ADRIATIC OIL PLC: Interim Results for the Half-Year Ended 31 March 2013

ADRIATIC OIL PLC: Interim Results for the Half-Year Ended 31 March 2013
27 June 2013 

                               Adriatic Oil Plc                                
                       ("Adriatic Oil" or the "Company")                       
             INTERIM RESULTS FOR THE HALF-YEAR ENDED 31 MARCH 2013             

The Board of Adriatic Oil Plc (the "Board"), the ISDX Growth Market quoted
international oil and gas exploration company, is pleased to present the
Company's results for the half-year ended 31 March 2013, a period which has
shown significant advances in the Company's portfolio of assets in the Celtic
Sea and the Inner Moray Firth.

The increased activity resulted in Adriatic Oil incurring a loss after taxation
for the period under review of approximately GBP 143,000, representing a basic
loss of 0.06p per share, as compared to a loss after taxation of approximately
GBP 69,000 and a basic loss of 0.05p per share for the corresponding period in
the previous financial year.

On 14 November 2012, Adriatic Oil announced the award of Licensing Option 12/5
(the "Licensing Option") "Shanagarry" in the North Celtic Sea and its immediate
farm-out to Fastnet Oil and Gas plc leaving the Company with a carried interest
of 15.5% in the Licensing Option.

On 7 December 2012, the Company announced a 25% farm-in to Blocks 12/18 and 12/
19c in the Inner Moray Firth (the "Seaward Production Licence") as well as an
option whereby, for an increased capital commitment, the Company can increase
its stake in the Seaward Production Licence to 50%.

The Board's priorities for the coming year will remain focused on the Inner
Moray Firth and the Celtic Sea, areas from which The Board believe shareholder
value can be increased. In addition to this primary focus, the Company will
continue to pursue possibilities in the Italian and Albanian waters of the
Adriatic Sea.

It has always been the Board's intention to develop Adriatic Oil into a larger,
more significant player within its regions and sector. The Board believes that
a logical next step for the Company could be a move up to the AIM Market of the
London Stock Exchange ("AIM") and it is in early stage discussions with
advisers to see if the market timing is optimum.

The Board, members of which are significant shareholders in the Company, will
continue to look at ways to unlock value for all shareholders. The Directors
believe that admission to AIM would assist the Company in attracting new
investors, improving liquidity in its shares and raising additional capital as
and when it may be required. The Directors also believe that admission to AIM
would enhance the profile of the Company and help to attract future acquisition
opportunities as the Company seeks to expand.

Jack Wilson

Non-Executive Chairman

On behalf of the Board

CONSOLIDATED PROFIT AND LOSS ACCOUNT                                           

For the six month period ended 31 March 2013                                    

                        Notes        Six months      Six months   Twelve Months
                                          ended           ended           ended
                                       31 March        31 March    30 September
                                           2013            2012            2012
                                       GBP '000        GBP '000        GBP '000

Turnover                                      -               -               - 
Administrative                            (143)            (69)         (1,134)

                                     ----------      ----------      ----------

Operating loss                            (143)            (69)         (1,134) 
Interest received                             -               -               - 
Loss on ordinary                          (143)            (69)         (1,134)
activities before                                                              
Tax on loss on            2                   -               -               -
ordinary activities                                                             

                                     ----------      ----------      ----------

Loss after taxation                       (143)            (69)         (1,134) 

                                     ----------      ----------      ----------

Basic loss per share:     3             (0.06)p         (0.05)p         (0.53)p 
                                 ----------      ----------      ---------- 
All of the Company's operations are classed as continuing. There were no gains
or losses in the period other than those included in the above profit and loss
CONSOLIDATED BALANCE SHEET                                                      
As at 31 March 2013                                                             

                          Notes             31 March     31 March  30 September
                                                2013         2012          2012
                                            GBP '000     GBP '000      GBP '000

Fixed assets                                                                    
Intangible                  4                    169        1,050           155 
Investments                 5                     37           45            45 

                                          ----------   ----------    ----------

Total fixed assets                               206        1,095           200 
Current assets                                                                  
Debtors                                           14          314             7 
Cash at bank                                     412           44           364 

                                          ----------   ----------    ----------

Total current assets                             426          358           371 
Current liabilities                                                             
Creditors                                       (43)         (82)          (24) 

                                          ----------   ----------    ----------

Net current assets                               383          276           347 

                                          ----------   ----------    ----------

Other liabilities                                  -            -             - 

                                          ----------   ----------    ----------

Net assets                                       589        1,371           547 

                                          ----------   ----------    ----------

Capital and reserves                                                            
Called up share capital                        1,633        1,304         1,458 
Share premium                                  1,136          988         1,075 
Profit & loss account                        (2,180)        (921)       (1,986) 

                                          ----------   ----------    ----------

Total shareholders'                              589        1,371           547
                                      ----------   ----------    ---------- 
For the six months period to 31 March 2013 
1. The financial information contained in this statement does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. These
statements, which are unaudited, have been prepared under the historical cost
convention. The information in this announcement has been reviewed by the
Company's auditor. 
2. A provision for taxation has not been made as the Company made a loss for
the period. 
3. The loss per share is based on a loss of GBP 143,410 (2012: loss of GBP
69,464) and a weighted average ordinary shares in issue during the period of
249,516,819 (2012: 143,442,433). 
4. Intangible assets include GBP 34,854 (2012: GBP 855,971) of goodwill on
5. Investments are stated at the lower of cost and net realisable value. 
Bruno Müller 
+44 (0) 20 3178 4060 
SVS SECURITIES PLC - ISDX Growth Market Corporate Adviser 
Peter Ward / Alexander Brearley 
+44 (0) 20 7638 5600 
Dominic Barretto / Anna Legge 
+44 (0) 20 3664 4087 
Adriatic Oil Plc is a publicly quoted UK-incorporated international oil and gas
exploration company with a portfolio of activities focused on the North Celtic
Sea, the UK North Sea and the Adriatic Sea Basin. 
In the North Celtic Sea, the Company has agreed with Fastnet Oil & Gas plc to
farm-out 64.5% of its original 80% interest in a Licensing Option which covers
an area of 881 sq. km. Following execution of the Farm-in Agreements, the
Company will hold 15.5% of the Licensing Option. The Company has a second small
carried interest in offshore Western Ireland. 
Separately, in the Inner Moray Firth area of the UK's North Sea, Adriatic Oil
has secured a 25% Farm-In, approved by the UK Department of Energy and Climate
Change, to Seaward Production Licence P1921 in relation to Blocks 12/18 and 12/
19c and the Company has an option for a further 25%. 
Adriatic Oil is also focused on making and progressing applications for
offshore exploration opportunities in Albania, which holds the largest onshore
oilfield ever found in Europe with 5.7 billion barrels of oil in place. 
Adriatic Oil's strategy is to add shareholder value by proving and developing
leads and plays in areas which the Directors of the Company consider to be high
potential oil and gas provinces. Adriatic Oil's ordinary shares are quoted on
the ISDX Growth Market (operated by ICAP Securities & Derivatives Exchange
Limited) under the ticker symbol 'ADOP'. The Company's website is available at 
-0- Jun/27/2013 09:25 GMT
Press spacebar to pause and continue. Press esc to stop.