ADRIATIC OIL PLC: Preliminary Announcement of Final Results

28 February 2014 


                               Adriatic Oil Plc
                          ("Adriatic", the "Company")
                    Preliminary Announcement of Final Results

The Board of Adriatic Oil Plc, the ISDX Growth Market quoted
international oil and gas exploration Company, is pleased to present the
results for the twelve months to 30 September 2013 (the "Period"), which has
seen positive developments for the Company and a diversification of its
portfolio interests, offering investors an opportunity to be part of a fast
moving business run by a management team with a demonstrable track record.


HIGHLIGHTS DURING THE PERIOD AND BEYOND

- Successful equity Placing, raising £200,000 gross

- Intention to seek Admission to AIM

- Appointment of Competent Person

- Ongoing work programme of Licensing Option 12/5, Shanagarry

- Application made for two offshore blocks in the Italian Adriatic

- Re-initiation of discussions with Albpetrol with regards to Albanian
offshore Block North Rodoni

During the Period, the Company incurred a loss after taxation of
£549,469 representing a basic loss of 0.17p per share as compared to a loss
after taxation in the previous year of £243,353 and a basic loss per share of
0.10p per share.


CORPORATE REVIEW

Intention to seek Admission to AIM

The Company has announced its intention to apply for the Admission
of the ordinary shares of the Company to trading on the AIM market of the
London Stock Exchange ("AIM"). The Board intends the Company's potential
Admission to AIM to be accompanied by a fundraising.

Appointment of Competent Person

SLR Environmental Consulting (Ireland) Ltd has been appointed as
Competent Person to the Company and has been commissioned to prepare a
Competent Person's Report ("CPR") in relation to all of Adriatic Oil's assets.
This CPR marks a first in the Company′s history in that no previous
third-party report of its nature has been prepared on Adriatic Oil's assets.
The report is available on the Company's website: www.adriaticoil.com.

Shanagarry - North Celtic Sea/Ireland

The Work Programme of Licensing Option 12/5 Shanagarry, containing
part-Blocks 49/18, 49/19, 49/20, 49/23, 49/24 and 49/25, and of which
collectively 64.5% is farmed-out to Fastnet Oil & Gas plc, is ongoing. The
Company expects to report about the developments by May 2014. Further
information on the Licensing Option 12/5 Shanagarry and the respective work
programme can be found in the Competent Person's Report ("CPR") which is
available on the Company's website.

Seaward Production Licence P1921 - UK North Sea

On 3 September 2013, the Company announced that it had agreed with
Elixir Petroleum Limited ("Elixir") to vary the terms of its Farm-In to the
Seaward Production Licence P1921 in relation to Blocks 12/18 and 12/19c ("the
Blocks"), which are located in the Inner Moray Firth area of the UK's North
Sea. Under the terms of the variation of the Farm-In, Elixir agreed to assign
an additional 55% Working Interest in the Licence to Adriatic Oil, increasing
Adriatic Oil's total Working Interest in the Licence to 80% and leaving Elixir
with a 20% Working Interest. The new arrangements were approved by the UK
Department of Energy and Climate Change.

Since then, the Company has decided to relinquish the Seaward
Production Licence P1921 containing Blocks 12/18 and 12/19c in the Inner Moray
Firth, following an evaluation of the licence

The evaluation, which was fully funded by Adriatic, included
re-processing and reinterpretation of existing 3D seismic data. It failed to
identify sufficient prospectivity in the primary target interval to warrant
entering into the second exploration period, for which there were substantial
additional spending commitments. Elixir concurs with Adriatic's
interpretation, and both parties have proceeded with the relinquishment of the
Blocks.

The Company intends to participate in the 28th North Sea
Application Round, which is currently open for bids.

Application for two offshore blocks in the Italian Adriatic

An application for two Licence Blocks, d 169 A.R.-.AD and d 170
A.R.-.AD in the Northern Adriatic, offshore Italy, was made in April 2013. The
Licence Blocks were formerly operated by ENI and Edison. Adriatic Oil′s
application in both blocks is for 100%.

The area of the d 170 A.R.-.AD hydrocarbon licence application is
located in the Northern Adriatic, near the Croatian offshore territorial
border. The area is in shallow waters (20 to 40 metres) and lies some 25 to 30
kilometres away from the Italian coast, near the town of Rimini. It is located
between three groups of gas fields: Annabella to the south-west, Andreina and
Annamaria to the east, and Lavande-Tea-Arnica to the north-west.

The d 169 A.R.-.AD Licence, for which an application has been made,
is located just to the south-east of d 170 A.R.-.AD and partially follows the
Italy-Croatia median line.

The areas of the two licence applications are surrounded by
substantial existing oil and gas infrastructure, comprising platforms,
pipelines and some floating production, storage and offloading units
("FPSOs").

Re-initiation of discussions with Albpetrol about Albanian offshore Block
North Rodoni

Adriatic Oil′s negotiations to potentially obtain the North
Rodoni exploration Licence offshore Albania had previously been suspended. In
November 2013, Adriatic Oil was contacted by Albpetrol indicating its interest
to re-initiate discussions with regards to the possible award of Block North
Rodoni.

The licence area is 714km² in relatively shallow waters (a maximum
of 120m water depth). There is one possible gas discovery on the Block, Rodoni
- 1, which was drilled by OMV of Austria in 1996. In addition, a total of
three other leads have been mapped by GasPlus and the National Agency for
Natural Resources of Albania but they cannot be validated in the absence of
seismic data that will only become available once the licence is potentially
awarded. Discussions with Albpetrol are now ongoing.

OUTLOOK

Entering 2014, the Board and management team remains committed to
its goals which project the achievement of further growth.

As Chairman, I would like to take this opportunity to thank all
shareholders and staff for their continued support.

Jack A. G. Wilson
Non-Executive Chairman

On behalf of the Board
February 2014



CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2013
                                                          2013         2012
                                                           GBP          GBP

Revenue                                                      -            -
Administrative expenses                              (549,469)    (243,353)


                                                  --------     --------
Loss before taxation                                 (549,469)    (243,353)
Income tax                                                   -            -
Loss after taxation                                  (549,469)    (243,353) 
                                                  --------     -------- 
                                                        2013         2012
EARNINGS PER SHARE 
Basic for profit for the year                         (0.0017)     (0.0010) 
All of the Group's operations are classed as continuing. There were no gains
or losses in the period other than those included in the above consolidated
profit and loss account. 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2013 
                                                      2013         2012 
                                                       GBP          GBP
ASSETS 


      NON CURRENT ASSETS
         Intangible assets                              55,625       42,050
      CURRENT ASSETS
         Available-for-sale financial assets            35,853       45,395
         Trade and other receivables                    41,266            -
         Prepayments                                     8,934        6,899
         Cash and cash equivalents                      61,578      364,392
                                                      --------     --------
                                                       147,631      416,686
                                                      --------     --------
    TOTAL ASSETS                                       203,256      458,736


                                                  --------     -------- 
EQUITY 


      ISSUED CAPITAL AND RESERVES
         Issued share capital                        1,641,465    1,467,619
         Share premium                               1,154,552    1,088,399
         Reserves                                    (883,167)    (890,508)
         Retained profits                          (1,780,262)  (1,230,793)
                                                      --------     --------


     TOTAL EQUITY                                  132,588      434,717 
CURRENT LIABILITIES 
Trade and other payables                            70,668       24,019 
                                                  --------     --------
TOTAL EQUITY AND LIABILITIES                           203,256      458,736 
                                                  --------     -------- 
Notes: 
1. The Group's financial statements for 2013 and the comparative
figures for 2012 have both been prepared for the first time in accordance with
International Financial Reporting Standards (IFRSs) as adopted by the European
Union and as applied in accordance with the provisions of the Companies Act
2006. 
2. Loss per share from continuing operations attributable to equity 
shareholders 
                                                      2013         2012 
                                                       GBP          GBP
Loss:
Loss for the purpose of basic and
diluted loss per share being net
(loss)/profit attributable to
equity shareholders                                   549, 469      243,353 
Number of shares:
Weighted average number of ordinary
shares for the purposes of basic loss per share    318,672,012  239,974,921 
Loss per ordinary share: 
Basic                                                  (0.17)p      (0.10)p 
Basic loss per share is calculated by dividing the loss
attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the year. 
The calculation of diluted loss per share assumes conversion of all
potential dilutive ordinary shares, all of which arise from share options or
warrants. A calculation is done to determine the number of shares that could
have been acquired at fair value, based upon the monetary value of the
subscription rights attached to outstanding share options and warrants. 
Given the Group's reported losses for the year, outstanding share
options and warrants are not taken into account when determining the weighted
average number of ordinary shares in issue during the year, and therefore the
basic and diluted loss per share are the same. 
3. Announcement information 
The information contained within this announcement has been agreed with the
Group's auditor. The financial information set out in this announcement does
not constitute statutory accounts. 
4. Dividend 
The Directors do not propose to recommend the payment of a final dividend for
the year ended 30 September 2013. No final dividend was paid in relation to
the year ended 30 September 2012. 
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS 
ANNOUNCEMENT 
                               --ENDS-- 
Enquiries: 
ADRIATIC OIL PLC
Bruno Müller
+44 (0) 20 3178 4060 
SVS SECURITIES PLC - ISDX Growth Market Corporate Adviser
+44 (0) 20 3700 0100 
YELLOW JERSEY PR LIMITED - Financial PR
Dominic Barretto / Anna Legge
+44 (0) 20 3664 4087 
NOTES TO EDITORS: 
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. 
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 www.adriaticoil.com. 
END 
END 
-0- Feb/28/2014 10:07 GMT
 
 
Press spacebar to pause and continue. Press esc to stop.