Close

News

Interim Results for the six-month period ended 30 June 2019

21 October 2019

Download

To view a full version of the results in
PDF format click here

UAE Oil announces for the six-month period ended 30 June 2019, extracts of which have been included below. The interim results will be available to view on the Company's website in due course at the following link: http://www.uaeoilservices.com/content/investors/annual-reports.asp

 

Enquiries:

UAE Oil Services plc
Stephen Smedley
Nils Trulsvik (Chairman)
www.uaeoilservices.com
info@uaeoilservices.com
WH Ireland Limited
James Joyce
James Sinclair-Ford
++44 (0) 20 7220 1666
Walbrook PR (PR advisers)
Paul McManus
Nick Rome
Tel: +44 (0) 20 7933 8790 or
uae@walbrookpr.com

 

UAE OIL SERVICES PLC
CHAIRMAN'S STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2019

I have pleasure in presenting the condensed unaudited interim financial statements of UAE Oil Services Plc (the "Company" or "UAE Oil Services") for the six-month period ended 30 June 2019.

UAE Oil was incorporated in the Isle of Man on 3 January 2018 and was admitted to the Standard Segment of the Official List of the London Stock Exchange on 25 April 2018. The Company was formed for the purpose of making acquisitions in the oil and gas support services and infrastructure sector in the Middle East and North Africa, with an initial focus in the UAE.

During the financial period, the Company reported a net loss of £271,454 (0.54p per share). As at 30 June 2019, the Company had cash at bank balance of £11,816.

On 17 August 2018 the Company announced its intention to acquire the OBN Group of Companies and then admitting its enlarged securities to trading on the Standard segment of the London Stock Exchange. As at 30 June 2019, this acquisition and admission to London Stock Exchange had not taken place, neither has it done so up to the date of this statement. However, the work required to complete the acquisition is ongoing and an update will be made in due course.

On 24 June 2019 the Company announced that it had signed a loan facility agreement with Blue Rock Investments LLC for a principal amount of £100,000, as at 30 June 2019 the Company had not drawn down from this facility.

I look forward to the year ahead with gratitude to our shareholders, for their continued support.

Nils Trulsvik
Executive Chairman
11 October 2019

 

UAE OIL SERVICES PLC
DIRECTOR'S STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2019

The main expense for the Company is its legal and professional costs. The management intends to monitor and control this to be cost efficient and minimise its net loss before a suitable acquisition.

The Board looks forward to providing further updates to shareholders in due course and actively reviewed a number of potential acquisition opportunities across the sector.

Responsibility Statement

The Directors are responsible for preparing the Condensed interim Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial Reporting (IAS 34) as adopted by the European Union.

The Directors confirm that, to the best of their knowledge, the condensed interim financial statements have been prepared in accordance with IAS 34 as adopted by the European Union. The interim report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

  • an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
  • material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

Stephen Smedley
Chief Financial Officer
11 October 2019

 

« back to news