27 September 2022

 

PRESIDENT ENERGY PLC

("President", "the Company" or "the Group")

 

Unaudited Half Year Results for H1 2022

Current trading

 

President (AIM:PPC), the oil and gas upstream company with a diverse portfolio of production and exploration assets focused primarily in Latin America, announces its unaudited half year results for the six months ended 30 June 2022.

 

Selected Results Summary

All numbers in US$ '000 unless stated	H1 2022	H1 2021
Profit / (loss) after tax but before non-cash items	5,620	(2,132)
Adjusted EBITDA	5,678	4,536
Free cash flow generation from core operations	6,805	6,192
Revenue	17,632	17,104
Average daily production, boe (oil & gas)	1,969	2,648
Average realised price per boe (US$)	53.4	39.6
Group net debt	29,242	16,746
Administrative expenses US$ per boe	4.9	4.0
Well operating costs US$ per boe	20.3	15.4

 

Corporate and Financial Summary

·      Profit after tax before non-cash items* of US$5.6 million (H1 2021 loss of US$2.1 million)

·      Group turnover of US$17.7 million (H1 2021 US$17.1 million)

·      Free cash flow from core operations of US$6.8 million up 10% over the same period in 2021 (H1 2021 US$6.2 million)

·      Adjusted EBITDA of US$5.7 million up 25% over the same period in 2021 

·      Third party financial borrowings in Argentina non-recourse to Group of US$22.9 million (H1 2021 US$5.9 million) with such increased borrowings arising from material new capex spending, including drilling and investments made in Argentina. All debt in Argentina being serviced in accordance with terms. Group debt of US$11.3 million (H1 2021 US$11.4 million) to the UK parent is covenant lite, long-term debt from IYA, an affiliate of the largest shareholder and Chairman under an open line of credit

·      Mark to market value of holding in Atome Energy PLC as at 20 September 2022 of £9.8m (2021: nil) all of which is not shown in the accounts due to the vagaries of accounting reporting standards

·      Due to currency exchange restrictions in Argentina, the amount paid back to the UK by its Argentina subsidiary was, and still is, limited to servicing interest for part of the intercompany loan with no capital repayments currently permitted by law. By way of illustration, currently this monthly interest payment back to Group amounts to some US$ 115k

 

Operational Summary

·      Average Group net daily production in the period of 1,969 boepd, down 26% on the previous year, impacted by production outages in Argentina, delay in new wells coming on-stream and Louisiana being offline for more than half of the period

·      Group production split 69% oil and 31% gas (H1 2021: 64% oil and 36% gas)

·      Group well operating costs per boe in the core Argentine business increased by 27% over same period last year due to lower production

·      In Louisiana, disappointing issues with workovers and procuring of equipment resulted in no material contribution to results in the period with wells shut-in for more than half the period and sub-optimal flow levels for a longer period. Accordingly, during that period of inactivity, no monies were repaid to the Group and in fact, over US$ 1 million was paid by the Group out of central resources in connection with workover activities

·      In Paraguay, work continued in relation to preparation for drilling of the exploration well with our partner CPC, the State Energy Company of Taiwan

·      Green House Capital has been created with the purpose of becoming the alternative energy division of President. That division has taken first steps with potential Lithium investment

·      Average price per barrel received during the Period was US$ 64.75 in Argentina and US$104.44 in Louisiana

 

Current trading and developments

·      Further to the recent fire in our Puesto Flores Facility in Rio Negro Argentina as announced on 11 August, the disruption has impacted on production from the Puesto Flores oil field in August and September with full and normal production there expected in the first part of October. The Company has insurance coverage and there were no injuries to personnel

·      All other of the Company's fields in Rio Negro, including gas production, and Puesto Guardian have continued to produce normally without disruption, with Salta, Argentina, production for August showing an increase of over 70% compared to the level of production as at 1 January 2022

·      Sales price for oil in Argentina improving with current price receivable in Rio Negro approximately US$65 per barrel and in Salta US$68.  The recent reduction in international oil prices has to date not affected these levels

·      At the current time, the Company has no visibility as to when principal loan repayments can start to be made to the Group from Argentina with timing completely out of the hands of President

·      In Louisiana full production is now expected to resume in October after final installation of the necessary gas lift equipment with the wells having being offline for approximately 90% of the time since the start of H2 2022 due to complications in finalising agreements for the gas buyback and sourcing available barges. Once online, profits can start to be repatriated to the Group

·      In September new management in Louisiana have been installed at operational level which has started to have a noticeable effect in moving things forward. Until such a time as full production is re-started it is imprudent to project steady state levels of flow as this will be the first time that gas lift will be utilised in the Triche well albeit, in theory, this is designed to stabilise and enhance production levels and mitigate the annoying stop start of recent periods. 

·      In Paraguay, preparations for the new exploration well have continued satisfactorily with all contractual payments by the partner being paid on time and good relations enjoyed.  The position with the Rig contract remains to be fully resolved due to internal complications with the current owner although this is expected to be resolved by the end of November.  At that stage, a spud date will be determined

·      Green House Capital having taken first steps in relation to Lithium in Argentina and is now seeking to expand its interests in alternative energies and related technologies outside of that country . This is an ongoing process.

·      The name of the Company is proposed to be changed to Molecular Energies PLC together with consolidation of shares and increase in authorities.  General Meeting of shareholders due to be held on 29 September 2022.

 

Commenting on today's announcement, Peter Levine, Chairman said:

"President has delivered a period of solid profits but we recognise the difficulties of the Group's current reliance on cashflow from its Argentine centric main business when it is not possible to repatriate such profits to Group level. The formation of Green House Capital, which intends to replicate the success of the Atome transaction for the benefit of President shareholders, is the first step in a diversification programme that is subject to active internal debate.

 

"The disruption in hydrocarbon production in Argentina and Louisiana has not in any event been helpful to our existing business the effect of which is being felt in the second part of this year. I have ordered action and change at country, field and local management level to get us back on a consistent growth path which is a necessity in any event. Notwithstanding my continuing financial support for what will soon be Molecular Energies through my private investment group, reducing the Group debt level including at parent level is a priority over the next months. This will place the Group in a stronger position whilst supporting its evolution into more fertile fields of business where the prospects are re-invigorating and exciting after the frustrating and unrewarding battles of the last years.

 

"The change of name, image and related matters including the creation of Green House Capital are evidence of our determination to carry out the evolution as soon as possible.  The appreciation of approximately 30% in the Atome Energy share price since the start of the year achieved with the right management team we put in place is beneficial to our investment assets and is a precedent pointing to our capability to enhance shareholder value by our evolved strategy.

 

"The Group has a solid base, is profitable on a post-tax basis excluding non-cash items and is operationally cash-flow positive.  As the board continues to implement its new strategy we look forward to our future as Molecular Energies PLC capitalising and repeating the success of Atome with a significant originated value generation for shareholders".

 

Peter Levine

Chairman

27 September 2022

 

* Adjusted EBITDA means Operating Profit before depreciation, depletion and amortisation, adjusted for non-cash share-based expenses and certain non-recurring items. Non-recurring items include where relevant workovers.

* Profit after tax after non-cash items which comprise depletion, depreciation, amortisation, impairment, non-operating gains/losses and deferred tax.

* Cost per boe metrics are adjusted for costs management consider are exceptional and non-recurring in nature

* Free cash flow from core operations is defined in the 2021 Annual Report. The treasury income which has been included is the exchange (losses)/gains on cash and cash equivalents as detailed in the Consolidated Statement of Cashflows

 

This announcement contains inside information for the purposes of article 7 of Regulation 596/2014.

 

Notes to Editors

President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.

 

The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and the Angostura exploration contract, all of which are situated in the Río Negro Province in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.

 

It has also a 27.9% investment interest in Atome Energy PLC a green hydrogen and ammonia producer whose shares are traded on AIM of the London Stock Exchange.

 

With a strong strategic and institutional base of support, including the international commodity trader and logistics company Trafigura, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, President Energy gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for the release of this announcement on behalf of the Company was Peter Levine, Chairman.

 

For further information, please visit www.presidentenergy.com or contact:

 

President Energy PLC Rob Shepherd, Finance Director Nikita Levine, Investor Relations	+44 (0)20 7016 7950 info@presidentpc.com
finnCap (Nominated Advisor and broker) Christopher Raggett, Tim Harper	+44 (0)20 7220 0500
Tavistock (financial PR) Simon Hudson, Nick Elwes, Charles Baister	+44 (0)20 7920 3150

 

Glossary of terms

Boe(pd)                        Barrels of oil equivalent (per day)

Bopd                Barrels of oil per day

DDA                 Depletion, depreciation and. amortisation

EV                    Enterprise value meaning market capitalisation plus debt

MMbbls                        Million barrels of oil

MMboe             Million barrels of oil equivalent

MMBtu              Million British Thermal Units (gas)

M³/d                 Cubic metres of production of gas or oil per day (as the case may be)

 

 

Condensed Consolidated Statement of Comprehensive Income

Six months ended 30 June 2022

		6 months		6 months		Year to
		to 30 June		to 30 June		31 Dec
		2022		2021		2021
		(Unaudited)		(Unaudited)		(Audited)
	Note	US$000		US$000		US$000
Continuing Operations
Revenue		17,632		17,104		34,147
Cost of sales
Depletion, depreciation & amortisation		(4,374)		(5,108)		(11,374)
Other cost of sales		(11,026)		(11,493)		(22,057)
Total cost of sales	3	(15,400)		(16,601)		(33,431)
Gross profit/(loss)		2,232		503		716
Administrative expenses	4	(1,741)		(1,942)		(5,764)
Operating gain/(loss)		500		-		-
Operating profit / (loss) before impairment charge
and non-operating gains / (losses)		991		(1,439)		(5,048)
Presented as:
Adjusted EBITDA		5,678		4,536		7,526
Non-recurring items		(199)		(581)		(751)
EBITDA excluding share options		5,479		3,955		6,775
Depreciation, depletion & amortisation		(4,415)		(5,134)		(11,456)
Share based payment expense		(73)		(260)		(367)
Operating profit / (loss)		991		(1,439)		(5,048)
Impairment charge	5	-		-		(51)
Profit / (loss) in associate undertaking		(25)		-		-
Non-operating gains /(losses)	6	351		2		14,494
Profit/(loss) after impairment and non-operating
gains and (losses)		1,317		(1,437)		9,395
Finance income	7	3,259		855		1,633
Finance costs	7	(3,045)		(2,418)		(5,324)
Profit / (loss) before tax		1,531		(3,000)		5,704
Income tax (charge)/credit
Current tax income tax (charge)/credit		-		-		-
Deferred tax being a provision for future taxes		2,036		(376)		(1,125)
Total income tax (charge)/credit		2,036		(376)		(1,125)
Profit/(loss) for the period from continuing operations		3,567		(3,376)		4,579
Other comprehensive income
Total comprehensive profit/(loss) for the period
attributable to the equity holders of the Parent Company		3,567		(3,376)		4,579
Earnings/ (loss )per share from continuing operations		US cents		US cents		US cents
Basic earnings/ (loss) per share	8	0.17		(0.17)		0.23
Diluted earnings / (loss) per share	8	0.17		(0.17)		0.22

 

 

Condensed Consolidated Statement of Financial Position

As at 30 June 2022

		30 June		30 June		31 Dec
		2022		2021		2021
		(Unaudited)		(Unaudited)		(Audited)
		US$000		US$000		US$000
ASSETS	Note
Non-current assets
Intangible exploration and evaluation assets	9	54,304		52,794		54,304
Goodwill		705		705		705
Investment in associate		-		-		25
Property, plant and equipment	9	74,071		56,787		59,148
		129,080		110,286		114,182
Deferred tax		356		507		350
Other non-current assets		103		103		103
		129,539		110,896		114,635
Current assets
Trade and other receivables	10	7,350		6,299		11,887
Inventory		-		1,336		1,336
Cash and cash equivalents		4,970		555		2,014
		12,320		8,190		15,237
TOTAL ASSETS		141,859		119,086		129,872
LIABILITIES
Current liabilities
Trade and other payables	11	22,891		14,897		17,424
Borrowings	12	12,521		1,584		7,014
		35,412		16,481		24,438
Non-current liabilities
Trade and other payables	11	4,059		4,631		4,580
Long-term provisions		7,963		6,985		7,480
Borrowings	12	21,691		15,717		22,250
Deferred tax		253		1,691		2,283
		33,966		29,024		36,593
TOTAL LIABILITIES		69,378		45,505		61,031
EQUITY
Share capital		36,179		35,868		36,179
Share premium		48		258,162		48
Translation reserve		(50,240)		(50,240)		(50,240)
Profit and loss account		78,712		(178,007)		75,145
Other reserve		7,782		7,798		7,709
TOTAL EQUITY		72,481		73,581		68,841
TOTAL EQUITY AND LIABILITIES		141,859		119,086		129,872

 

 

Condensed Consolidated Statement of Changes in Equity

	Share capital	Share premium	Translation reserve	Profit and loss account	Other reserve	Total
	US$000	US$000	US$000	US$000	US$000	US$000
Balance at 1 January 2021	35,708	257,992	(50,240)	(174,631)	7,538	76,367
Share-based payments	-	-	-	-	260	260
Subscriptions	160	170	-	-	-	330
Transactions with owners	160	170	-	-	260	590
Loss for the period	-	-	-	(3,376)	-	(3,376)
Total comprehensive
income/(loss)	-	-	-	(3,376)	-	(3,376)
Balance at 30 June 2021	35,868	258,162	(50,240)	(178,007)	7,798	73,581
Share-based payments	-	-	-	-	107	107
Debt conversion	82	58	-	-	-	140
Subscription	81	84	-	-	-	165
Exercise of options	148	48	-	-	(196)	-
Capital reduction	-	(258,304)	-	258,304		-
Dividend in specie	-	-	-	(13,130)		(13,130)
Transactions with owners	311	(258,114)	-	245,174	(89)	(12,718)
Profit for the period	-	-	-	7,955	-	7,955
Exchange differences on
translation	-	-	23	-	-	23
Reclassified to profit and loss	-	-	(23)	23	-	-
Total comprehensive
income/(loss)	-	-	-	7,978	-	7,978
Balance at 1 January 2022	36,179	48	(50,240)	75,145	7,709	68,841
Share-based payments	-	-	-	-	73	73
Transactions with owners	-	-	-	-	73	73
Loss for the period	-	-	-	3,567	-	3,567
Total comprehensive
income/(loss)	-	-	-	3,567	-	3,567
Balance at 30 June 2022	36,179	48	(50,240)	78,712	7,782	72,481

 

 

Condensed Consolidated Statement of Cash Flows

Six months ended 30 June 2022

		6 months	6 months	Year to
		to 30 June	to 30 June	31 Dec
		2022	2021	2021
		(Unaudited)	(Unaudited)	(Audited)
		US$000	US$000	US$000
Cash flows from operating activities - (Note 13)
Cash generated/(consumed) by operations		8,639	3,571	11,078
Interest received		83	39	145
Taxes paid		-	-	-
		8,722	3,610	11,223
Cash flows from investing activities
Expenditure on exploration and evaluation assets		-	(91)	(1,652)
Expenditure on development and production assets
(excluding increase in provision for decommissioning)		(10,021)	(2,446)	(19,431)
Expenditure on decommissioning costs		-	-	-
Proceeds from asset sales		-	31	29
Proceeds from Paraguay farm out		-	-	4,000
Acquisition & licence extension in Argentina		-	(284)	(284)
Release of bond with state authorities		-	-	(1)
		(10,021)	(2,790)	(17,339)
Cash flows from financing activities
Proceeds from issue of shares (net of expenses)		-	330	495
Loan drawdown		8,120	1,410	11,731
Repayment of borrowings		(3,018)	(1,965)	(3,130)
Payment of loan interest and fees		(1,539)	(857)	(1,338)
Repayment of obligations under leases		(703)	(638)	(1,332)
		2,860	(1,720)	6,426
Net increase/(decrease) in cash and cash equivalents		1,561	(900)	310
Opening cash and cash equivalents at beginning of year		2,014	1,144	1,144
Exchange (losses)/gains on cash and cash equivalents		1,395	311	560
Closing cash and cash equivalents		4,970	555	2,014

 

 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2022

 

1 Nature of operations and general information

President Energy PLC and its subsidiaries' (together, "the Group") principal activities are the exploration for and the evaluation and production of oil and gas.

 

President Energy PLC is the Group's ultimate parent company. It is incorporated and domiciled in England. The Group has onshore oil and gas production and reserves in Argentina and the USA. The Group also has onshore exploration assets in Paraguay and Argentina. The address of President Energy PLC's registered office is Carrwood Park, Selby Road, Leeds, LS15 4LG. President Energy PLC's shares are listed on the Alternative Investment Market of the London Stock Exchange.

 

These condensed consolidated interim financial statements (the interim financial statements) have been approved for issue by the Board of Directors on 26^th September 2022. The financial information for the year ended 31 December 2021 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the six months ended 30 June 2022 and 30 June 2021 was neither audited nor reviewed by the auditor. The Group's statutory financial statements for the year ended 31 December 2021 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006

 

2 Basis of preparation

The interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2021, which have been prepared under IFRS.

 

These financial statements have been prepared under the historical cost convention, except for any derivative financial instruments which have been measured at fair value. The accounting policies adopted in the 2022 interim financial statements are the same as those adopted in the 2021 Annual report and accounts.

 

			6 months		6 months		Year to
			to 30 June		to 30 June		31 Dec
			2022		2021		2021
			(Unaudited)		(Unaudited)		(Audited)
			US$000		US$000		US$000
3 Cost of Sales
	Depreciation		4,374		5,108		11,374
	Royalties & production taxes		3,575		3,535		6,031
	Well operating costs		7,451		7,958		16,026
			15,400		16,601		33,431
4 Administrative expenses
	Directors and staff cost		1,102		1,306		2,530
	Share-based payments		73		260		367
	Depreciation		41		26		82
	Other		525		350		2,785
			1,741		1,942		5,764
5  Impairment (credit) / charge
	Matorras  & Ocultar in Argentina (intangible)		-		-		51
			-		-		51
6  Non-operating (gains) / losses
	Gain on dividend in specie of Atome shares		-		-		(13,130)
	Reversal of provision for doubtful taxes		-		29		-
	Arising on lease modifications		4		-		(18)
	Other (gains) / losses		(355)		(31)		(29)
	Gain on Atome transition to an associate investment		-		-		(1,317)
			(351)		(2)		(14,494)
7 Finance income & costs
	Interest income		83		39		145
	Exchange gains		3,176		816		1,488
	Finance income		3,259		855		1,633
	Interest & similar charges		3,045		2,418		5,324
	Finance costs		3,045		2,418		5,324
8 Earnings / (loss) per share
	Net profit / (loss) for the period attributable
	to the equity holders of the
	Parent Company		3,567		(3,376)		4,579
			Number		Number		Number
			'000		'000		'000
	Weighted average number
	of shares in issue		2,058,074		2,030,951		2,031,855
	Earnings /(loss) per share		US cents		US cents		US cents
	Basic		0.17		(0.17)		0.23
	Diluted		0.17		(0.17)		0.22

 

9 Non-current assets
					Property
			E&E		Plant and		Total
			Assets		Equipment
			US$000		US$000		US$000
	Cost
	At 1 January 2021		145,124		147,289		292,413
	Additions		91		5,968		6,059
	Acquisition in USA		-		-		-
	Right of use assets (IFRS16)		-		1,464		1,464
	At 30 June 2021		145,215		154,721		299,936
	Additions		1,510		8,732		10,242
	Disposals		-		(256)		(256)
	At 1 January 2022		146,725		163,197		309,922
	Additions		-		18,961		18,961
	Right of use assets (IFRS16)		-		377		377
	At 30 June 2022		146,725		182,535		329,260
	Depreciation/Impairment
	At 1 January 2021		92,421		92,800		185,221
	Charge for the period		-		5,134		5,134
	At 30 June 2021		92,421		97,934		190,355
	Impaired		-		-		-
	Disposals		-		(207)		(207)
	Charge for the period		-		6,322		6,322
	At 1 January 2022		92,421		104,049		196,470
	Impaired		-		-		-
	Charge for the period		-		4,415		4,415
	At 30 June 2022		92,421		108,464		200,885
	Net Book Value 30 June 2022		54,304		74,071		128,375
	Net Book Value 30 June 2021		52,794		56,787		109,581
	Net Book Value 31 December 2021		54,304		59,148		113,452

 

			30 June		30 June		31 Dec
			2022		2021		2021
			(Unaudited)		(Unaudited)		(Audited)
			US$000		US$000		US$000
10 Trade and other receivables
	Trade and other receivables		6,092		6,155		6,406
	Due from Atome		-		-		1,291
	Prepayments		1,258		144		4,190
			7,350		6,299		11,887
11. Trade and other payables
	Current
	Trade and other payables		9,176		8,997		10,679
	Drilling, workover and operation accruals		8,268		5,026		1,959
	Paraguay drilling obligations and accruals		4,251		-		4,000
	Current portion of leases		1,196		874		786
			22,891		14,897		17,424
	Non-current
	Non-current trade and other payables		2,409		1,990		2,399
	Non-current portion of leases		1,650		2,641		2,181
			4,059		4,631		4,580
	Total carrying value		26,950		19,528		22,004
12 Borrowings
	Current
	Bank loan		1,680		84		2,053
	Promissory notes & bonds		10,841		1,500		4,961
			12,521		1,584		7,014
	Non-Current
	IYA Loan		11,289		11,442		11,284
	Bank loan		2,342		4,275		2,016
	Promissory notes & bonds		8,060		-		8,950
			21,691		15,717		22,250
	Total carrying value of borrowings		34,212		17,301		29,264

 

13 Reconciliation of operating profit to net cash outflow from operating activities
			6 months				6 months			Year to
			to 30 June				to 30 June			31 Dec
			2022				2021			2021
			(Unaudited)				(Unaudited)			(Audited)
			US$000				US$000			US$000
Profit/(loss) from operations before taxation			1,531				(3,000)			5,704
	Interest on bank deposits		(83)				(39)			(145)
	Interest payable and loan fees		3,045				2,418			5,324
	Depreciation and impairment of property,
	plant and equipment		4,415				5,134			11,456
	Impairment charge		-				-			51
	Loss on associate investment		25				-			-
	Gain on non-operating transaction		(351)				(2)			(14,494)
	Share-based payments		73				260			367
	Foreign exchange difference		(3,176)				(816)			(1,488)
Operating cash flows before movements
	in working capital		5,479				3,955			6,775
	(Increase)/decrease in receivables		1,638				(1,933)			(2,430)
	(Increase)/decrease in inventory		1,687				-			-
	(Decrease)/increase in payables		(165)				1,549			6,733
Net cash generated by/(used in)
operating activities			8,639				3,571			11,078
14 Atome Energy plc
				6 months			6 months		Year to
				to 30 June			to 30 June		31 Dec
				2022			2021		2021
				(Unaudited)			(Unaudited)		(Audited)
Selected key financial extracts				US$000			US$000		US$000
Group Statement of Comprehensive Income
	Include in Administrative expense			-			-		(1,397)
	Gain / (loss) on Atome associate investment			(25)			-		1,317
	Gain on dividend in specie of Atome shares			-			-		13,130
				(25)			-		13,050
Group Statement of Financial position
	Non-current Investment in associate at cost			-			-		25
	Current receivable due from Atome			-			405		1,291
Company Profit & Loss Statement
	Gain on dividend in specie of Atome shares			-			-		13,096
	Gain arising on mark to market of investment			1,600			-		10,150
	Foreign exchange loss on valuation of investment			(1,020)			-		-
				580			-		23,246
Company Statement of Financial position
	Investment in Atome Energy plc at market value			10,755			-		10,175

 

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