TIDMBCE
RNS Number : 0758O
Beacon Energy PLC
29 September 2023
29 September 2023
Beacon Energy plc
("Beacon Energy" or the "Company")
Interim Results
Beacon Energy (AIM:BCE), the full-cycle oil and gas company with
a portfolio of production, development, appraisal and exploration
onshore German assets through its wholly-owned subsidiary, Rhein
Petroleum GmbH ("Rhein Petroleum"), is pleased to announce its
Interim Results for the six months ended 30 June 2023.
Mark Rollins, Non-Executive Chairman of Beacon Energy,
commented:
" During the period, the Board has worked tirelessly and has
made excellent progress in delivering the Company's strategy which
is to pursue the acquisition of value enhancing opportunities to
develop and grow a self-funding upstream oil & gas company.
The data we have gathered during the drilling of the SCHB2(2.)
well indicates the potential for substantial reserve and production
upside for the Stockstadt Mitte segment - up to and potentially
more than the High Case (5.8 mmbbls) outlined in the Company's
December 2022 CPR which clearly bodes well for the long-term value
we believe we can realise from the asset.
With the SCHB-2(2.) now safely and successfully completed, the
Company's priority is establishing flowrates through clean-up of
the wellbore, and eventual installation of an Electrical
Submersible Pump.
Based on the technical data acquired through the drill which
demonstrated the high quality reservoir encountered at the well
location, the Company's technical analysis indicates that with a
successful clean-up operation and implementation of artificial lift
initiatives, the well has the potential to deliver in the region of
900 bopd net production to Beacon. At those flow rates, the Company
would expect to deliver operating cash flows in excess of US$1.5
million per month (assuming $80/bbl Brent).
I would like to thank our new and existing shareholders for
their ongoing support of the Company, management team and our
strategy. We are very excited about the year ahead with an active
work programme designed to create long-term value for Beacon's
shareholders."
Enquiries:
Beacon Energy plc
L arry Bottomley (CEO) / Stewart MacDonald
(CFO) +44 (0)20 7466 5000
Strand Hanson Limited (Financial and Nominated
Adviser)
Rory Murphy / James Bellman +44 (0)20 7409 3494
Buchanan (Public Relations)
Ben Romney / Barry Archer / George Pope +44 (0)20 7466 5000
Tennyson Securities Limited (Joint Broker)
Peter Krens / Ed Haig-Thomas +44 (0)20 7186 9030
Chairman's Statement
Dear fellow shareholders,
I am delighted to present the following statement in support of
the interim results for the six months ended 30 June 2023.
During the period, the Board has worked tirelessly and has made
excellent progress in delivering the Company's strategy which is to
pursue the acquisition of value enhancing opportunities to develop
and grow a self-funding upstream oil & gas company.
On 16 December 2022, the Company was pleased to announce that it
had entered into a conditional Share Purchase Agreement with Tulip
Oil Holding B.V. and Deutsche Rohstoff A.G. for the purchase of the
entire issued and to be issued share capital of Rhein Petroleum
GmbH, (the "Transaction"), an established company with a full-cycle
portfolio of largely operated production, development, appraisal
and exploration assets located onshore Germany.
The Company successfully completed a fundraise of GBP6.0 million
with new and existing shareholders in March 2023 despite
challenging market conditions, providing capital to complete the
Transaction. Critically, as the upfront consideration for the
Transaction was paid in shares, the net funds raised for the
acquisition process were to be deployed into the work programme and
the Company was able to acquire the existing production facility,
production, reserves and resources associated with Rhein Petroleum
for zero upfront cash consideration. Following receipt of
shareholder approval, the Company completed the Transaction on 11
April 2023. This represented a transformational, value enhancing
transaction for shareholders, which was fully aligned with Beacon
Energy's growth strategy and provides the Company with a strong
platform, underpinned by core value, to deliver the longer-term
growth strategy.
Immediately upon completion of the Transaction, the Company
secured a drilling rig to drill the SCHB-2 development well on the
Erfelden field. Drilling operations commenced on 19 June 2023.
Notwithstanding operational issues encountered during drilling, the
Schwarzbach-2(2.) ("SCHB-2(2.)") well reached total drill depth of
2,255m metres (1,717 metres True Vertical Depth) on 13 August 2023
with electric wireline well logging completed shortly
thereafter.
On 11 September 2023, the Company announced an update on the
SCHB-2(2.) well. The key updates in respect of the SCHB-2(2.) well
were as follows:
-- The SCHB-2(2.) well encountered an excellent 34-metre gross
interval containing 28 metres of oil-bearing net reservoirs in the
Pechelbronner-Schichten ("PBS") sandstones within the Stockstadt
Mitte segment of the Erfelden field.
-- These oil-bearing reservoirs were encountered approximately
25 metres high and 10 metres thicker than prognosis, with
porosities averaging 18% in the Lower PBS and 21% in the Upper PBS,
with no water-bearing sands in the 42m hydrocarbon column.
-- With all these metrics above or at the top of the range of
pre-drill expectations, the likelihood is that this will result in
a material upgrade to recoverable reserves in Stockstadt Mitte and
a de-risking of 2.4 million barrels of contingent resources already
ascribed to Schwarzbach South.
-- Based on these excellent reservoir properties and the light
oil recovered, standard oil-industry analysis indicates that an
initial production rate in excess of 900 barrels of oil per day
("bopd") could be achieved. Higher rates of production have been
achieved on historic wells in the area.
-- Following perforation and acidization, reservoir clean-up
operations commenced on 8 September 2023, and since that time the
well has produced a mixture of oil, gas and drilling fluids.
-- Given delays in the programme, the drilling rig was released
on 10 September 2023, with clean-up of the well to continue on
site.
As a result of excellent drilling results and increased
expectations around recoverable volumes and production, the Company
successfully completed an oversubscribed fundraise of GBP4.3
million with new and existing shareholders on 15 September 2023.
The additional funds will be utilised to satisfy outstanding costs
associated with the well, fund further activities required to
realise the full potential of the well and provide liquidity during
the well clean-up process. As a result, the Company moves
considerably closer to its goal of becoming a self-funding
business.
Outlook
With the SCHB-2(2.) now safely and successfully completed, the
Company's priority is establishing flowrates through clean-up of
the wellbore, and eventual installation of an Electrical
Submersible Pump. Based on the technical data acquired through the
drill which demonstrated the high quality reservoir encountered at
the well location, the Company's technical analysis indicates that
with a successful clean-up operation and implementation of
artificial lift initiatives, the well has the potential to deliver
in the region of 900 bopd net production to Beacon. At those flow
rates, the Company would expect to deliver operating cash flows in
excess of US$1.5 million per month (assuming $80/bbl Brent).
In parallel, work will commence immediately to quantify expected
reserve and resources increases and existing development plans will
be updated to reflect learnings from the SCHB-2(2.) well and
increased resource base with the aim of accelerating drilling and
maximising the value of this highly attractive asset.
It only remains for me to thank our new and existing
shareholders for their ongoing support of the Company, management
team and our strategy. We are very excited about the year ahead
with an active work programme designed to create long-term value
for Beacon's shareholders. We very much see the acquisition of
Rhein Petroleum and the drilling of our first well as the first
steps in our strategy to build a material international upstream
oil and gas business with a focus on cash generative assets and
those with the potential to add significant value in the short to
medium term.
We look forward to providing updates on our progress as we move
through the rest of the year.
Mark Rollins
Non-Executive Chairman
29 September 2023
Interim Consolidated Statement of Comprehensive Income
Unaudited Unaudited
Six months Six months
ended Audited ended
30 Jun Period ended 31 Oct
2023 31 Dec 2022 2022
Notes $'000 $'000 $'000
------------------------------------ ------ ------------ -------------- ------------------
Income:
Operating income 313 - -
Other income 2 - -
------------------------------------ ------ ------------ -------------- ------------------
Total income 315 - -
------------------------------------ ------ ------------ -------------- ------------------
Crude oil purchase from partners (130) - -
Operating expenses (448) - -
Operating loss (263) -
Other administrative expenses 4 (659) (1,004) (896)
Net loss before Finance Costs
and Taxation (922) (1,004) (896)
Finance costs (201) (47) (55)
Impairment of investment 6 (2,941) - -
Loss before tax (4,064) (1,051) (951)
------------------------------------ ------ ------------ -------------- ------------------
Tax expense 324 - -
------------------------------------ ------ ------------ -------------- ------------------
Loss after tax attributable to
owners of the parent (3,740) (1,051) (951)
------------------------------------ ------ ------------ -------------- ------------------
Total comprehensive loss for
the year attributable to owners
of the parent (3,740) (1,051) (951)
------------------------------------ ------ ------------ -------------- ------------------
Basic and diluted loss per share
attributable to owners of the
parent during the year
(expressed in US cents per share) 7 (0.07) (0.08) (0.07)
------------------------------------ ------ ------------ -------------- ------------------
The accompanying notes from an integral part of these
consolidated financial statements.
Interim Consolidated Statement of Financial Position
Unaudited Audited Unaudited
30 Jun 31 Dec 31 Oct
2023 2022 2022
Notes $'000 $'000 $'000
------------------------------- -------- ---------- --------- ----------
Non-current assets
Property, plant & equipment 11,569 - -
Intangible assets 1,597 - -
13,166 - -
------------------------------- -------- ---------- --------- ----------
Current assets
Other receivables 1,844 564 408
Restricted cash 8 2,075 - -
Cash and cash equivalents 4,491 306 616
8,410 870 1,024
------------------------------- -------- ---------- --------- ----------
Total assets 21,576 870 1,024
------------------------------- -------- ---------- --------- ----------
Current liabilities
Trade and other payables 9 (2,070) (411) (493)
------------------------------- -------- ---------- --------- ----------
Non-current liability 10 (5,571) - -
------------------------------- -------- ---------- --------- ----------
Total liabilities (7,641) (411) (493)
------------------------------- -------- ---------- --------- ----------
Net assets 13,935 459 531
------------------------------- -------- ---------- --------- ----------
Equity attributable to equity holders
of the company
Share premium 54,278 48,128 48,128
Share reserve 2,047 2,036 2,008
Merger reserve 11,055 - -
Accumulated deficit (53,445) (49,705) (49,605)
------------------------------- -------- ---------- --------- ----------
Total shareholder funds 13,935 459 531
------------------------------- -------- ---------- --------- ----------
The accompanying notes from an integral part of these
consolidated financial statements
Interim Consolidated Statement of Changes in Equity
Share Share reserve Merger Reserve Accumulated Total
premium deficit equity
$'000s $'000 $'000 $'000s $'000s
Balance at 1 May 2022 47,656 1,445 - (48,654) 447
Loss for the period to
31 October 2022 (unaudited) - - - (951) (951)
------------------------------ ---------- -------------- --------------- ------------ --------
Total comprehensive loss - - - (951) (951)
Transactions with equity
shareholders of the parent:
Share based payments - 563 - - 563
Proceeds from shares issued 490 - - - 490
Cost of share issue (18) - - - (18)
Balance at 31 October
2022 (unaudited) 48,128 2,008 - (49,605) 531
Loss for the period to
31 December 2022 (audited) - - - (100) (100)
------------------------------ ---------- -------------- --------------- ------------ --------
Total comprehensive loss - - - (100) (100)
Transactions with equity
shareholders of the parent:
Share based payments - 28 - - 28
Balance at 31 December
2022 (audited) 48,128 2,036 - (49,705) 459
------------------------------ ---------- -------------- --------------- ------------ --------
Loss for the period to
30 June 2023 (unaudited) - - - (3,740) (3,740)
------------------------------ ---------- -------------- --------------- ------------ --------
Total comprehensive loss - - - (3,740) (3,740)
Transactions with equity
shareholders of the parent:
Share based payments - 11 - - 11
Proceeds from shares issued 7,496 - - - 7,496
Cost of share issue (1,346) - - - (1,346)
Merger reserve - - 11,055 - 11,055
Balance at 30 June 2023
(unaudited) 54,278 2,047 11,055 (53,445) 13,935
------------------------------ ---------- -------------- --------------- ------------ --------
The accompanying notes from an integral part of these
consolidated financial statements.
Interim Consolidated Cash Flow Statement
Unaudited Audited Unaudited
30 Jun 31 Dec 31 Oct
2023 2022 2022
Notes $'000 $'000 $'000
--------------------------------------- ------- ---------- -------- ----------
Cash flows from operating activities:
Loss before tax (3,740) (1,051) (951)
Adjustments for:
Share-based payment 11 591 563
Impairment at acquisition 2,941 - -
Tax expense (324) - -
Change in working capital items:
Movement in other receivables (1,280) (475) (319)
Movement in trade and other payables 1,659 107 189
--------------------------------------- ------- ---------- -------- ----------
Net cash used in operations (733) (828) (518)
--------------------------------------- ------- ---------- -------- ----------
Cash flows from investing activities
Investment in subsidiary - cash
balances acquired 8 2,196 - -
Purchase of property, plant &
equipment (1,031) - -
Net cash flows from investing
activities 1,165 - -
--------------------------------------- ------- ---------- -------- ----------
Cash flows from financing activities
Proceeds from issue of share
capital 7,496 490 490
Share issue costs (1,346) (18) (18)
Net cash flows from financing
activities 6,150 472 472
--------------------------------------- ------- ---------- -------- ----------
Net (decrease)/increase in cash
and cash equivalents 6,582 (356) (46)
--------------------------------------- ------- ---------- -------- ----------
Effect of exchange rate changes (322) - -
Cash and cash equivalents at
beginning of period 306 662 662
--------------------------------------- ------- ---------- -------- ----------
Cash and cash equivalents at
end of period 6,566 306 616
--------------------------------------- ------- ---------- -------- ----------
The accompanying notes from an integral part of these
consolidated financial statements.
Notes to the Interim Consolidated Financial Statements
1 Reporting entity
Beacon Energy plc (the "Company") is domiciled in the Isle of
Man. The Company's registered office is at 55 Athol Street,
Douglas, Isle of Man IM1 1LA. These consolidated financial
statements comprise the Company and its subsidiaries (together
referred to as the "Group"). The Group is primarily involved in the
E&P business.
Events during the period
On 11 April 2023, the Company acquired the entire issued share
capital of Rhein Petroleum GmbH, an upstream oil and gas business
operating in Germany. The Company's shares were re-admitted to
trading on AIM on 11 April 2023.
2 Basis of accounting
These interim consolidated financial statements have been
prepared in accordance with International Accounting Standard 34
"Interim Financial Reporting". These interim consolidated financial
statements do not include all the information and disclosures
required in the annual financial statements and should be read in
conjunction with the Group's annual financial statements for the
period ended 31 December 2022, which were prepared in accordance
with IFRSs as adopted by the United Kingdom. However, selected
explanatory notes are included to explain events and transactions
that are significant to an understanding of the changes in the
Group's financial position and performance since the last annual
financial statements.
In preparing these interim financial statements, management has
made judgements and estimates that affect the application of
accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may differ from
these estimates. The significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those disclosed in the
Group's statutory financial statements for the year ended 31
December 2022.
The interim conciliated financial statements are presented in US
Dollars unless otherwise indicated.
There are no IFRSs or IFRIC interpretations that are effective
for the first time for the financial period beginning on or after 1
May 2022 that would be expected to have a material impact on the
Group.
The consolidated financial statements of the Group as at and for
the period ended 31 December 2022 are available upon request from
the Company's registered office at 55 Athol Street, Douglas, Isle
of Man or the Company's website www.beaconenergyplc.com
These interim consolidated financial statements have been
approved and authorised for issue by the Company's Board of
directors on 29 September 2023.
3 Going concern
The financial statements have been prepared on a going concern
basis. The Group monitors its cash position, cash forecasts and
liquidity on a regular basis and takes a conservative approach to
cash management.
On 11 April 2023, the Group completed the acquisition of Rhein
Petroleum GmbH. Drilling operations for the SCHB-2 well commenced
on 19 June 2023. The well encountered a material oil accumulation
with excellent reservoir properties however, due to significant
operational issues during drilling, delays and additional costs
were experienced and as a result the rig had to be released in
mid-September, prior to completion of the clean-up of the well.
Installation of the rod pump is expected to be undertaken during
October 2023. In the interim period reservoir clean-up will
continue into the wellbore.
Notes to the Interim Consolidated Financial Statements
(continued)
As a result of excellent drilling results and increased
expectations around recoverable volumes and production, the Company
successfully completed an oversubscribed fundraise of GBP4.3
million with new and existing shareholders on 15 September
2023.
As at 28 September 2023, the Group had cash resources excluding
'restricted cash' of approximately US$6.5 million.
Management's base case is that the SCHB-2 well will continue to
clean-up and by the end of November 2023 production flow rates from
the well will be consistent with, or exceed, the "best estimate"
outlined in the Competent Persons Report ("CPR") published in
December 2022.
Management have also considered a number of downside scenarios,
including scenarios where the well clean-up is more protracted, the
production flow rate from the well is materially below the "best
estimate" outlined in the CPR, or additional activities (and
expenditure) are required in order to increase flow rates.
Under the base case forecast, the Group will have sufficient
financial headroom to meet forecast cash requirements for the 12
months from the date of approval of these consolidated financial
statements.
However, in the downside scenarios, in the absence of any
mitigating actions, the Group may have insufficient funds to meet
its forecast cash requirements. Potential mitigants include
deferral and/or reduction of expenditure and raising additional
equity or debt funding.
Accordingly, after making enquiries and considering the risks
described above, the Directors have assessed that the cash balance
and forecast cash flows provide the Group with adequate headroom
for the following 12 months. As a result, the Directors are of the
opinion that the Group is able to operate as a going concern for at
least the next twelve months from the date of approval of these
financial statements.
Nonetheless, these conditions indicate the existence of a
material uncertainty which may cast doubt on the Group's ability to
continue as a going concern. The financial statements do not
include the adjustments that would be required if the Group were
unable to continue as a going concern.
4 Expenses
Administration fees and expenses consist of the following:
Unaudited Audited Unaudited
Six months Six months
ended Period ended ended
30 Jun 2023 31 Dec 2022 31 Oct 2022
$'000 $'000 $'000
-------------- --------------- --------------
Corporate overheads:
* Directors' fees 394 393 292
* Professional fees 170 103 129
* Audit fees 22 20 2
* Administration costs 73 63 48
* Share based payments-warrants - 425 425
* Employee costs - - -
Total expenses 659 1,004 896
-------------- --------------- --------------
Notes to the Interim Consolidated Financial Statements
(continued)
5 Directors' remuneration
The remuneration of those in office during the period ended 30
June 2023 was as follows:
Unaudited Unaudited
Six months Audited Six months
ended ended
30 Jun 2023 Period ended 31 Oct 2022
$'000 31 Dec 2022 $'000
$'000
------------- ---------------- --------------
Salaries paid in cash 171 117 88
Salary deferrals 96 110 66
Accrued entitlement to shares
and warrants 98 166 138
Directors' pension 13 - -
Directors' health insurance 16 - -
394 393 292
------------- ---------------- --------------
It should be noted that (a) the Directors (other than Ross
Warner) have agreed to receive Director Fee Shares in lieu of a
proportion of their proposed fees for the 24 month period following
Admission, calculated on the basis of the Fundraise Price; and (b)
Ross Warner has agreed for the 24 month period following from
Admission to waive one third of the fees due to him under his NED
appointment letter. Larry Bottomley and Mark Rollins have agreed to
take 55 percent. and 50 percent., respectively, of their proposed
fees as Director Fee shares, and Stewart MacDonald, Leo Koot and
Stephen Whyte have agreed to take 33 percent. of their proposed
fees as Director Fee Shares.
Share options and warrants with a value of $98,000 were issued
to employees accrued during the 6- month period to 30 June 2023. In
the period ended 31 December 2022, the warrants issued to employees
and advisors accrued with a value of $166,000.
6 Business Combination
On 11 April 2023, the Company acquired the entire issued share
capital of Rhein Petroleum GmbH, an upstream oil and gas business
operating in Germany. This transaction can be best described as a
business combination under IFRS3.
The reverse takeover transaction consisted of equity
consideration of 3,488,549,633 ordinary shares and an associated
consideration of 1,186,953,301 warrants at a price of 0.11 pence
which is the fair value per share. On the basis that the net assets
acquired exceeded the consideration paid, negative goodwill arose.
This negative goodwill has been written off through the profit and
loss. Details of the purchase consideration and the net assets
acquired are as follows:
Goodwill
$'000
Consideration transferred at Fair value 5,143
Less: Net identifiable assets at acquisition (11,050)
Goodwill at acquisition (5,907)
---------
Less: Adjustments of loan balance acquired (27,463)
Add: Deferred Tax assets on acquisition 30,409
Goodwill at reporting date (2,961)
=========
Notes to the Interim Consolidated Financial Statements
(continued)
7 Earnings per share
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.
Unaudited Audited Unaudited
Outstanding Outstanding Outstanding
at 30 Jun at 31 Dec at 31 Oct
2023 2022 2022
Loss attributable to owners
of the Group
(USD thousands) (3,740) (1,051) (951)
Weighted average number of
ordinary shares in issue (thousands) 5,496,704 1,350,063 1,291,201
Loss per share (US cents) (0.07) (0.08) (0.07)
In accordance with International Accounting Standard 33
'Earnings per share', no diluted earnings per share is presented as
the Group is loss making.
8 Restricted cash
At reporting date, the Group had US$2,075,000 restricted cash,
which is backing guarantees to the mining authority related to
future decommissioning. This amount forms part of the US$2,196,000
cash balances acquired shown within the cash flow statement.
9 Trade and other payables
Trade and other payables are obligations to pay for goods or
services that have been acquired in the ordinary course of
business. Accounts payable are classified as current liabilities if
payment is due within one year or less (or in the normal operating
cycle of the business if longer). If not, they are presented as
non-current liabilities. Trade payables are recognised initially at
fair value, and subsequently measured at amortised cost using the
effective interest method. The increase in trade payables reflects
increased spend related to the SCHB-2(2) well.
Unaudited Audited Unaudited
Outstanding Outstanding Outstanding
at 30 Jun at 31 Dec at 31 Oct
2023 2022 2022
US$'000 US$'000 US$'000
Trade payables 1,793 230 151
Accruals and other payables 277 181 342
------------- ------------- -------------
2,070 411 493
------------- ------------- -------------
Notes to the Interim Consolidated Financial Statements
(continued)
10 Non-current liabilities
The non-current liabilities consist of a loan with Tulip Oil
Holding B.V and provisions in relation to future abandonment and
decommissioning costs.
Unaudited Audited Unaudited
Outstanding Outstanding Outstanding
at 30 Jun at 31 Dec at 31 Oct
2023 2022 2022
US$'000 US$'000 US$'000
Tulip Oil Holding loan payable 3,433 - -
Provision for decommissioning 2,097 - -
Other non-current liabilities 41 - -
------------- ------------- -------------
5,571 - -
------------- ------------- -------------
11 Shares in issue
The number of shares in issue at the beginning of the period was
1,527,613,961. The number of options and warrants on issue at the
start of the period was 618,259,511. On 11 April 2023 there was an
issue of 5,491,516,026 ordinary shares for GBP0.011 to raise GBP6.0
million. A further 3,488,549,633 shares were issued as
consideration shares. The number of ordinary shares in issue at the
end of the period is 10,507,679,620. The number of options and
warrants increased to 2,709,564,441.
Options and warrants in issue:
Outstanding Issued/(Expired) Outstanding
at 31 December during the at 30 June
2022 period 2023
---------------- ----------------- --------------
Options
* Issued Pre 1/2/2020 450,000 - 450,000
* Issued 1/2/2020 13,750,000 - 13,750,000
* Issued 8/7/2020 2,500,000 - 2,500,000
* Issued 19/4/2021 83,710,000 - 83,710,000
* Cancelled options FY 2022 (66,600,000) - (66,600,000)
* Issued during FY 2022 30,000,000 - 30,000,000
* iIssued during FY 2023 - 770,542,318 770,542,318
63,810,000 770,542,318 834,352,318
---------------- ----------------- --------------
Warrants
* Issued 10/12/2020 54,545 - 54,545
* Issued during 19/04/2021 - employee 3,851,159 - 3,851,159
* Issued during 19/04/2021 - adviser 45,553,120 - 45,553,120
* Issued warrants 26/07/2022 500,000,000 - 500,000,000
* Issued warrants 11/04/2023 - 1,325,753,299 1,325,753,299
549,458,824 1,325,753,299 1,875,212,123
---------------- ----------------- --------------
Total options and warrants 613,268,824 1,325,753,299 2,709,564,441
---------------- ----------------- --------------
Notes to the Interim Consolidated Financial Statements
(continued)
12 Commitments and contingencies
There were no capital commitments authorised by the Directors or
contracted other than those provided for in these financial
statements as at 30 June 2023 (31 December 2022: None).
13 Subsequent events
On 15 September 2023, the Company announced that it had issued
2,867,000,000 new ordinary shares by way of placing and a Primary
Bid Offer at a fundraise price of 0.15 pence to raise GBP4.3
million (the "Fundraise"). The net proceeds of the Fundraise
together with the Company's existing cash resources will be used
for general working capital prior to receipt of proceeds from the
sale of commercial production from SCHB-2(2.). Following admission,
the Company now has 13,374,679,620 ordinary shares in issue.
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IR NKFBPOBKDNCB
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