The East African Oil & Energy Exploration Company plc
LSE : EAOP

July 19, 2011 09:56 ET

Unaudited Interim Results for the period ended 31 March 2011

                                  East African Oil & Energy Exploration Company plc
                                          ("East African" or the "Company")

                                                          
                            Unaudited Interim Results for the period ended 31 March 2011
                                                          
                                                          
East African today announces its interim results for the period ended 31 March 2011.

Statement

I am pleased to make this statement as Chief Executive Officer of the Company

Review of Activities

In  my  statement  which  accompanied the audited results of the Company for the year  ended  30  September  2010,  I
identified  the considerable changes which had taken place in the preceding six months or so.  Consequent upon  these
changes,  East  African  is  no  longer a trading company. It is an investment company which  is  seeking  investment
opportunities in East Africa, in accordance with the Investment Strategy which was outlined in my previous Statement.
Against  this  background of reorganisation and repositioning, the results for the last six months are  disappointing
but not surprising.

Outlook

The  future for your Company will depend upon the opportunities which can be identified.  Several are currently being
examined by your Board. As soon as anything develops, a suitable announcement will be made to all shareholders.


Adriano Bernabei
Chief Executive Officer
                                                          
                                     UNAUDITED INTERIM FINANCIAL INFORMATION OF
                                THE EAST AFRICAN OIL & ENERGY EXPLORATION COMPANY PLC
                                           (FORMERLY CANTINA AUGUSTO PLC)
                                         FOR THE PERIOD ENDED 31 MARCH 2011



CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                                        Period ended  Period ended    Year ended
                                                            31 March      31 March  30 September
                                                                2011          2010          2010
                                                          (unaudited)   (unaudited)     (audited)
                                                               £'000         £'000         £'000
              
Turnover
From continuing operations                                         -             -             -
From discontinued operations                                     198           248           486
                                                        ---------------------------------------- 
                                                                 198           248           486
                                                        ---------------------------------------- 
Cost of Sales                                                   (188)         (233)         (466)
                                                        ---------------------------------------- 
                                                     
Gross Profit                                                      10            15            20

Administrative expenses                                         (147)         (164)         (318)

                                                        ---------------------------------------- 
(Loss) from operating activities before impairment              (137)         (149)         (298)
of goodwill

Impairment of goodwill                                             -             -          (108)
Cost of fundamental reorganisation                              (468)            -             -
                                                        ---------------------------------------- 

(Loss)/Profit from operating activities
From continuing operations                                         -             -             -
From discontinued operations                                    (605)         (149)         (406)
                                                        ---------------------------------------- 
                                                                (605)         (149)         (406)

Interest payable and similar charges                              (1)           (2)           (6)

Interest receivable and similar charges                            -             -             -
                                                        ---------------------------------------- 
                                                                                   
(Loss) on ordinary activities before taxation                   (606)         (151)         (412)
                                                                                     
Taxation                                                           -           182             -
                                                        ---------------------------------------- 

Retained (loss)/profit for the period                           (606)           31          (412)
                                                        ----------------------------------------                                                        ----------------------------------------                                                                                        
Earnings per share                                                                      
Basic and fully diluted                                        (2.17)p        0.14p        (1.79)p
                                                        ---------------------------------------- 
                                                        ---------------------------------------- 

There are no recognised gains or losses other than the loss for the period.

                                     UNAUDITED INTERIM FINANCIAL INFORMATION OF
                                THE EAST AFRICAN OIL & ENERGY EXPLORATION COMPANY PLC
                                           (FORMERLY CANTINA AUGUSTO PLC)
                                         FOR THE PERIOD ENDED 31 MARCH 2011

Unaudited Consolidated Balance Sheet
as at 31 March 2011

                                                     Six months     Six months    Year Ended
                                                       Ended 31       Ended 31            30
                                                     March 2011     March 2010     September
                                                                                        2010
                                                    (Unaudited)    (Unaudited)     (Audited)
                                                          £'000          £'000         £'000
                                                                                
Fixed Assets                                                                                
Intangible fixed assets                                       -            105             -
Fixed assets                                                  4             24            33
                                                     ---------------------------------------
                                                              4            129            33

Current Assets                                                                              
Stock                                                         -              -             5
Debtors                                                       -            230            62
Investments                                                  15             15            15
Cash at bank                                                  -              8             4
                                                     ---------------------------------------
                                                             15            253            86
                                                                                            
Creditors: amounts falling due within one year             (858)          (214)         (361)
                                                     ---------------------------------------                                                                                          
Current assets less current liabilities                    (843)            39          (275)
                                                     ---------------------------------------
                                                                                           
Total assets less total liabilities                        (839)           168          (242)
                                                                                            
Creditors: amounts falling due after more than              (45)           (68)          (46)
one year
                                                     ---------------------------------------                                                                                            
Total assets less total liabilities                        (884)           100          (288)
                                                     ---------------------------------------
                                                     ---------------------------------------                                                                                           
Capital and Reserves                                                                        
Share Capital                                               223            173           213
Share premium account                                       409            394           409
Profit and loss account                                  (1,516)          (467)         (910)
                                                     ---------------------------------------
                                                                                           
                                                           (884)           100          (288)
                                                     ---------------------------------------                                                     ---------------------------------------                                                                                 
Interim Financial Information

The unaudited interim financial information, which is the responsibility of the directors and was approved by them on
24 June 2011, does not constitute statutory accounts which the meaning of Sections 434 and 435 of the Companies Act
2006.

THESE RESULTS HAVE NOT BEEN AUDITED NOR HAVE THEY BEEN REVIEWED BY THE COMPANY'S AUDITORS.

Copies of this Interim statement are available from the Group at its registered office, for a period of one month,
free of charge.

Contact Information

  • The East African Oil & Energy Exploration Company plc