DGAP-News: ADM Energy PLC
/ Key word(s): Annual Results
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
o Production from both the Aje-4 and Aje-5ST2 wells continued uninterrupted aside from planned maintenance work, with oil stored on the FPSO while prices recovered
o Appointed Sir Henry Bellingham, former UK Government Minister for Africa, and Dr Stefan Liebing, Chairman of the German-African Business Association, as Non- executive Directors
Group and Company Statements of Financial Position
Group Statement of Changes in Equity
Company Statement of Changes in Equity
The Company is a public limited company incorporated in the United Kingdom and its shares are listed on the AIM market of the London Stock Exchange. The Company is an investment company, mainly investing in natural resources and oil and gas projects. The registered office of the Company is as detailed in the Company Information on page 2. The information included in this announcement has been extracted from the Company's report and accounts and, therefore, as references and page numbers may be incorrect. Shareholders should read the Company's report and accounts in full which can be found on its website.
The principal accounting policies adopted in the preparation of these financial statements are set out in the full report and accounts which is available from the Company's website, www.admenergyplc.com. These policies have been consistently applied throughout all periods presented in the financial statements. As in prior periods, the Group financial statements have been prepared in accordance with International Accounting Standards and interpretations issued by the International Accounting Standards Board (IASB) International Financial Reporting Standards (IFRS) as adopted by the European Union. The financial statements have been prepared using the measurement bases specified by IFRS for each type of asset, liability, income and expense. The measurement bases are more fully described in the accounting policies below. The current period covered by these financial statements is the year to 31 December 2020. The comparative figures relate to the year ended 31 December 2019. The financial statements are presented in pounds sterling (£) which is the functional currency of the Group. An overview of standards, amendments and interpretations to IFRSs issued but not yet effective, and which have not been adopted early by the Group are presented below under 'Statement of Compliance'. STATEMENT OF COMPLIANCE
New standards, amendments and interpretations adopted by the Company The company has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2020:
There are several standards, amendments to standards and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has not yet adopted. The most significant of these are as follows, which are all effective for the period beginning 1 January 2021: The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards and interpretations not yet adopted A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after 1 January 2020 and have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the financial statements of the Company.
There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company.
3. Going Concern At 31 December 2020, the Group recorded a loss for the year of £6,904,000 and had net current liabilities of £3,392,000, after allowing for cash balances of £30,000. Since the year end, the Group has raised additional equity funding of £1,220,000 and realised £850,000 from the sale of investments to provide for working capital requirements, and the Directors have prepared cashflow forecasts for the period to 30 September 2022 to assess whether the use of the going concern basis for the preparation of the financial statements is appropriate. In the short term, the Group will require further additional funding in order to meet its liabilities as they fall due and continue to operate as a going concern. The Directors have taken into consideration the level and timing of the Group's working capital requirements (which takes into account recent reductions in costs and control of discretionary spending to preserve cash flow) and has also considered the likelihood of successfully securing funding to meet these needs. In particular, consideration has been given to ongoing discussions around further third-party investment and the extent to which these discussions are advanced both in respect of short and longer term funding. The Directors acknowledge that while they have an expectation that funding will be secured based on this assessment, at the date of approval of these financial statements, no such funding has been unconditionally committed. Therefore, while the Directors have a reasonable expectation that the Group has the ability to raise the additional finance required in order to continue in operational existence for the foreseeable future, the uncertainty surrounding the ability and likely timing of securing such finance indicates that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Were no such funding to be secured, the Group would have no realistic alternative but to halt operations and prepare its financial statements on a non-going concern basis.
4. Earnings and Net Asset Value Per Share The basic and diluted earnings per share is calculated by dividing the loss attributable to owners of the Group by the weighted average number of ordinary shares in issue during the year.
The weighted average number of shares used for calculating the diluted loss per share for 2020 and 2019 was the same as that used for calculating the basic loss per share as the effect of exercise of the outstanding share options was anti-dilutive.
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 or visit www.rns.com. 30.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | ADM Energy PLC |
60 Gracechurch street | |
EC3V 0HR London | |
United Kingdom | |
Phone: | +44 (0)2077863555 |
E-mail: | hello@admenergyplc.com |
Internet: | www.admenergyplc.com |
ISIN: | GB00BJFDXW97 |
WKN: | A2PLC1 |
Listed: | Foreign Exchange(s) London |
EQS News ID: | 1237294 |
End of News | DGAP News Service |
1237294 30.09.2021