NODDING DONKEY PLC - Final Results for the Year Ended 30 April 2014

NODDING DONKEY PLC
                ("Nodding Donkey", the "Company" or the "Group")

UNAUDITED FINANCIAL STATEMENTS FOR THE 12 MONTHS ENDED 30 APRIL 2014

CHAIRMAN'S STATEMENT

I write at a time when Nodding Donkey is on the cusp of entering a new and
exciting phase in its development. In the two years since the Company, through
its 86.95% owned subsidiary, Equatorial Oil & Gas plc ("Equatorial"), took its
first steps in Botswana, it has worked to position itself at the forefront for
the development of shale gas and coal bed methane in the country through
organic and acquisitive means.

PROGRESS IN BOTSWANA FOR SHALE GAS DEVELOPMENT

In July 2014 we announced that Equatorial had acquired 85% of Tamboran Botswana
(Pty) Ltd ("Tamboran"), previously a wholly-owned subsidiary of Tamboran
Resources Ltd. Tamboran is the holder of EL001/2012, a petroleum exploration
licence prospective for shale gas deposits, covering approximately 56,000
square kilometres (c. 13.8 million acres) of the Gemsbok Basin in South-West
Botswana.

The consideration for the acquisition was satisfied through Equatorial taking
on the current obligations of Tamboran's licence, EL001/2012, along with a cash
payment of US$20,000, payable in two equal instalments, of which the first
payment is due by 31 December 2014 and the second payment by 31 December 2015.

In addition to being the holder of the EL001/2012 petroleum exploration
licence, Tamboran has two other petroleum applications in Botswana, which are
anticipated to come under its control in due course, and which are duly
discussed herein. Equatorial has agreed to pay Tamboran Resources Ltd US$20,000
per new petroleum licence granted.

Work undertaken by Tamboran, in conjunction with historic work by Botswana's
Geological Survey, has confirmed the potential of the licence for shale gas. An
historic borehole, drilled purely for stratigraphic purposes, confirmed the
presence of friable black shales in the Bori formation of the Ecca, a group of
sedimentary geological formations found in southern Africa. In addition, high
total organic carbon ("TOC") values have been returned, confirming high levels
of organic material, kerogen, within the rock. Typically, the higher the TOC
value, the better the potential for hydrocarbon generation, for kerogen is the
source material for all hydrocarbon resources.

Overlying the dark grey and black shales within the Bori formation are
sandstones, siltstone, coals and mudstones, providing an environment conducive
to potentially host gas. Stratigraphic correlations can be drawn between the
geology of South Africa's Karoo Basin, which is known to host substantial shale
gas resources, and the geology of Botswana's Kalahari Karoo basin. To date
there has been limited stratigraphic drilling to the depths of these early
Permian basins in Botswana, but, what is known, lends support to the notion of
the Gemsbok basin shales hosting natural gas.

Contiguous to the south of the EL001/2012 licence held by the Group's Tamboran
subsidiary is the licence application made by Equatorial, which is anticipated
to be formerly granted in the near future, and which covers an area of over
29,000 square kilometres. This area covers the southern section of the Gemsbok
Basin.

In addition to holding the EL001/2012 petroleum exploration licence, Tamboran
has two other petroleum exploration licence applications in Botswana, which are
anticipated to come under its control in due course. The first such application
is contiguous to the east of Tamboran's EL001/2012 licence, and is located
within the Western Central Kalahari sub-basin, whilst the second application is
located predominantly within the highly-prospective Northern Belt of the
Central Kalahari sub-basin.

The Central Kalahari sub-basin has seen a strong level of activity and interest
for coal bed methane ("CBM"), with promising results being returned from
companies drilling in this area. Typically the primary CBM targets have been
the Kamotaka, Morupule, and Serowe Formations within the Ecca Group
stratigraphy, which are within the Artinskian, Kunguarin, and Ufimian/Kazanian
epochs of the mid-late Permian geologic period. This has seen drilling to
target coal seam depths ranging from 300 - 700 metres.

It is anticipated that shale gas reservoirs would lie beyond these depths
within the Bori formation of the Asselian and Sakmarian epochs. To date there
has been next to no drilling to these depths in Botswana, which is one of the
key reasons for its potential to host shale gas reservoirs having been ignored.
The presence of gas within the coal seams further supports the notion of the
deeper shales also hosting gas.

Of further geologic importance is that this application covers the entirety of
the Mmashoro sub-basin, a structural low that has the requisite conditions for
gas to be hosted within shales. The Mmashoro low is one of the deepest parts of
the Kalahari Karoo basin, which is important, as burial depth is essential so
as to enable categenesis, the conversion of kerogen to hydrocarbons, to occur.
The Kalahari Karoo basin is predominantly a relatively shallow basin, and hence
why the Mmashoro basin represents a high priority target within the overall
Kalahari Karoo basin for hosting shale gas.

COAL BED METHANE LICENCE APPLICATION IN BOTSWANA

In addition to its portfolio of granted and pending licences for the
exploration of shale gas in Botswana, Equatorial is also awaiting the granting
of its application for coal bed methane exploration ("CBM"), a block which
covers 588 square kilometres of the Western Central Kalahari Karoo Basin.

Equatorial drilled a borehole on this block in 2013, when it was subject of a
farm-in agreement, which was subsequently terminated by mutual consent. The
assay results revealed excellent TOC values of between 13.32% and 65.74% from a
coal horizon thickness of 7.88 metres, and values of between 1.92% and 49.06%
from the second horizon of a 3.79 metre thickness, which confirmed the
prospectivity of the licence for CBM.

Geologically the licence is in the proximity of the Lephephe structural low,
which is a sub-basin of the Kalahari Karoo basin. The Lephephe low, along with
the Mmashoro low sub-basin, are the two high priority targets for hydrocarbons
in Botswana, as the potential source rock of the Ecca is thicker than in other
parts of the Kalahari Karoo basin, whilst the thick basalts provide for
favourable thermal conditions to facilitate maturation, whilst also serving as
a seal.

Other companies exploring in the proximity of the CBM licence applied for have
returned encouraging results, with both the depth of the coal seams and
concentration of gas within the coal seams being favourable for commercial
production.

The next phase for Nodding Donkey is to secure the requisite funding to
commence work on developing its hydrocarbon portfolio in Botswana. With such
development we are cognisant of both social and environmental sensitivities,
and will at all stages aim to protect the biodiversity of the surroundings.

STRENGTHENING OF THE BOARD OF DIRECTORS

In February we announced the appointment of Mr James Negaard as the Company's
Independent Non-Executive Director. Mr Negaard has extensive global business
and international marketing experience gained from his tenure at American
Optical, a multi-national company with wide interests throughout the Middle
East, South East Asia, Australia, and North Africa. He also has a knowledge and
understanding of the ISDX market, having historically been a director of a
constituent company on the exchange.

We are cognisant that the Company would benefit through the board being
strengthened further, and anticipate fulfilling such a corporate objective in
the coming months.

FINANCIALS

The financial results for the twelve months to 30 April 2014 show a loss after
taxation of £121,311 (2013: £193,841), which is attributable to ongoing
administrative costs associated with the running of the Company, and to the
development of the Group's interests in Botswana.

If it becomes known to the Directors of the Company that the audit report is to
be qualified or is modified in relation to going concern or otherwise, the
terms of such qualification or modification will be announced immediately.

These financial statements have not been audited or reviewed by the Company's
auditors.

OUTLOOK

Nodding Donkey has made very meaningful progress toward building an enviable
portfolio of hydrocarbon interests in Botswana. With southern Africa in the
midst of an ongoing energy crisis, due to the demand for electricity exceeding
supply, Nodding Donkey is poised to play a role in potentially alleviating the
situation.

Botswana represents a new frontier for hydrocarbon exploration and development,
with the country's geology conducive to hosting both commercially exploitable
coal bed methane reserves, and potentially more significant shale gas reserves.

The portfolio of licences that the Group could soon have under its control will
make it the largest holder of licences by area within Botswana. We look forward
to announcing developments that will enable the Group to do justice to this
position, and view the future with real confidence.

Finally, I would like to give special thanks to my co-director and co-founder
of Nodding Donkey, Noel Lyons, for his tireless efforts in working to ensure
the success of this Company.

Conrad Windham

Chairman, 30 September 2014

The directors of the Company are responsible for the contents of this

announcement.

ENQUIRIES:

Company
Conrad Windham
020 3130 0674

Corporate Advisor
Peterhouse Corporate Finance Limited
Guy Miller / Mark Anwyl
Telephone: [phone]


                     CONSOLIDATED PROFIT AND LOSS ACCOUNT
                       FOR THE YEAR ENDED 30 APRIL 2014


                                                             2014          2013
                                                                £             £

TURNOVER                                                  (3,288)      (48,995)

Administrative expenses                                 (120,414)     (148,092)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION             (123,702)     (197,087)

Tax on loss on ordinary activities                              -             -

LOSS ON ORDINARY ACTIVITIES AFTER TAXATION              (123,702)     (197,087)

Minority interests                                          2,391         3,246

LOSS FOR THE FINANCIAL YEAR                             (121,311)     (193,841)


Loss per share                                             0.089         0.153

All amounts relate to continuing operations.


          CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                       FOR THE YEAR ENDED 30 APRIL 2014


                                                             2014          2013
                                                                £             £

LOSS FOR THE FINANCIAL YEAR                             (121,311)     (193,841)

Unrealised (deficit) / surplus on                         (1,395)     (166,072)
revaluation of current asset investments

TOTAL RECOGNISED GAINS AND LOSSES RELATING              (122,706)     (359,913)
TO THE YEAR


                          CONSOLIDATED BALANCE SHEET
                              AS AT 30 APRIL 2014


                                                     2014                  2013
                                             £          £          £          £

FIXED ASSETS

Intangible assets                                 139,982                87,693

CURRENT ASSETS

Debtors                                 31,224                32,519

Investments                                749                94,714

Cash at bank                             3,291                50,147

                                        35,264               177,380

CREDITORS: amounts falling due        (39,864)              (24,594)
within one year

NET CURRENT (LIABILITIES)/                        (4,600)               152,786
ASSETS

NET ASSETS                                        135,382               240,479

CAPITAL AND RESERVES

Called up share capital                           344,764               342,264

Share premium account                             309,072               291,572

Revaluation reserve                                   749             (143,535)

Profit and loss account                         (521,066)             (254,076)

SHAREHOLDERS' FUNDS                               133,519               236,225

MINORITY INTERESTS                                1,863                 4,254

                                                  135,382               240,479


                             COMPANY BALANCE SHEET
                              AS AT 30 APRIL 2014


                                                     2014                  2013
                                             £          £          £          £

FIXED ASSETS

Investments                                        12,501                12,501

CURRENT ASSETS

Debtors                                190,843               124,478

Investments                                749                94,714

Cash at bank                             3,272                50,128

                                       194,864               269,320

CREDITORS: amounts falling due        (36,264)              (23,955)
within one year

NET CURRENT ASSETS                                158,600               245,365

NET ASSETS                                        171,101               257,866

CAPITAL AND RESERVES

Called up share capital                           344,764               342,264

Share premium account                             309,072               291,572

Revaluation reserve                                   749             (143,535)

Profit and loss account                         (483,484)             (232,435)

SHAREHOLDERS' FUNDS                               171,101               257,866

                       CONSOLIDATED CASH FLOW STATEMENT
                       FOR THE YEAR ENDED 30 APRIL 2014


                                                             2014          2013
                                                                £             £

Net cash flow from operating activities                 (103,849)     (154,574)

Returns on investments and servicing of                         -         7,500
finance

Capital expenditure and financial investment             (52,289)      (87,693)

CASH OUTFLOW BEFORE MANAGEMENT OF LIQUID                (156,138)     (234,767)
RESOURCES AND FINANCING

Management of liquid resources                             89,282        12,897

Financing                                                  20,000       202,000

DECREASE IN CASH IN THE YEAR                             (46,856)      (19,870)


         RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/DEBT
                       FOR THE YEAR ENDED 30 APRIL 2014


                                                             2014          2013
                                                                £             £

Decrease in cash in the year                             (46,856)      (19,870)

Cash outflow from increase in liquid                     (89,282)      (12,897)
resources

CHANGE IN NET DEBT RESULTING FROM CASH FLOWS            (136,138)      (32,767)

Other non-cash changes                                    (4,683)     (215,066)

MOVEMENT IN NET DEBT IN THE YEAR                        (140,821)     (247,833)

Net funds at 1 May 2013                                   144,861       392,694

NET FUNDS AT 30 APRIL 2014                                  4,040       144,861