RNS Number : 2653B

UAE Oil Services PLC

05 June 2019

UAE Oil Services Plc

("UAE Oil" or the "Company")

Final results for the year ended 31 December 2018

UAE Oil announces its final audited results for the period ended 31 December 2018, extracts of which have been included below. The Annual Report will be sent to Shareholders today and 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


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

Chairman's Statement

On behalf of the Board of directors, it is my privilege to present the financial statements of UAE Oil Services Plc (the "Company" or "UAE Oil") for the period 3 January to 31 December 2018.

During the financial period, the Company reported a net loss of GBP779,732 (0.77.9p per share). The majority of this loss can be attributed to legal and professional fees. As at 31 December 2018, the Company had cash balance of GBP346,486.

The Company was incorporated on 3 January 2018 with the intention of making acquisitions in the oil and gas support services and infrastructure sector in the Middle East and North Africa, with an initial focus on the United Arab Emirates.

During the financial period, the Company was admitted to the official list by way of standard listing to trade on the London Stock Exchange.

On 17 August 2018, the Company announced a potential acquisition of the OBN Group and as a result suspended trading in its shares. As of 31 December 2018, the acquisition had not yet taken place but it is the intention of the board to complete this as soon as possible.

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

Nils Trulsvik


Operational and Financial Review

During the financial period, the operational activities of the Company were to source suitable opportunities and, once opportunities have been identified, to carry out due diligence on the target companies following advice from its professional advisors.

The Directors believe there is sufficient financial resources in order to complete the acquisition of OBN Group. However, other opportunities will be considered if they meet the strategic objectives of the Company.

Statement of Comprehensive Income

for period ended 31 December 2018

                                              Period ended 
                                               31 December 
 Directors' remuneration                          (52,800) 
  Administrative expenses                         (59,428) 
 Legal and professional fees                     (667,504) 
 Operating loss                                  (779,732) 
 Interest payable and similar charges                    - 
   Loss before taxation                          (779,732) 
 Taxation                                                - 
   Loss for the period                           (779,732) 
 Other comprehensive loss for the period                 - 
   Total comprehensive loss for the period 
   attributable to the equity owners             (779,732) 
 Loss per share 
   Basic and diluted (pence per share)                    (1.1) 

Statement of Financial Position

as at 31 December 2018

                                                As at 
                                          31 December 
 Assets                                        GBP 
 Current assets 
 Cash and cash equivalents                    346,486 
 Total current assets                         346,486 
 Total assets                                 346,486 
 Equity and liabilities 
 Capital and reserves 
 Share capital                              1,000,000 
 Accumulated losses                         (779,732) 
 Total equity                                 220,268 
 Current liabilities 
 Other payables                               126,218 
 Total liabilities                            126,218 
 Total equity and liabilities                 346,486 

Statement of Changes in Equity

For the period ended 31 December 2018

                                   Share capital   Accumulated     Total 
                                        GBP            GBP          GBP 
 Shares issued on incorporation         100             -           100 
   Loss for the period                         -     (779,732)   (779,732) 
                                  --------------  ------------  ---------- 
 Total comprehensive loss 
  for the period                               -     (779,732)   (779,632) 
                                  --------------  ------------  ---------- 
 Issue of ordinary shares                999,900             -     999,900 
 As at 31 December 2018                1,000,000     (779,732)     220,268 
                                  ==============  ============  ========== 

Statement of Cash Flows

for the period ended 31 December 2018

                                                   Year ended 
                                                   31 December 
 Cash flow from operating activities 
 Operating loss                                       (779,732) 
 Changes in working capital 
 Increase in trade and other payables                   126,218 
 Net cash used in operating activities                (653,514) 
 Cash flows from financing activities 
 Proceeds from issuance of shares net of 
  issue costs                                         1,000,000 
 Net cash generated from financing activities         1,000,000 
 Increase in cash and cash equivalents                  346,786 
 Cash and cash equivalents at beginning of                    - 
  the period 
 Cash and cash equivalents at end of the 
  period                                                346,786 

Financial information

This announcement does not constitute the Company's statutory accounts. The financial information for the year ended 31 December 2018 within this announcement is derived from the statutory accounts for the same year, which will be delivered to the registrar of companies.

The above information should be read together with the full report and accounts and notes to the accounts which form an integral part of the financial statements.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.



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June 05, 2019 09:43 ET (13:43 GMT)

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