Cap Energy Ltd
LSE : CAPP

April 05, 2012 02:00 ET

Audited Results for the Year Ended 31 December 2011

                                                          

                                                                                                         5 April 2012                                                                                                                                                
                                                                                            GB00B0MH9D42/GBP/PLUS-exn
                                                 CAP ENERGY LIMITED
                                              ("Cap" or the "Company")
                                                          
                                                          
                                 Audited Results for the Year Ended 31 December 2011
                                                          
                                                          
Chairman's Statement

The Company's results for the year ended 31 December 2011 show that the Company made a loss of GBP101,691 on turnover
of  GBPNil. These results reflect the lack of positive operational results from Cap's Louisiana interests  in  recent
years  which has prevented the Company from raising any new funds, either to progress field development or  to  cover
administrative overheads. It was clear this situation could not continue.

Early  in 2011, the Directors began discussions with a variety of energy and other groups on the possibility  of  new
assets  being  injected into Cap with associated funding, either with or without the disposal by the Company  of  the
Louisiana assets. At first, little progress was made and the decision was made by the Directors to suspend trading in
the Company's ordinary shares on the PLUS-quoted Market in August 2011.

After further discussions, Cap made an announcement to the market that the Company had signed Heads of Agreement with
investors  who  had  indicated their intention to inject new capital into the Company and  to  change  its  strategic
direction.

I  am  pleased  to  report  that  we will shortly be announcing details of the capital injection  and  certain  other
proposals.  A  circular  convening a General Meeting of the Company to approve these  proposals  will  be  posted  to
shareholders  in  due course. If approved, these proposals will provide shareholders in Cap with the  opportunity  to
participate  in  an  investment vehicle focused on the acquisition of oil and gas exploration and production  assets,
principally in Sub-Saharan Africa.

I wish to thank the Directors, officers and shareholders of the Company for their support during the year.

Timothy Hearley
Chairman


                                        CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                         FOR THE YEAR ENDED 31 DECEMBER 2011
                                                          
                                                                                             2011                2010
                                                                                             GBP                 GBP
                                                                                                  
                                                                                               -                4,641
TURNOVER
                                                                                               -              (2,777)
Cost of sales
                                                                                               -                1,864

GROSS PROFIT
                                                                                                    
                                                                                        (60,906)            (209,865)
   Administrative expenses
                                                                                               -            (288,363)
   Exceptional administrative expenses
                                                                                                    
                                                                                                    
Total administrative expenses                                                           (60,906)            (498,228)
                                                                                        (60,906)            (496,364)

OPERATING LOSS
                                                                                            (11)                    -
Loss on disposal of investments
                                                                                               -              (7,750)
Amounts written off investments
                                                                                        (40,774)             (49,647)
Interest payable and similar charges
                                                                                       (101,691)            (553,761)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION
                                                                                               -                    -
Tax on loss on ordinary activities
                                                                                       (101,691)            (553,761)
                                                                     
LOSS FOR THE FINANCIAL YEAR

                                                                                                    

EARNINGS PER SHARE                                                                         (0.01)              (0.07)


The Directors of the Company do not propose the payment of a dividend for this period.



                                             CONSOLIDATED BALANCE SHEET
                                               AS AT 31 DECEMBER 2011
                                                          
                                                                                  2011                          2010
                                                                    GBP             GBP            GBP              GBP
                                                                                                           
FIXED ASSETS
                                                                                 269,056                        269,056
Tangible assets
                                                                                       -                         12,250
Investments
                                                                                                            
                                                                                 269,056                        281,306
                                                                                                          
CURRENT ASSETS
                                                                    115                               - 
Debtors
                                                                    187                           8,473 
Cash at bank
                                                                                                           
                                                                    302                           8,473 
                                                               (156,039)                        (75,504) 
CREDITORS: amounts falling due within one year
                                                                              (155,737)                       (67,031)
NET CURRENT LIABILITIES
                                                                               113,319                        214,275
TOTAL ASSETS LESS CURRENT LIABILITIES
                                                                              (507,490)                      (507,490)
CREDITORS: amounts falling due after more than
 one year
                                                                                                          
NET LIABILITIES                                                              (394,171)                       (293,215)

                                                                                                          
CAPITAL AND RESERVES
                                                                                 43,987                         43,737
Called up share capital
                                                                              1,379,834                      1,375,084
Share premium account
                                                                                  6,805                         11,070
Foreign exchange reserve
                                                                             (1,824,797)                    (1,723,106)
Profit and loss account
                                                                                                           
SHAREHOLDERS' DEFICIT                                                          (394,171)                      (293,215)


The  financial statements have been prepared in accordance with the special provisions relating to companies  subject
to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting
Standard for Smaller Entities (effective April 2008).


                                                COMPANY BALANCE SHEET
                                               AS AT 31 DECEMBER 2011
                                                          
                                                                                  2011                          2010
                                                                    GBP             GBP            GBP              GBP
                                                                                                           
FIXED ASSETS
                                                                                   1,887                         14,137
Investments
                                                                                                          
CURRENT ASSETS
                                                                    115                               - 
Debtors
                                                                     76                              40 
Cash at bank
                                                                                                           
                                                                    191                              40 
                                                               (156,037)                        (74,702) 
CREDITORS: amounts falling due within one year
                                                                              (155,846)                        (74,662)
NET CURRENT LIABILITIES
                                                                              (153,959)                        (60,525)
TOTAL ASSETS LESS CURRENT LIABILITIES
                                                                              (507,490)                       (507,490)
CREDITORS: amounts falling due after more than
 one year
                                                                              (661,449)                       (568,015)
NET LIABILITIES

                                                                                                          
CAPITAL AND RESERVES
                                                                                 43,987                          43,737
Called up share capital
                                                                              1,379,834                       1,375,084
Share premium account
                                                                            (2,085,270)                     (1,986,836)
Profit and loss account
                                                                              (661,449)                       (568,015)
SHAREHOLDERS' DEFICIT                               


The Accounts for the year ended 31 December 2011 contain the following statement by the auditors:

"EMPHASIS OF MATTER

GOING CONCERN
In  forming  our  opinion,  we  have considered the adequacy of the disclosure made in  note  1.8  of  the  financial
statements  concerning  the  uncertainty around the future of the company.  In  view  of  the  significance  of  this
uncertainty we consider that it should be drawn to your attention but our opinion is not qualified in this respect.

Note 1.8

GOING CONCERN
As detailed in the Chairman's statement, the company has disposed of all its US assets during the year apart from the
Stark's  Dome  interest. The directors are negotiating to dispose of this asset which they hope to conclude  shortly.
Thereafter  the company will have no operating assets and will seek alternative activities. If none are  located  the
company will ultimately have to close."


The Directors of Cap are responsible for the contents of this announcement.

Contact details:

Cap Energy Limited
John Killer, Managing Director
Tel: 07979 903673

St Helens Capital Partners LLP
Duncan Vasey or Mark Anwyl
Tel: 020 7368 6959


Contact Information

  • Cap Energy Ltd