Cap Energy Ltd
LSE : CAPP

May 31, 2013 12:53 ET

Unaudited Results for the Year Ended 31 December 2012

                                                                                              31 May 2013
                                                                                             GB00B7KFPB91
                                   CAP ENERGY LIMITED 
                                ("Cap" or the "Company")
                                                        
                   Unaudited Results for the Year Ended 31 December 2012
                                                        
The Directors of CAP Energy Limited, the ISDX Growth Market company focused on upstream oil and gas
exploration in sub-Saharan Africa, are pleased to announce the Company's unaudited preliminary results for
the year ended 31 December 2012.


DIRECTORS' REPORT


Corporate Restructuring
During the course of this year, the Company underwent a major corporate restructuring which involved
effectively the disposal of the Company's American subsidiary company which was involved in oil and gas
exploration and development in the United States. The restructuring also involved the refinancing of the
company and the introduction of Global Energy Trade Limited as the Company's major shareholder. Alexander
Haly and Lina Haidar, who are the shareholders in Global Energy Trade Limited, and Global Energy Trade
Limited together own approximately 84% of the company's issued ordinary share capital. The details of this
restructuring were contained in the circular sent to shareholders in April 2012.


Nature of Operations
Under the guidance of Lina Haidar, who was appointed Chief Executive in May 2012, the Company is actively
involved in oil and gas exploration and production activities focused primarily on sub Saharan Africa, but also
actively investigating other highly prospective areas in and around Africa.


To that end, the Directors are pleased to report that on 5 April 2013 the company acquired an 87.5% equity
interest in Sphere Petroleum Corporation (BVI) a private company incorporated in the British Virgin Islands.
The company therefore has an effective interest of approximately 30% in the highly prospective areas of Block
1 and Block 5B offshore the Republic of Guinea Bissau.


Results
The loss for the year, after taxation, amounted to £40,695 (2011 loss £101,691).


Directors
Following the corporate restructuring referred to above, John Killer and Clair Opsal resigned as Directors with
effect from 3 May 2012. Lina Haidar and Patrick Rocholl were appointed to the Board on that date.


Patrick Rocholl submitted his resignation to the Company on 24 January 2013, which was subsequently
accepted.


On 15 February 2013, Pierantonio Tassini was appointed Chief Operating Officer and a Director to the
Company, and Alexander Haly was appointed as a Non-Executive Director. Mr Tassini has 42 years'
experience in senior positions in the oil and gas sector latterly as a Senior Representative of Eni S.p.A, the
Italian national oil and gas company, for their operations in West Africa.


Lina Haidar                       Tim Hearley
Chief Executive                   Chairman




                                      CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                       FOR THE YEAR ENDED 31 DECEMBER 2012
                                                        
                                                        
                                                                                                      
                                                                                          2012        2011
                                                                                             £           £ 

Administrative expenses                                                              (114,425)    (60,906)
                                                                                  ------------  ----------

OPERATING LOSS                                                                       (114,425)    (60,906) 
                                                                                        24,532        (11) 
                                                                                   
                                                                                   
                                                                                   
Profit/(loss) on disposal of investments 

Interest payable and similar charges                                                    49,198    (40,774) 
                                                                                  ------------  ----------

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                           (40,695)   (101,691) 

Tax on loss on ordinary activities                                                           -           -
                                                                                  ------------  ----------

LOSS FOR THE FINANCIAL YEAR                                                           (40,695)   (101,691)
                                                                                  ------------  ----------
                                                                                  ------------  ----------

EARNINGS PER SHARE                                               (0.00)        (0.01)  

All amounts relate to continuing operations.
There were no recognised gains and losses for 2012 or 2011 other than those included in the profit and loss account.

                                     CONSOLIDATED BALANCE SHEET 
                                       AS AT 31 DECEMBER 2012 
                                                                                2012                    2011 
                                                                    £              £          £            £

FIXED ASSETS 
Tangible assets                                                              320,268                 269,056

Investments                                                                      132                       -
                                                                         ------------           ------------      
                                                                              320,400                269,056
CURRENT ASSETS 

Debtors                                                         3,598                        115 

Cash at bank                                                       95                        187 
                                                         ------------               ------------
                                                                3,693                        302 

CREDITORS: amounts falling due within one year              (364,009)                  (131,213)
                                                         ------------               ------------
NET CURRENT LIABILITIES                                                     (360,316)               (130,911)  
                                                                         ------------            ------------
TOTAL ASSETS LESS CURRENT LIABILITIES                                        (39,916)                 138,145 

CREDITORS: amounts falling due after more than one year                             -               (507,490) 
                                                                         ------------            ------------
NET LIABILITIES                                                              (39,916)               (369,345)
                                                                         ------------            ------------
                                                                         ------------            ------------
CAPITAL AND RESERVES 

Called up share capital                                                      238,387                   43,987 

Share premium account                                                      1,580,384                1,404,660 

Foreign exchange reserve                                                           -                   11,070 

Profit and loss account                                                   (1,858,687)             (1,829,062)
                                                                         ------------            ------------
SHAREHOLDERS' DEFICIT                                                        (39,916)               (369,345)
                                                                         ------------            ------------
                                                                         ------------            ------------

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006
with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on


Timothy Hearley                                              Lina Haider 
Director                                                     Director


The Directors do not recommend the payment of a dividend.

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

Contact details:

Company: 
Cap Energy Limited 
Tim Hearley, Chairman 
Tel: +44 (0) 7850 390 998

Lina Haidar, Chief Executive Officer 
Tel +44 (0)20 74919196 
Tel +44 (0)20 76816114
Email: lina.haidar@capenergyplc.com

Corporate Adviser: 
Peterhouse Corporate Finance Limited 
Duncan Vasey and Mark Anwyl 
Tel: +44 (0)20 7220 9796

Public Relations: 
Ian Proud Associates 
Ian Proud 
Tel: + 44 (0) 7956 909418 
Email: ianproud@IP-Associates.demon.co.uk

CAP Energy Limited 
25 Dover Street 
London 
W154LX

Contact Information

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