Resultados del ejercicio finalizado el 30 de septiembre de 2023
28 de marzo de 2024
TOMCO ENERGÍA PLC
("TomCo" or the "Company" or, with its subsidiaries, the "Group")
Resultados auditados del ejercicio finalizado el 30 de septiembre de 2023
TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces its audited results for the year ended 30 September 2023.
The 2023 Annual Report and Accounts (the "2023 Annual Report") have now been published and are available on the Company's website at www.tomcoenergy.com.
Consultas:
tomco energía plc |
|
Malcolm Groat (Presidente) / John Potter (CEO) | 44 0 20 3823 3635 |
|
|
Strand Hanson Limited (Nominado Asesor) |
|
James Harris/Matthew Chandler | 44 0 20 7409 3494 |
|
|
Valores de Novum Limited (Broker) |
|
Jon Belliss / Colin Rowbury | 44 0 20 7399 9402 |
|
|
IFC Advisory Limited (relaciones públicas financieras) |
|
Tim Metcalfe / Florence Chandler | 44 0 20 3934 6630 |
Para más información, visite www.tomcoenergy.com.
La Compañía considera que la información contenida en este anuncio constituye información privilegiada según lo estipulado en el Reglamento de Abuso de Mercado (UE) No. 596/2014, ya que forma parte de la legislación nacional del Reino Unido en virtud de la Ley de (Retirada) de la Unión Europea de 2018 , modificado en virtud del Reglamento de Abuso de Mercado (Enmienda) (Salida de la UE) de 2019.
DECLARACIÓN DEL PRESIDENTE
I am delighted to be delivering my fourth statement to the shareholders of TomCo Energy plc ("TomCo" or the "Company" or, together with its subsidiaries, the "Group"), as part of the Annual Report and Financial Statements for the year ended 30 September 2023.
Revisión operacional
The Company's primary focus during the year under review has remained on its wholly owned subsidiary, Greenfield Energy LLC ("Greenfield"), and securing sufficient financing to progress its plans to, Entre otros, pursue the construction of up to two oil sands separation/processing plants capable of processing at least 6,000 tonnes per day of oil sands at a suitable permitted site in Utah, USA.
Funding for ambitious projects like ours has frustratingly seldom been harder to come by. Interest rates have been higher than at any time in the last 15 years and UK equity markets, particularly for junior natural resource focused companies, have been particularly challenging.
With your continued patience and support, we have been endeavouring to secure funding to: (i) enable Greenfield to exercise an option to purchase the remaining 90% of Tar Sands Holdings II ("TSHII") that it does not already own; and (ii) construct up to two commercial scale processing plants alongside the potential drilling of a number of wells into the deeper sands that are too deep to mine for the implementation of oil recovery processes. TSHII owns a 760 acre site with a Large Mining Permit in Utah which we have identified as being an ideal site for the project. Alongside our search for project finance, we have continued to refine the proposed processing technology/methodology and specification for the planned plants working closely with our main contractor/service provider and former joint venture partner, Valkor LLC ("Valkor"), and other technical partners and potential off-takers, aswell engendering support and fostering good relations with local authorities, regulators and other stakeholders. Accordingly, we are well placed to start implementing our development plans for Greenfield as soon as sufficient funding is in place.
As I write, we believe we are edging closer to securing the requisite funding after many months of effort and patient negotiation. As announced previously, the most likely and favoured scenario will involve the Group potentially farming-out or disposing of a majority stake in Greenfield to a partner(s) in return for, Entre otros, certain upfront cash consideration, a carried interest or continuing minority equity participation for TomCo in Greenfield without the need for it to make further capital contributions and the provision of a sizeable funding package for Greenfield's development. The Board remains confident that a suitable financing transaction can ultimately be consummated and is in ongoing discussions with the vendor of TSHII to seek a further extension of Greenfield's option over the remaining 90% membership interest in TSHII.
Although we are not yet over the line with our preferred funder, I would like to take this opportunity to thank my fellow directors for their unwavering commitment to delivering a successful outcome, most particularly John Potter, our CEO.
TurboShale RF Technology
The potential future exploitation of the Company's legacy TurboShale and Oil Mining Company assets, which are fully impaired from an accounting perspective, will be revisited and reviewed when appropriate in due course.
Revisión corporativa
Whilst seeking to carefully manage our cash reserves and working capital position, the Company has undertaken a number of financing transactions throughout the year and post the financial year end to satisfy expenditure on progressing our preparations and development plans for Greenfield and general overheads and to repay certain indebtedness.
In summary, such transactions have comprised:
- | Septiembre 2022: unsecured convertible loan facility of £0.75m - subsequently drawn down and converted in full. Part of the proceeds were utilised to repay $0.5m of the principal amount of the unsecured $1.5m loan previously advanced by Valkor to Greenfield in connection with its purchase of an initial 10% Membership Interest in TSHII. |
- | Noviembre 2022: equity placing to raise £0.925m gross at a price of 0.35p per share. The terms of the Valkor Loan were also varied to extend the repayment date for the then remaining principal amount to the completion date of a suitable funding package being secured for Greenfield's development. |
- | Marzo 2023: four tranche unsecured convertible loan facility of up to £1m - initial tranche subsequently drawn down and converted in full. |
- | Junio 2023: equity placing and subscription to raise, in aggregate, £0.5m gross at a price of 0.08p per share. The remaining £0.75m of the abovementioned March 2023 convertible loan facility was cancelled. |
- | Octubre 2023: equity subscription to raise £0.1m gross at a price of 0.08p per share. |
- | 2024 de enero: equity subscription to raise £0.05m gross at a price of 0.1p per share. |
- | Febrero 2024: equity placing and subscription to raise, in aggregate, £0.3m gross at a price of 0.045p per share. |
-
2024 appears set to be a defining year for TomCo and we look forward to updating shareholders on our future progress.
Malcolm Groat
Presidente no ejecutivo
28 de marzo de 2024
INFORME DE GESTIÓN
The Directors submit their report and the financial statements of the Group for the year ended 30 September 2023.
ACTIVIDAD PRINCIPAL
The principal activity of the Group is that of seeking to develop, through its wholly owned subsidiary Greenfield Energy LLC, the oil sands resources contained in the TSHII site via the exploitation of separation technology to achieve sustained future production.
EVALUACIÓN DE RIESGOS
The Group's oil and gas activities are subject to a range of financial and operational risks which can significantly impact on its performance, with the key risks for the year ended 30 September 2023 set out below.
Riesgo operacional
During the financial year and to date, further discussions with a preferred funding partner for, Entre otros, the requisite plant construction and supporting development costs have reached an advanced stage but remain subject to the Group's due diligence and proof of funds being satisfactorily completed. Executing on the preferred funding package scenario will likely involve the disposal of a majority stake in Greenfield by TomCo constituting a fundamental disposal pursuant to the AIM Rules for Companies and thereby require the prior approval of the Company's shareholders. If ultimately successfully secured and approved by shareholders, the envisaged funding package would enable Greenfield to purchase the balancing 90% Membership Interest in TSHII and instigate the detailed engineering work for the initial planned separation plant with nameplate capacity to process 6,000 tonnes per day of oil sands. The detailed engineering phase is now expected to take approximately six months before construction of the first plant approximately 12-15 months thereafter leading to commencement of initial processing operations. There can be no certainty that such preferred funding arrangements can be successfully concluded nor as to the precise terms and structure of any such funding package.
The Group continues to operate with a small team, on which it is highly reliant. Information is openly shared within the team to ensure that reliance is not placed on specific individuals.
Risks relating to environmental, health and safety and other regulatory standards
The Group's proposed future extraction activities are subject to various US federal and state laws and regulations relating to the protection of the environment including the obtaining of appropriate permits and approvals by relevant environmental authorities. Such regulations typically cover a wide variety of matters including, without limitation, prevention of waste, pollution and protection of the environment, labour regulations and worker safety. Furthermore, the future introduction or enactment of new laws, guidelines and regulations could serve to limit or curtail the growth and development of the Group's business or have an otherwise negative impact on its planned operations. The Group ensures that it complies with the relevant laws and regulations in force in the jurisdictions in which it operates.
Liquidity and interest rate risks
The Group is ultimately dependent on sources of additional equity and/or debt funding to develop Greenfield and any of the Group's other exploration assets and/or technology and to meet its day-to-day capital commitments and overheads. Cash forecasts identifying the liquidity requirements of the Group are produced frequently and are reviewed regularly by management and the Board. This strategy will continually be reviewed in light of existing project developments and new project opportunities as they arise. For further information regarding the Group's cash reserves and future funding requirements, please refer to the 'Going Concern' section below.
Riesgo de cambio
Due to the limited income and expenses denominated in foreign currencies, it was not considered cost effective to manage transactional currency exposure on an active basis. Consequently, as the financial statements are reported in sterling, any movements in the exchange rate of foreign currencies against sterling may affect the Group's statements of comprehensive income and financial position. The Group holds some cash in US dollars to mitigate the foreign exchange risk and keeps its currency profile under review.
Instrumentos financieros
It was not considered appropriate for the Group to enter into any hedging activities or trade in any financial instruments in 2023. Further information is set out in Note 20.
RESULTADOS Y DIVIDENDOS
The statement of comprehensive income is set out on page 18 with the Group reporting a loss before taxation for the year of £2.35m (2022: £ 0.69 millones). The Directors do not propose the payment of a dividend (2022: £ cero).
REVIEW OF KEY EVENTS DURING THE YEAR
turboesquisto
There were no significant developments in respect of the Group's TurboShale technology during the financial year with the TurboShale and Oil Mining Company assets remaining fully impaired.
Greenfield Energy LLC
In light of the significant delay encountered in receiving a permit for an initial production well, with a response to our application from the relevant authorities still outstanding, the Board has refrained from incurring any further significant expenditure on the potential in situ 25 well production programme until a suitable wider project funding package for Greenfield has been obtained.
Alongside our exercise to secure project finance, throughout the period the Company has worked closely with Valkor and other technical partners to further refine and develop the design for the initial separation plant with significant improvements to the potential efficiency and operating costs of the plant.
While the likely loss of the proposed Uintah Railroad could well have restricted the future sale of the sand to be produced by the proposed initial plant, an alternative transport solution has been identified and will be developed further once the project funding is secured. The projected sales values of the future oil and sand end products have continued to increase during the year, with the anticipated cost of constructing and operating the separation plant reducing as a result of the improved plant design led by Valkor.
TSHII
Greenfield successfully extended the exercise period of the option, at its sole discretion, to acquire the remaining 90% of the Membership Interests from the vendor of TSHII for additional cash consideration of $17.25m from 30 April 2023 to 31 December 2023. The Company currently remains in discussions with the counterparty with a view to seeking a further extension to the exercise period or agreeing a suitable alternative arrangement. There can be no certainty that the option will be extended or an alternative arrangement agreed or that the required funding can be secured to ultimately exercise the option if renewed.
Updated TSHII Reserves Report
An updated independent reserves report commissioned from Netherland, Sewell & Associates, Inc. as of 30 June 2023, increased the total estimated undiscounted future net revenues in respect of a gross 100% interest in a potential commercial scale project on the mining properties comprising the TSHII site from their previously disclosed figure of $942m (based on 1P reserves) in January 2022 to $1.32bn. Estimated discounted future net revenues attributable to TomCo's current 10 per cent. interest in TSHII via Greenfield ranged from approximately $47.3m based on 1P reserves (Jan 22: $30.5m) to approximately $77.6m (Jan 22: $57.6m) based on 3P reserves.
Financiación
On 1 September 2022, the Company obtained an unsecured facility of up to £0.75 million via a convertible loan instrument and an associated subscription and put option which was entered into with certain subscribers introduced by the Company's broker. Such facility was subsequently drawn down and converted in full and the proceeds utilised to repay, in aggregate, $0.5 million of the principal amount of the unsecured $1.5 million loan previously advanced by Valkor to Greenfield (the "Valkor Loan") in connection with Greenfield's purchase of an initial 10% Membership Interest in TSHII in November 2021, and for general corporate purposes.
On 30 November 2022, the Company raised a further £0.925 million gross through the placing of 264,285,714 new ordinary shares at a price of 0.35 pence per share to provide additional funds to cover the Company's expenditure as it progresses its plans for Greenfield. The terms of the Valkor Loan were also varied to extend the repayment date for the then remaining $1 million principal amount to the completion date of a suitable funding transaction for Greenfield that provides sufficient funds to TomCo to, Entre otros, enable it to affect repayment. As at the date of this report the principal amount outstanding in respect of the Valkor Loan was $350k.
On 30 March 2023, the Company secured a new four tranche committed unsecured convertible loan facility of up to £1 million to provide additional working capital for the Group whilst seeking to finalise funding arrangements for Greenfield. On 14 June 2023, the Company cancelled £750,000 of this facility and replaced it with a £500,000 gross placing and subscription involving the issue of 625,000,000 new ordinary shares at a price of 0.08 pence per share, with the funds used to support the Company's working capital requirements.
On 13 October 2023, the Company raised £100,000 gross from an existing shareholder via a subscription for 125,000,000 new ordinary shares at a price of 0.08 pence per share.
Following the financial year end, on 2 January 2024 the Company secured a further £50,000 from an existing shareholder via a subscription for 50,000,000 new ordinary shares at a price of 0.1 pence per share and on 21 February 2024 the Company raised an additional £300,000 gross via a placing and subscription of, in aggregate, 666,666,667 new ordinary shares at a price of 0.045 pence per share.
directiva
The Directors who served on the Board during the year to 30 September 2023 and to date were as follows:
Malcolm Groat
Juan alfarero
luis castro
Zac Phillips
Directors' interests in the ordinary shares of the Company, including family interests, as at 30 September 2023 were as follows:
30 Septiembre 2023 | 30 Septiembre 2022 | |||||
Acciones ordinarias de valor nominal cero | Compartir garantiza | Compartir opciones | Ordinario shares of nil par value | Compartir garantiza | Compartir opciones | |
M. Groat | 11,887 | - | 20,380,952 | 11,887 | - | 20,380,952 |
alfarero j. | 26,500 | - | 52,714,285 | 26,500 | - | 52,714,285 |
l castro | - | - | 15,000,000 | - | - | 15,000,000 |
Z. Phillips | - | - | - | - | - | - |
|
| |||||
38,387 | - | 88,095,237 | 38,387 | - | 88,095,237 |
Details of the Directors' remuneration, share warrants and share options can be found in the Remuneration Committee Report and Notes 6, 18 y 19 a los estados financieros.
Payments of payables
The Group's policy is to negotiate payment terms with its suppliers in all sectors to ensure that they know the terms on which payment will take place when the business is agreed and to abide by those terms of payment.
Preocupación continua
At 25 March 2024, the Group had cash reserves of approximately £0.1 million.
The Group's financial statements have been prepared on a going concern basis, which presumes that the Group will be able to meet its obligations as they fall due for the foreseeable future.
The Directors have prepared a cash flow forecast for the thirteen months to 30 April 2025. As set out in the Chairman's Statement, discussions with potential funders to secure sufficient finance for the Group's plans including its working capital requirements are at an advanced stage but have not yet been concluded. These plans include the acquisition of the remaining 90% of TSHII by Greenfield; funding for up to two oil sand processing plants and associated infrastructure; the potential drilling of wells into the deeper oil sands that are too deep to mine for the implementation of oil recovery processes; and repayment of the remainder of the historic loan from Valkor LLC (the "Valkor Loan").
On 30 November 2022, the terms of the Valkor Loan, which is unsecured, were varied such that the loan is only repayable on completion of a suitable funding transaction for Greenfield that provides sufficient funds to enable the Company to affect such repayment. Hence, the abovementioned cash flow forecast does not include any funding which would arise from a successful conclusion to the ongoing discussions with the identified potential financiers, nor does it include repayment of the Valkor Loan.
The forecast, which includes all commitments at the date of this report and reflects receipt of the net proceeds of the £0.3m equity fundraising announced on 21 February, indicates that the Group will need to secure approximately an additional £0.5m in Q2 2024 to meet its currently envisaged working capital requirements for the twelve months to 30 April 2025, beyond which further funding will be required. Based on historical and recent support from new and existing investors and debt providers, the Board reasonably believes that additional funding can be obtained when required, via further debt or equity issuances, and in the meantime is carefully preserving its existing cash and taking measures to reduce costs and defer expenditure (including director salaries) such that it continues to consider it appropriate to prepare the financial statements on a going concern basis. However, the Board's ability to raise such funds cannot be guaranteed. As a consequence, there is a material uncertainty as to the going concern status of the Group. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
The Directors' consideration of the Group's going concern status is also set out in note 1.3 a los estados financieros. The auditors refer to going concern by way of a material uncertainty within their audit report.
Responsabilidades de los directores
Los directores son responsables de preparar el Informe Anual y los estados financieros de conformidad con las leyes y reglamentos aplicables.
The directors have resolved to prepare financial statements for each financial year end and have elected to prepare financial statements in accordance with UK-adopted International Accounting Standards. The financial statements are required to give a true and fair view of the state of the affairs of the Company and of the profit or loss of the Company for that period.
Al preparar estos estados financieros, los directores deben:
· | seleccionar y aplicar consistentemente políticas contables apropiadas; |
· | presentar información, incluidas las políticas contables, de manera que proporcione información relevante, confiable, comparable y comprensible; |
· | provide additional disclosures when compliance with the specific requirements in International Financial Reporting Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and |
· | state that the Group has complied with International Financial Reporting Standards, subject to any material departures disclosed and explained in the financial statements. |
The Directors confirm that they have complied with these requirements, and, having a reasonable expectation that the Group has and will have adequate resources to continue in operational existence for the foreseeable future, have continued to adopt the going concern basis in preparing the financial statements.
Publicación del sitio web
The directors are responsible for ensuring the annual report and the financial statements are made available on a website. Financial statements are published on the company's website in accordance with legislation in the Isle of Man governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the company's website is the responsibility of the directors. The directors' responsibility also extends to the on-going integrity of the financial statements contained therein.
Cuentas
All of the current Directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the Company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The Directors are not aware of any relevant audit information of which the auditors are unaware.
PKF Littlejohn LLP have expressed their willingness to continue in office and a resolution to re-appoint them will be proposed at the Company's next annual general meeting.
Por orden de la Junta
Juan alfarero
CEO
28 de marzo de 2024
DECLARACIÓN DE GOBIERNO CORPORATIVO
As Chairman, I am pleased to present the Company's Governance Statement under the QCA Corporate Governance Code (the "QCA Code"). Establishing effective corporate governance structures that evolve with the business and protect shareholder value is a key element of my role, together with the Board as a whole. Set out below are details of the Company's governance framework benchmarked against the QCA Code principles.
The Board of Directors of TomCo (the "Board") monitors the business affairs of the Company and its subsidiaries on behalf of its shareholders. The Board currently consists of the Chief Executive Officer and three Non-Executive Directors. None of the Non-Executive Directors have previously held an executive position with the Company. The Directors have responsibility for the overall corporate governance of the Company and recognise the need for the highest standards of behaviour and accountability. The Directors are committed to the principles underlying best practice in corporate governance and have adopted the QCA Code.
This statement explains, at a high level, how the QCA Code is applied by the Company and how its application supports the Company's medium to long-term development. Further information on the application of the QCA Code can be found on the Company's website at https://tomcoenergy.com/investors/governance/.
The Board is responsible for the stewardship of the Company through consultation with the management of the Company. Management represents the Executive Director. Any responsibility that is not delegated to management or to the specific committees of the Board remains with the Board, subject to the powers of shareholder meetings. The frequency of Board meetings, as well as the nature of agenda items, varies depending on the state of the Company's affairs and in light of the opportunities or risks which the Company faces. Members of the Board are in frequent contact with one another, and meetings of the Board are held as deemed necessary.
Statement of compliance with the QCA Code
Throughout the year ended 30 September 2023, the Company has been in compliance with the provisions set out in the QCA Code.
Application of the QCA Code principles
The Company has applied the principles set out in the QCA Code, by complying with it as reported above. Further explanations of how the principles have been applied is set out below.
Principle One - Business Model and Strategy
TomCo is an oil exploration and development company focused on applying innovative technology to unlock unconventional hydrocarbon resources, initially in Utah, USA.
The Company, as a result of the initial success of the opportunity developed within Greenfield Energy LLC, has maintained its primary focus on developing an oil sands separation process with the planned potential future development of up to two commercial scale processing plants with the ability to achieve 6,000 tonnes of sand per day.
Principle Two - Understanding Shareholder Needs and Expectations
The Board is committed to maintaining good communications and having constructive dialogue with its shareholders. Shareholders and analysts have the opportunity to discuss issues and provide feedback at meetings with the Company and management.
All shareholders are encouraged to attend and participate in all shareholder meetings called by the Company, in particular its Annual General Meeting (AGM). Investors also have access to current information on the Company and the Group through the Company's website at: www.tomcoenergy.com.
Principle Three - Considering Wider Stakeholder and Social Responsibilities.
The Board recognises that the long-term success of the Group is reliant upon the efforts of the employees of the Group, its partners, consultants, contractors, suppliers, regulators and other stakeholders. The Board have put in place a range of processes and systems to ensure that there is close oversight and contact with its key stakeholders.
The Group is subject to oversight by a number of different U.S. State and other regulatory bodies, who directly or indirectly are involved with the permitting and approval process for its oil and gas operations in Utah, including those conducted by Greenfield. Additionally, given the nature of the Group's business, including the activities of Greenfield there are other parties who, whilst not having regulatory power, nonetheless have an interest in seeing that the Group conducts its operations in a safe, environmentally responsible, ethical and conscientious manner.
The Group makes all reasonable efforts, directly or through its advisers, to engage in and maintain active dialogue with each of these governmental and non-governmental bodies, to ensure that any issues faced by the Group, including but not limited to regulations or proposed changes to regulations, are well understood and ensuring to the fullest extent possible that the Group is in compliance with all relevant regulations, standards and specific licensing obligations, including environmental, social and safety aspects, at all times.
Principle Four - Risk Management
In addition to its other roles and responsibilities, the Board is responsible for ensuring that procedures are in place and are being implemented effectively to identify, evaluate and manage the significant risks faced by the Group.
As a result of the process described above, a number of risks have been identified. The principal risks and the manner in which the Company and its Board seek to mitigate them are set out below. The Board reviews the principal risks facing the business as part of its meetings throughout the year and changes to those risks as the Company develops. Where risks change or new risks are identified the Board amends existing or implements new risk management strategies as applicable.
Riesgo | Comentario | Mitigación |
Riesgos operacionales | See Directors' Report. | The Group's operations are limited currently, pending obtaining funding for the two planned 6,000 tonnes per day processing plants. The Directors remain in detailed discussions with a potential funder concerning, Entre otros, securing funding for such plants, along with the completion of Greenfield's purchase of the remaining 90% of TSHII which holds the site for the proposed plants and the potential in situ well programme. The requisite permitting process for the in-situ well programme is still ongoing and while the process intended to be deployed is proven, its use on oil sands is less common which has extended the consultation process in respect of such permitting. |
Environmental, health and safety and other regulatory standards | See Directors' Report. | The Company has engaged leading advisers to assist it in securing relevant permits or licences to operate.
The Company maintains ongoing oversight of health and safety and environmental compliance.
|
Riesgo de liquidez | See Directors' Report including 'Going Concern' section. | The Company maintains a detailed cashflow forecast and carefully monitors expenditure and seeks to raise additional funding as required and as referred to in Note 1.1. |
Riesgo de cambio | See Directors' Report. | The Company aims to manage currency exposures by holding funds in the applicable currency to match anticipated expenditure. |
The Board considers that an internal audit function is not necessary or practical due to the current size of the Group and the close day to day control exercised by the Executive Director. However, the Board will continue to monitor the need for an internal audit function. The Executive Director has established appropriate reporting and control mechanisms to ensure the effectiveness of the Group's control systems for the size of the business and its activities. The Board obtains regular updates on risks from the Executive Director, which allows it to monitor the effectiveness of risk management and through its regular engagement and review of reporting on areas such as the status of the Company's projects, budgets, results and cash flow position of the Company, it considers the effectiveness of controls on an ongoing basis.
Principle Five - A Well-Functioning Board of Directors
The Board currently comprises the Chief Executive, John Potter, and three independent Non-Executive Directors, Malcolm Groat, Louis Castro and Zac Phillips.
Biographies for each of the current Directors are set out on the Company's website. Executive and Non-Executive Directors are subject to re-election usually at the Company's Annual General Meeting, at intervals of no more than three years.
The Board meets on a regular basis, typically at least once a month.
The Board is responsible for formulating, reviewing and approving the Group's strategy, budgets and corporate actions. As such, the Company has established separate Audit and Remuneration Committees.
The Audit Committee comprises Louis Castro (Chairman), Malcolm Groat and Zac Phillips. The Audit Committee meets at least twice a year to consider the integrity of the financial statements of the Company, including its annual and interim accounts; the effectiveness of the Company's internal controls and risk management systems; auditor reports; and terms of appointment and remuneration for the auditor.
The Company's Remuneration Committee comprises Louis Castro (Chairman), Malcolm Groat and Zac Phillips. The Remuneration Committee meets from time to time, but not less than once a year, to review and determine, amongst other matters, the remuneration of Executives on the Board and any share incentive plans of the Company.
The QCA Code recommends that the Chairman must have adequate separation from the day-to-day business to be able to make independent decisions. Malcolm Groat is the Company's Non-Executive Chairman and the Board believes that he has adequate separation from the day-to-day business of the Company to be able to make such independent decisions. As the Board is comprised of only four members, one of whom is an Executive and three of whom are independent Non-Executive Directors, including the Chairman, the Board does not believe it is currently necessary to appoint a senior independent director.
The Chief Executive is a full-time employee of the Company. Whilst each of the Non-Executive Directors are considered to be part time, they are expected to provide as much time to the Company as is required. The attendance record of the Directors at Board and committee meetings held during the year ended 30 September 2023 was as follows:
placa principal | Auditoría El Comité | Remuneración El Comité | |
Reuniones celebradas | 10 | 2 | 1 |
Asistencia: |
|
|
|
Malcolm Groat | 10 | 2 | 1 |
Juan alfarero | 10 | - | - |
luis castro | 10 | 2 | 1 |
Zac Phillips | 10 | 2 | 1 |
Principle Six - Appropriate Skills and Experience of the Directors
The Board believes that the current balance of skills held by the Board as a whole, reflects a very broad range of commercial and professional skills across geographies and industries and each of the Directors has previous experience of public markets.
The Board believes that the Directors are well suited to the Company's fundamental objective of enhancing and preserving long-term shareholder value and ensuring that the Group conducts its business in an ethical and safe manner. The Board is considered to be of a sufficient size to provide more than adequate experience and perspective to its decision-making process and, given the size and nature of the Group, the Board does not consider at this time that it is appropriate to increase the size of the Board or amend its composition.
As the Board is not currently anticipating any change to its size or composition, it has not yet implemented a written policy regarding the identification and nomination of female directors. In the event that one of the existing members of the Board stands down from their current position, the Company will, at that time, give further consideration to the specific selection of a female member of the Board and the adoption of a formal policy relating to the positive appointment of additional female members of the Board for future opportunities.
The Board is responsible for: (a) ensuring that all new Directors receive a comprehensive orientation, that they fully understand the role of the Board and its committees, as well as the contribution individual directors are expected to make (including the commitment of time and resources that the Company expects from its directors) and that they understand the nature and operation of the Group's business; and (b) providing continuing education opportunities for all directors, so that individuals may maintain or enhance their skills and abilities as directors, as well as to ensure that their knowledge and understanding of the Group's business remains current.
Given the size of the Company and the in-depth experience of its Directors, the Board has not deemed it necessary to develop a formal process of orientation for new Directors but encourages all its Directors to visit the Group's operations to ensure familiarity and proper understanding.
Skills & Experience of Board Members
Malcolm Groat
Malcolm is a Chartered Accountant and has extensive corporate experience, with roles as Chairman, Non-Executive Director, Chairman of Audit Committees, CEO, COO and CFO for a number of public companies. He is an adviser on compliance and governance, strategy and operational improvement, and managing the risks of rapid change.
Juan alfarero
John is an accomplished Chief Executive and project manager with many years of experience working within the energy sector. John brings a wide range of skills, knowledge and industry connections. His proficiency in understanding and identifying best technologies in projects and his proven abilities in developing relationships with stakeholders, including operators, politicians, financiers, technology providers and regulators, are well proven and have brought great value to the companies he has previously worked with.
luis castro
Louis is a graduate engineer and PwC trained Chartered Accountant who has spent his career in the City in investment banking and capital markets, advising growth companies on a wide range of matters including fund-raising and M&A. He served as an AIM Nomad for many years before becoming CFO of a listed oil company. In recent years, Louis became Executive Chairman of Orosur Mining Inc. which is quoted on both the TSX-V and on AIM, and he is also a non-executive director of Tekcapital plc and Innovative Eyewear, Inc.
Zac Phillips
Zac has over 25 years' experience in oil and gas finance, having worked for BP, Chevron, Merrill Lynch and ING Barings. He was previously CFO for Dubai World's oil and gas business (DB Petroleum) with responsibility for risk management and authoring of investment proposals. He has a degree in Chemical Engineering and a PhD in Chemical Engineering from Bath University.
Principle Seven - Evaluation of Board Performance
The Board has determined that it shall be responsible for assessing the effectiveness and contributions of the Board as a whole and its committees (which currently comprise the Audit Committee and the Remuneration Committee). The small size of the Board allows for open discussion. The Chairman has regular dialogue with the Chief Executive whereby the Board's role and effectiveness can be considered.
No formal assessments have been prepared in the year. However, the Board assesses its effectiveness on an ongoing basis. The Board will keep this matter under review and especially if either the size of the Board or the number of committees increases, which in turn may require a more formalised assessment and evaluation process to be established to ensure continued effectiveness.
Principle Eight - Corporate Culture
The Board recognises that their decisions regarding strategy and risk will impact the corporate culture of the Group as a whole and that this will have an effect on the performance of the Group. The Board is very aware that the tone and culture set by the Board will greatly impact all aspects of the Group. The corporate governance arrangements that the Board has adopted are designed to ensure that the Group delivers long-term value to its shareholders and that shareholders have the opportunity to express their views and expectations for the Company in a manner that encourages open dialogue with the Board.
A large part of the Group's activities is centred upon what needs to be an open and respectful dialogue with partners, suppliers, consultants and other stakeholders. Therefore, the importance of sound ethical values and behaviour is crucial to the ability of the Group to successfully achieve its corporate objectives.
The Directors consider that, at present, the Group has an open culture facilitating comprehensive dialogue and feedback and enabling positive and constructive challenge.
Principle Nine - Maintenance of Governance Structures and Processes
Ultimate authority for all aspects of the Group's activities rests with the Board, with the responsibilities of the Executive Director arising as a consequence of delegation by the Board.
The Board has adopted appropriate delegations of authority which set out matters which are reserved to the Board. The Chairman is responsible for the effectiveness of the Board and compliance with the QCA Code, while management of the Group's business and primary contact with shareholders has been delegated by the Board to the Chief Executive Officer.
Directores no ejecutivos
The Board evaluates its performance and composition on a regular basis and will make adjustments as and when required. When assessing the independence of each Non-Executive Director, length of service is one of the considerations. The Board will, when assessing new appointments in the future, consider the need to balance the experience and knowledge that each independent director has of the Group and its operations, with the need to ensure that independent directors can also bring new perspectives to the business.
In accordance with the Isle of Man Companies Act 2006, the Board complies with: a duty to act within their powers; a duty to promote the success of the Company; a duty to exercise independent judgement; a duty to exercise reasonable care, skill and diligence; a duty to avoid conflicts of interest; a duty not to accept benefits from third parties and a duty to declare any interest in a proposed transaction or arrangement.
Principle Ten - Shareholder Communication
The Board is accountable to the Company's shareholders and, as such, it is important for the Board to appreciate the aspirations of shareholders and equally that shareholders understand how the actions of the Board and short-term financial performance relate to the achievement of the Group's longer-term goals.
The Board reports to the Company's shareholders on its stewardship of the Group through the publication of interim and final financial results. The Company announces significant developments which are disseminated via various outlets including, before anywhere else, the London Stock Exchange's regulatory news service (RNS). In addition, the Company maintains a website (www.tomcoenergy.com) on which RNS announcements, press releases, corporate presentations and the Report and Financial Statements are available to view.
Enquiries from individual shareholders on matters relating to the business of the Group are welcomed. Shareholders and other interested parties can subscribe to receive notification of news updates and other documents from the Company via email.
The Annual General Meeting, and other meetings of shareholders that may be called by the Company from time to time, provide an opportunity for communication with all shareholders and the Board encourages shareholders to attend and welcomes their participation. The Board is committed to maintaining good communication and having constructive dialogue with its shareholders. The Company has close ongoing relationships with its private shareholders.
Malcolm Groat
Presidente no ejecutivo
28 de marzo de 2024
INFORME DEL COMITÉ DE AUDITORÍA
General
The Committee met twice during the year to consider the full year 2022 accounts and interim 2023 accounts. It has also met after the year end to consider the full year 2023 accounts.
Louis Castro is Chairman of the Committee. The other Committee members during the year under review were Malcolm Groat and Zac Phillips.
Informes financieros
The Committee monitored the integrity of the interim and annual financial statements and reviewed the significant financial reporting issues and accounting policies and disclosures in the financial reports. The external auditor attended the Committee meeting as part of the full year accounts approval process. The process included the consideration of reports from the external auditor identifying the primary areas of accounting judgements and key audit risks identified as being significant to the full year audited accounts.
Audit Committee Effectiveness
The Board considers the effectiveness of the Committee on a regular basis but not as part of a formal process.
Auditoría externa
El Committee is responsible for managing the relationship with the Company's external auditor, PKF Littlejohn LLP.
The objectivity and independence of the external auditor is safeguarded by reviewing the auditor's formal declarations, monitoring relationships between key audit staff and the Group and reviewing the non-audit fees payable to the auditor. Non-audit services are not performed by the auditor. During the year, audit fees of £48,858 (2022: £ 74,800) were paid. The amounts paid in 2022 were to BDO LLP, the Company's previous auditor.
De Auditoría Interna
The Committee considered the requirement for an internal audit function. The Committee considered the size of the Group, its current activities and the close involvement of senior management. Following the Committee's review, it did not deem it necessary to operate an internal audit function during the year.
luis castro
Presidente, Comité de Auditoría
28 de marzo de 2024
INFORME DE LA COMISIÓN DE RETRIBUCIONES
This report is on the activities of the remuneration committee for the financial year ended 30 September 2023.
La Remuneración El Comité meets from time to time, but not less than once a year, to review and determine, amongst other matters, the remuneration of the Executive(s) on the Board and any share incentive plans of the Company. As at 1 October 2022 and throughout the full year, the Remuneration Committee comprised Louis Castro (Chairman), Zac Phillips and Malcolm Groat.
The Directors' emoluments comprise fees paid for services. The amounts paid for their services are detailed below:
Salarios | La indemnización por despido | Salarios | La indemnización por despido | |
2023 | 2023 | 2022 | 2022 | |
000 £ | 000 £ | 000 £ | 000 £ | |
|
| |||
M. Groat | 50 | - | 50 | - |
alfarero j. | 253 | - | 233 | - |
l castro | 42 | - | 42 | - |
Z. Phillips | 36 | - | 25 | - |
R. Horsman (dimitió el 24 de enero de 2022) | - | - | 12 | - |
Richard Horsman was also paid £30,000 on his resignation in consideration for the waiver of his share option rights.
As detailed in Note 19, the Company has in place a share option scheme for its Directors.
The Committee met once during the year in conjunction with a Board meeting to review salaries.
luis castro
Presidente de la Comisión de Retribuciones
28 de marzo de 2024
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TOMCO ENERGY PLC
Opinión
We have audited the group financial statements of TomCo Energy Plc (the 'group') for the year ended 30 September 2023 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in Equity, and the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is UK-adopted international accounting standards.
En nuestra opinión, los estados financieros del grupo:
· | give a true and fair view of the state of the group's affairs as at 30 September 2023 and of its loss for the year then ended; and |
· | se han preparado correctamente de acuerdo con las normas internacionales de contabilidad adoptadas por el Reino Unido. |
Fundamento de la opinión
Realizamos nuestra auditoría de acuerdo con las Normas Internacionales de Auditoría (Reino Unido) (NIA (Reino Unido)) y la ley aplicable. Nuestras responsabilidades según esas normas se describen con más detalle en la sección Responsabilidades del auditor para la auditoría de los estados financieros de nuestro informe. Somos independientes del grupo de acuerdo con los requisitos éticos que son relevantes para nuestra auditoría de los estados financieros en el Reino Unido, incluida la Norma Ética de la FRC aplicada a las entidades que cotizan en bolsa, y hemos cumplido con nuestras otras responsabilidades éticas de acuerdo con estos requisitos. . Creemos que la evidencia de auditoría que hemos obtenido es suficiente y apropiada para proporcionar una base para nuestra opinión.
Incertidumbre material relacionada con la empresa en marcha
We draw attention to note 1.3 in the financial statements, which indicates that the Group incurred a net loss of £2,346k and has a cash balance of £62k as at 31 December 2023. As stated in Note 2.3, estos events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. The Group is placing reliance on successful fundraising for which the outcome is not certain and the Group may not be able to meet its obligations due to not having the necessary means to support itself. Our opinion is not modified in respect of this matter.
Al auditar los estados financieros, hemos concluido que el uso por parte del director de la base contable de negocio en marcha en la preparación de los estados financieros es apropiado.
Nuestras responsabilidades y las responsabilidades de los directores con respecto a la empresa en funcionamiento se describen en las secciones relevantes de este informe.
Nuestra aplicación de la materialidad
The scope of our audit was influenced by our application of materiality. The quantitative and qualitative thresholds for materiality determine the scope of our audit and the nature, timing and extent of our audit procedures. Group materiality was £97,000 (2022: £107,000) based upon 1.5% of gross assets. We consider gross assets to be the main driver of the business as the group is still in the pre-revenue stage the current and potential investors will be most interested in the costs incurred and capitalised in relation to gaining 'know how' in preparation for commencing production of the plant at the Tar Sands Holdings II ("TSHII") site in Utah, USA.
Whilst materiality for the financial statements as a whole was set at £97,000 (2022: £107,000) each significant component of the Group was audited to an overall materiality ranging between £71,000 and £74,000 (2022: £73,000 - £107,000) with performance materiality set at 70% (2022: 60%) for all components.
We agreed with the audit committee that we would report to the committee all audit differences identified during the course of our audit in excess of £4,000 (2021: £5,350) as well as differences below these thresholds that, in our view, warranted reporting on qualitative grounds.
Nuestro enfoque de la auditoría
In designing our audit, we determined materiality and assessed the risk of material misstatement in the financial statements. In particular, we looked at areas requiring the directors to make subjective judgements, for example in respect of significant accounting estimates including the convertible loan, internally generated development assets, carrying value of exploration assets and carrying value of unquoted investments. We also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
An audit was performed on the financial information of the group's operating entities which for the year ended 30 September 2023 were located in the Isle of Man and United States of America. The audit work on each significant component was performed by us as group auditor based upon materiality or risk profile, or in response to potential risks of material misstatement to the Group.
Asuntos clave de auditoría
Los asuntos clave de auditoría son aquellos asuntos que, a nuestro juicio profesional, fueron de mayor importancia en nuestra auditoría de los estados financieros del período actual e incluyen los riesgos evaluados más significativos de incorrección material (debida o no a fraude) que identificamos, incluidos aquellos que tuvieron el mayor efecto sobre: la estrategia general de auditoría, la asignación de recursos en la auditoría; y dirigir los esfuerzos del equipo de trabajo. Estos asuntos se abordaron en el contexto de nuestra auditoría de los estados financieros en su conjunto, y al formarnos nuestra opinión al respecto, y no proporcionamos una opinión separada sobre estos asuntos.
Asunto clave de auditoría | Cómo respondió el alcance de nuestra auditoría al asunto clave de la auditoría |
Carrying value and appropriate capitalisation of Intangible Assets. |
|
The group has significant intangible assets, comprising predominantly of expenditure developing know how in relation to the design and operation of an oil sand separation plant. The carrying value of intangible assets at 30 September 2023 was £4,703k. There is the risk that the carrying value of these assets have not been correctly valued and additions to the intangible asset have not been recognised / measured in accordance with IFRS and that they should be impaired. The audit team has assessed the area as a Key Audit Matter as the balance is considered the most significant area that the users of the financial statements would be interested in.
| Development Expenditure (£4,703k):
We reviewed management's assessment which concluded that the costs capitalised in relation to the Greenfield project meet the definition of an intangible asset under IAS 36 and is in the development phase. Therefore the costs relating to the development are capitalised within Greenfield and in doing so our work included ? Challenging management on the classification of the capitalised costs and whether they met the definition of an intangible assets ? Subsequently determining whether these met the definition of development costs under IAS 38
We have assessed management's review of whether there are any indicators of impairment and our procedures included the following:
? Making specific enquires of management, reviewing market announcements and reviewing Board minutes to establish whether there was any evidence that the Group did not plan to proceed with the future use of the intangible assets. ? Reviewing third party reports on the estimated resources and the possible value attributable to TomCo's 10% holding. ? Reviewing the impairment assessment prepared by management and making enquiries of management to understand the impact of current market on the future of the project and challenging management on whether these factors are indicators of impairment.
We also evaluated the adequacy of the disclosures provided within the financial statements in relation to the impairment assessment against the requirements of the accounting standards.
Observaciones clave:
Our work indicated that the value of mining assets are fairly stated in the financial statements, but that the future carrying value is dependent on: ? Obtaining additional funding of $17.25m to acquire the remaining 90% in TSHII.
We draw attention to note 11 of the financial statements, which discloses the fact that the Group's option to acquire the remaining 90% ownership of the 760 acre site with a Large Mining Permit in Utah, expired on 31 December 2023 and has not yet been renewed. Management have confirmed they are in discussion with the vendor but proof of funding is required prior to a new option extension agreement being signed. This links to the material uncertainty above as the renewal of the option and subsequent site development, oil-sand separation and extraction are reliant on additional funding.
|
Más información (opcional – piso, bloque edificio, puerta, etc.)
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
No tenemos nada que informar al respecto.
Responsabilidades de los directores
Tal como se explica con más detalle en la declaración de responsabilidades de los directores, los directores son responsables de la preparación de los estados financieros del grupo y de asegurarse de que presenten una imagen fiel y fiel, y del control interno que los directores determinen que es necesario para permitir la preparación de estados financieros libres de incorrección material, ya sea por fraude o error.
Al preparar los estados financieros del grupo, los directores son responsables de evaluar la capacidad del grupo para continuar como empresa en funcionamiento, revelando, según corresponda, los asuntos relacionados con la empresa en funcionamiento y utilizando la base contable de empresa en funcionamiento, a menos que los directores tengan la intención de liquidar el grupo. o cesar sus operaciones, o no tener otra alternativa realista que hacerlo.
Responsabilidades del auditor para la auditoría de los estados financieros.
Nuestros objetivos son obtener una seguridad razonable sobre si los estados financieros en su conjunto están libres de errores materiales, ya sea debido a fraude o error, y emitir un informe de auditoría que incluya nuestra opinión. La seguridad razonable es un alto nivel de seguridad, pero no garantiza que una auditoría realizada de acuerdo con las NIA (Reino Unido) siempre detecte una incorrección material cuando exista. Las incorrecciones pueden deberse a fraude o error y se consideran materiales si, individualmente o en conjunto, se puede esperar razonablemente que influyan en las decisiones económicas que los usuarios toman sobre la base de estos estados financieros.
Las irregularidades, incluido el fraude, son casos de incumplimiento de las leyes y regulaciones. Diseñamos procedimientos de acuerdo con nuestras responsabilidades, descritas anteriormente, para detectar errores materiales con respecto a irregularidades, incluido el fraude. En qué medida nuestros procedimientos son capaces de detectar irregularidades, incluido el fraude, se detalla a continuación:
· | We obtained an understanding of the group and the sector in which they operate to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard discussions with management. | |
· | We determined the principal laws and regulations relevant to the group in this regard to be those arising from AIM Rules, relevant local laws and regulations in the where the Group operates (Isle of Man and United States, UK Bribery Act, QCA Corporate governance, and Permit and Environmental compliance in the United States. | |
· | Diseñamos nuestros procedimientos de auditoría para garantizar que el equipo de auditoría considerara si había indicios de incumplimiento por parte del grupo y la empresa matriz de dichas leyes y reglamentos. Estos procedimientos incluyen, pero no se limitan a: | |
o | Enquiries of management regarding potential non-compliance | |
o | Review of legal and professional fees to understand the nature of the costs and the existence of any non-compliance with laws and regulations; | |
o | Review of RNS announcement made to the market throughout the year; and | |
o | Review of minutes of meetings of those charged with governance and regulatory news service announcements. | |
· | We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the judgements and estimates made by management in their assessment of the recoverability of intangible assets represented the most significant risk of material misstatement. Refer to the key audit matter above. | |
· | Abordamos el riesgo de fraude que surge de la anulación de los controles por parte de la administración mediante la realización de procedimientos de auditoría que incluían, entre otros: la prueba de revistas; revisar las estimaciones contables en busca de evidencia de sesgo; y evaluar la justificación comercial de cualquier transacción importante que sea inusual o fuera del curso normal de los negocios. | |
Debido a las limitaciones inherentes de una auditoría, existe el riesgo de que no detectemos todas las irregularidades, incluidas las que conducen a una incorrección material en los estados financieros o al incumplimiento de la regulación. Este riesgo aumenta cuanto más se elimina el cumplimiento de una ley o reglamento de los eventos y transacciones reflejados en los estados financieros, ya que será menos probable que tengamos conocimiento de casos de incumplimiento. El riesgo también es mayor con respecto a las irregularidades que ocurren debido a fraude en lugar de error, ya que el fraude implica ocultación intencional, falsificación, colusión, omisión o tergiversación.
Una descripción más detallada de nuestras responsabilidades para la auditoría de los estados financieros se encuentra en el sitio web del Financial Reporting Council en: http://www.frc.org.uk/auditorsresponsibilities. Esta descripción forma parte de nuestro informe de auditoría.
Zahir Khaki (Revisor Fiscal Superior) 15 Circo de Westferry
Por y en nombre de PKF Littlejohn LLP Canary Wharf
DECLARACIÓN CONSOLIDADA DE INGRESO COMPRENSIVO
POR EL EJERCICIO FINALIZADO EL 30 DE SEPTIEMBRE DE 2023
|
| 2023 | 2022 |
Note | 000 £ | 000 £ | |
Ingresos | 2 | - | - |
Otra entrada | 2 | 109 | 73 |
Ganancia / (pérdida) bruta | 109 | 73 | |
Gastos administrativos | 2 | (1,081) | (1,519) |
Divisas (pérdidas) / ganancias | (610) | 990 | |
Pérdida operativa | 4 | (1,582) | (456) |
Costos financieros | 3 | (764) | (234) |
Pérdida de actividades ordinarias antes de impuestos | (2,346) | (690) | |
Taxation | 5 | - | - |
Pérdida del ejercicio atribuible a: |
| ||
Accionistas de capital de la matriz | (2,346) | (690) | |
(2,346) | (690) | ||
| |||
Partidas que pueden reclasificarse posteriormente a resultados |
| ||
Diferencias de cambio en la conversión de operaciones en el extranjero | (26) | 15 | |
Otro resultado integral del año atribuible a: |
| ||
Accionistas de capital de la matriz | (26) | 26 | |
Participaciones no controladoras | - | (11) | |
Otro resultado integral | (26) | 15 | |
Pérdida integral total atribuible a: |
| ||
Accionistas de capital de la matriz | (2,372) | (664) | |
Participaciones no controladoras | - | (11) | |
Pérdida integral total | (2,372) | (675) |
| 2023 | 2022 | ||
| Pence | Pence | ||
Pérdida por acción atribuible a los accionistas de la matriz |
| para comparte | para comparte | |
Pérdida básica y diluida por acción | 7 |
| (0.10) | (0.04) |
Las Notas forman parte de estos estados financieros.
ESTADO CONSOLIDADO DE POSICIÓN FINANCIERA
Grupo procesos | Grupo procesos | ||
2023 | 2022 | ||
Note | 000 £ | 000 £ | |
Activos |
| ||
Activos no corrientes |
| ||
Activos intangibles | 8 | 4,703 | 5,033 |
Propiedad, planta y equipo. | 9 | - | - |
Inversiones en FVTPL | 10 | 1,637 | 1,830 |
Otros ingresos | 11 | 40 | 23 |
6,380 | 6,886 | ||
Activos circulantes |
| ||
Cuentas comerciales y otras cuentas por cobrar | 11 | 34 | 101 |
Efectivo y equivalentes de efectivo | 12 | 62 | 206 |
96 | 307 | ||
LOS ACTIVOS TOTALES | 6,476 | 7,193 | |
Pasivos |
| ||
Pasivo circulante | |||
Préstamos | 13 | (445) | (1,144) |
Elemento préstamo-deuda convertible | 13 | - | (148) |
Pasivo convertible en derivados de préstamos | 13 | - | (143) |
Comerciales y otras cuentas a pagar | 14 | (123) | (346) |
(568) | (1,781) | ||
(Pasivos) corrientes / activos netos | (472) | (1,474) | |
RESPONSABILIDAD TOTAL | (568) | (1,781) | |
Activos netos totales | 5,908 | 5,412 | |
Accionistas |
| ||
Capital social | 16 | - | - |
Compartir premium | 17 | 34,886 | 32,527 |
Reserva de autorización | 18 | 390 | 1,374 |
Reserva de traducción | (225) | (199) | |
Déficit retenido | (29,143) | (28,290) | |
Patrimonio atribuible a los propietarios de la matriz | 5,908 | 5,412 | |
Equidad total | 5,908 | 5,412 |
Las Notas forman parte de estos estados financieros.
John Potter Malcolm Groat
ESTADO DE CAMBIOS EN PATRIMONIO NETO CONSOLIDADO
POR EL EJERCICIO FINALIZADO EL 30 DE SEPTIEMBRE DE 2023
Grupo procesos | |||||||||
Patrimonio atribuible a los accionistas de la controladora |
Non-controlling interest | Total Equity | |||||||
Note | Capital social | Compartir premium | Reserva de autorización | Reserva de traducción | Déficit retenido | Total | |||
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | ||
Saldo al 1 de octubre de 2021 | - | 31,142 | 2,579 | (225) | (28,688) | 4,808 | (443) | 4,365 | |
Pérdida del año | - | - | - | - | (690) | (690) | - | (690) | |
Resultado integral del año | - | - | - | 26 | - | 26 | (11) | 15 | |
Pérdida integral total del año | - | - | - | 26 | (690) | (664) | (11) | (675) | |
Emisión de acciones (neto de costes) | 16, 17 | - | 1,385 | - | - | - | 1,385 | - | 1,385 |
Cuestión de finanzas | - | - | 165 | - | - | 165 | - | 165 | |
Ejercicio de garantías | 18 | (140) | 140 | - | - | - | |||
Caducidad de las garantías | 18 | - | - | (1,230) | - | 1,230 | - | - | - |
Compra de participación no controladora | - | - | - | - | (466) | (466) | 454 | (12) | |
Cargo por pago basado en acciones | 19 | - | - | - | - | 184 | 184 | - | 184 |
Al 30 de septiembre de 2022 | - | 32,527 | 1,374 | (199) | (28,290) | 5,412 | - | 5,412 | |
Pérdida del año | - | - | - | - | (2,346) | (2,346) | - | (2,346) | |
Comprehensive (loss)/income for the year | - | - | - | (26) | - | (26) | - | (26) | |
Pérdida integral total del año | - | - | - | (26) | (2,346) | (2,372) | - | (2,372) | |
Emisión de acciones (neto de costes) | 16,17 | - | 2,359 | 32 | - | - | 2,391 | - | 2,391 |
Cuestión de finanzas | - | - | 193 | - | - | 193 | - | 193 | |
Caducidad de las garantías | 18 | - | - | (1,209) | - | 1,209 | - | - | - |
Expiry of conversion options | - | - | - | - | 284 | 284 | - | 284 | |
Al 30 de septiembre de 2023 | - | 34,886 | 390 | (225) | (29,143) | 5,908 | - | 5,908 |
A continuación se describe la naturaleza y el propósito de cada reserva dentro del patrimonio neto:
Reservar | Descriptions and purpose |
Capital social | Importe suscrito del capital social a valor nominal, junto con las transferencias a prima de emisión en el momento de la redenominación de las acciones hasta su valor nominal nulo. |
Compartir premium | Importe suscrito del capital social superior a su valor nominal, junto con las transferencias del capital social en caso de redenominación de las acciones hasta su valor nominal nulo. |
Reserva de autorización | Amounts credited to equity in respect of warrants to acquire ordinary shares in the Group. |
Reserva de traducción | Gains and losses on the translation of foreign operations. |
Déficit retenido | Cumulative net gains and losses recognised in the consolidated statement of comprehensive income less transfers to retained deficit on expiry. |
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO
POR EL EJERCICIO FINALIZADO EL 30 DE SEPTIEMBRE DE 2023
Note | Grupo procesos | Grupo procesos | |
2023 | 2022 | ||
000 £ | 000 £ | ||
flujos de efectivo por actividades operacionales | |||
Pérdida después de impuestos | 2 | (2,346) | (690) |
Ajustes para: | |||
Costos financieros | 3 | 764 | 234 |
Cargo por pago basado en acciones | - | 194 | |
Unrealised foreign exchange (profits)/losses | 581 | (1,039) | |
Participación en la pérdida de la empresa conjunta | - | - | |
Disminución de cuentas por cobrar comerciales y otras | 46 | 24 | |
(Disminución) / Aumento de cuentas comerciales y otras cuentas por pagar | (221) | 5 | |
Efectivo utilizado en operaciones | (1,176) | (1,272) | |
Intereses (pagados)/recibidos | (87) | (153) | |
Salida neta de efectivo de las actividades operativas | (1,263) | (1,425) | |
Flujos de efectivo de actividades de inversión | |||
Inversión en intangibles | 8 | (202) | (637) |
Compra de inversiones en FVTPL | 10 | - | (1,171) |
Compra de participación no controladora | - | (11) | |
Efectivo neto utilizado en actividades de inversión | (202) | (1,819) | |
Flujos de efectivo de actividades de financiación | |||
Issue of equity instruments | 17,18 | 1,425 | 1,460 |
Costos de emisión de acciones | (84) | (75) | |
Liquidación de opciones | - | (10) | |
(Repayment of)/ receipt of loan finance | 13 | (580) | 973 |
Préstamos convertibles | 13 | 625 | 375 |
Costs of convertible loans | 13 | (65) | - |
Efectivo neto generado por actividades de financiamiento | 1,321 | 2,723 | |
Disminución neta de efectivo y equivalentes de efectivo | (144) | (521) | |
Efectivo y equivalentes de efectivo al inicio del ejercicio | 206 | 726 | |
Diferencias de conversión de moneda extranjera | - | 1 | |
Efectivo y equivalentes de efectivo al final del ejercicio | 62 | 206 |
The Notes on pages 22 to 41 form part of these financial statements.
NOTAS A LOS ESTADOS FINANCIEROS
POR EL EJERCICIO FINALIZADO EL 30 DE SEPTIEMBRE DE 2023
1.2 Estimaciones y juicios críticos
- | Préstamos convertibles |
The terms of the convertible loans issued during the year included an option for the loans to be settled in whole or in part by the issue of a variable number of shares. On this basis, the loans were classified as a liability, with an embedded written call option. In accordance with IFRS 9, the embedded option has been separated from the host contract. Judgement is required concerning the inputs to the valuation of the conversion option on issue and subsequently. Judgements include the choice of model, volatility, and risk-free rates to be used in the valuations. Judgements on these matters affect finance costs recognised in the profit and loss account. | |
- | Impairment indicator assessment on intangible assets used in exploration and evaluation activities |
The Directors consider that there were no impairment indicators as at 30 September 2023 concerning the Group's intangible assets employed in exploration and evaluation activities in relation to oil sands which have been impaired in previous years. In the prior year, an exploration permit was secured in February 2022 to drill 3 exploration wells to recover core and perform in hole surveys to collate detailed data on the location and quality of the oil sand formation. The results of the surveys were positive, and they were utilised to produce a potential drilling programme for a steam injection process to recover the oil in the formations. A permit application for an initial production well has been submitted and the Directors are still awaiting its acceptance by regulators. On receipt of this first permit, the Group is planning to submit up to a further 24 applications. Following the results of the exploration wells, the Directors have concluded that no impairment is required. | |
- | Internally generated development assets |
Greenfield has incurred expenditure on researching and developing the design and operation of a pilot plant and processes that is not of a scale economically feasible for commercial production. Judgement is required in determining what constitutes research expenditure, to be expensed in profit and loss, and what constitutes development expenditure that meets the criteria set out in IAS 38, which must be capitalised. Qualifying expenditure is capitalised from the point at which the Board is satisfied as to the technical feasibility of the production processes. The Board has deemed that this was achieved when the preliminary results of the Pre-Feed study were released, which indicated the use of the Oil Sands Technology was likely to be economically viable. Judgements on these matters affect the cost of intangible assets. | |
In assessing the possible impairment of these assets, the Board considers the likelihood of sufficient financial resources being available to exploit the assets. This is dependent upon Greenfield's ability to achieving the necessary funding described elsewhere in this report. At the date of approval of these financial statements, the directors consider it probable that sufficient resources will be available, and it remains probable that economic benefits from the asset will flow to the group. | |
- | Carrying value of unquoted investment |
The Group follows the guidance of IFRS 9 to determine when a financial asset is impaired. This determination requires significant judgement. In making this judgement, the Group evaluates, among other factors, the duration and extent to which the fair value of an investment is less than its cost, and the financial health of, and short-term business outlook for, the investee, including factors such as industry and sector performance, changes in technology and operational, financing cash flow and proposed fundraising. | |
The Group purchased a 10% membership interest in Tar Sands Holdings II LLC ("TSHII") in November 2021 and held an option to purchase the remaining 90% for additional cash consideration of $17.25 million by an extended deadline of 31 December 2023. The Group is in discussions to seek a further extension to the exercise period of the option. The Directors have determined that the cost of the asset is an appropriate estimate of the fair value of the Group's investment in TSHII as at 30 September 2023. To further support the carrying value, the Group also announced the findings of an independent report commissioned from Netherland, Sewell & Associates, Inc. ("NSAI") estimating the reserves on the mining properties comprising the TSHII site. Further details are disclosed in the Directors' Report. The Directors do not consider there to be any impairment of the investments as at 30 September 2023. |
- | Pagos basados en acciones |
Estimates were required in determining the fair value of share warrants granted in the year including future share price volatility and the instrument life. Volatility is estimated using TomCo's historic share prices for a period of time that matches the exercise period of the warrant or option concerned. This assumes that historic share price volatility is the best estimate of future volatility. The Black-Scholes model is used for valuing the warrants. Estimates are also made of the likely time of exercise of the warrants. | |
In measuring the value of the deferred equity consideration payable in respect of the purchase of the balancing 50% interest in Greenfield from Valkor LLP in 2021, the Directors have applied IFRS 2. Where goods or services are provided by persons other than employees, the value of the share-based payment is determined by reference to the fair value of the assets acquired. Because of the unique nature of the principal asset acquired, namely the pilot plant processes developed by Greenfield, the Directors have determined that cost is the best estimate of fair value at acquisition. |
At 28 March 2024, the Group had cash reserves of approximately £0.1 million.
1.4 Future changes in accounting standards
ii. Amendments to IAS 1 Classification of Liabilities as Current or Non-current
iii. Amendments to IAS 1 Non-current Liabilities with Covenants
iv. Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements
v. Amendments to IFRS 16 Lease Liability in a Sale and Leaseback.
Finance income is accounted for on an effective interest basis.
1.9 Propiedad, planta y equipo
Exploration and development licences
Patentes y solicitudes de patentes
Exploration and development licences
Actividades de investigación y desarrollo
Taxation expense represents the sum of current tax and deferred tax.
1.15 Financial assets at amortised cost
Cuentas comerciales y otras cuentas por cobrar
· En el mercado principal del activo o pasivo; o
Deterioro de activos no corrientes
1.17 Cash and cash equivalents
1.18 Financial liabilities at amortised cost
Trade payables are recognised at amortised cost. All of the trade payables are non-interest bearing.
On expiry or exercise, the fair value of warrants is credited to reserves as a change in equity.
2. Segmental reporting - Analysis by geographical segment
Estados Unidos | Reino Unido | Eliminaciones | Total | Estados Unidos | Reino Unido | Eliminaciones | Total | |
Año terminado el 30 de septiembre | 2023 | 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | 2022 |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
Ingresos externos | - | 109 | - | 109 | - | 73 | - | 73 |
Ventas entre segmentos | - | - | - | - | - | - | - | - |
El costo de ventas | - | - | - | - | - | - | - | - |
Ganancia / (pérdida) bruta | - | 109 | - | 109 | - | 73 | - | 73 |
Gastos administrativos | (151) | (930) | - | (1,081) | (102) | (1,417) | - | (1,519) |
Ganancias / (pérdidas) cambiarias | (589) | (21) | - | (610) | 979 | 11 | - | 990 |
Ganancia / (pérdida) operativa | (740) | (842) | - | (1,582) | 877 | (1,333) | - | (456) |
Finanzas (costos) / ingresos | (91) | (673) | - | (764) | (153) | (81) | - | (234) |
Pérdida/(beneficio) antes de impuestos | (831) | (1,515) | - | (2,346) | 724 | (1,414) | - | (690) |
|
|
|
|
| ||||
Activos no corrientes: | ||||||||
- Exploration and development assets | 4,703 | - | - | 4,703 | 5,033 | - | - | 5,033 |
Otros | 40 | - | - | 40 | 23 | - | - | 23 |
1.22.1 Investments at FVTPL | 1,637 | - | - | 1,637 | 1,830 | - | - | 1,830 |
6,380 | - | - | 6,380 | 6,886 | - | - | 6,886 | |
Activos circulantes: | ||||||||
Cuentas comerciales y otras cuentas por cobrar | 2 | 32 | - | 34 | 47 | 54 | - | 101 |
Otros activos financieros | - | - | - | - | - | - | - | - |
Efectivo y equivalentes de efectivo | - | 62 | - | 62 | - | 206 | - | 206 |
los activos totales | 6,382 | 94 | - | 6,476 | 6,933 | 260 | - | 7,193 |
|
|
|
|
| ||||
Pasivo circulante: |
|
|
|
| ||||
Comerciales y otras cuentas a pagar | - | (123) | - | (123) | (29) | (317) | - | (346) |
Pasivos financieros | (445) | - |
| (445) | (1,144) | (291) | (1,435) | |
Pasivos totales | (445) | (123) | - | (568) | (1,173) | (608) | - | (1,781) |
| 2023 | 2022 |
| 000 £ | 000 £ |
Intereses por pagar | 837 | 223 |
Cambio en el valor razonable de derivados | (71) | 11 |
Ingresos por intereses | (2) | - |
Total finance costs for the financial year | 764 | 234 |
The following items have been charged/(credited) in arriving at operating loss: | 2023 | 2022 |
| 000 £ | 000 £ |
Auditors' remuneration: audit services | 41 | 40 |
Rentals payable in respect of land and buildings | - | 26 |
There is no tax charge in the year due to the loss incurred for the year.
Factores que afectan la carga fiscal: | 2023 | 2022 |
| 000 £ | 000 £ |
Pérdida de actividades ordinarias antes de impuestos | (2,346) | (664) |
Loss on ordinary activities at standard rate of corporation tax | - | - |
Tax charge for the financial year | - | - |
Disclosure concerning deferred tax is given in note 15.
Salarios |
La indemnización por despido |
Gastos de pago basados en acciones |
Salarios |
La indemnización por despido | Gastos de pago basados en acciones | |
2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
|
|
| ||||
alfarero j. | 253 | - | - | 233 | - | 96 |
M. Groat | 50 | - | - | 50 | - | 39 |
l castro | 42 | - | - | 42 | - | 32 |
Z. Phillips (designado el 24 de enero de 2022) |
36 |
- |
- |
25 |
- |
- |
R. Horsman (resigned 24 January 2022) |
- |
- |
- |
12 |
- |
16 |
Remuneración total | 381 | - | - | 362 | - | 183 |
Pérdidas | Número medio ponderado de acciones | Per share Amount | ||
Ejercicio financiero finalizado el 30 de septiembre de 2023 | 000 £ | Pence | ||
EPS básico y diluido | ||||
Losses attributable to ordinary shareholders on continuing operations | (2,346) | 2,444,431,749 | (0.10) | |
Total losses attributable to ordinary accionistas | (2,346) | 2,444,431,749 | (0.10) | |
|
|
|
| |
Ejercicio financiero finalizado el 30 de septiembre de 2022 | ||||
EPS básico y diluido | ||||
Losses attributable to ordinary shareholders on continuing operations | (690) | 1,661,402,854 | (0.04) | |
Total losses attributable to ordinary accionistas | (690) | 1,661,402,854 | (0.04) | |
Petróleo y gas | Petróleo y gas | Petróleo y gas | Petróleo y gas | |
Gastos de exploración y evaluación | Gastos de desarrollo | Patentes y solicitudes de patentes | Total | |
000 £ | 000 £ | 000 £ | 000 £ | |
Cost | ||||
Al 1 de octubre de 2021 | 8,287 | 5,261 | 30 | 13,578 |
Adiciones | 204 | 433 | - | 637 |
Adjustment (see below) | - | (136) | - | (136) |
Diferencias de traducción | 35 | 550 | - | 585 |
Al 30 de septiembre de 2022 | 8,526 | 6,108 | 30 | 14,664 |
Adiciones | 7 | 196 | - | 203 |
Diferencias de traducción | (26) | (507) | - | (533) |
Al 30 de septiembre de 2023 | 8,507 | 5,797 | 30 | 14,334 |
Amortización/Deterioro | ||||
Al 1 de octubre de 2021 | (8,287) | (1,314) | (30) | (9,631) |
Amortización | - | - | - | - |
Discapacidad | - | - | - | - |
Al 30 de septiembre de 2022 | (8,287) | (1,314) | (30) | (9,631) |
Amortización | - | - | - | - |
Discapacidad | - | - | - | - |
Al 30 de septiembre de 2023 | (8,287) | (1,314) | (30) | (9,631) |
Valor neto contable | ||||
Al 30 de septiembre de 2023 | 220 | 4,483 | - | 4,703 |
Al 30 de septiembre de 2022 | 239 | 4,794 | - | 5,033 |
Al 30 de septiembre de 2021 | - | 3,947 | - | 3,947 |
9. Propiedades, planta y equipo
Exploration and evaluation equipment | |
000 £ | |
Coste al 1 de octubre de 2021 | 386 |
Diferencias de traducción | - |
Al 30 de septiembre de 2022 | 386 |
Diferencias de traducción | - |
Al 30 de septiembre de 2023 | 386 |
Impairment at 1 October 2021 | 386 |
Cobrar por año | - |
At 30 September 2022 and 2023 | 386 |
Valor neto contable | |
Al 30 de septiembre de 2023 | - |
Al 30 de septiembre de 2022 | - |
Al 30 de septiembre de 2021 | - |
The fair value hierarchy of financial instruments measured at fair value is provided below
Activos financieros a valor razonable con cambios en resultados | 000 £ | 000 £ |
Nivel A3 | Total | |
Cost at 30 September 2022 | 1,830 | 1,830 |
Cambio de divisas | (193) |
(193) |
Cost at 30 September 2023 | 1,637 |
1,637 |
| ||
El desglose de los activos financieros es el siguiente: |
| |
Activos no corrientes - cotizados | - |
|
Activos no corrientes - no cotizados | 1,637 |
|
Total | 1,637 |
|
11. Cuentas por cobrar comerciales y otras
Grupo procesos 2023 | Grupo procesos 2022 | |
Current | 000 £ | 000 £ |
Otros ingresos | 11 | 70 |
pagos adelantados e interes ganado | 23 | 31 |
34 | 101 | |
No corriente Otros ingresos |
40 |
23 |
Total Receivables | 74 | 124 |
All current receivable amounts are due within six months.
12. Efectivo y equivalentes de efectivo
Grupo procesos 2023 | Grupo procesos 2022 | |
000 £ | 000 £ | |
Efectivo en banco y en mano | 62 | 206 |
| Grupo procesos 2023 | Grupo procesos 2022 |
Current | 000 £ | 000 £ |
Préstamo a plazo | 445 | 1,144 |
Elemento préstamo-deuda convertible | - | 148 |
Pasivo convertible en derivados de préstamos | - | 143 |
445 | 1,435 |
Revelaciones de valor razonable
| Fair value measurement at 30 September 2022 |
Usar | ||
|
| Precios cotizados en mercados activos para activos idénticos (Nivel 1) | Otras entradas observables significativas (Nivel 2) | Entradas importantes no observables (Nivel 3) |
| 000 £ | 000 £ | 000 £ | 000 £ |
Pasivos derivados | 143 | - | - | 143 |
Within year ended 30 September 2023 | 30 Septiembre 2022 | |
Share price (range) | 0.475p-0.147p | 0.475p |
Volatilidad | c.80% | 88.5% |
Risk free rate (range) | 2.62% -5.10% | 4.14% |
Reconciliation of fair value measurements using Level 3 inputs
Pasivos derivados | 2023 | 2022 |
| 000 £ | 000 £ |
Saldo de apertura | 143 | - |
Issues during year | 212 | 132 |
(Gain)/ loss recognised in profit and loss | (71) | 11 |
Reconocido en patrimonio | (284) | - |
Balance de cierre | - | 143 |
Further disclosure is provided in note 20 on financial instruments.
14. Acreedores comerciales y otras cuentas por pagar
| Grupo procesos 2023 | Grupo procesos 2022 |
Current | 000 £ | 000 £ |
Comercio a pagar | 40 | 71 |
Otras cuentas por pagar | 16 | 50 |
Acumulaciones | 67 | 225 |
123 | 346 |
Numero de veces compartido en cuestión | 2023 £ | |
Issued and fully paid at 1 October 2021 - shares of no par value | 1,451,412,012 | - |
November 2021-exercise of warrants (note 18) | 46,666,666 | - |
January 2022-placing (note 18) | 250,000,000 | - |
Al 30 de septiembre de 2022 | 1,748,078,678 | - |
October 2022-July 2023 conversion of convertible loans (notes 13 y 18) | 425,104,218 | - |
November 2022-placing (note 17) | 264,285,714 | - |
June 2023-placing and subscription | 625,000,000 | - |
Al 30 de septiembre de 2023 | 3,062,468,610 | - |
2023 | 2022 | |
000 £ | 000 £ | |
Al 1 de octubre | 32,527 | 31,142 |
Conversion of convertible loans and associated interest | 1,050 | - |
Placing and subscriptions-net of costs (note 16) | 1,309 | - |
November 2021-Exercise of warrants (note 18) | - | 210 |
January 2022-subscription of new shares at 0.5p, net of costs | - | 1,175 |
Al 30 de septiembre | 34,886 | 32,527 |
At 30 September 2023, the following share warrants were outstanding in respect of ordinary shares:
2023 | 2023 | 2022 | 2022 | |
número | Precio de ejercicio promedio ponderado Pence | número | Precio de ejercicio promedio ponderado Pence | |
Pendiente al 1 de octubre | 452,427,350 | 0.88 | 704,575,640 | 0.88 |
Caducado durante el año | (397,427,350) | (0.89) | (260,481,624) | (1.02) |
Otorgado durante el año | 189,190,463 | 0.54 | 55,000,000 | 0.75 |
Ejercido durante el año | - | - | (46,666,666) | (0.45) |
Sobresaliente al 30 de septiembre | 244,190,463 | 0.58 | 452,427,350 | 0.88 |
Ejercible a 30 de septiembre | 244,190,463 | 0.58 | 452,427,350 | 0.88 |
2023 | 2022 | |
Precio de la acción (peniques) | 0.08 - 0.385 | 0.55 |
Precio de ejercicio (peniques) | 0.08 - 0.75 | 0.75 |
Volatilidad esperada | 96% -111% | 109% |
Tasa libre de riesgo | 3.5% -3.9% | 2.4% |
Expected period before exercise (years) | 2 | 2 |
19. Pagos basados en acciones
Details of the share options issued during the year and outstanding at the year-end are as follows:
2023 | 2023 | 2022 | 2022 | |
número | Peso promedio precio de ejercicio Pence | número | Peso promedio precio de ejercicio Pence | |
Outstanding as at 1 October | 98,365,078 | 0.70 | 105,865,078 | 0.70 |
Otorgado durante el año | - | - | - | - |
Caducado durante el año | - | - | - | - |
Settled during the year | - | - | (7,500,000) | (0.54) |
Sobresaliente al 30 de septiembre | 98,365,078 | 0.70 | 98,365,078 | 0.70 |
Ejercible a 30 de septiembre | 98,365,078 |
| 98,365,078 |
Details of the options held by each Director are provided in the Directors' Report on page 4.
The charge recognised in profit or loss for 2023 was £nil (2022: £194,000).
At the year end the Group and Company had cash balances comprising the following:
Grupo procesos | Grupo procesos | |
Saldos bancarios | 2023 000 £ | 2022 000 £ |
Libras Esterlinas | 37 | 198 |
Dólares estadounidenses | 25 | 8 |
Total | 62 | 206 |
Políticas de gestión de capital
21. Cambios en pasivos derivados de actividades de financiación
| 1 October | Financiamiento de flujos de efectivo | Transacciones no monetarias | 30 septiembre |
Grupo 2023 | 000 £ | 000 £ | 000 £ | 000 £ |
Préstamos | 1,292 | (20) |
(827) | 445 |
Total | 1,292 | (20) | (827) | 445 |
Grupo 2022 |
|
| ||
Préstamos | - | 1,348 |
(56) | 1,292 |
Total | - | 1,348 | (56) | 1,292 |
22. Divulgaciones de partes relacionadas
The Directors are Key Management and information in respect of Key Management is provided in Note 6.
23. Partido controlador supremo
As at 30 September 2023 and 30 September 2022 there was no ultimate controlling party.
24. Acontecimientos posteriores
i. | In October 2023, the Company raised a further £100,000 gross of equity capital by the issue of 125 million new ordinary shares to an existing shareholder at a price of 0.08p per share. |
ii. | In January 2024, the Company raised a further £50,000 gross of equity capital by the issue of 50 million new ordinary shares to an existing shareholder at a price of 0.1p per share. |
iii. | In February 2024, the Company raised a further £300,000 gross of equity capital by the issue of, in aggregate, 666,666,667 new ordinary shares at a price of 0.045p per share. |
iv. | The Directors continue to discuss a further extension to the option over the remaining 90% of Tar Sands Holdings II LLC with an exercise cost of $17.25 million with the counterparty concerned. The latest scheduled expiry date for the option was 31 December 2023. |
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.