ADRIATIC OIL PLC: Half-yearly Report

Adriatic Oil Plc 
                                  ("Adriatic Oil" or the "Company") 
                      INTERIM RESULTS FOR THE HALF-YEAR ENDED 31 MARCH 2014 
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
2014. 
Adriatic Oil incurred a loss after taxation for the period under review of 
approximately £197,595
representing a basic loss of 0.08p per share, as compared to a loss after 
taxation of approximately
£143,410 and a basic loss of 0.06p per share for the corresponding period in 
the previous financial
year. 
The increased loss is partially due to costs related to the possible AIM 
admission. 
Adriatic has been awarded Block d 173 A.R-.AD in the Italian northern Adriatic. 
The Block is 430.8 km²
in size. The target prospects are young turbidite reservoirs which are well 
known and a number of
biogenic gas discoveries have been made over the last 30 years. The Guendalina 
gas field, now on
production, lies only 25 kms norh-west of the Block d 173 A.R-.AD boundary and 
has proven reserves
of 19 Bcf estimated by ENI. Adriatic has already started the farm-out process 
to various interested
parties. 
In the Celtic Sea, work has been undertaken to renew the Shanagarry Licensing 
Option for another
18 months to November 2015. 
Adriatic has participated in the 28th North Sea Licensing Round by taking out 
an option for exploration
acreage in the Inner Moray Firth with another exploration company. Should this 
exploration company
be successful with its applications, Adriatic could potentially exercise its 
option. 
Discussions to have Adriatic's shares listed on AIM are ongoing. 
Jack Wilson 
Non-Executive Chairman 
On behalf of the Board 
CONSOLIDATED PROFIT AND LOSS ACCOUNT 
For the six month period ended 31 March 2014 


                                                  Notes        Six months         
    Six months      Twelve months
                                                                  ended         
         ended              ended
                                                                 31-Mar         
        31-Mar             30-Sep
                                                                   2014         
          2013               2013
                                                                 GBP '000         


  GBP '000           GBP '000 
Turnover                                                              0          
         0                  0 
Administrative expenses                                            -197          


          -143               -421
                                                              _________         


 _________          _________ 
Operating loss                                                     -197          
      -143               -421 
Interest received                                                     0          
         0                  0 
Loss on ordinary activities before taxation                        -197          
      -143               -421 
Tax on loss on ordinary activities                                    0          


             0                  0
                                                              _________         


 _________          _________ 
Loss after taxation                                                -197          


          -143               -421
                                                              _________         


 _________          _________ 
Basic loss per share                                            (0.08)p          


       (0.06)p            (0.16)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 account. 
CONSOLIDATED BALANCE SHEET 
As at 31 March 2014 


                                                  Notes            31-Mar         
        31-Mar             30-Sep
                                                                   2014         
          2013               2013
                                                                 GBP '000         


  GBP '000           GBP '000 
Fixed assets 
Intangible                                                          298          
       169                213 
Investments                                                          36          


            37                 64
                                                              _________         


 _________          _________ 
Total fixed assets                                                  334          
       206                277 
Current assets 
Debtors                                                              13          
        14                111 
Cash at bank                                                          1          


           412                 15
                                                              _________         


 _________          _________ 
Total current assets                                                 14          
       426                127 
Current liabilities 
Creditors                                                          -180          


           -43                -68
                                                              _________         


 _________          _________ 
Net current assets                                                 -166          


           383                 59
                                                              _________         


 _________          _________ 
Other liabilities                                                     0          


             0                  0
                                                              _________         


 _________          _________ 
Net assets                                                          168          


           589                336
                                                              _________         


 _________          _________ 
Capital and reserves 
Called up share capital                                           1,633          
     1,633              1,632 
Share premium                                                     1,141          
     1,136              1,141 
Profit & loss account                                            -2,606          


        -2,180             -2,436
                                                              _________         
     _________          _________
                                                                      168         
           589                337
                                                              _________         
     _________          _________


NOTES TO THE INTERIM FINANCIAL STATEMENTS 
For the six months period to 31 March 2014 
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 
not 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 £ 197,595 (2013: £ 143,410) and 
on 261,880,302 (2013: 
249,516,819) of weighted average ordinary shares in issue during the period. 
4. Intangible assets include £ 29,059 (2013: £ 34,854) Goodwill on 
consolidation. 
5. Investments are stated at the lower of cost and net realisable value. 
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS 
ANNOUNCEMENT 
                                                 Ends 
Enquiries: 
Adriatic Oil Plc 
Bruno Müller 
0044 (0) 20 3178 4060 
SVS Securities - ISDX Growth Market Corporate Adviser 
0044 (0) 20 7638 5600 
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 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. Adriatic 
holds 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 Italy and Albania. The Company has been awarded offshore licence d 173 A.R-.AD in the Italian Northern
Adriatic offshore the Italian town of Rimini. 
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 
-0- Jun/30/2014 16:36 GMT
 
 
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