Global Petroleum Regulatory News (GBP)

13 March 2020

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Global Petroleum Limited

("Global" or "the Company")

Interim Financial Report - Half-year Ended 31 December 2019

Global Petroleum Limited (AIM: GBP, ASX: GBP) announces its half-year financial results for the six months to 31 December 2019.

Copies of the full Half-year Financial Report are also available from the ASX website at www.asx.com.au and from the Company's web site at www.globalpetroleum.com.au.

 For further information please contact:

Dear Shareholders,

We are pleased to present to you the Global Interim Financial Report for the half-year ended 31 December 2019.

The Company's focus during the reporting period was continued interpretation of the existing data for PEL 0094, culminating in a prospective resources estimate being calculated. The results of the prospective resources calculation are set out in more detail within the Company's announcement on 26 November 2019.

The prospective resources relate to the Welwitschia Deep prospect and the Marula lead and they have been classified in accordance with the Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS) and have been estimated using probabilistic methods.

The prospective resources are based on 2D seismic data and geological information, including analogues, to which Global has access at the current time. Global is confident that more prospects and leads will be identified once it has licensed and interpreted the remainder of the existing seismic data in PEL0094, both 2D and 3D, as well as tying in some of the analogue reservoirs in offset wells. In particular, the plays in the Upper Cretaceous/Paleocene sandstones and Albian carbonates are partially covered by the existing 3D seismic data.As noted in our last letter to shareholders in the 2019 Annual Financial Report, we have been seeking to agree terms with state oil company NAMCOR for the acquisition of the existing 3D seismic data on the block. We are pleased to report that we are making progress in our discussions with NAMCOR.

Further work may increase the geological chance of success of the prospective resources. Updated prospective resources and their associated geological chances of success will be calculated once work has been completed.

In Italy, regarding the various appeals against the Environmental Decrees in relation to the Company's applications for offshore permits, the Rome Tribunal rejected the sole outstanding first instance appeal by the town of Trani, with an award of costs against the appellant. All first instance appeals made to the Rome Tribunal have been adjudicated in the Company's favour.

However, Puglia, as the Italian region principally interested, made additional appeals to the Council of State (the highest level of appeal in Italy) against the judgements of the Rome Tribunal. The subsequent appeals were heard by the Council of State in January 2020 and in February 2020 the Council of State issued a judgement. Essentially, the Council of State has suspended the proceedings before it and referred the matter to the European Court, requesting the Court to rule whether the four Licence Applications contravene a relevant EU Directive relating to the maximum permissible size of individual permits, in particular having regard to the fact that the four permit applications are contiguous. We are surprised and disappointed by the referral to the European Court.

In December 2019, the town of Margherita di Savoia also appealed to the Council of State against the Rome Tribunal judgments previously made against it. No hearing date has been set at the date of this report.

The moratorium on all hydrocarbon exploration activities, including permit applications, remains in place and is due to expire in August 2020. The Company continues to monitor the situation as it works through the appeals, EU referral and licensing process.

Financial

During the half-year ended 31 December 2019, the Group recorded a loss after tax of US$748,541 (31 December 2018: loss US$916,390). Cash balances at 31 December 2019 amounted to US$1,762,074 (30 June 2019: US$2,786,791). The Group currently has no debt.

Outlook

The Company remains committed to offshore Namibia where work will continue towards finalising the 3D data acquisition from NAMCOR, after which the Company will undertake its own interpretation of the data and seek a farm-out partner to fund future operations on both PEL 0094 and PEL0029. The Company notes the upcoming Venus well, operated by Total, and scheduled to be drilled offshore southern Namibia in 2020. The Company also remains committed to pursuing its Italian applications, notwithstanding the recent European Court referral.

GLOBAL PETROLEUM LIMITED DIRECTORS' REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2019

OPERATING AND FINANCIAL REVIEW

Namibian Project

The Namibian Project consists of an 85% participating interest in Petroleum Exploration Licence ("PEL") Number 0029 covering Blocks 1910B and 2010A and PEL 0094 (acquired in 2018) which covers Block 2011A.

PEL 0029, issued on 3 December 2010, originally covered 11,730 square kilometres and is located offshore Namibia in water depths ranging from 1,300 metres to 3,000 metres (Figure 1).

The Company's wholly owned subsidiary, Global Petroleum Namibia Limited, formerly Jupiter Petroleum (Namibia) Limited, is operator of the Licence, with an 85% interest in the two blocks. Partners NAMCOR and Bronze Investments Pty Ltd (Bronze) hold 10% and 5% respectively, both as carried interests.

In December 2015, the Company entered into the First Renewal Exploration Period (Phase 2) of the Licence with a reduced Minimum Work Programme, making a mandatory relinquishment of 50% of the Licence Area. Phase 2 originally had a duration of 24 months.

Following reprocessing and evaluation of historic 2D data, as previously reported, the Company entered into a contract with Seabird Exploration of Norway in order to acquire 834 kilometres of full fold 2D seismic data over its blocks, which was shot in June/July 2017. Processing and interpretation of the new 2D seismic data was completed early in Q4 2017.

The new information significantly improved the prospectivity across PEL 0029 in general and the Gemsbok prospect in particular. Better imaging from the new 2D data revealed that the known source rock intervals are likely to be within the oil generative window and this, combined with data showing repeating oil seeps along the faulted flanks of Gemsbok, greatly improves the chance of a major oil discovery.

Consequently, the Company commissioned a Competent Person's Report ("CPR") in respect of its acreage from consultants AGR TRACS. Prospective resources have been calculated on three prospects: the Company's primary structure, Gemsbok, as well as Dik Dik and Lion. The results of the CPR are set out in more detail in the Company's announcement on 15 January 2018.

In late 2017, the Company also negotiated and agreed with the Namibian Ministry of Mines and Energy ("MME") an extension of the First Renewal Exploration Period (Phase 2) of the Company's Licence of 12 months to December 2018. At the same time the MME had previously agreed entry into the Second Renewal Period (Phase 3) effective from 3 December 2018 for a period of two years. Subsequently, a firm work programme for Phase 3 was agreed with the MME whereby the Company will undertake various studies, including mapping of source rock, mapping of contourites deposits, fault studies and amplitude versus offset analyses and extended elastic impedance studies on seismic data.

The financial commitment to undertake the work programme is estimated at US$350,000. In addition, and carried over from the First Renewal Period (Phase 2), is the acquisition of 600 square kilometres of 3D seismic data - contingent upon the Company concluding a farmout - and the drilling of one exploration well.

PEL 0094 is located in the northern Walvis basin, immediately to the east of PEL 0029 (Figure 1). Global holds an 85% interest in the PEL 0094 as operator whilst State oil company, NAMCOR, and a local private company, Aloe Investments, hold interests of 10% and 5% respectively, both as carried interests.

The combination of the two licences gives Global an interest in an aggregate area of 11,608 square kilometres offshore northern Namibia, and makes it one of the largest net acreage holders in the region. Global believes that PEL 0094 contains the same plays as those detailed in the CPR for PEL 0029.

Under the PEL 0094 work programme, in the first two years of the Initial Exploration Period, Global will carry out various studies and will reprocess all existing seismic in the licence area, which includes a 3D seismic data survey shot in the western part. The studies and reprocessing will enable the reservoirs in the Welwitschia structure and elsewhere in the acreage to be mapped with more confidence, and the leads to be identified more accurately.

At the end of two years, Global has the option either to shoot a new 2,000 square kilometre 3D seismic data survey in the eastern part of Block 2011A, or alternatively to relinquish the Licence.

.

http://www.rns-pdf.londonstockexchange.com/rns/0618G_1-2020-3-13.pdf

Prospective resources were calculated for the Welwitschia prospect following interpretation of existing data including 2D seismic, geological information and analogues available to the Company, see the Company's announcement on 26 November 2019 for greater detail.

The Company is confident that more prospects and leads will be identified once it has licensed and interpreted the remainder of the existing seismic data in PEL 0094, both 2D and 3D, as well as tying in some of the analogous reservoirs in offset wells.

Permit Applications in the Southern Adriatic, Offshore Italy

In August 2013, the Company submitted an application, proposed work programme and budget to the Italian Ministry of Economic Development for four exploration areas offshore Italy (the "Permit Applications" - Figure 2).

As previously reported, various local authorities and interest groups appealed against the Environmental Decrees in relation to applications d 82 F.R-GP and d 83 F.R-GP, which were published in October 2016. Publication of Environmental Decrees is the final administrative stage before grant of the Permits.

The Company announced in October 2017 that the remaining two Environmental Decrees in relation to the Permit Applications, designated d 80 F.R-GP and d 81 F.R-GP, had been published by the Italian authorities. As with the previous two Environmental Decrees, a number of appeals by various interested parties were made.

A total of seven parties filed appeals with the Rome Tribunal against the 2016 Decrees, and nine parties filed appeals with the Rome Tribunal against the 2017 Decrees.

Finally, three appeals were filed with the President of the Republic (one appeal against the 2016 Decrees, two against the 2017 Decrees) - it should be noted that in all cases the parties who took this course were out of time for appeal to the Rome Tribunal.

All first instance appeals made to the Rome Tribunal and to the President of the Republic were subsequently adjudicated in Global's favour.

However, Puglia, as the Italian region principally interested, made additional appeals to the Council of State (the highest level of appeal in Italy) against the judgements of the Rome Tribunal. The subsequent appeals were heard by the Council of State in January 2020 and in February 2020 the Council of State issued a judgement. Essentially, the Council of State has suspended the proceedings before it and referred the matter to the European Court, requesting the Court to rule whether the four Licence Applications contravene a relevant EU Directive relating to the maximum permissible size of individual permits, in particular having regard to the fact that the four permit applications are contiguous. We are surprised and disappointed by the referral to the European Court.

In December 2019, the town of Margherita di Savoia also appealed to the Council of State against the Rome Tribunal judgments previously made against it. No hearing date has been set at the date of this report.

In February 2019, the Italian Parliament passed a Bill suspending all hydrocarbon exploration activities - including permit applications - for a period of 18 months. Under the proposed legislation, the Ministries of Economic Development and Environment will review all onshore and offshore areas for the stated purpose of evaluating their suitability for hydrocarbon exploration and development in the future. In doing so, the suitability of such activities in the context of social, industrial, urban, water source an environmental factor will be evaluated. In offshore areas, suitability will additionally be assessed having regard to the impact of such activity on the littoral environment, marine ecosystems and shipping routes. Following the 18-month evaluation period, the intention is that a hydrocarbon plan will be activated, setting out a strategy for future exploration and development.

The Southern Adriatic and adjacent areas continue to be the focus of industry activity. Most notably, in Montenegro, offshore concessions were awarded in 2016/2017 to Energean and Eni/Novatek (the latter just 35 kilometres from the nearest of the Applications). Eni/Novatek plan to spend nearly $100 million on exploration on these permits where, reportedly, 3D seismic acquisition has recently been completed. Energean plans to spend nearly $20 million on its permits, with 3D seismic acquisition reportedly imminent. In Albania, Shell continues to evaluate its Shpiragu discovery.

The four Application Blocks are contiguous with the Italian median lines abutting Croatia, Montenegro and Albania respectively (Figure 2 below).

http://www.rns-pdf.londonstockexchange.com/rns/0618G_2-2020-3-13.pdf

DIRECTORS

ASX LISTING RULE 5.4.3

The following information is provided in accordance with ASX Listing Rule 5.4.3:

- The Company holds Petroleum Exploration Licence Number 29 covering Offshore Blocks 1910B and 2010A, and Petroleum Exploration Licence Number 94 covering Offshore Block 2011A, in the Republic of Namibia.

- No granted petroleum tenements were acquired or disposed of by the Company during the reporting period

SUBSEQUENT EVENTS

Appeals by the Italian region of Puglia to the Council of State (the highest level of appeal in Italy) against the judgements of the Rome Tribunal were heard by the Council of State in January 2020. In February 2020 the Council of State issued its preliminary judgement in which, essentially, the Council of State suspended the proceedings before it and referred the matter to the European Court, requesting the Court to rule whether the four Licence Applications contravene a relevant EU Directive relating to the maximum permissible size of individual permits, in particular having regard to the fact that the four permit applications are contiguous. A hearing date has not been set by the European Court at the date of this report.

AUDITOR'S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

The lead auditor's independence declaration is set out on page 6 and forms part of the Directors' Report for the 6 month period ended 31 December 2019.

Signed in accordance with a resolution of the Directors:

ANDREW DRAFFIN

Director and Company Secretary 12 March 2020

GLOBAL PETROLEUM LIMITED

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE HALF-YEAR ENDED 31 DECEMBER 2019

GLOBAL PETROLEUM LIMITED

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019

GLOBAL PETROLEUM LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

NOTES TO THE CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

Note 1. Reporting Entity

Global Petroleum Limited ("Global") is a company domiciled and incorporated in Australia. It is a company limited by shares and whose shares are publicly traded on the Australian Securities Exchange (ASX) and London Stock Exchange (AIM). The condensed consolidated interim financial statements of the Company as at and for the six months ended 31 December 2019 comprise of the Company and its controlled entities (together referred to as the "Group"). The Group is a for-profit entity and is primarily involved in oil and gas exploration and development.

The consolidated annual financial statements of the Group as at and for the year ended 30 June 2019 are available upon request from the Company's registered office at Level 4 91 William Street, Melbourne, VIC 3000, Australia or at www.globalpetroleum.com.au.

Note 2. Basis of Preparation

These interim financial statements have been prepared in accordance with AASB 134 Interim Financial Reporting, the Corporations Act 2001 and IAS 34 Interim Financial Reporting. They should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended 30 June 2019 ('last annual financial statements'). They do not include all of the information required for a complete set of annual financials statements, however, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

These interim financial statements were authorised for issue by the Company's Board of Directors on 12 March 2020. The financial information in this half-year report is presented in United States dollars ("US$").

In preparing these interim financial statements, management has made adjustments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

Any significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements as at and for the year ended 30 June 2019.

Note 3. Summary of Significant Accounting Policies

The accounting policies applied in these financial statements are the same as those applied to the Group's consolidated financial statements as at and for the year ended 30 June 2019.

The financial statements have been prepared on the going concern basis of accounting, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. The use of this basis of accounting takes into consideration the Group's current and forecast financing position, which indicate a material uncertainty due to the need to raise additional funds or reduce expenditure commitments in order to meet liabilities as they are expected to fall due in the next twelve months.

The Group has no source of operating revenue and settles its expenditure obligations from existing cash resources. It generated a loss of US$748,541(31 December 2018: loss of US$916,390) and had net cash outflows from the operating activities of US$764,481 (31 December 2018: net cash outflows of US$878,326) for the half- year ended 31 December 2019. As of that date, the Group had net assets of US$4,196,080 (30 June 2019: US$4,944,621) and cash assets of US$1,762,074 (30 June 2019: US$2,786,791). The Group has no debt.

The Directors have prepared a cash flow forecast for the next 12 months based on best estimates of future inflows and outflows of cash, to support the Group's ability to continue as a going concern. The ability of the Company to continue as a going concern is principally dependent upon a combination of one or more of the following factors - management of existing funds; securing further funds via raising capital from equity markets; concluding a farm-out arrangement whereby a farm- in party would assume the costs of meeting certain future exploration and other commitments on the Company's Namibian licences; and the deferral of licence commitments.

The raising of additional equity capital is subject to market conditions and investor demand; securing a farm-out requires agreement with a suitable third party which the Group has not achieved to date; and any deferral of licence commitments would require the consent of the Namibian Ministry of Mines and Energy. As each of these are not within the Company's control, these conditions constitute a material uncertainty that may cast significant doubt on the use of the going concern basis of accounting. However the Directors have a reasonable expectation that one or more of these actions will be achieved. On this basis the Group's projections indicate that it will have sufficient liquidity to meet its expenditure related liabilities as they fall due in the next twelve months from the date of finalising these Financial Statements.

Accordingly the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and therefore the Directors continue to adopt the going concern basis of accounting in preparing the Financial Statements. The Financial Statements do not include any adjustments relating to the classification of assets including Exploration and Evaluation assets, or the recoverability of asset carrying values, or to the amount and classification of liabilities, that might result should the Group be unable to continue as a going concern.

Application of New and Revised Accounting Standards

The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Boards ("AASB") that are mandatory for the current reporting period. The impact from adoption of these Accounting Standards and Interpretations have been assessed below.

Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

The Group has adopted AASB 16 with effect from 1 July 2019. AASB 16 introduces a new framework for accounting for leases and replaces AASB 117 Leases and sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessess to account for all leases under a single on- balance sheet model similar to the accounting for finance leases under AASB 117. At the commencement date of a lease, a lessee will recognise a liability to make lease payments (i.e. the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e. the right-of-use asset). Lessees are required to separately recognise the interest expense on the lease laibility and the depreciation expense on the right-of-use asset.

Note 4. Exploration and Evaluation Assets

The Group's Exploration and Evaluation Assets at the end of the reporting period relates solely to its Namibian Project.

During the reporting period, the Group did not expense any exploration and evaluation costs in the statement of profit and loss, (31 December 2018: US$62,462). The amount expensed in the corresponding period was recognised as business development and therefore it did not meet the criteria for recognition as exploration and evaluation expenditure.

An amount of US$64,577 (31 December 2018: US$55,718) was expensed on business development, which relates to the Group's activities in assessing other opportunities in the oil and gas sector.

Namibia

In November 2017, Global Petroleum Namibia Limited ("GBPN") agreed with The Ministry of Mines and Energy ("MME") an extension to the First Renewal Exploration Period of 12 months to 3 December 2018. Subsequently in addition, the MME has agreed entry into the Second Renewal Period effective from 3 December 2018 for a further 2 years.

In September 2018, GBPN was awarded Licence PEL 0094 and a Petroleum Agreement was signed on 11 September 2018. The Initial Exploration period runs for four years, and is divided into two sub periods of two years each; IEP1, and IEP2. IEP1 runs from September 2018 to September 2020. During IEP1, Global has undertaken to purchase and reprocess the existing available 3D seismic data and other 2D data, as well as some additional G & G studies.

Exploration commitments on the Company's exploration tenements are detailed in Note 10.

Note 5, Interests in Subsidiaries

The subsidiaries listed below have share capital consisting solely of ordinary shares or ordinary units which are held directly by the Group. The proportion of ownership interests held equals the voting rights held by the Group.

Note 6. Issued Share Capital

The Group has authorised share capital amounting to 202,652,927 fully paid ordinary shares. The shares have no par value

Note 7. Operating Segments

The following is an analysis of the Group's revenue and results by reportable segment.

Africa - the Group current holds prospective oil and gas exploration interests offshore Namibia.

(i) Segment performance

Note 8. Share-based Payments

No share based payments were made during the 6 month period to 31 December 2019.

Note 9. Financial Instruments

The financial assets and liabilities consist of trade and other receivables and trade and other payables. The financial assets and liabilities are carried at amortised cost, the carrying value is assumed to approximate their fair value.

Note 10. Capital and Joint Venture Commitments

In order to maintain current rights of tenure to exploration tenements, the Group is required to perform minimum exploration work to meet the minimum expenditure requirements specified by various foreign governments where exploration tenements are held. These obligations are subject to renegotiation when application for a tenement is made and at other times. These obligations are not provided for in the financial statements. Financial commitments for subsequent periods can only be determined at future dates, as the success or otherwise of exploration programmes determines courses of action allowed under options available in tenements. The Group's only exploration expenditure commitments relate to its interest in joint ventures. Refer to Note 10(b) for further information.

Global Petroleum Namibia Limited, a 100% subsidiary of the Group, holds prospective oil and gas exploration interests offshore Namibia. In order to maintain current rights to tenure to the exploration licences, Global is required to perform minimum exploration work to meet the minimum expenditure requirements specified in each Namibian Petroleum Exploration Licence (PEL).

The obligations include:

(i) First Renewal Exploration Period (Two years from 3 December 2015 to 3 December 2017 - with subsequent extension to 3 December 2018):

- Following the completion of the minimum required exploration expenditure for the 2 year period, in November 2017, Global agreed with the MME an extension to the First Renewal Exploration period of 12 months to 3 December 2018, which became effective.

- The minimum work programme for the one year extension was the acquisition of 600 square kilometres of 3D seismic data, contingent upon Global concluding a farm-out agreement with a third party to fund the acquisition of the 3D data. The 3D acquisition was not completed during the 12 month extension period and has been carried over into the Second Renewal Period.

(ii) Second Renewal Period (Two years from 3 December 2018):

- During the Second Renewal Period, effective from 3 December 2018 for a period of two years, the firm commitment is a work programme that consists of various studies, including mapping of source rock, mapping of contourites deposits, fault studies and amplitude versus offset (AVO) analyses and extended elastic impedance (EEI) studies on seismic data. The financial commitment to undertake the firm work programme is US$350,000. In addition, and carried over from the First Renewal Period (Phase 2) extension, is the acquisition of 600 sq km of 3D Seismic data - contingent upon the Company concluding a farmout and drilling one exploration well, depth and location yet to be agreed.

Global Petroleum Namibia Limited has an 85% interest in the Petroleum Exploration Licence, however, it is responsible for 100% of the expenditure requirements with its joint venture partners holding a total of 15% free carried interest.

Namibia Licence PEL 0094

Global was awarded this licence in Namibia in September 2018, and a Petroleum Agreement was signed on 11 September 2018. The Initial Exploration Period ("IEP") runs for four years, and is divided into two sub periods of two years each; IEP1, and IEP2. IEP 1 runs from September 2018 to September 2020. During IEP1, Global has undertaken to purchase and reprocess the existing available 3D seismic data and other 2D data, as well as some additional G&G studies. The Company is currently negotiating the acquisition of the 3D data.

The estimated cost of acquisition for 2D data and reprocessing of both 2D and 3D is estimated at US $1.3 million.

During IEP2, Global has the option to either shoot a new 2,000 square kilometre 3D seismic data survey within the eastern part of PEL 0094, or alternatively relinquish the licence.

Global Petroleum Namibia Limited has an 85% interest in the Petroleum Exploration Licence, however, it is responsible for 100% of the expenditure requirements with its joint venture partners holding a total of 15% free carried interest.

Note 11. Subsequent Events

Appeals by the Italian region of Puglia to the Council of State (the highest level of appeal in Italy) against the judgements of the Rome Tribunal were heard by the Council of State in January 2020. In February 2020 the Council of State issued its preliminary judgement in which essentially, the Council of State suspended the proceedings before it and referred the matter to the European Court, requesting the Court to rule whether the four Licence Applications contravene a relevant EU Directive relating to the maximum permissible size of individual permits. In particular having regard to the fact that the four permit applications are contiguous. A hearing date has not been set by the European Court at the date of this report

DIRECTORS' DECLARATION

In accordance with a resolution of the Directors of Global Petroleum Limited, the Directors of the Company declare that:

1. the condensed consolidated interim financial statements and notes are in accordance with the Corporations Act 2001 and:

(a) comply with Australian Accounting Standards applicable to the entity, which, as stated in accounting policy Note 1 to the financial statements, constitutes compliance with International Financial Reporting Standards; and

(b) give a true and fair view of the financial position as at 31 December 2019 and of the performance for the six month period ended on that date;

2. in the Directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Director

Andrew Draffin

Dated this 12 March 2020