Oil and Gas Support Services plc
LSE : OGSP

June 30, 2008 06:48 ET

Interim Results to 31 March 2008

                                                                                                     30/06/2008
                                                                                                   GB00B1L8R190
                                                       
                                                       
                                                       
                               Oil and Gas Support Services PLC ("The Company")
                                                       

INTERIM STATEMENT FOR THE SIX MONTHS PERIOD TO 31 MARCH 2008


Chairman's Statement

The results reflect the ongoing work in which the Company has been engaged in researching and identifying
potential acquisition targets within the oil and gas support services sector.

Having progressed significantly one particular prospect we are now in an advanced stage of negotiations. It is
a well established 'niche company' within the energy sector and operates globally. Currently the early process
of due diligence is in progress, heads of terms having been agreed.

The Board is feeling confident about this possible acquisition, which will depend upon arranging a satisfactory
funding structure. It could also involve taking the Company up to the AIM market as part of the process. More
details will be announced in due course, probably in late summer.

Elsewhere the Board continues in its search for other businesses to add to the foundations of the OGSS company.
There are now a number that fit within our criteria, which could well help to rapidly build a very interesting
spread of activities within our chosen sector.

We thank shareholders for their patience.

Mark Watson-Mitchell
Executive Chairman
OIL AND GAS SUPPORT SERVICES PLC
Interim financial statements for the six months to 31 March 2008.

Profit & Loss Account

                                                                       6  months           6  months
                                                                     ended 31 March        ended 31
                                                                          2008            March 2007
                                                                        GBP '000           GBP '000
 Turnover                                                                         -                  -
                                                                                                      
 Administration costs                                                          (80)               (43)
                                                                                                      
 Operating loss                                                                (80)               (43)
                                                                                                      
 Interest received                                                                9                  -
                                                                                                      
 Loss on ordinary activities before taxation                                   (71)               (43)
                                                                                                      
 Taxation                                                                         -                  -
                                                                                                      
 Loss after taxation                                                           (71)               (43)
                                                                                                      
 Basic loss per share                                                       (0.13)p            (0.08)p



OIL AND GAS SUPPORT SERVICES PLC
Interim financial statements for the six months to 31 March 2008.

Balance Sheet as at 31 March 2008

                                                                      31.03.2008          31.03.2007
                                                                       GBP '000            GBP '000
 Fixed assets:                                                                                        
 Investments                                                                     40                  0
                                                                                                      
 Current assets                                                                                       
 Debtors & prepayments                                                           56                  6
 Cash at bank                                                                   275                495
 Total current assets                                                           331                501
                                                                                                      
 Creditors: amounts falling due within one year                                 (5)                (5)
                                                                                                      
 Net current assets                                                             326                496
                                                                                                      
 Total assets less liabilities                                                  366                496
                                                                                                      
 Capital & reserves                                                                                   
 Share capital                                                                  266                266
 Share premium                                                                  348                273
 Profit & loss account                                                        (248)               (43)
                                                                                                      
 Total shareholders' funds                                                      366                496
                                                                                                      


OIL AND GAS SUPPORT SERVICES PLC
Interim financial statements for the six months to 31 March 2008.


Notes


1.  The financial information contained in this statement does not constitute
    statutory accounts as defined in section 240 of the Companies  Act 1985. These statements, which
    are unaudited, have been prepared under the historical cost convention. The financial information
    has not been reviewed by the Company's auditor.

2.  A provision for taxation has not been made as the Company made a loss
    for the period.

3.  The loss per share is based on a loss of £71,171 (2007: £43,049) and on 53,262,500 (2007:
    53,262,500) of weighted average ordinary shares in issue during the period.
        
4.  Investments are stated at the lower of cost and net realisable value.
        
5.  Copies of the statement will be despatched to shareholders.
    
    Copies of this announcement are available from: St Helen's Capital Plc, 15 St Helen's Place,
    London EC3A 6DE



The directors of the Company assume responsibility for this announcement.

CONTACT DETAILS:

COMPANY:
Mark Watson-Mitchell             Tel: 020 7638 8750
Oil and Gas Support Services Plc

CORPORATE ADVISER:
St Helen's Capital Plc                    Tel: 020 7628 5582

Contact Information

  • Oil and Gas Support Services plc