10th Oct 2022 14:36
ACP Energy PLC - acquisition vehicle in oil and gas industry - Reports GBP279,026 loss in the period from its initial public offering in January to June 30, all from administrative expenses and share-based payments. ACP Energy has no operations or revenue. The company raised GBP830,000 in its IPO and continues to have GBP599,876 in cash. Since January, ACP Energy says it "has been active in reviewing numerous opportunities in the upstream oil and gas sector focusing on production and development assets". It adds: "We believe that the current environment will provide a number of interesting opportunities and are actively engaged in identifying and completing an acquisition with significant potential to create value for shareholders." Calls annual general meeting for November 10.
Current stock price: 7.45 pence
12-month change: up 49% from IPO price of 5.00p
By Tom Waite; [email protected]
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