Interim Results

RNS Number : 0143T

Enteq Upstream PLC

30 November 2011

 



ENTEQ UPSTREAM PLC

Interim Results

30^th November 2011

Enteq Upstream plc ("Enteq" or the "Company"), the newly incorporated company focused on acquiring and consolidating companies that provide specialist technologies to the upstream oil and gas services market, today announces its interim results for the period ended 30^th September 2011.

Highlights

·      Successful IPO in July 2011, raising £15 million before expenses through the placing of 15 million Ordinary Shares.

·      Enteq's strategy is to develop an integrated portfolio of products and technologies to be sold internationally to regional and global oilfield service companies.

·      Since the IPO the Company has been targeting and reviewing a number of acquisition opportunities.

·      The Company is actively engaged in negotiations, which may or may not lead to Enteq's maiden acquisition.

·      Cash position of £13.962 million to fund on-going operational expenses and future investment activity.

·      Issue and listing expenses of £901k were incurred, of which £721k was capitalised and £180k expensed to the P&L within the total administrative expenses of £476k.

·      Established USA operating entity.

·      Appointment of Ian Leaman as Interim Chief Financial Officer.

Martin Perry, Chief Executive, commented:

"Following our successful IPO in July, the management team have been actively looking at a number of potential acquisition targets in the upstream oilfield technology and products sectors. The last few months have endorsed our chosen strategy as a number of companies have been identified which fit well with Enteq's acquisition criteria and which match the experience of our proven team.  We look forward to updating the market on our progress in due course."

www.enteq.com

For further information please contact:

Enteq Upstream plc
Martin Perry	[phone]
Investec
James Grace / Patrick Robb	[phone]
Pelham Bell Pottinger
Mark Antelme / Charlie Stewart	[phone]

About Enteq

Enteq Upstream plc is a newly-incorporated company focused on acquiring and consolidating companies providing specialist products and technologies to the upstream oil and gas services market.

Condensed Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2011
		6 months ended 30 September 2011
		(Unaudited)
	Note	£000's
Administrative expenses		(476)
Loss from operations		(476)
Finance income		48
Finance costs		-
Foreign exchange loss		2
Total finance surplus		46
Loss before tax		(430)
Taxation		-
Loss for the financial period		(430)
Total comprehensive income for the
financial period		(430)
Attributable to:
Equity shareholders of the parent		(430)
Loss per share
Basic and diluted loss per share on loss	3	5.57 pence
for the period
All amounts included above relate to continuing operations.

Condensed Consolidated Statement of Financial Position
as at 30 September 2011
				30 September 2011
				(Unaudited)
				£000's
Non-current assets
Property, plant and equipment				-
				-
Current assets
Trade and other receivables				58
Cash and cash equivalents				13,962
Total Assets				14,020
Current liabilities
Trade and other payables				(115)
Corporation tax payable				-
Net current assets				13,905
Net assets				13,905
Capital and reserves
Called up share capital				150
Share premium account				14,179
Share based payment reserve				6
Retained deficit				(430)
Equity attributable to   shareholders of the parent				13,905

Condensed Consolidated Statement of Cash flows
for the six months ended 30 September 2011
					6 months ended
					30 September 2011
					(Unaudited)
					£000's
Operating activities
Loss for the year before taxation					(430)
Finance income					(46)
Finance expense					-
Taxation					-
					(476)
Depreciation					-
Share-based payments					-
Cash flow from operating activities					(476)
Increase in trade and other receivables					(58)
Increase in trade and other payables					71
Cash generated (used in)/from operations					(463)
Income tax refund					-
Net cash outflow generated from/(used in)					(463)
operating activities
Cash flows used in investing activities
Interest income					48
Purchase of property, plant and equipment					-
Deferred exploration expenditure					-
Net cash generated from investing activities					48
Cash flows from financing activities
Issue of ordinary share capital					15,050
Issue of incentive shares					50
Flotation costs					(721)
Net cash flow from financing activities					14,379
Net increase in cash and					13,964
cash equivalents
Cash and cash equivalents at start of period					-
Effect of exchange rate changes on cash and cash equivalents					(2)
Cash and cash equivalents at end of period					13,962

Condensed Consolidated Statement of Changes in Equity
(unaudited)
for the six months ended 30 September 2011
	Share capital	Share premium	Retained deficit	Share based payment reserve	Total
	£000's	£000's	£000's	£000's	£000's
Opening balance	-	-	-	-	-
Total comprehensive income for the period	-	-	(430)	-	(430)
Shares issued	150	14,900	-	-	15,050
Share based payments	-	-	-	6	6
Costs allocated with issue of share capital	-	(721)	-	-	(721)
Transactions with owners	150	14,179	-	6	14,335
Balance as at 30 September 2011	150	14,179	(430)	6	13,905

Notes forming part of the interim report

for the six months ended 30 September 2011

1. Nature of operations and general information 

Enteq Upstream plc and subsidiaries' (the Group) principal activities consist of acquiring and consolidating companies that provide specialist technologies to the upstream oil and gas services market.

Enteq Upstream plc is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. The address of Enteq Upstream plc's registered office, which is also its principal place of business, is The Courtyard, High Street, Ascot, Berkshire, SL5 7HP, United Kingdom. Enteq Upstream plc's shares are listed on the Alternative Investment Market of the London Stock Exchange.

Enteq Upstream plc's consolidated interim financial statements are presented in pounds sterling (£'000), which is also the functional currency of the parent company. 

The accounts of the Group for the six months ended 30 September 2011 were approved and authorised for issue by the Board on 29 November 2011.

The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's first statutory financial statements are expected to be for the year ended 31 March 2012 and will be filed with the Registrar of Companies. This financial information has not been subject to audit.

2. Basis of preparation 

These interim condensed consolidated financial statements are for the six months ended 30 September 2011.

They have been prepared following the recognition and measurement principles of IFRS. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the placing documents and in conjunction with the financial statements that will be prepared for the year ended 31 March 2012. These financial statements have been prepared on the going concern basis, under the historical cost convention, except for the revaluation of certain financial instruments.

These condensed consolidated interim financial statements (the interim financial statements) have been prepared in accordance with the accounting policies expected to be adopted in the first annual financial statements for the year to 31 March 2012, as set out in the placing document.

3.  Loss per share

The basic loss per share is calculated on a loss of £430,000 and on 7,718,739 ordinary shares of £0.01 each, being the weighted average number of ordinary shares in issue during the period. There is no difference between diluted loss per share and the basic loss per share as the Group reported a loss for the period.

4.  Interim statement

Copies of the Interim report for the six months ended 30 September 2011 will be available from the UK office The Courtyard, High Street, Ascot, Berkshire SL5 7HP, and on the company's website www.enteq.com.

Company information
Directors		R Garcia
		I Paterson
		M Perry
		R Pinchbeck
		N Warner
Company secretary		I Paterson
Registered office		The Courtyard
		High Street
		Ascot
		Berkshire
		SL5 7HP
Registered number		7590845
Auditors		Grant Thornton UK LLP
		Churchill House
		Chalvey Road East
		Slough
		Berkshire
		SL1 2LS

 

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