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
ADRIATIC OIL PLC: Half-yearly Report
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