PATH.L Regulatory News (PATH)

18 January 2019

Path Investments plc

("Path" or the "Company")

Interim Results for the six months to 30 June 2018

Path Investments plc (TIDM: PATH), the energy investment company, announces its interim results for the six months to 30 June 2018.

There was no revenue in the period as activities were focused on completing the previously announced proposed transaction with 5P Energy GmbH ("5P"). However, as announced post period end on 5 November 2018, 5P decided not to continue with the Conditional Farm-In Agreement signed in December 2017.

Following the termination of the proposed transaction with 5P the Company sought alternative investment opportunities and the Company is pleased to have announced earlier today that it has entered into a Heads of Agreement with ARC Marlborough Pty Limited ("ARC") regarding the proposed acquisition of ARC by the Company (the "Proposed Transaction").

Whilst the reported loss before tax for the six months ended 30 June 2018 was £483,418 (H1 2017 profit of £73,048), during the period the Company sought to minimise its cash costs through the deferment of director's salaries and other cost saving measures. As at 30 June 2018 the Company held cash of £30,734 (31 December 2017 £159,505).

Commenting, Christopher Theis, Chief Executive of Path, said: "We were very disappointed that 5P decided not to complete the Farm-In Agreement, particularly when we had secured Institutional funding to do so. Nevertheless, we are delighted to have entered into the Heads of Agreement with ARC. We believe the Proposed Transaction is one that can deliver significant value for Path shareholders."

Enquiries:

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2018

All operating income and operating gains and losses relate to continuing activities.

STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2018

The Share Capital represents the nominal value of the equity shares.

The Share Premium represents the amount subscribed for share capital, in excess of the nominal amount, less costs directly relating to the issue of shares.

The Share Based Payments reserve represents the fair value of the equity settled share option scheme.

The Retained Earnings reserve represents the cumulative net gains and losses less distributions made.

STATEMENT OF FINANCIAL POSITION

FOR THE SIX MONTHS ENDED 30 JUNE 2018

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2018

1. GENERAL INFORMATION

Path Investments Plc is a public limited company incorporated in the United Kingdom, registered under company number 04006413. The address of the registered office is Aston House, Cornwall Avenue, London, N3 1LF. The principal activity of the Company is the investment in oil and gas production and development assets.

2. ACCOUNTING POLICIES

2.1 Basis of preparation

The financial statements are presented in UK Sterling and all values are rounded to the nearest pound except where indicated otherwise.

The financial statements have been prepared under the historical cost convention or fair value where appropriate.

The results for the six months to 30 June 2018 have been prepared on the basis of the accounting policies set out in the company's 2017 annual report and accounts. The interim accounts do not constitute statutory accounts as defined by section 434 of the Companies Act 2006. The auditor has reported on the 2017 accounts and the report was unqualified and did not contain a statement under section 498(2) of (3) of the Companies Act 2006. The company's 2017 report and accounts have been filed with the registrar of companies.

During the period, there have been no changes in the nature of the related party transactions from those described in the company's 2017 accounts.

The results for the six months are unaudited.

2.2 Responsibility statement

The directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", as adopted by the European Union and as issued by the IASB and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely;

a) An indication of the 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

b) Material related party transactions in the first six months and any material changes in related party transactions described in the last annual report.

3. ADMINISTRATIVE EXPENSES

Included in Directors Remuneration for the period ended 30 June 2017 and the year ended 31 December 2017 are previously accrued remuneration of £940,905 which have been waived.

Included in Directors remuneration for the period ended 30 June 2018 are accrued salaries of £95,781.

4. LOSS PER SHARE

The calculation of the basic and diluted loss per share is based on the loss on ordinary activities after taxation of and on the weighted average number of ordinary shares in issue.

There was no dilutive effect from the share options or convertible loan notes outstanding during the period.

In order to calculate the diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares according to IAS33. Dilutive potential ordinary shares include convertible loan notes and share options granted to Directors and consultants where the exercise price (adjusted according to IAS 33) is less than the average market price of the Company's ordinary shares during the period.

5. TRade and other payables

6. SHARE Capital