TIDMMEN

RNS Number : 9111N

Molecular Energies PLC

28 September 2023

28 September 2023

MOLECULAR ENERGIES PLC

("Molecular", "the Company" or "the Group")

Unaudited Interim Results for H1 2023

Current trading

Molecular Energies PLC (AIM:MEN), the international energy company, announces its unaudited interim results for the six months ended 30 June 2023.

Selected Results Summary

 
 All numbers exclude discontinued operations    H1 2023   H1 2022    F/Y 
  and are in US$ '000 unless stated                                  2022 
 Average daily production, boe                    1,559     1,885    1,656 
                                               --------  --------  ------- 
 Group turnover                                  14,674    16,183   31,547 
                                               --------  --------  ------- 
 Adjusted EBITDA                                  1,686     5,282    7,063 
                                               --------  --------  ------- 
 Profit after tax before non-cash items             693     5,280    5,638 
                                               --------  --------  ------- 
 Group net debt of which:                        42,829    29,242   39,584 
                                               --------  --------  ------- 
 Third party debt (President Argentina) 
  now removed from Group                         33,782    22,923   35,452 
                                               --------  --------  ------- 
 

Corporate and Financial Summary

   --      Group turnover of US$14.7 million (H1 2022 US$16.2 million) 
   --      Adjusted EBITDA of US$1.7 million (H1 2022 US$ 5.3 million) 
   --      Profit after tax before non-cash items* of US$0.7 million (H1 2022 US$5.3 million) 

-- Third party financial borrowings in Argentina non-recourse to Group was US$33.8 million (H1 2022 US$22.9 million) all of which is now removed from Group pursuant to the sale in September 2023, of the Argentine business and assets.

-- Mark to market value of holding in Atome Energy PLC (not taken into the Group accounts) as at 30 June 2023 of US$11.6 million (FY2022: US$11.6 million)

-- In April 2023 the shareholder loan outstanding to IYA Global Limited was converted to an interest free long-term loan repayable at the end of 2025. There is no other Group financial debt as at the date hereof.

Operational Summary

-- In Paraguay, work continued in relation to preparation for drilling of the high impact exploration well with our partner CPC, the State Energy Company of Taiwan.

-- Green House Capital has been created with the purpose of becoming the alternative energy division of Molecular.

Current trading and developments

-- Sale of business and assets in Argentina approved by shareholders on 21 September 2023 (the "Sale"). The Sale has been completed and all Argentine debt is now removed.

-- The flow of monies to the Group resulting from the Sale is expected to commence in 2024 and to continue thereafter up to a period of five years providing the Group with base working capital.

-- The exploration well in Paraguay is expected to commence drilling in October 2023 and will be subject to a separate announcement.

-- Work on the proposed initial public offering on the AIM market of Green House Capital is progressing well with further updates planned in the coming weeks. A Chief Executive Officer has now been appointed with the professional team all in place. Further announcements are expected to be issued in October.

-- As detailed in its RNS of 21 September 2023, Molecular's management team are evaluating alternative major energy projects to place the Group at the forefront of the ongoing energy revolution utilising its assets, knowhow, geographic location and reputation on the ground. Such projects now include sustainable aviation fuel production on a commercial scale with Aecom, the international engineering consultancy, having been commissioned to produce a feasibility report which will be available in Q4 2023. In the meantime, several non-disclosure agreements have been entered into and discussions taking place with equipment suppliers and potential off takers.

Commenting on today's announcement, Peter Levine, Chairman said:

"Times change and so must Molecular. By making plans to pivot to green fuel, the Company will benefit from its and its sister company's contacts, experience, know-how and location to create a major future fuel business.

"In the meantime, the existing business and assets of Molecular, now free from the large Argentine debt and all third-party financial debt, provide a solid and worthwhile base from which to grow."

* Adjusted EBITDA means Operating Profit before depreciation, depletion and amortisation, adjusted for non-cash share-based expenses and certain non-recurring items. Non-recurring items include where relevant workovers.

* Profit after tax before non-cash items which comprise depletion, depreciation, amortisation, impairment, non-operating gains/losses and deferred tax.

Notes to Editors

Molecular Energies PLC is an AIM listed company at the forefront of energy development and has interests across the energy spectrum, from an oil and gas project to the green and alternative energy sector.

The Company currently has an oil exploration asset in Paraguay. The Company has two separate subdivisions which are focused on early-stage opportunities in the green and/or alternative energy sub-sector.

Activities in the green and alternative energy space are being carried out direct through Molecular and under the Green House Capital brand and through AIM listed Atome Energy PLC, a green hydrogen, ammonia, and fertiliser company operating in Paraguay, Costa Rica and Iceland, in which Molecular currently has 20.5%.

With a strong strategic and institutional base of support, no third-party financial debt and a Chairman whose interests as the largest shareholder are aligned to those of its shareholders, Molecular gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.

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 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for the release of this announcement on behalf of the Company was Robert Shepherd, Finance Director.

 
Contact: 
 Molecular Energies PLC 
 Peter Levine, Chairman                            +44 (0)20 7016 7950 
 Rob Shepherd, Group FD                            info@molecularenergiesplc.com 
 
  Cavendish Corporate Finance Limited 
  (Nominated Adviser and Broker) 
  Simon Hicks, George Dollemore                    +44 (0)20 7220 0500 
 
  Tavistock (Financial PR & IR) 
  Simon Hudson, Nick Elwes, Charles 
  Baister                                          +44 (0)20 7920 3150 
 

Glossary of terms

   Boe(pd)            Barrels of oil equivalent (per day) 
   Bopd                Barrels of oil per day 
   DDA                 Depletion, depreciation and. amortisation 
   EV                    Enterprise value meaning market capitalisation plus debt 
   MMbbls            Million barrels of oil 
   MMboe             Million barrels of oil equivalent 
   MMBtu              Million British Thermal Units (gas) 
   M(3) /d                 Cubic metres of production of gas or oil per day (as the case may be) 

Condensed Consolidated Statement of Comprehensive Income

Six months ended 30 June 2023

 
                                                         6 months      6 months    Year to 
                                                            to 30         to 30 
                                                             June          June     31 Dec 
                                                             2023          2022       2022 
                                                                                     (Note 
                                                      (Unaudited)   (Unaudited)         2) 
                                                           US$000        US$000     US$000 
 Continuing Operations 
 Revenue                                                   14,674        16,183     31,547 
 Cost of sales 
 Depletion, depreciation & amortisation                   (3,415)       (4,273)    (7,296) 
 Other cost of sales                                     (10,643)      (10,294)   (20,174) 
                                                     ------------  ------------  --------- 
 Total cost of sales                              3      (14,058)      (14,567)   (27,470) 
                                                     ------------  ------------  --------- 
 
 Gross profit/(loss)                                          616         1,616      4,077 
 Administrative expenses                                  (2,678)       (1,380)    (4,070) 
 Operating gain/(loss)                                          -           500          - 
 Operating profit / (loss) before 
  impairment charge 
                                                     ------------  ------------  --------- 
   and non-operating gains / (losses)                     (2,062)           736          7 
 Impairment intangible asset in 
  Paraguay                                                      -             -    (8,583) 
 Loss in associate undertaking                                  -          (25)       (25) 
 Gain on disposal of USA business                 5         1,411             -          - 
 Other non-operating gains /(losses)              5         1,280           351      1,269 
 Profit/(loss) after impairment 
  and non-operating 
                                                     ------------  ------------  --------- 
   gains and (losses)                                         629         1,062    (7,332) 
 Finance income                                   6         2,255         3,259      4,907 
 Finance costs                                    6       (2,877)       (3,029)    (6,617) 
                                                     ------------  ------------  --------- 
 Profit / (loss) before tax from 
  continuing operations                                         7         1,292    (9,042) 
 Income tax (charge)/credit 
 Current tax income tax (charge)/credit                      (81)             -       (59) 
 Deferred tax being a provision 
  for future taxes                                            156         2,030      2,033 
 Total income tax (charge)/credit                              75         2,030      1,974 
 
 Profit/(loss) for the period from 
  continuing operations                                        82         3,322    (7,068) 
 
 Profit/(loss) for the period from 
  discontinued operations                         7         (156)           245    (3,430) 
 Share of loss attributable to non-controlling 
  interest                                                    282             -          - 
 
 Profit/(loss) for the period attributable 
  to equity holders                                           208         3,567   (10,498) 
 Other comprehensive income 
  - Items that may be reclassified 
   subsequently to profit or loss 
 Exchange differences on translating 
   non-US Dollar operations                                  (35)             -          - 
 Total comprehensive profit/(loss) 
  for the period 
   attributable to the equity holders 
    of the Parent Company                                     173         3,567   (10,498) 
                                                     ============  ============  ========= 
 
 Basic earnings/ (loss) per share                        US cents      US cents   US cents 
 Earnings/ (loss) per share from 
  continuing operations                           8           3.5          32.3     (68.7) 
 Earnings / (loss) per share from 
  discontinued operations                         8         (1.5)           2.4     (33.3) 
                                                              2.0          34.7    (102.0) 
                                                     ============  ============  ========= 
 Diluted earnings/ (loss) per share 
 Earnings/ (loss) per share from 
  continuing operations                           8           3.5          31.8     (68.7) 
 Earnings / (loss) per share from 
  discontinued operations                         8         (1.5)           2.3     (33.3) 
                                                              2.0          34.1    (102.0) 
                                                     ============  ============  ========= 
 

Condensed Consolidated Statement of Financial Position

As at 30 June 2023

 
                                              30 June       30 June      31 Dec 
                                                 2023          2022        2022 
                                          (Unaudited)   (Unaudited)   (Audited) 
                                               US$000        US$000      US$000 
 ASSETS                            Note 
 Non-current assets 
 Intangible exploration and 
  evaluation assets                 9          45,721        54,304      45,721 
 Goodwill                                         705           705         705 
 Property, plant and equipment      9          72,758        74,071      71,937 
                                         ------------  ------------  ---------- 
                                              119,184       129,080     118,363 
 
 Deferred tax                                       -           356          45 
 Other non-current assets                           -           103         103 
                                              119,184       129,539     118,511 
                                         ------------  ------------  ---------- 
 Current assets 
 Trade and other receivables        10         15,591         7,350      11,710 
 Cash and cash equivalents                      3,093         4,970       7,941 
                                               18,684        12,320      19,651 
                                         ------------  ------------  ---------- 
 
 TOTAL ASSETS                                 137,868       141,859     138,162 
                                         ============  ============  ========== 
 
 LIABILITIES 
 Current liabilities 
 Trade and other payables           11         23,316        22,891      20,708 
 Borrowings                         12         19,897        12,521      18,391 
                                               43,213        35,412      39,099 
                                         ------------  ------------  ---------- 
 Non-current liabilities 
 Trade and other payables           11          3,144         4,059       3,362 
 Long-term provisions                           7,038         7,963       7,854 
 Borrowings                         12         26,025        21,691      29,134 
 Deferred tax                                      94           253         250 
                                               36,301        33,966      40,600 
                                         ------------  ------------  ---------- 
 
 TOTAL LIABILITIES                             79,514        69,378      79,699 
                                         ============  ============  ========== 
 
 EQUITY 
 Share capital                                 36,180        36,179      36,179 
 Share premium                                    289            48          48 
 Translation reserve                         (50,270)      (50,240)    (50,235) 
 Profit and loss account                       64,855        78,712      64,647 
 Other reserve                                  7,582         7,782       7,824 
                                               58,636        72,481      58,463 
 Non-controlling interest                       (282)             -           - 
 TOTAL EQUITY                                  58,354        72,481      58,463 
                                         ============  ============  ========== 
 
 TOTAL EQUITY AND LIABILITIES                 137,868       141,859     138,162 
                                         ============  ============  ========== 
 

Condensed Consolidated Statement of Changes in Equity

 
                             Share      Profit       Other      Total   Non-controlling      Total 
                           capital    and loss    reserves                     interest     Equity 
                           & share     account 
                           premium 
                            US$000      US$000      US$000     US$000            US$000     US$000 
 
 Balance at 1 January 
  2022                      36,227      75,145    (42,531)     68,841                 -     68,841 
                         ---------  ----------  ----------  ---------  ----------------  --------- 
 
 Share-based payments            -           -          73         73                 -         73 
 Transactions with 
  owners                         -           -          73         73                 -         73 
 
 Loss for the period             -       3,567           -      3,567                 -      3,567 
 Total comprehensive 
  income/(loss)                  -       3,567           -      3,567                 -      3,567 
 
 Balance at 30 
  June 2022                 36,227      78,712    (42,458)     72,481                 -     72,481 
 
 Share-based payments            -           -          42         42                 -         42 
 Transactions with 
  owners                         -           -          42         42                 -         42 
 
 Profit for the 
  period                         -    (14,065)           -   (14,065)                 -   (14,065) 
 Exchange differences 
  on 
  translation                    -           -           5          5                 -          5 
 Total comprehensive 
  income/(loss)                  -    (14,065)           5   (14,060)                 -   (14,060) 
 
 Balance at 1 January 
  2023                      36,227      64,647    (42,411)     58,463                 -     58,463 
 
 Exercise of options           242           -       (242)          -                 -          - 
 Transactions with 
  owners                       242           -       (242)          -                 -          - 
 
 Loss for the period             -         208           -        208             (282)       (74) 
 Exchange differences 
  on 
   translation                   -           -        (35)       (35)                 -       (35) 
 Total comprehensive 
  income/(loss)                  -         208        (35)        173             (282)      (109) 
 
 Balance at 30 
  June 2023                 36,469      64,855    (42,688)     58,636             (282)     58,354 
                         =========  ==========  ==========  =========  ================  ========= 
 

Condensed Consolidated Statement of Cash Flows

Six months ended 30 June 2023

 
                                                     6 months      6 months    Year to 
                                                        to 30         to 30 
                                                         June          June     31 Dec 
                                                         2023          2022       2022 
                                                                                 (Note 
                                                  (Unaudited)   (Unaudited)         2) 
                                                       US$000        US$000     US$000 
 Cash flows from continuing operations 
  - (Note 13) 
 Cash generated/(consumed) by operations                (368)         8,283     11,637 
 Interest received                                        218            83        244 
 Taxes paid                                              (59)             -          - 
 Cash generated/(consumed) by discontinued 
  operations                                             (40)           356      (271) 
                                                        (249)         8,722     11,610 
                                                 ------------  ------------  --------- 
 
 Cash flows from investing activities 
 Expenditure on exploration and evaluation 
  assets                                                    -             -          - 
 Expenditure on development and production 
  assets 
    (excluding increase in provision for 
     decommissioning)                                 (4,432)       (9,911)   (21,832) 
 Insurance proceeds                                         -             -      1,289 
 Recovery of previously impaired costs                      -             -        748 
 Acquisition & licence extension in Argentina           1,280             -          - 
 Net cash used in investing activities 
  in discontinued operations                                -         (110)      (450) 
                                                      (3,152)      (10,021)   (20,245) 
                                                 ------------  ------------  --------- 
 
 Cash flows from financing activities 
 Proceeds from issue of shares (net of 
  expenses)                                                 -             -          - 
 Loan drawdown                                         11,471         8,120     40,345 
 Repayment of borrowings                             (12,784)       (3,018)   (21,747) 
 Payment of loan interest and fees                    (1,092)       (1,539)    (4,366) 
 Repayment of obligations under leases                  (424)         (640)      (947) 
 Net cash used in financing activities 
  in discontinued operations                             (37)          (63)      (120) 
                                                      (2,866)         2,860     13,165 
                                                 ------------  ------------  --------- 
 
 
 Net increase/(decrease) in cash and 
  cash equivalents                                    (6,267)         1,561      4,530 
 Opening cash and cash equivalents at 
  beginning of year                                     7,941         2,014      2,014 
 Exchange (losses)/gains on cash and 
  cash equivalents                                      1,419         1,395      1,397 
 Closing cash and cash equivalents                      3,093         4,970      7,941 
                                                 ============  ============  ========= 
 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023

1 Nature of operations and general information

Molecular Energies PLC and its subsidiaries' (together," the Group") principal activities are the exploration for and the evaluation and emerging new energy projects.

Molecular Energies PLC is the Group's ultimate parent company. It is incorporated and domiciled in England. Following the sale of business and assets in Argentina approved by shareholders on 21 September 2023, the Group has onshore exploration assets in Paraguay and interests in emerging alternative energy projects. The address of Molecular Energies PLC's registered office is Carrwood Park, Selby Road, Leeds, LS15 4LG. Molecular Energies PLC's shares are listed on the AIM of the London Stock Exchange.

These condensed consolidated interim financial statements (the interim financial statements) have been approved for issue by the Board of Directors on 27 September 2023. The financial information for the year ended 31 December 2022 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the six months ended 30 June 2023 and 30 June 2022 was neither audited nor reviewed by the auditor. The Group's statutory financial statements for the year ended 31 December 2022 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006

2 Basis of preparation

The interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2022, which have been prepared under UK adopted international accounting standards ("IFRS").

These financial statements have been prepared under the historical cost convention. The accounting policies adopted in the 2023 interim financial statements are the same as those adopted in the 2022 Annual report and accounts.

The 31 December 2022 audited results have been re-presented to disclose the operations discontinued in 2023, in accordance with IFRS 5.

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued

 
                                                       6 months      6 months   Year to 
                                                          to 30         to 30 
                                                           June          June    31 Dec 
                                                           2023          2022      2022 
                                                                                  (Note 
                                                    (Unaudited)   (Unaudited)        2) 
                                                         US$000        US$000    US$000 
 3 Cost of 
  Sales 
  Depreciation                                            3,415         4,273     7,296 
  Release of abandonment provision                            -             -     (711) 
  Royalties & production taxes                            2,364         3,161     4,968 
  Well operating costs                                    8,279         7,133    15,917 
                                                         14,058        14,567    27,470 
                                                   ============  ============  ======== 
 4 Adjusted 
  EBITDA 
  Adjusted EBITDA                                         1,686         5,282     7,063 
  Non-recurring items                                     (290)         (159)     (252) 
  EBITDA excluding share options                          1,396         5,123     6,811 
  Release of abandonment provision                            -             -       711 
  Depreciation, depletion 
   & amortisation                                       (3,458)       (4,314)   (7,400) 
  Share based payment expense                                 -          (73)     (115) 
  Operating profit / (loss)                             (2,062)           736         7 
                                                   ------------  ------------  -------- 
 
 
 5 Non-operating (gains) / losses 
  Recovery of impaired costs                 -       -     (748) 
  Gain on insurance proceeds           (1,280)       -     (115) 
  Arising on lease modifications             -       4      (51) 
  Other (gains) / losses                     -   (355)     (355) 
  Gain on USA disposal                 (1,411)       -         - 
                                       (2,691)   (351)   (1,269) 
                                      ========  ======  ======== 
 6 Finance income & costs 
  Interest income                          218      83       244 
  Exchange gains                         2,037   3,176     4,663 
  Finance income                         2,255   3,259     4,907 
                                      ========  ======  ======== 
 
  Interest & similar charges             2,877   3,029     6,617 
  Exchange losses                            -       -         - 
  Finance costs                          2,877   3,029     6,617 
                                      ========  ======  ======== 
 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued

 
 7 Discontinued Operations                       6 months      6 months   Year to 
                                                    to 30         to 30 
                                                     June          June    31 Dec 
                                                     2023          2022      2022 
                                                                            (Note 
                                              (Unaudited)   (Unaudited)        2) 
                                                   US$000        US$000    US$000 
 Discontinued Operations 
 Revenue                                              346         1,449     1,686 
 Cost of sales                                      (414)         (833)   (2,874) 
 Gross profit/(loss)                                 (68)           616   (1,188) 
 Administrative expenses                             (30)         (361)     (473) 
 Operating profit / (loss) before 
  impairment charge 
                                             ------------  ------------  -------- 
   and non-operating gains / (losses)                (98)           255   (1,661) 
 
 Impairment charge                                      -             -   (1,433) 
 Non-operating gains /(losses)                          -             -         1 
 Profit/(loss) after impairment and 
  non-operating 
                                             ------------  ------------  -------- 
   gains and (losses)                                (98)           255   (3,093) 
 
 Finance income                                         -             -         - 
 Finance costs                                       (13)          (16)      (32) 
 
 Profit / (loss) before tax                         (111)           239   (3,125) 
 
 Income tax (charge)/credit 
 Current tax income tax (charge)/credit                 -             -         - 
 Deferred tax being a provision for 
  future taxes                                       (45)             6     (305) 
 Total income tax (charge)/credit                    (45)             6     (305) 
 
 Profit/(loss) for the period from 
  discontinued operations                           (156)           245   (3,430) 
                                             ============  ============  ======== 
 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued

 
                                          6 months      6 months    Year to 
                                             to 30         to 30 
                                              June          June     31 Dec 
                                              2023          2022       2022 
                                                                      (Note 
                                       (Unaudited)   (Unaudited)         2) 
                                            US$000        US$000     US$000 
 8 Earnings / (loss) per share 
  Net profit / (loss) for 
   the period attributable 
    to the equity holders of 
     the 
    Parent Company from continuing 
     operations                                364         3,322    (7,068) 
                                      ============  ============  ========= 
 
  Net profit / (loss) for 
   the period from 
  discontinued operations                    (156)           245    (3,430) 
                                      ============  ============  ========= 
 
                                            Number        Number     Number 
                                              '000          '000       '000 
  Weighted average number 
  of shares in issue                        10,355        10,290     10,290 
                                      ============  ============  ========= 
 
  Earnings /(loss) per share 
   from continuing operation              US cents      US cents   US cents 
  Basic                                        3.5          32.3     (68.7) 
  Diluted                                      3.5          31.8     (68.7) 
                                      ============  ============  ========= 
 
  Earnings /(loss) per share 
   from discontinued operations           US cents      US cents   US cents 
  Basic                                      (1.5)           2.4     (33.3) 
  Diluted                                    (1.5)           2.3     (33.3) 
                                      ============  ============  ========= 
 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2022 - continued

 
 9 Non-current assets 
                                                           Property 
                                                              Plant 
                                                    E&E         and      Total 
                                                 Assets   Equipment 
                                                 US$000      US$000     US$000 
  Cost 
  At 1 January 2022                             146,725     163,197    309,922 
  Additions                                           -      18,961     18,961 
  Acqusition in USA                                   -           -          - 
  Right of use assets (IFRS16)                        -         377        377 
  At 30 June 2022                               146,725     182,535    329,260 
  Additions                                           -       5,359      5,359 
  Acquisition of well in USA                          -         600        600 
  Damaged by fire                                     -     (1,249)    (1,249) 
  Disposals of Right of Use Assets (IFRS!^)           -     (1,404)    (1,404) 
  At 1 January 2023                             146,725     185,841    332,566 
  Additions                                           -       4,547      4,547 
  Disposal of USA                                     -    (12,514)   (12,514) 
  Right of use assets (IFRS16)                        -           -          - 
  At 30 June 2023                               146,725     177,874    324,599 
                                               ========  ==========  ========= 
 
  Depreciation/Impairment 
  At 1 January 2022                              92,421     104,049    196,470 
  Charge for the period                               -       4,415      4,415 
                                               --------  ----------  --------- 
  At 30 June 2022                                92,421     108,464    200,885 
  Impaired                                        8,583       1,433     10,016 
  Disposals                                           -       (293)      (293) 
  Damaged by fire                                     -        (75)       (75) 
  Charge for the period                               -       4,375      4,375 
                                               --------  ----------  --------- 
  At 1 January 2023                             101,004     113,904    214,908 
  Disposal of USA                                     -    (12,304)   (12,304) 
  Charge for the period                               -       3,516      3,516 
  At 30 June 2023                               101,004     105,116    206,120 
                                               ========  ==========  ========= 
 
 
  Net Book Value 30 June 2023                    45,721      72,758    118,479 
                                               ========  ==========  ========= 
 
  Net Book Value 30 June 2022                    54,304      74,071    128,375 
                                               ========  ==========  ========= 
 
  Net Book Value 31 December 2022                45,721      71,937    117,658 
                                               ========  ==========  ========= 
 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued

 
                                                           30 June       30 June      31 Dec 
                                                              2023          2022        2022 
                                                       (Unaudited)   (Unaudited)   (Audited) 
                                                            US$000        US$000      US$000 
 10 Trade and other receivables 
  Trade and other receivables                                7,522         6,092       8,805 
  Prepayments                                                8,069         1,258       2,905 
                                                            15,591         7,350      11,710 
                                                      ============  ============  ========== 
 11. Trade and other payables 
                  Current 
  Trade and other payables                                   8,903         9,176       7,707 
  Drilling, workover and operation 
   accruals                                                 13,359        12,519      12,317 
  Current portion of leases                                  1,054         1,196         684 
                                                            23,316        22,891      20,708 
                                                      ============  ============  ========== 
                  Non-current 
  Non-current trade and other 
   payables                                                  2,719         2,409       2,569 
  Non-current portion of leases                                425         1,650         793 
                                                             3,144         4,059       3,362 
                                                      ============  ============  ========== 
  Total carrying value                                      26,460        26,950      24,070 
                                                      ============  ============  ========== 
 12 Borrowings 
                  Current 
  Bank loan                                                    951         1,680       1,183 
  Promissory notes & bonds                                  18,946        10,841      17,208 
                                                            19,897        12,521      18,391 
                  Non-Current 
  IYA Loan                                                  12,140        11,289      12,073 
  Bank loan                                                  2,009         2,342       1,072 
  Promissory notes & bonds                                  11,876         8,060      15,989 
                                                            26,025        21,691      29,134 
                                                      ------------  ------------  ---------- 
  Total carrying value of 
   borrowings                                               45,922        34,212      47,525 
                                                      ============  ============  ========== 
 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued

 
                                                            6 months      6 months   Year to 
                                                               to 30         to 30 
                                                                June          June    31 Dec 
                                                                2023          2022      2022 
                                                                                       (Note 
                                                         (Unaudited)   (Unaudited)        2) 
                                                              US$000        US$000    US$000 
 Profit/(loss) from operations before 
  taxation                                                         7         1,292   (9,042) 
  Interest on bank deposits                                    (218)          (83)     (244) 
  Interest payable and loan 
   fees                                                        2,877         3,029     6,617 
                  Depreciation and impairment 
                   of property, 
    plant and equipment                                        3,458         4,314     7,400 
  Release of abandonment provision                                 -             -     (711) 
  Impairment charge                                                -             -     8,583 
  Loss on associate investment                                     -            25        25 
  Gain on non-operating transaction                          (1,280)         (351)   (1,269) 
                  Gain on disposal of USA 
                   business                                  (1,411)             -         - 
  Share-based payments                                             -            73       115 
  Foreign exchange difference                                (2,037)       (3,176)   (4,663) 
 
 Operating cash flows before movements 
  in working capital                                           1,396         5,123     6,811 
 
  (Increase)/decrease in receivables                         (4,565)         1,638   (3,137) 
  (Increase)/decrease in inventory                                 -         1,687     1,691 
  (Decrease)/increase in payables                              2,801         (165)     6,272 
 
 Net cash generated by/(used in) 
   operating 
    activities                                                 (368)         8,283    11,637 
                                                        ============  ============  ======== 
 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2023 - continued

 
 14 Atome 
  Energy plc 
                                                        6 months      6 months     Year to 
                                                           to 30         to 30 
                                                            June          June      31 Dec 
                                                            2023          2022        2022 
                                                     (Unaudited)   (Unaudited)   (Audited) 
 Selected key financial extracts                          US$000        US$000      US$000 
 
 Group Statement of Comprehensive Income 
  Gain / (loss) on Atome associate 
   investment                                                  -          (25)        (25) 
                                                               -          (25)        (25) 
                                                    ============  ============  ========== 
 Company Profit & Loss Statement 
  Gain arising on mark to 
   market of investment                                       49           580       1,414 
                                                              49           580       1,414 
                                                    ============  ============  ========== 
 Company Statement of Financial position 
  Investment in Atome Energy 
   plc at market value                                    11,638        10,755      11,589 
                                                    ============  ============  ========== 
 

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IR BCGDCISDDGXR

(END) Dow Jones Newswires

September 28, 2023 02:00 ET (06:00 GMT)

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