REG - Oneiro Energy PLC - Final Results for the year to 31 January 2024
30/05/2024 07:00
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RNS Number : 3542Q Oneiro Energy PLC 30 May 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
30 May 2024
Oneiro Energy PLC
("Oneiro" or the "Company")
Final results for the year to 31 January 2024
Oneiro Energy PLC (LSE:ONE), the LSE-quoted Company focussed on energy
transition, is pleased to announce its audited financial statements and annual
report for the year to 31 January 2024 (the "Annual Report"). A copy of the
Annual Report will shortly be available for download on the Company's website,
https://oneiro.energy/ (https://oneiro.energy/) , and can also be viewed here:
http://www.rns-pdf.londonstockexchange.com/rns/3542Q_1-2024-5-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3542Q_1-2024-5-29.pdf)
Key elements from the Annual Report have been extracted and can be viewed
below.
In accordance with Listing Rules 14.3.6R and 14.3.7R, a copy of the Annual
Report will be submitted to the National Storage Mechanism and will be
available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
The Company will provide details of the Annual General Meeting for 2024 in due
course.
Oneiro Energy PLC
Andy Yeo, Non-Executive Chairman
c/o Peterhouse Capital Limited
+44 (0) 20 7469 0930
Allenby Capital Limited (Financial Adviser)
Nick Harriss / Alex Brearley / Lauren Wright
+44 (0) 20 3328 5656
Peterhouse Capital Limited (Broker)
Lucy Williams / Duncan Vasey
+44 (0) 20 7469 0930
Chairman's statement
I am pleased to present the financial statements for Oneiro Energy plc (the
"Company") for the year ended 31 January 2024.
Following the Company's listing on 25 May 2023, the Company has continued to
focus on projects which have the potential to lead to less carbon-intensive
and more sustainable energy systems. Specifically, we have looked at
acquiring interests within the hydrocarbon sector (primarily natural gas)
alongside the wider upstream green energy sectors such as renewables and
transition metals. As well as looking at specific commodities we have also
considered the concept of Region or Country plays.
As a reminder, the Company was formed to undertake an acquisition of a
controlling interest in a company or business (an "Acquisition"). Any
Acquisition is expected to constitute a reverse takeover transaction and
consideration for the Acquisition may be in part or in whole in the form of
share-based consideration or funded from the Company's existing cash resources
or the raising of additional funds.
I was appointed as Chairman on 5 September 2023. Since then, your board has
continued to work hard, sourcing and evaluating multiple opportunities. We
have been pleased with the quantum and quality of many of these opportunities,
no doubt some of whom, in more forgiving markets would have completed their
IPOs.
IPO markets remain challenging, which conversely, makes our position as a
clean special purpose acquisition vehicle increasingly attractive to would be
targets. Our challenge thereafter is to identify an asset that will appeal to
investors, is deliverable, and one that we are able to execute to the benefit
of all stakeholders.
I look forward to reporting on our progress over the coming months.
Funding
The Company is funded through investment from its shareholders. Subsequent to
the balance sheet date, the Company successfully undertook an IPO onto the
Main Market of the London Stock Exchange on 25 May 2023, alongside a placing
by the Company, raising gross proceeds of £1.2 million, with its ordinary
shares listed on the standard segment of the FCA Official List.
Revenue
The Company has not generated any material revenue during the year. However,
it is focusing on acquisition targets that would ultimately generate revenue
for the Company.
Expenditure
During the year, the Company has continued its fiscal discipline by continuing
to maintain low overheads, where possible.
Liquidity, cash and cash equivalents
At 31 January 2024, the Company held approximately £782k of cash and cash
equivalents, all of which are denominated in pounds sterling.
Andrew Yeo
Chairman
Statement of Comprehensive Income
For the year ended 31 January 2024
Notes Year ended Year ended
31 January 2024
31 January 2023
£ £
Administrative expenses (280,909) (269,049)
Operating loss (280,909) (269,049)
Other income 1 4,425 17,700
Loss before tax (276,484) (251,349)
Taxation charge 3 - -
Loss for the year (276,484) (251,349)
Other comprehensive income - -
Total comprehensive loss for the year (276,484) (251,349)
Basic and diluted loss per share (pence) 4 (0.76) (2.72)
Statement of Financial Position
At 31 January 2024
Notes As at As at
31 January 2024
31 January 2023
£ £
Assets
Current assets
Other receivables 5 34,488 8,968
Cash and cash equivalents 781,872 32,081
816,360 41,049
Total assets 816,360 41,049
Liabilities
Current liabilities
Trade and other payables 6 (34,484) (48,201)
(34,484) (48,201)
Total liabilities (34,484) (48,201)
Net (liabilities)/assets 781,876 (7,152)
Equity
Share capital 7 378,420 153,000
Share premium 1,025,452 258,000
Share based payment reserve 72,640 -
Retained losses (694,636) (418,152)
Total equity 781,876 (7,152)
Statement of Cash Flows
For the year ended 31 January 2024
Notes Year ended Year ended
31 January 2024
31 January 2023
£ £
Cashflow from operating activities
Operating loss for the year (276,484) (251,349)
Adjustments for:
Share based payments 72,640 -
Movements in working capital
Decrease/(increase) in other receivables (25,721) 16,783
(Decrease)/increase in trade and other payables (13,516) 37,042
Net cash used in operating activities (243,081) (197,524)
Financing activities
Proceeds from issue of share capital 7 992,872 -
Net cash generated from financing activities 992,872 -
(197,524)
Increase/(decrease) in cash and cash equivalents 749,791
Cash and cash equivalents at beginning year 32,081 229,605
Cash and cash equivalents at end of year 781,872 32,081
All references to Notes and Pages in the financial statements above refer to
the Annual Report which can be accessed via the link set out above.
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