11 September 2024

ACP Energy PLC

("ACP" or "the Company")

Interim Reports and Financial Statements

ACP Energy Plc (ACPE.L), a company formed to capture value accretive opportunities in the oil & gas industry, is announcing its Interim Financial Statements for the period ended 31 December 2023.

Chairman's Statement

I am pleased to report the unaudited interim financial statements to shareholders for the period ending 31 December 2023.

During the period, ACP announced that it had substantially concluded the documentation required to complete the transaction and move the company's quotation to AIM. However, one of the principal capital providers to the transaction passed away several weeks before the closing, leaving a gap in the financing needed to close the transaction that was not replaced, and it did not close as anticipated in Q4 2023.  

Post Period

The transaction has been subject to significant delay, and, as announced on 7 August 2024, the company's directors do not consider it likely to be completed. The Directors entered into a conditional agreement ("Agreement") with a private Singaporean-based company intended to, ultimately, result in the purchase of a royalty interest of a natural resources asset ("Transaction"). If completed, the Agreement will additionally provide the Company with short-term funding, and a further announcement will be made in due course.

The Company is progressing in its efforts to complete the transaction and looks forward to providing further updates.

Paul Welch

Executive Chairman

11 September 2024

For further information

www.acpenergyplc.com

ACP Energy

Paul Welch, Chairman

Celicourt Communications                                    +44 207 770 6424 / acpenergy@celicourt.uk                                                   Mark Antelme / Jimmy Lea

Responsibility statement

This statement is being made by the Chairman, Mr. Paul Welch, and to the best of his knowledge.

a. The financial statements, prepared in accordance with IAS 34 'Interim financial reporting' as adopted by the United Kingdom, give an accurate and fair view of the assets, liabilities, financial position, and profit or loss of the issuer, and

b. The management report includes a fair review of the business's development and performance and the issuer's position, together with a description of the principal risks and uncertainties it faces.

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR ACP ENERGY PLC FOR THE 6 MONTHS TO 31 DECEMBER 2023

Unaudited statement of comprehensive income

The statements of comprehensive income of ACP Energy PLC for the periods ended 31 December 2023 and 31 December 2022 are set out below:

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

Unaudited statement of financial position

The statements of financial position of ACP Energy PLC as at 31 December 2023 and 30 June 2023 are set out below:

Unaudited statement of changes in equity

The statement of changes in equity of ACP Energy PLC for the 18-month period ended 31 December 2023 is set out below:

Unaudited statement of cash flows

The statements of cash flows of ACP Energy PLC for the six months ended 31 December 2023 and 31 December 2022 are set out below:

Notes to the unaudited interim financial statements

Notes to the unaudited interim financial statements (continued)

4        Prior period adjustment

During the preparation of the financial statements for the year ended 30 June 2023, the directors discovered some errors that were made in the application of IFRS 2 'Share-based Payment' to determine the share-based payment charge in the 2022 financial statements and the interim financial statements for the 6 months to 31 December 2022. This relates mostly to the vesting conditions on share options and how these conditions impact on the fair value of the options and the timing of recognition of the charge. Furthermore, an element of the adjustment relates to a reassessment of the fair value of warrants, which were partially in respect of an IPO, resulting in adjustments to both share premium and retained losses. Details of the effect of this prior period adjustment are as follows:

Reconciliation of changes in equity

The prior period adjustment does not give rise to any adjustment to equity.

Notes to the unaudited interim financial statements (continued)

4        Prior period adjustment (continued)