May 30, 2013 10:11 ET

Final Results for the year to 31 December 2012



The Board is pleased to present the results for the Company for the year ended 31 December 2012.

We  started  2012 with a number of investment candidates under consideration and one  opportunity  in
particular  appeared  to  deliver the qualities we felt that we could take to  shareholders  and  new
investors.   It  concerned  coal  exploration licenses in southern  Nigeria,  strongly  supported  by
evidence of high quality thermal coal and a ready potential demand given Nigeria's current industrial
growth and need for coal powered electricity generation.

Over  the course of the year we visited Nigeria on multiple occasions and formed strong alliances  in
the  Ministry  of  Mines & Steel Development and amongst the geological community  and  providers  of
supporting services.  With great optimism we engaged professional advisers to an AIM flotation with a
view  to  raising sufficient money to 'prove up' enough coal for the needs of multiple power stations
and had taken steps towards preliminary off take discussions.

Unfortunately  as  we approached completion and the submission of our AIM application  last  January,
conflict  in Mali erupted and with this, tension across West Africa with specific threats to Nigeria.
The  Board  took  the tough decision to postpone the AIM Admission to observe and react  to  changing

It  appears  to  us  that the enlarged threat of violence has diminished and we  refuse  to  let  the
Nigerian opportunity escape. In the third week of April 2013, Alyn Evans and I undertook a field trip
to three exploration sites located in the Abia State, South East Nigeria and have since mobilised the
services  of  a geological services and drilling contractor to embark on a geoelectric survey  across
part of a licenced site.  Indeed, our geologists share our view that following a low cost exploration
exercise  we  can  demonstrate,  via a JORC Resource estimate, the  availability  of  a  considerable
quantity of economically viable thermal coal.

We  have  sufficient  funds  to deliver something of substantial value to shareholders  and  will  be
securing  certain licenses at the most appropriate time. We shall keep shareholders  informed  as  we
proceed with our acquisition, exploration and expansion plans throughout 2013.

N C P Nelson

29 May 2013

                                                                     Year ended        Period from 18
                                                                    31 Dec 2012       18 January 2011
                                                                                       to 31 Dec 2011
                                        Note                            GBP'000               GBP'000

Administrative expenses                                                    (242)                  (66)
Share based payments                                                       (161)                    -
Exceptional costs - abortive                                                                          
acquisition expenses                                                       (229)                    -
                                                                         ------               -------             
OPERATING LOSS FROM OPERATIONS                                             (632)                  (66)
                                                                         ------               -------                        
Investment income                                                             4                     2
                                                                         ------               -------              
Loss before taxation                                                       (628)                  (64)
Taxation                                                                      -                     -
                                                                         -------              -------

LOSS FROM CONTINUING OPERATIONS                                             (628)                 (64)
                                                                         =======              =======              
Loss per share                                                                                        
 - basic (pence)                         4                                (0.029)             (0.0030)
 - diluted (pence)                                                        (0.029)             (0.0030)
                                                                         =======              =======              

                                                                         As at 31            As at 31
                                                                         Dec 2012            Dec 2011
                                                                          GBP'000             GBP'000

CURRENT ASSETS                                                             
Trade and other receivables                                                    30                  12
Cash and cash equivalents                                                     599               1,065
                                                                          -------             -------
TOTAL ASSETS                                                                  629               1,077
                                                                          =======             =======                
EQUITY AND LIABILITIES                                                                                 

Share capital                                                                 214                 214
Share premium account                                                         926                 926
Share-based compensation reserve                                              161                   -
Retained earnings                                                            (692)                (64)
                                                                          -------             -------
TOTAL EQUITY                                                                  609               1,076
CURRENT LIABILITIES                                                                                    
Trade and other payables                                                       20                   1
                                                                          -------             -------
TOTAL EQUITY AND LIABILITIES                                                  629               1,077
                                                                          =======             =======       


1.   General information

The  financial  information  contained in this statement has been extracted  from  the  audited  full
accounts  of  the  Company  and is presented using the same accounting  policies.  The  audited  full
accounts which have not yet been filed with the Registrar of companies include an unqualified  report
on 29 May 2013 from the auditors.

2.   Adoption of International Financial Reporting Standards

The  financial  information  in  this  annual  report  has  been  prepared  in  accordance  with  the
International Financial Reporting Standards as adopted by the European Union ("IFRS") for  the  first

The  results, assets and liabilities of the Company for the year ended 31 December 2011 together with
the  opening  position of the Company at incorporation on 18 January 2011, the date of transition  to
IFRS,  have been restated in accordance with IFRS.  The statutory financial statements for the period
ended  31  December 2011 were originally prepared in accordance with UK Generally Accepted Accounting

IFRS  1 'First time Adoption of IFRS' permits companies to take advantage of certain exemptions  from
full  retrospective  adoption.  The Company has not needed to adjust  any  balances  for  the  income
statement  for  the  period ended 31 December 2011 or the statement of financial position  as  at  31
December 2011 under IFRS.

Issued International Financial Reporting Standards (IFRS's) and interpretations (IFRICS) relevant  to
company operations

There  are  no IFRS or IFRIC interpretations that are effective for the first time in this  financial
period that would be expected to have a material impact on the Group.

Standards, interpretations and amendments to published standards that are not yet effective

There  are no other IFRS or IFRIC interpretations that are not yet effective that would be  expected
to have a material impact on the group.

3.   Accounting Policies

Basis of accounting

The  financial statements have been prepared under the historical cost convention, as modified by the
accounting for financial instruments at fair value.

The Directors are of the opinion that the financial information should be prepared on a going concern
basis, in the light of the Company's financial resources.

Share options

When  shares, share options and warrants are granted to employees and investors, a charge is made  to
the profit and loss account and a reserve created in capital and reserves to record the fair value of
the  awards  at the date of grant in accordance with IFRS 2 (share based payments).  This  charge  is
spread over the vesting period.  When shares and share options are granted to employees of subsidiary
companies,  the  fair value of the awards is treated as a capital contribution and  spread  over  the
period of performance relating to the grant.  The corresponding entry is made in reserves.

Segment reporting

A business segment is a group of assets and operations engaged in providing products or services that
are  subject  to  risks  and  returns that are different from those of other  business  segments.   A
geographic  segment  is  engaged  in  providing products or services  within  a  particular  economic
environment that are subject to risks and returns that are different from those of segments operating
in other economic environments.

In  the  opinion  of  the Directors, in year ended 31 December 2012, the Company does  not  have  any
separate business or geographical segments.

Cash and cash equivalents

Cash  and  cash equivalents includes cash in hand, deposits held at call with banks, other short-term
highly liquid investments with original maturities of three months or less, and bank overdrafts.

Trade payables

Trade  payables  are recognised initially at fair value and subsequently measured at  amortised  cost
using the effective interest method.

Share capital

Ordinary  shares are classified as equity.  Incremental costs directly attributable to the  issue  of
new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Income taxes

Current income tax assets and liabilities are measured at the amount expected to be recovered or paid
to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at
the balance sheet date.

Deferred  income tax is recognised using the balance sheet liability method, providing for  temporary
differences  between  the  tax bases and the accounting bases of assets  and  liabilities.   Deferred
income tax is calculated on an undiscounted basis at the tax rates that are expected to apply in  the
period when the liability is settled or the asset is realised, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.

Deferred  income  tax  liabilities are recognised for all temporary  differences,  except  where  the
deferred income tax liability from the initial recognition of goodwill or of an asset or liability in
a  transaction that is not a business combination and at the time of the transaction, affects neither
the accounting profit nor taxable profit or loss.

Deferred  income tax is charged or credited to the income statement, except when it relates to  items
charged  or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred income tax assets and liabilities are offset against each other only when the Company has  a
legally enforceable right to do so.

Deferred income tax assets are recognised only to the extent that it is probable that future  taxable
profits will be available against which the deductible temporary differences can be utilised.

Use of assumptions and estimates

The  Company makes judgements, estimates and assumptions that affect the application of policies  and
reported  amounts of assets and liabilities, income and expenses.  The resulting accounting estimates
calculated  using  these  judgements and assumptions will, by definition, seldom  equal  the  related
actual  results  but  are  based on historical experience and expectations  of  future  events.   The
estimates  and  underlying  assumptions are reviewed on an ongoing basis.   Revisions  to  accounting
estimates are recognised in the period in which the estimate is revised if the revision effects  only
that period, or in the period of revision and future periods if the revision affects both current and
future periods.

Given  the level of the Company's activities, the Directors do not consider estimates and assumptions
to have a material effect on the amounts recognised in the financial statements.


Reserve                        Description and purpose
Share capital                  Amount  of  the contributions made by shareholders in return  for  the
                               issue of shares.
Share premium                  Amount subscribed for share capital in excess of nominal value.
Share-based compensation       Cumulative  fair value of share options granted and recognised  as  an
reserve                        expense in the Income Statement.
Retained earnings              Cumulative net gains and losses recognised in the company's  financial

4.      Loss per share

The calculation of earnings per ordinary share is based on earnings after tax and the weighted
average number of ordinary shares in issue during the year. For diluted earnings per share, the
weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive
potential ordinary shares. The company had three classes of dilutive potential shares,  being those
share warrants and share options detailed within note 12.

The diluted loss per share is the same as the basic loss per share as the loss for the year has an
antidilutive effect.

The calculation of basic and diluted earnings per share is based on the following figures:

                                                                     Year ended        Period from 18
                                                                    31 Dec 2012       18 January 2011
                                                                                       to 31 Dec 2011
                                                                        GBP'000               GBP'000
Total loss for the period                                                  (628)                  (64)
                                                                   -------------       --------------                                                                                                     
Weighted average number of                                         2,141,666,667        2,141,666,667
shares - basic
Diluting effect of warrants in                                                 -                    -
                                                                   -------------       --------------
Weighted average number or                                         2,141,666,667        2,141,666,667
shares - diluted
                                                                   -------------       --------------                                                                                                      
Basic loss per share                                                   (0.029) p           (0.0030) p
                                                                   -------------       --------------                                                                                                      
Diluted loss per share                                                 (0.029) p           (0.0030) p
                                                                   -------------       --------------

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