
Current liabilities
Current portion of lease liabilities 29,667 - 44,078
Trade and other payables 691,276 1,661,557 798,753
720,943 1,661,557 842,831
Total liabilities 8,090,806 7,002,593 8,123,980
Total equity and liabilities 477,763 1,901,955 502,967
Consolidated Statement of Changes in Equity for the period ended 30 June 2024
Share capital Shares to be issued Share premium Capital contribution reserve Foreign currency translation reserve Share option reserve Warrant reserve Retained earnings Total equity
US $
US $
US $
US $
US $
US $
US $
US $ US $
At 1 January 2024 19,796,814 - 84,123,447 7,212,492 (1,846,481) 676,294 510,732 (118,094,311) (7,621,013)
Loss for the year - - - - - - - (688,434) (688,434)
Exchange reserve - - - - - - - - -
Total comprehensive income - - - - - - - (688,434) (688,434)
New share capital subscribed 15,756 - 680,648 - - - - - 696,404
Warrants issued - - - - - - 21,994 (21,994) -
At 30 June 2024 19,812,570 - 84,804,095 7,212,492 (1,846,481) 676,294 532,726 (118,804,739) (7,613,043)
Share capital Shares to be issued Share premium Capital contribution reserve Foreign currency translation reserve Share option reserve Warrant reserve Retained earnings Total equity
US $
US $ US $ US $
US $ US $ US $
US $ US $
At 1 January 2023 19,795,863 97,523 83,790,504 7,212,492 (1,846,481) 644,560 1,433,428 (125,263,129) (15,769,800)
Loss for the year - - - - - - - (759,654) (759,654)
Discontinued operations - - - - - - - (5,818,517) (5,818,517)
Profit on sale of discontinued business - - - - - - - 17,115,930 17,115,930
Total comprehensive income - - - - - - - 10,048,159 10,048,159
New share capital subscribed 97,523 (97,523) - - - - - - -
Warrants exercised - - - - - - (101,239) 101,239 -
Warrants lapsed - - - - - - (1,071,987) 1,071,987 -
Share-based payments - - - - - 31,734 - - 31,734
At 30 June 2023 19,893,385 - 83,790,504 7,212,492 (1,846,481) 676,294 260,201 (113,132,375) (7,621,013)
Share capital Shares to be issued Share premium Capital contribution reserve Foreign currency translation reserve Share option reserve Warrant reserve Retained earnings Total equity
US $
US $ US $ US $
US $ US $ US $
US $ US $
At 1 January 2023 19,795,863 97,523 83,790,504 7,212,492 (3,481,041) 644,560 1,433,428 (125,263,129) (15,769,800)
Loss for the year - - - - - - - (2,809,753) (2,809,753)
Discontinued operations - - - - - - - 9,055,875 9,055,875
Exchange reserve - - - - (1,634,560) - - - 1,634,560
Total comprehensive income - - - - 1,634,560 - - 6,246,122 7,880,682
New share capital subscribed 951 (97,523) 332,943 - - - - - 236,371
Warrants issued - - - - - - (36,756) 36,756 -
Warrants lapsed - - - - - - (885,940) 885,940 -
Share-based payments - - - - - 31,734 - - 31,734
At 31 December 2023 19,796,814 - 84,123,447 7,212,492 (1,846,481) 676,294 510,732 (118,094,311) (7,621,013)
Consolidated Statement of Cash Flows for the period ended 30 June 2024
Note Unaudited Unaudited Audited
1(st) January 2024 to 30(th) June 2024 1(st) January 2023 to 30(th) June 2023 Year to
US $ US $
31 December 2023
US $
Cash flows from operating activities
Profit/(loss) for the year on continued operations (688,434) (759,654) (2,809,753)
Profit/(loss) for the year on discontinued operations - - 9,055,875
(688,434) (759,654) 6,246,122
Adjustments to cash flows from non-cash items
Depreciation and amortisation 13,986 - 27,972
Depreciation and depletion of intangible assets - - -
Impairment of intangible assets and goodwill - - (372,433)
Loss from sales of tangible assets - - 2,298
Fair value losses of current investments - - 226,522
Finance income 2 (100,395) (3,450)
Finance costs 2 416,034 77,263 916,292
Exchange differences (283,072) (141,286) 649,523
Share based payment transactions - - 31,735
Loss on disposal of investments - (555,562) (8,232,617)
Total adjustments 46,533 (1,379,239) (6,754,158)
Decrease/(increase) in inventory - - -
Decrease/(increase) in trade and other receivables 9,573 259,128 675,092
(Decrease)/increase in trade and other payables (121,888) (150,932) (1,538,208)
Total working capital movement (112,315) 108,196 (863,116)
Net cash flow from operating activities (754,196) (1,271,043) (1,371,152)
Cash flows from investing activities
Interest received 9,018 - 3,450
Acquisitions of property plant and equipment - - -
Acquisitions of intangible assets - - -
Sale of interest in joint venture - 1,133,172
Net cash flows from investing activities 9,018 1,133,172 3,450
Cash flows from financing activities
Issue of share capital 81,884 - 235,463
Loans received 583,520 - 82,750
Net cash flows from financing activities 665,404 - 318,213
Net increase/(decrease) in cash and cash equivalents (79,774) (137,871) (1,049,489)
Cash and cash equivalents at 1 January 83,127 1,132,375 1,132,616
Foreign exchange gains/(losses) on cash and cash equivalents - - -
Cash and cash equivalents at period end 3,353 994,504 83,127
1. ACCOUNTING POLICIES
GENERAL INFORMATION
These financial statements are for Nativo Resources plc ("the Company") and
subsidiary undertakings ("the Group"). The Company is registered, and
domiciled, in England and Wales and incorporated under the Companies Act 2006.
BASIS OF PREPARATION
The condensed and consolidated interim financial statements for the period
from 1 January 2024 to 30 June 2024 and have been prepared in accordance with
International Accounting Standards ("IAS") 34 Interim Financial Reporting, and
on the going concern basis. They are in accordance with the accounting
policies set out in the statutory accounts for the year ended 31 December 2023
and are expected to be applied for the year ending 31 December 2024.
The comparatives shown are for the period 1 January 2023 to 30 June 2023, and
for the year ended 31 December 2023, and do not constitute statutory accounts,
as defined in section 435 of the Companies Act 2006, but are based on the
statutory financial statements for the year ended 31 December 2023.
GOING CONCERN
The financial information has been prepared assuming the Group will continue
as a going concern. Under the going concern assumption, an entity is
ordinarily viewed as continuing in business for the foreseeable future with
neither the intention nor the necessity of liquidation, ceasing trading or
seeking protection from creditors pursuant to laws or regulations.
The consolidated statement of financial position at 30 June 2024 showed a
negative net asset position. The board made the difficult decision in late
2022 to divest of its operating assets in Argentina. This decision came to
fruition in June 2023 when, apart from a small 5% retention holding, Nativo
Resources (formerly Echo Energy) sold its interest in the Argentine assets to
its joint venture partner and obtained a full, 100%, indemnity against any
future costs arising from those operations. The cash received from that sale
was sufficient to partly, but not fully, pay down backlog creditors.
The directors have raised additional funding to acquire a number of assets to
replace the Argentine assets.
Consequently, the directors consider the going concern assumption continues to
be appropriate although there remain material uncertainties as to;
1. Successfully raising sufficient funds.
2. Finding an appropriate investment within a suitable timescale
3. That investment being sufficiently cash-positive to fund the Group
going forwards.
ESTIMATES
The preparation of the interim financial information requires management to
make judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates. In preparing this
condensed interim financial information, the significant judgements made by
management in applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those applied to consolidated
financial statements for the year ended 31 December 2023. The key sources of
uncertainty in estimates that have a significant risk of causing material
adjustment to the carrying amounts of assets and liabilities, within the next
financial year, are the Group's going concern assessment.
PREVIOUS AUDIT
For reasons set out therein, the auditors did not express an opinion in their
report on the accounts for the year ended 31 December 2023. In addition to the
December 2023 balance sheet forming the starting point for these accounts to
30 June 2024, similar difficulties have manifested themselves in obtaining
information relating to the operations in Argentina for the preparation of the
interim accounts to June 2024. As a result certain figures contained herein
are necessarily based on estimates. Accordingly, the directors have taken a
prudent view in evaluating certain figures, including but not limited to the
assets and liabilities retained in Argentina, particularly trade debtors and
tax assets and liabilities, following the completion of the sale of the
majority of its interests there.
REVENUE RECOGNITION
Revenue comprises the invoice value of goods and services supplied by the
Group, net of value added taxes and trade discounts. Revenue is recognised in
the case of oil and gas sales when goods are delivered and title has passed to
the customer. This generally occurs when the product is physically transferred
into a pipeline or vessel. Nativo recognised revenue in accordance with IFRS
15. We have a contractual arrangement with our joint venture partner who
markets gas and crude oil on our behalf. Gas is transferred via a metred
pipeline into the regional gas transportation system, which is part of the
national transportation system, control of the gas is transferred at the point
at which the gas enters this network, this is the point at which gas revenue
is recognised. Gas prices vary from month to month based on seasonal demand
from customer segments and production in the market as a whole. Our partner
agrees pricing with their portfolio of gas clients based on agreed pricing
mechanisms in multiple contracts. Some pricing is regulated by government such
as domestic supply. Nativo receive a monthly average of gas prices attained.
Oil shipments are priced in advance of a cargo and revenue is recognised at
the point at which cargoes are loaded onto a shipping vessel at terminal.
BUSINESS SEGMENTS
The Group has adopted IFRS 8 Operating Segments. Per IFRS 8, operating
segments are regularly reviewed and used by the board of directors being the
chief operating decision maker for strategic decision-making and resources
allocation, in order to allocate resources to the segment and assess its
performance.
At the balance sheet date, there is only one business segment, being the
company, its activity disclosed within continuing operations.
Activity in Argentina, being the Santa Cruz Sur operations, are set out within
discontinued operations within note 5.
Activity within the group's Bolivian subsidiary is immaterial.
1 Revenue
The analysis of the group's revenue for the year from continuing operations is
as follows:
Unaudited Unaudited Audited
1(st) January 2024 to 30(th) June 2024 1(st) January 2023 to 30(th) June 2023 Year to
US $
US $
31 December 2023
US $
Sale of oil and gas - - -
Sale of minerals - - -
Revenue for 2023 all derives from discontinued operations held for resale
2 Finance income and costs
Unaudited Unaudited Audited
1(st) January 2024 to 30(th) June 2024 1(st) January 2023 to 30(th) June 2023 Year to
US $
US $
31 December 2023
US $
Finance income
Other finance income 10,176 - 3,450
Foreign exchange gains 347,830 175,331 -
Sale of option - - 25,462
Other operating income 90,219 - 174,459
Net foreign exchange gain 448,255 175,331 203,371
Finance costs
Fair value losses - (77,263) (226,522)
Foreign exchange losses - - (649,523)
Interest on bank overdrafts and borrowings (41,691) - -
Interest expense on other financing liabilities (374,343) - (916,292)
Total finance costs (416,034) (77,263) (1,792,337)
Net finance income/(costs) (32,191) 98,048 (1,588,966)
3 Taxation
The parent entity has tax losses available to be carried forward, and further
tax losses are available in certain subsidiaries. With anticipated substantial
lead times for the Group's projects, and the possibility that these may expire
before their use, it is not considered appropriate to anticipate an asset
value for them.
No amounts have been recognised within tax on the results of the
equity-accounted joint ventures.
4 Loss per share
The calculation of basic and diluted loss per share at 31 December 2023 was
based on the loss attributable to ordinary shareholders. The weighted average
number of ordinary shares outstanding during the year ending 31 December 2023
and the effect of the potentially dilutive ordinary shares to be issued are
shown below.
Unaudited 1(st) January 2024 to 30(th) June 2024 Unaudited Audited
US $
1(st) January 2023 to 30(th) June 2023 Year to
US $
31 December 2023
US $
Net (loss)/profit for the year (US $) before exchange on translating foreign (688,434) 10,537,759 6,246,122
operations
Net (loss)/profit on continuing operations (688,434) 10,537,759 (2,809,753)
Basic weighted average ordinary shares in issue during the year 5,646,480,002 5,527,427,674 4,867,580,788
Diluted weighted average ordinary shares in issue during the year 5,646,480,002 5,527,427,674 4,867,580,788
(Loss)/profit per share (cents)
Basic and diluted (cents) (0.01) 0.19 0.13
(Loss)/profit per share on continuing operations (cents)
Basic and diluted (cents) (0.01) 0.19 (0.06)
In accordance with IAS 33 and as the entity is loss making, including
potentially dilutive share options in the calculation would be anti-dilutive.
Deferred shares have been excluded from the calculation of loss per share due
to their nature. Please see Note 24 for details of their rights.
5 Discontinued operations
In November 2022 the company committed to selling virtually all of its
interest in the Santa Cruz oil and gas operations in Argentina to its
joint-venture partner Interoil. A term of the sale was for Nativo to
relinquish any management and accounting in respect of the joint venture,
instead receiving a profit share in proportion to the remaining 5% holding in
the joint venture, effectively as investment income.
The sale was completed on 26 June 2023, satisfied by £825,000 in cash, shares
to the value of £400,000 in Interoil and £75,000 investment in Nativo
Resources PLC (formerly Echo Energy PLC) shares by Interoil. At 31 December
2022 the Argentinian operations were classified as a disposal group held for
sale and as discontinued operations.
The results of the Argentinian operations for the period are presented below:
Revenue Unaudited 1(st) January 2024 to 30(th) June 2024 Unaudited Audited
US $
1(st) January 2023 to 30(th) June 2023 Year to
US $
31 December 2023
US $
Oil and Gas Revenue
Total revenue - 3,632,389 3,632,393
Cost of sales
Production costs - (7,912,008) (7,912,008)
Depletion - -
Total cost of sales - (7,912,008) (7,912,008)
Gross loss - (4,279,619) (4,279,615)
Exploration expenses - - -
Impairment of plant and equipment - - -
Administrative expense - (490,245) (803,530)
Operating loss from discontinued operations - (4,769,864) (5,083,145)
Finance expense - (4,157,561) (4,157,561)
Foreign exchange gain - 3,413,143 (34,792)
Profit on disposal - - 18,331,373
Profit/(Loss) for the year before taxation from discontinued operations - 5,818,517 9,055,875
Deferred tax asset write-off - - -
Profit/(Loss) for the year after taxation from discontinued operations - 5,818,517 9,055,875
6 Property, plant and equipment
30 June 2024 PPE - O&G Fixtures & Fittings Total
US $
US $
Properties
US $
Cost or valuation
At 1 January 2024 - 95,219 95,219
Disposals - - -
At 30 June 2024 - 95,219 95,219
Depreciation
At 1 January 2024 - 95,218 95,218
Charge for year - - -
Disposals - - -
At 30 June 2024 - 95,218 95,218
Carrying amount
At 30 June 2024 - 1 1
30 June 2023 PPE - O&G Fixtures & Fittings Total
US $
US $
Properties
US $
Cost or valuation
At 1 January 2023 - 98,210 98,210
Additions - - -
Assets of disposal held for sale - - -
At 30 June 2023 - 98,210 98,210
Depreciation
At 1 January 2023 - 95,911 95,911
Charge for year - - -
Disposals - - -
At 30 June 2023 - 95,911 95,911
Carrying amount
At 30 June 2023 - 2,299 2,299
31 December 2023 PPE - O&G Fixtures & Fittings Total
US $
US $
Properties
US $
Cost or valuation
At 1 January 2023 - 98,210 98,210
Disposals - (2,991) (2,991)
At 31 December 2023 - 95,219 95,219
Depreciation
At 1 January 2023 - 95,911 95,911
Charge for year - - -
Disposals - (693) (693)
At 31 December 2023 - 95,218 95,218
Carrying amount
At 31 December 2023 - 1 1
7 Cash and cash equivalents
Unaudited Unaudited Audited
1(st) January 2024 to 30(th) June 2024 1(st) January 2023 to 30(th) June 2023 Year to
US $
US $
31 December 2023
US $
Cash at bank 3,353 994,504 83,127
3,353 994,504 83,127
8 Share capital
Issued, Called Up and Fully Paid
18,686,723,556 0.31¢ (June 2023: 5,560,618,550 0.31¢) ordinary shares.
Unaudited Unaudited Audited
1(st) January 2024 to 30(th) June 2024 1(st) January 2023 to 30(th) June 2023 Year to
US $
US $
31 December 2023
US $
1 January 19,796,814 19,795,863 19,795,863
Equity shares issued 15,756 97,523 951
19,812,570 19,893,385 19,796,814
The holders of the 0.31¢ (0.25p) ordinary shares are entitled to receive
dividends from time to time and are entitled to one vote per share at meetings
of the Company.
9 Share premium account
Share options Unaudited Unaudited Audited
1(st) January 2024 to 30(th) June 2024 1(st) January 2023 to 30(th) June 2023 Year to
US $
US $
31 December 2023
US $
1 January 84,123,447 83,790,504 83,790,504
Premium arising on issue of equity shares 680,648 - 332,943
Warrants lapsed - - -
Warrants issued - - -
Transaction costs - - -
31 December 84,804,095 83,790,504 84,123,447
Warrants and options which lapsed, expired or were exercised in the period
have been transferred between the warrant or option reserve and retained
earnings.
10 Loans due in over one year
Unaudited 1(st) January 2024 to 30(th) June 2024 Unaudited Audited
US $
1(st) January 2023 to 30(th) June 2023 Year to
US $
31 December 2023
US $
Five-year secured bonds 6,235,610 4,000,154 6,053,854
Other loans 1,134,253 1,340,882 1,227,292
Total 7,369,863 5,341,036 7,281,146
31 December 2023 Amortised finance charges Exchange adjustments 30 June 2024
US $ Funds raised US $ Converted US $ US $
US $ into equity
US $
€20 million five-year secured bonds 6,053,854 - 357,684 (175,928) 6,235,610
Other loans 1,227,292 531,912 13,310 (615,040) (23,211) 1,134,253
Total 7,281,146 531,912 370,994 (615,040) (199,139) 7,369,863
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