Final Results

DORIEMUS PLC ("DORIEMUS" or "the Company") Final Results for Year Ending 31 December 2013 Chairman's Statement I am pleased to present the final results for the year ended 31 December 2013. The Company has acquired three exciting investments during the year which webelieve will enhance future shareholder value and continues to maintain itsinterest in the TEP Exchange business. Your board of directors will continue to seek out further investments in the UK"conventional" oil and gas space and work closely with Angus Energy Limited onways of increasing our oil production from the existing operating fields. The next financial year should see significant improvements in production attwo of Angus Energy's licences (Lidsey and Brockham) with new production wellsproposed to be drilled on both. We should also know the outcome of the HorseHill-1 well. We will also continue to seek out further investments in line with theCompany's investment strategy. Investments Horse Hill Prospect: Doriemus has a direct 10.0% interest in Horse Hill Development Ltd ("HHDL"), aspecial purpose company that owns a 65% participating interest and operatorshipof the Horse Hill Petroleum Exploration and Development Licence No. 137 (PEDL137) located in Surrey, United Kingdom. Angus Energy Limited ("Angus Energy"), the major shareholder of HHDL and theoperator of PEDL 137 has provided the Company with the following update on theproposed Horse Hill-1 well planned for completion by the end of August 2014. * All tenders are now out for the site construction and long lead items for the well. * The contracts for the drill rig and key service providers are in the final stages of negotiation. * Permitting is currently on track for a spud date in July 2014. * The depth of Horse Hill-1 well has been set to 8,512 feet to test conventional stacked oil and gas targets. As previously announced on 13 January 2014, the Horse Hill-1 well is designedto test a number of conventional stacked oil and gas targets which the boardbelieves could contain up to an estimated 671 million stock barrels ("MMSTB")oil in place with an estimated total mean recoverable prospective resources of87 MMSTB and additional prospectivity of 456 Bcf gas in place (Mean 164+ Bcfrecoverable prospective resource) in the proposed Triassic gas play. On 16 June 2014, the Company was advised that that site construction has nowcommenced for the proposed Horse Hill-1 well. The well is expected to spud inJuly 2014 and is targeting a number of conventional stacked oil and gastargets. Brockham Oil Field (10% owned by DOR and operated by Angus Energy): The Brockham Oil Field ("Brockham"), in the Weald Basin, is held under UnitedKingdom Production Licence PL 235. Oil production was recently increased from42 bopd to 84 bopd after a successful work-over programme in January 2014 andproduction has only slightly tapered off to its current levels of about 66bopd. Brockham's 28 API oil is regularly trucked and sold to the Perenco OilRefinery in southern England. The planned 450 metre side-track well at Brockham, designed to increase overallproduction from the field, as previously announced on 25 April 2014, has beentemporarily delayed by up to 13 weeks due to the UK Environmental Agency havingrecently requested that the operator, Angus Energy, must apply for a new miningwaste permit. Angus Energy is currently attending to obtaining this additionalpermit. An appropriate drill rig is on standby to undertake this side-track well, andit is planned to mobilise the rig to site once the new mining waste permit hasbeen issued. In preparation for the expected increase in oil production, post theside-track, Angus Energy has now completed the refurbishment of the1,200-barrel storage tank facilities. In March 2014, the Company announced that RPS Energy Consultants Limited("RPS") had independently assessed that, as at 31 December 2013, the BrockhamField contains 3.62 million barrels (gross) Oil in-place (P50 best case). Lidsey Oil Field (20% owned by DOR and operated by Angus Energy): The Lidsey Oil Field ("Lidsey"), in the Weald Basin, is held under UnitedKingdom Production Licence PL 241. Oil production was 25 bopd, prior to are-completion programme completed in November and December 2013, which resultedin a temporary boost in oil production. Production has steadily declined to 36bopd and Angus Energy formally advised the partners in Lidsey that a newre-completion was being planned to re-perforate virgin oil zones in theLidsey-1 well in order to again increase production. On 11 June 2014, the Company announced that work had started on the secondstage well intervention on the producing Lidsey-1 well. Results of this workwill be announced shortly. Lidsey has a fully permitted and operational 2,000-barrel storage facility andits 38 API oil is regularly trucked and sold to the Perenco Oil Refinery. In March 2014, the Company announced that RPS had independently assessed that,as at 31 December 2013, the Lidsey Field contained 9.52 million barrels (gross)of P50 best case Oil In-Place. Drilling of a new Lidsey-2 well has now been postponed until after thecompletion of drilling of the proposed Horse Hill-1 well. TEP Exchange: The TEP Exchange is a web-based exchange for Traded Endowment Policies (TEP),enabling instant deals between Market Makers (buyers) and IFAs (Sellers). Thisunique environment provides an efficient and user-friendly link between buyersand sellers in the TEP market. The TEP Exchange does not buy or sellendowments, but rather facilitates the trading of TEPs through an exchangeplatform. The market demand for traded endowment policies was extremely depressed andCompany continued to work closely with market makers in anticipation ofincreasing demand for policies. The board continues to maintain strong controlsover the TEP exchange cost base but are mindful to explore other opportunitiesfor the Company. Background Events During the financial year, there has been a period of considerable change forthe Company. The uncertainty surrounding the future demand and supply of tradedendowment policies resulted in the Board considering the strategic direction ofthe Company. As a consequence of the strategic review by the Board, in March 2013 three newDirectors being Donald Strang, Hamish Harris and Grant Roberts were appointedsimultaneously with the re-capitalisation of the Company together with theadoption by the Board of the new investment policy approved by shareholders ata general meeting on 15 March 2013. The new investing policy was set out in detail in the circular issued by theCompany on 21 February 2013 whereby the Company would be able to maintain itsinterest in the TEP business but also seek to maximise shareholder value bydrawing on the experience and expertise of the three new Directors inidentifying accretive opportunities. In line with the new investing policy the Company changed its name to DoriemusPlc on 16 July 2013. The board has raised approximately £2.36 million to strengthen the Company'sbalance sheet and which provides funds to be invested according to theCompany's new investing policy. New investing policy The Company's new investing policy is to invest in and/or acquire companies and/or projects within the natural resources sector with potential for growth. TheCompany will also consider opportunities in other sectors as they arise if theBoard considers there is an opportunity to generate an attractive return forShareholders. Investments may be considered in all regions to the extent thatthe Board considers that valuable opportunities exist and returns can beachieved. In selecting investment opportunities, the Board will focus onbusinesses, assets and/or projects that are available at attractive valuationsand hold opportunities to unlock embedded value. The Board will seek to invest in businesses where it may influence the businessat a board level, add their expertise to the management of the business, andutilise their significant industry relationships and access to finance. Theability to work alongside a strong management team to maximize returns throughrevenue growth will be something the Board will focus upon. The Company's interests in a proposed investment and/or acquisition may rangefrom a minority position to full ownership. The proposed investments may beeither quoted or unquoted, may be in companies, partnerships, earn-in jointventures, debt or other loan structures, joint ventures or direct interests inprojects. The Board may focus on investments where intrinsic value can beachieved from the restructuring of investments or merger of complementarybusinesses. The Board expects that investments will typically be held for themedium to long term, although short term disposal of assets cannot be ruled outif there is an opportunity to generate an attractive return for Shareholders. Results for the period Loss for the year to 31 December 2013 amounted to £(598,000) (2012: £591,000operating profit). Total revenue for the period was £235,000 (2012: £916,000). On 21 February 2013 the Company announced that an interim dividend for the 2013accounting period of 0.02p per share would be paid to shareholders on 12 April2013 and the dividend was duly paid. Outlook Your Board considers that the adoption of the new Investing Policy is in thebest interests of the Company and its Shareholders as a whole. The Boardacknowledges this exciting period for the Company as it proceeds to implementits new investment strategy and has already commenced acquiring new investmentsand continues to evaluate further investment opportunities as they arise. We believe the Company is now best placed to move forward and to enhance futureshareholder value. We will continue to seek out further investments in line with the Company'sinvestment strategy and will also work closely with Angus Energy on ways ofpotentially increasing our oil production from the existing operating fields. The Board would like to take this opportunity to thank our shareholders fortheir continued support. I look forward to reporting further progress over the next period and beyond. Donald Strang Chairman 26 June 2014 Glossary: API American Petroleum Institute measure of the gravity of oil bopd Barrels of oil per day Doriemus plc +44 (0) 20 7440 0640 Donald Strang / Hamish Harris Cairn Financial Advisers LLP +44 (0) 20 7148 7900 Nominated Adviser and Broker James Caithie / Jo Turner / Carolyn Sansom Consolidated Statement of Comprehensive Income for the year ended 31 December 2013 Note 2013 2012 £ £ Revenue 2 235,100 915,886 Cost of sales (12,681) - Gross profit 222,419 915,886 Administrative expenses (586,904) (334,135) Share based payment charge (235,911) - (Loss)/profit from operations 4 (600,396) 581,751 Finance income 5 2,305 9,008 Finance expense 6 - - (Loss)/profit before income tax (598,091) 590,759 Income tax expense 7 - - (Loss)/profit attributable to the owners of the (598,091) 590,759parent and total comprehensive income for the year Earnings per share Basic earnings per share 9 (0.02)p 0.07p Diluted earnings per share 9 (0.02)p 0.05p Consolidated Statement of Changes in Equity for the year ended 31 December 2013 Share Share Share Retained Total capital premium based earnings/ payment Accumulated reserve losses £ £ £ £ £ At 1 January 2012 2,267,480 4,032,678 - (6,277,292) 22,866 Capital reduction and (2,258,980) (4,032,678) - 6,291,658 -cancellation of sharepremium Dividends on ordinary - - - (255,000) (255,000)shares declared and paid ________ _________ _________ _________ ________ Transactions with owners (2,258,980) (4,032,678) - 6,036,658 (255,000) Profit for the year and - - - 590,759 590,759total comprehensiveincome ________ _________ _________ _________ ________ At 1 January 2013 8,500 - - 350,125 358,625 Dividends on ordinary - - - (296,000) (296,000)shares declared and paid Issue of Share capital 38,900 2,359,700 - - 2,398,600 Share issue costs - (80,000) - - (80,000) Share based payments - - 235,911 - 235,911 ________ _________ _________ _________ ________ Transactions with owners 38,900 2,279,700 235,911 (296,000) 2,258,511 (Loss) for the year and - - - (598,091) (598,091)total comprehensiveincome ________ _________ _________ _________ ________ At 31 December 2013 47,400 2,279,700 235,911 (543,966) 2,019,045 ________ _________ _________ _________ ________ Share capital is the amount subscribed for ordinary shares at nominal value. Retained earnings / accumulated losses represent cumulative gains and losses ofthe group attributable to equity shareholders. Share based payment reserve represents the value of equity benefits provided toemployees and directors as part of their remuneration and provided toconsultants and advisors hired by the Company from time to time as part of theconsideration paid. Company Statement of Changes in Equity for the year ended 31 December 2013 Share Share Share Retained Total capital premium based earnings / payment Accumulated reserve losses £ £ £ £ £ At 1 January 2012 2,267,480 4,032,678 - (7,912,654) (1,612,496) Capital reduction and (2,258,980) (4,032,678) - 6,291,658 -cancellation of sharepremium Dividends on ordinary - - - (255,000) (255,000)shares declared and paid ________ _________ _________ _________ ________ Transactions with owners (2,258,980) (4,032,678) - 6,036,658 (255,000) Dividend received from - - - 1,500,000 1,500,000subsidiary Profit for the year and - - - 712,247 712,247total comprehensiveincome ________ _________ _________ _________ ________ At 1 January 2013 8,500 - - 336,251 344,751 Dividends on ordinary - - - (296,000) (296,000)shares declared and paid Issue of Share capital 38,900 2,359,700 - - 2,398,600 Share issue costs - (80,000) - - (80,000) Share based payments - - 235,911 - 235,911 ________ _________ _________ _________ ________ Transactions with owners 38,900 2,279,700 235,911 (296,000) 2,258,511 (Loss) for the year and - - - (450,307) (450,307)total comprehensiveincome ________ _________ _________ _________ ________ At 31 December 2013 47,400 2,279,700 235,911 (410,056) 2,152,955 ________ _________ _________ _________ ________ Share capital is the amount subscribed for ordinary shares at nominal value. Retained earnings / accumulated losses represent cumulative gains and losses ofthe company attributable to equity shareholders. Share based payment reserve represents the value of equity benefits provided toemployees and directors as part of their remuneration and provided toconsultants and advisors hired by the Company from time to time as part of theconsideration paid. Consolidated Statement of Financial Position at 31 December 2013 Note 2013 2013 2012 2012 £ £ £ £ Assets Non-current assets Intangible assets 10 1,016,000 - Property, plant and equipment 11 - - Total non-current assets 1,016,000 - Current assets Trade and other receivables 14 387,515 426,794 Derivative financial instruments 13 400,000 - Cash and cash equivalents 986,885 80,951 Total current assets 1,774,400 507,745 Total assets 2,790,400 507,745 Liabilities Current liabilities Trade and other payables 15 (771,355) (149,120) Total current liabilities (771,355) (149,120) Total liabilities (771,355) (149,120) Net assets 2,019,045 358,625 Equity attributable to owners of the parent Share capital 16 47,400 8,500 Share premium account 2,279,700 - Share based payment reserve 235,911 - Retained earnings (543,966) 350,125 Total equity 2,019,045 358,625 The financial statements were approved by the Board of Directors and authorisedfor issue on 26 June 2014. H Harris Director Company registered number 03877125 The notes on pages 17 to 32 form part of these financial statements. Company Statement of Financial Position at 31 December 2013 Note 2013 2013 2012 2012 £ £ £ £ Assets Non-current assets Intangible assets 10 1,016,000 - Property, plant and equipment 11 - - Investments in subsidiary 12 100,006 100,006undertakings 1,116,006 100,006 Current assets Trade and other receivables 14 506,937 544,374 Derivative financial instruments 13 400,000 - Cash and cash equivalents 985,147 31,421 Total current assets 1,892,084 575,795 Total assets 3,008,090 675,801 Liabilities Current liabilities Trade and other payables 15 (855,135) (331,050) Total current liabilities (855,135) (331,050) Total liabilities (855,135) (331,050) Net assets 2,152,955 344,751 Equity attributable to owners of the parent Share capital 16 47,400 8,500 Share premium account 2,279,700 - Share based payment reserve 235,911 - Retained earnings (410,056) 336,251 Total equity 2,152,955 344,751 The financial statements were approved by the Board of Directors and authorisedfor issue on 26 June 2014. H Harris Director Company registered number 03877125 Consolidated Statement of Cash Flows for the year ended 31 December 2013 2013 2012 £ £ Cash flows from operating activities (Loss)/profit before income tax (598,091) 590,759 Adjustments for: Share based payment charge 235,911 - Finance costs (net) (2,305) (9,008) Changes in working capital: Inventories - 3,525 Trade and other receivables (91,721) (23,338) Trade and other payables 82,235 (55,868) Cash generated from operations (373,971) 506,070 Interest paid - - Net cash generated from operating (373,971) 506,070activities Cash flows from investing activities Payments for intangible assets (390,000) - Loans repaid from/(granted) to 375,000 (250,000)related parties Interest received 2,305 6,288 Net cash used in investing (12,695) (243,712)activities Cash flows from financing activities Proceeds from issuance of ordinary 1,628,600 -shares Share issue costs (40,000) - Dividend paid to owners of the (296,000) (255,000)parent Net cash used in financing 1,292,600 (255,000)activities Net increase in cash and cash 905,934 7,358equivalents Cash, cash equivalents and bankoverdrafts at beginning of year 80,951 73,593 Cash and cash equivalents at the end 986,885 80,951of year Cash and cash equivalents comprise: Cash available on demand 986,885 80,951 Company Statement of Cash Flows for the year ended 31 December 2013 2013 2012 £ £ Cash flows from operatingactivities (Loss)/profit before income tax (450,307) 712,247 Adjustments for: Share based payment charge 235,911 - Finance costs (net) (2,305) (9,008) Changes in working capital: Trade and other receivables (93,563) 4,452 Trade and other payables (15,915) -1,739,860 Cash generated from operating (326,179) -1,032,169activities Interest paid - - Net cash generated from operating (326,179) -1,032,169activities Cash flows from investingactivities Payments for intangible assets (390,000) - Loans repaid from/(granted) to 375,000 (250,000)related parties Interest received 2,305 6,288 Dividends received - 1,500,000 Net cash used in investing (12,695) 1,256,288activities Cash flows from financingactivities Proceeds from Issuance of ordinary 1,628,600 -share capital Share issue costs (40,000) - Dividend paid to owners of the (296,000) (255,000)parent Net cash used in financing 1,292,600 (255,000)activities Net increase/(decrease) in cash and 953,726 (30,881)cash equivalents Cash, cash equivalents and bankoverdrafts at beginning of year 31,421 62,302 Cash and cash equivalents at the 985,147 31,421end of year Cash and cash equivalents comprise: Cash available on demand 985,147 31,421 Notes forming part of the financial statements for the year ended 31 December 2013 1 Accounting policies Background information Doriemus plc is incorporated and domiciled in Great Britain. The address ofDoriemus plc's registered office is Suite 3B, 38 Jermyn Street, London, SW1Y6DN which is also the Company's principal place of business. Doriemus plc'sshares are listed on the AIM of the London Stock Exchange. The Company changedits name from TEP Exchange Group Plc by resolution on 16 July 2013. Basis of preparation The principal accounting policies adopted in the preparation of the financialstatements are set out below. The policies have been consistently applied tothe company and the group to all the years presented, unless otherwise stated.These financial statements have been prepared in accordance with InternationalFinancial Reporting Standards, International Accounting Standards and EUadopted IFRICs (collectively IFRS) issued by the International AccountingStandards Board (IASB) as adopted by European Union ("adopted IFRSs"), and inaccordance with those parts of the Companies Act 2006 applicable to thosecompanies preparing their accounts under IFRS. The consolidated financialstatements have been prepared under the historical cost convention. As described in the Directors Report on page 5, the directors have a reasonableexpectation that the group has adequate resources to continue in operationalexistence for the foreseeable future. The group therefore continues to adoptthe going concern basis in preparing its consolidated financial statements. Standards, amendments and interpretations to published standards not yeteffective In the current year, the following new and revised Standards andInterpretations have been adopted and have affected the amounts reported inthese financial statements. IFRS 13 Fair Value Measurement The Company has applied IFRS13 for the first time in the current year. IFRS13establishes a single source of guidance for fair value measurements anddisclosures about fair value measurements. IFRS13 defines fair value as theprice that would be received to sell an asset or paid to transfer a liabilityin an orderly transaction in the principal (or most advantageous) market at themeasurement date under current market conditions. Fair value under IFRS13 is anexit price regardless of whether that price is directly observable or estimatedusing another valuation technique. Also, IFRS13 includes extensive disclosurerequirements. IFRS13 requires prospective application from 1 January 2013. In addition,specific transitional provisions were given to entities such that they need notapply the disclosure requirements set out in the Standard in comparativeinformation provided for periods before the initial application of theStandard. In accordance with these transitional provisions, the Company has not made anynew disclosures required by IFRS13 for the 2012 comparative period. Other thanthe additional disclosures, the application of IFRS13 has not had any impact onthe amounts recognised in the consolidated financial statements. Amendments to IAS1 Presentation of Financial Statements (as part of the Annual Improvements to IFRSs 2009; 2011 Cycle issued in May2012) The Annual Improvements to IFRSs 2009; 2011 have made a number of amendments toIFRSs. The amendments that are relevant to the Company are the amendments toIAS1 regarding when a statement of financial position as at the beginning ofthe preceding period (third statement of financial position) and the relatednotes are required to be presented. The amendments specify that a thirdstatement of financial position is required when a) an entity applies anaccounting policy retrospectively, or makes a retrospective restatement orreclassification of items in its financial statements, and b) the retrospectiveapplication, restatement or reclassification has a material effect on theinformation in the third statement of financial position. The amendmentsspecify that related notes are not required to accompany the third statement offinancial position. This has no impact for the 2013 financial statements. Amendments to IFRS7 Disclosures The Company has applied the amendments to IFRS7 Disclosures-OffsettingFinancial Assets and Financial Liabilities for the first time in the currentyear. The amendments to IFRS7 require entities to disclose information aboutrights of offset and related arrangements (such as collateral postingrequirements) for financial instruments under an enforceable master nettingagreement or similar arrangement. As the Company does not have any offsetting arrangements in place, theapplication of the amendments has had no impact on the disclosures or on theamounts recognised in the financial statements. At the date of authorisation of these financial statements, the followingStandards and Interpretations which have not been applied in these financialstatements were in issue but not yet effective (and in some cases had not yetbeen adopted by the EU): IFRS9 Financial Instruments IFRS10 Consolidated Financial Statements IFRS12 Joint Arrangements IAS27 (revised) Investment Entities IAS28 (revised) Investments in Associates and Joint Ventures IAS32 (revised) Offsetting Financial Assets and Financial Liabilities IAS36 (revised) Recoverable Amount Disclosures for Non Financial Assets IAS39 (revised) Novation of Derivatives and Continuation of Hedge Accounting IFRIC Interpretation21 Levies The directors do not expect that the adoption of the Standards andInterpretations listed above will have a material impact on the financialstatements of the Company in future periods, except as that IFRS9 will impactboth the measurement and disclosures of Financial Instruments. Beyond the information above, it is not practicable to provide a reasonableestimate of the effect of these standards until a detailed review has beencompleted. The directors do not expect that the adoption of the standards listed abovewill have a material impact on the financial statements of the Company infuture periods, however, it is not practicable to provide a reasonable estimateof the effect of these standards until a detailed review has been completed. Basis of consolidation Where the company has the power, either directly or indirectly, to govern thefinancial and operating policies of another entity or business so as to obtainbenefits from its activities, it is classified as a subsidiary. Theconsolidated financial statements present the results of the company and itssubsidiaries ("the group") as if they formed a single entity. Intercompanytransactions and balances between group companies are therefore eliminated infull. Uniform accounting policies are adopted across the group. Revenue Revenue is generated from two sources of income currently. In the current andprior years, revenue has represented fees and commission (exclusive of valueadded tax) from licensing of the group's proprietary electronic platform andadvertising the purchase of with profit endowment policies by market makersregistered on the electronic platform. Fees and commission income is recognisedwhen the group's contractual obligations are complete. Income has also beengenerated from the maturity of an endowment policy. In the current year,revenue is also being generated from the Company's Farm-in interests, on anaccrued monthly basis, along with the associated costs. Expenses Expenses are recognised in the period when obligations are incurred and matchedagainst when the related revenue is recognised. Financial assets The group classifies its financial assets into categories as set out below,depending on the purpose for which the asset was acquired. Trade and other receivables These assets are non-derivative financial assets with fixed or determinablepayments that are not quoted in an active market. They arise principallythrough the provision of goods and services to customers (e.g. tradereceivables), but also incorporate other types of contractual monetary asset.They are initially recognised at fair value plus transaction costs that aredirectly attributable to their acquisition or issue, and are subsequentlycarried at cost, less provision for impairment, if appropriate. Impairment provisions are recognised when there is objective evidence (such assignificant financial difficulties on the part of the counterparty or defaultor significant delay in payment) that the group will be unable to collect allof the amounts due under the terms receivable, the amount of such a provisionbeing the difference between the net carrying amount and the present value ofthe future expected cash flows associated with the impaired receivable. Fortrade receivables, which are reported net, such provisions are recorded in aseparate allowance account with the loss being recognised within administrativeexpenses in the statement of comprehensive income. On confirmation that thetrade receivable will not be collectable, the gross carrying value of the assetis written off against the associated provision. The group's loans and receivables comprise trade and other receivables and cashand cash equivalents in the statement of financial position. Those of thecompany also include amounts due from subsidiary undertakings. Cash and cash equivalents Includes cash in hand, deposits held at call with banks, other short termhighly liquid investments with original maturities of three months or less, andbank overdrafts. Bank overdrafts are shown within loans and borrowings incurrent liabilities on the statement of financial position. Financial liabilities The group classifies its financial liabilities into one of the followingcategories, depending on the purpose for which the liability was acquired: * Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method * Bank and other borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. * Income received in advance is recorded as deferred income on the balance sheet. Share capital Financial instruments issued by the group are treated as equity only to theextent that they do not meet the definition of a financial liability. Thegroup's ordinary and deferred shares are classified as equity instruments. Investments in subsidiary undertakings Investments in subsidiary undertakings are held as non-current assets and arestated at cost less provision for impairment in value. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciationand accumulated impairment losses. Such cost includes the cost of replacingpart of the plant and equipment when that cost is incurred, if the recognitioncriteria are met. All other repair and maintenance costs are recognised inprofit or loss as incurred. Depreciation is calculated on a straight line basis over the useful life of theasset as follows: Computer equipment - 3 years Fixtures, fittings and equipment - 4 years An item of property, plant and equipment is derecognised upon disposal or whenno future economic benefits are expected from its use or disposal. Any gain orloss arising on derecognition of the asset (calculated as the differencebetween the net disposal proceeds and the carrying amount of the asset) isincluded in profit or loss in the year the asset is derecognised. The assets' residual values, useful lives and methods of depreciation arereviewed, and adjusted if appropriate, at each financial year end. Intangible assets - Licences Licences are recognised as an intangible asset at historical cost and arecarried at cost less accumulated amortisation and accumulated impairmentlosses. The licences have a finite life and no residual value and are amortisedover the life of the licence. Exploration of mineral resources Acquired intangible assets, which consist of mining rights, are valued at costless accumulated amortisation. The Group applies the full cost method of accounting for exploration andevaluation costs, having regard to the requirements of IFRS 6 'Exploration forand Evaluation of Mineral Resources'. All costs associated with miningdevelopment and investment are capitalised on a project by project basispending determination of the feasibility of the project. Such expenditurecomprises appropriate technical and administrative expenses but not generaloverheads. Such exploration and evaluation costs are capitalised provided that the Group'srights to tenure are current and one of the following conditions is met: i. such costs are expected to be recouped through successful development and exploitation of the area of interest or alternatively by its sale; or ii. the activities have not reached a stage which permits a reasonable assessment of whether or not economically recoverable resources exist; or iii. active and significant operations in relation to the area are continuing. Exploration of mineral resources (continued) When an area of interest is abandoned or the directors decide that it is notcommercial, any exploration and evaluation costs previously capitalised inrespect of that area are written off to profit or loss. Amortisation does not take place until production commences in these areas.Once production commences, amortisation is calculated on the unit of productionmethod, over the remaining life of the mine. Impairment assessments are carriedout regularly by the directors. Exploration and evaluation assets are assessedfor impairment when facts and circumstances suggest that the carrying amountmay exceed its recoverable amount. Such indicators include the point at which adetermination is made as to whether or not commercial reserves exist. The asset's residual value and useful lives are reviewed and adjusted ifappropriate, at each reporting date. An assets' carrying value is written downimmediately to its recoverable value if the assets carrying amount is greaterthan its listed recoverable amount. Impairment testing of goodwill and other intangible assets For the purposes of assessing impairment, assets are grouped at the lowestlevels for which there are separately identifiable cash flows (cash-generatingunits). As a result, some assets are tested individually for impairment andsome are tested at cash-generating unit level. Goodwill is allocated to thosecash-generating units that are expected to benefit from synergies of therelated business combination and represent the lowest level within the Group atwhich management monitors the related cash flows. Goodwill, other individual assets or cash-generating units that includegoodwill and other intangible assets with an indefinite useful life are testedfor impairment at least annually. An impairment loss is recognised for the amount by which the asset's orcash-generating unit's carrying amount exceeds its recoverable amount. Therecoverable amount is the higher of fair value, reflecting market conditionsless costs to sell, and value in use. Impairment losses recognised forcash-generating units, to which goodwill has been allocated, are creditedinitially to the carrying amount of goodwill. Any remaining impairment loss ischarged pro rata to the other assets in the cash generating unit. With theexception of goodwill, all assets are subsequently reassessed for indicationsthat an impairment loss previously recognised may no longer exist. Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax isrecognised in the income statement, except to the extent that it relates toitems recognised in other comprehensive income or directly in equity. In thiscase the tax is also recognised in other comprehensive income or directly inequity, respectively. The current income tax charge is calculated on the basis of the tax lawsenacted or substantively enacted at the balance sheet date in the countrieswhere the company's subsidiaries and associates operate and generate taxableincome. Management periodically evaluates positions taken in tax returns withrespect to situations in which applicable tax regulation is subject tointerpretation and establishes provisions where appropriate on the basis ofamounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, ontemporary differences arising between the tax bases of assets and liabilitiesand their carrying amounts in the consolidated financial statements. However,the deferred income tax is not accounted for if it arises from initialrecognition of an asset or liability in a transaction other than a businesscombination that at the time of the transaction affects neither accounting nortaxable profit nor loss. Deferred income tax is determined using tax rates (andlaws) that have been enacted or substantially enacted by the balance sheet dateand are expected to apply when the related deferred income tax asset isrealised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probablethat future taxable profit will be available against which the temporarydifferences can be utilised. Deferred income tax is provided on temporarydifferences arising on investments in subsidiaries and associates, expect wherethe timing of the reversal of the temporary difference is controlled by thegroup and it is probable that the temporary difference will not reverse in theforeseeable future. Deferred income tax assets and liabilities are offset when there is a legallyenforceable right to offset current tax assets against current tax liabilitiesand when the deferred income taxes assets and liabilities relate to incometaxes levied by the same taxation authority on either the taxable entity ordifferent taxable entities where there is an intention to settle the balanceson a net basis. Segmental reporting Operating segments are reported in a manner consistent with the internalreporting provided to the chief operating decision maker. The chief operatingdecision maker, who is responsible for allocating resources and assessingperformance of the operating segments, has been identified as the Board. Deferred Income License fees received in advance are recorded as deferred income on the balancesheet, and the income released to the comprehensive income as services areprovided. Distribution of dividends Dividends are recorded in the accounts when they become a legal obligation ofthe payer. For final dividends, this will be when they are approved by thecompany. For interim dividends, this will be when they have been paid. 2 Revenue and segmental reporting The group's current revenue is all generated in the United Kingdom mainly fromthe licensing of its electronic platform for trading endowment policies. Thegroup also earns fees from advertising the purchase of with profit endowmentpolicies by market makers registered on the electronic platform. The revenuefrom this segment was £219,587. The group has no other geographical segments. The group's other operating segment is mining, within the United Kingdom.However with this segment in its infancy, and with the only major relatedtransactions being the acquisition of the intangible assets as described innote 10. The revenue from this segmental was £15,513. Subject to further acquisitions and disposals, the Group expects to furtherreview its segmental information during the forthcoming financial year, as itbegins to see the full impact of its acquisitions and disposals. Transactions with related parties are disclosed in note 17. 3 Staff and director costs Group 2013 2012 £ £ Staff costs, including directors, consist of: Fees and remuneration for management services 235,911 28,338 The group had no employees other than the executive director. No pensioncontributions were made in respect of the directors (2012: £nil). The keymanagement personnel of the group are the board of directors and theircompensation is disclosed below; Fees and Share based payments Total salaries 2013 £ £ £ D Strang (appointed 25 March 6,750 84,254 91,0042013) H Harris (appointed (25 March 6,750 84,254 91,0042013) D Roxburgh 6,750 33,702 40,452 M Kraus (resigned 25 March 900 - 9002013) A Weitz (resigned 25 March 900 - 9002013) G Roberts (appointed 25 March 6,750 33,701 40,4512013) G Kynoch (resigned 10 October 7,500 - 7,5002013) 36,300 235,911 272,211 2012 £ £ £ D Roxburgh 12,138 M Kraus 3,600 - A Weitz 3,600 - G Kynoch 9,000 - 28,338 - 28,338 4 Profit from operationsGroup 2013 2012 £ £ Profit from operations is stated after charging: Fees payable to the company's auditor for the audit of: Parent company and consolidated financial statements 12,000 9,000 Fees payable to the company's auditor and its associates for other services: - The audit of the company's subsidiaries pursuant to 3,835 5,700legislation - Taxation services - - 5 Finance income Group 2013 2012 £ £ Interest receivable 2,305 9,000 6 Finance expense Group 2013 2012 £ £ Interest payable on other borrowings - - 7 Income tax expense No liability to corporation tax arises on the results for the year due to theutilisation of losses brought forward. The tax assessed for the year varies from the standard rate of corporation taxin the UK. The differences are explained below: 2013 2012 £ £ (Loss)/profit on ordinary activities before income tax (598,091) 590,759 (Loss)/profit on ordinary activities before income taxmultiplied by the standard rate of UK corporation tax of 23.5% (2012: (140,551) 144,73624.5%) Unutilised tax losses 140,551 144,736 Current year income tax charge - - At 31 December 2013 the group had a deferred income tax asset of £1,488,491(2012: £1,123,479) in respect of losses which has not been recognised in thesefinancial statements. 8 (Loss)/profit for the year attributable to the members of Doriemus PLC 2013 2012 £ £ Dealt with in financial statements of the parent company (450,307) 712,247 The Company has taken advantage of the exemption allowed under section 408 ofthe Companies Act 2006 and has not presented its own statement of comprehensiveincome in these financial statements. 9 Earnings per share The calculation of the basic and diluted earnings per share is based upon: 2013 2012 Basic earnings per share (pence) (0.02) p 0.07 p Diluted earnings per share (pence) (0.02) p 0.05 p (Loss)/profit attributable to equity shareholders (£598,091) £590,759 Number Number Weighted average number of shares - basic 2,791,780,820 849,999,999 Weighted average number of shares - diluted 2,929,972,601 1,100,273,972 The diluted number of shares includes 500 million warrants and 140 millionshare options (2012: 630million warrants) as described in Note 15. 10 Intangible assets Group and Company Exploration Total Costs £ £ Cost At 1 January 2012, 31 December 2012, 01-Jan-13 - - Additions 1,016,000 1,016,000 At 31 December 2013 1,016,000 1,016,000 Amortisation and impairment At 1 January 2012, 31 December 2012, 1 January 2013 and at 31 December 2013 - - Net book value At 31 December 2013 1,016,000 1,016,000 At 31 December 2012 - - On 18 October 2013 the Company entered into an agreement to acquire a 10 %participating interest in the Lidsey Oil Field, in the United Kingdom, with afurther 10% acquired on 14 November 2013. Consideration paid totalled £630,000.A 10% participating interest in the Brockham Oil Field, in the United Kingdom,was also acquired for a total consideration of £386,000 on 3 December 2013. Impairment Review At 31 December 2013, the directors have carried out an impairment review andhave considered that no impairment write-down is required (2012: £nil). Thedirectors are of the opinion that the carrying value is stated at fair value. 11 Property, plant and equipment Group and Company Computer Fixtures, Total equipment fittings and equipment £ £ £ Cost At 1 January 2012, 31 December 2012, 1 January 2013 and 31 December 2013 173,446 65,474 238,920 Accumulated depreciation At 1 January 2012, 31 December 2012, 1 January 2013 and at 31 December 2013 173,446 65,474 238,920 Net book value At 31 December 2013 - - - At 31 December 2012 - - - 12 Investments in subsidiary undertakings - Company 2013 2012 £ £ Subsidiary undertakings - shares at cost and net book value 100,006 100,006 The following were subsidiary undertakings held directly by the Company at theend of the year: Name Country of Proportion of Nature of business incorporation voting rights and ordinary share capital held voting right TEP-Exchange Limited England 100% Advertising services to the traded endowment policy market TEP-Exchange Interim England 100% Trading of tradedPortfolio Limited endowment policies TEP Transfer Limited England 100% Dormant Interactive Intelligence England 100% DormantLimited Interactive Intelligence England 100% DormantUK Limited Property Exchange Systems England 100% DormantLimited E-X Group Limited England 100% Dormant Electronic Market Place England 100% DormantLimited Endowment Exchange (UK) England 100% DormantLimited Traded Endowment Exchange England 100% DormantLimited E-TEP Limited England 100% Dormant 13 Derivative Financial Instrument On 10 December 2013, the Company announced that it had entered into an equityswap agreement ("the Equity Swap Agreement") with YAGM over 400,000,000 of theSubscription Shares ("the Swap Shares"). In return for a payment by the Companyto YAGM of £400,000 ("the Initial Escrowed Funds"), twelve monthly settlementpayments in respect of such payment were to be made by YAGM to the Company, orby the Company to YAGM, based on a formula related to the difference betweenthe prevailing market price (as defined in the Equity Swap Agreement) of theCompany's ordinary shares in any month and a 'benchmark price' that is 10%above the Subscription Price. Thus the funds received by the Company in respectof the Swap Shares are dependent on the future price performance of theCompany's ordinary shares. The Initial Escrowed Funds was deposited into an escrow account ("the EscrowAccount") and the subsequent monthly settlement payments will be managedthrough the Escrow Account under the terms of the Equity Swap Agreement. YAGM may elect to terminate the Equity Swap Agreement and accelerate thepayments due under it in certain circumstances. The Company may pause a monthlypayment under the Equity Swap Agreement once in each six month period. YAGM has agreed that it and its affiliates will refrain from holding any netshort position in respect of the Company's ordinary shares and has agreedrestrictions on the volume of ordinary shares in the Company that it can tradefrom time to time until the expiry or if earlier termination of the Equity SwapAgreement. By 31 December 2013 nil shares had been closed out for net proceeds of £nil.The remaining balance has been fair valued at 31 December 2013, which has notresulted in any fair value adjustment based on the benchmark price and formulaof the arrangement, with any unrealised gain credited to reserve andhighlighted in other comprehensive income. 2013 2012 £ £ Fair Value as at 1 January - - Cost of equity swap arrangement 400,000 - Settled during the year - - Fair value adjustment to 31 December - - Fair Value carried forward as at 31 400,000 -December 14 Trade and other receivables 2013 2012 2013 2012 Group Group Company Company £ £ £ £ Trade receivables 108,410 2,720 107,832 2,720 Amounts due from subsidiary undertakings - - 150,000 150,000 Other receivables 244,000 376,000 244,000 376,000 Prepayments and accrued income 35,105 48,074 5,105 15,654 387,515 426,794 506,937 544,374 At the year end, there were no receivables which are past due or impaired. Included in amounts due from subsidiary undertakings is an amount of £150,000(2012: £150,000) in respect of an unsecured loan to TEP-Exchange Limited and issubject to a tripartite agreement with Doriemus plc (the lender) and theFinancial Conduct Authority. Interest can be demanded by Doriemus plc and if sodemanded will be calculated at the annual rate of 5% above the LondonInter-Bank Offered Rate for deposits of pounds sterling. 15 Trade and other payables 2013 2012 2013 2012 Group Group Company Company £ £ £ £ Trade payables 125,238 44,018 34,891 44,018 Other payables - 3,500 - 3,500 Amounts due to subsidiary undertakings - - 174,127 182,259 Creditors for taxation and social 9,972 25,772 9,972 25,773security Accrued liabilities and deferred income 636,145 75,830 636,145 75,500 771,355 149,120 855,135 331,050 For the amounts owing to subsidiary undertakings, there are no scheduledrepayment terms, no interest is charged, and no security is held. Ordinary Nominal Shares Value Ordinary shares of 0.001p each Number £ Allotted, called up and fully paid As at 1 January 2012, and as at 31 849,999,999 8,500December 2012 15 March 2013 - Placing for cash at 1,479,999,999 14,8000.0135p per share 15 March 2013 - Warrants exercised at 630,000,000 6,3000.002p per share 4 October 2013 - Placing for cash at 500,000,000 5,0000.04p per share 18 October 2013 - Shares issued for 100,000,000 1,000non-cash consideration 1 November 2013 - Placing for cash at 400,000,000 4,0000.09p per share 14 November 2013 - Shares issued for 100,000,000 1,000non-cash consideration 3 December 2013 - Shares issued for 130,000,000 1,300non-cash consideration 11 December 2013 - Placing for cash at 550,000,000 5,5000.2p per share As at 31 December 2013 4,739,999,998 47,400 During the year ended 31 December 2012, TEP Exchange Group Plc effected a courtand shareholder approved capital reduction by way of cancellation of itsdeferred shares (225,897,991,731 of 0.001p each, £2,258,980) and cancellationof its share premium account (£4,032,678). Dividends Paid On 12 April 2013 the Company paid a dividend of 0.02p (2012: 0.03p per share),to shareholders. Total dividend paid £296,000. (2012: £255,000) Capital Management The group's capital comprises the ordinary shares 0.001p (2012: 0.001p) each,as shown above. The group's objectives when maintaining capital are: * to safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and * to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. The group sets the amount of capital it requires in proportion to risk. Thegroup manages its capital structure and makes adjustments to it in the light ofchanges in economic conditions and the risk characteristics of the underlyingassets. In order to maintain or adjust the capital structure, the group mayadjust the amount of dividends paid to shareholders, return capital toshareholders, issue new shares, or sell assets to reduce debt. Warrants in issue As at 1 January 2013, shareholders had the option of up to 4,500,000,000subscription warrants for each subscription share, exercisable at 0.002p perordinary share. The warrants were only exercisable if the Company (and itswholly owned subsidiaries) met certain performance criteria over the threefinancial years ending 31 December 2013. The Company would also have had todeclared, made and paid dividends of at least £250,000 to all shareholdersbefore the warrants could be exercised. The warrants may only be exercisedtogether as a whole and not in part. However, 3,870,000,000 of the warrantshares were waived in recognition of a reduced ongoing recurring income stream,and on 15 March 2013, 630,000,000 of the 4,500,000,000 subscription warrantswere therefore exercised. On 4 October 2013 subscribers to the share issue were awarded one warrant pershare at an exercise price of 0.04 pence, resulting in the issue of 500,000,000warrants. All of these warrants expire on 30 September 2014. All of thesewarrants remain outstanding and exercisable at 31 December 2013. Share Options The Company has as at 31 December 2013, 140,000,000 (2012: nil) share optionsissued through its share schemes, all issued during the year. (2012: nil) 16 Share based payments The expense recognised for employee services received during the period isshown in the following table: 2013 2012 Expenses arising from equity settled share-based £ £payments; Share options issued and vested 235,911 - Share options held by directors, employees and third parties are as follows: Grant date Expiry date Exercise 31 December 2013 price £ Number 15 November 2013 14 November 2018 0.0022 140,000,000 A modified Black-Scholes model has been used to determine the fair value of theshare options on the date of grant. The fair value is expensed to the incomestatement on a straight line basis over the vesting period, which is determinedannually. The model assesses a number of factors in calculating the fair value.These include the market price on the date of grant, the exercise price of theshare options, the expected share price volatility of the Company's shareprice, the expected life of the options, the risk free rate of interest and theexpected level of dividends in future periods. The inputs into the model for the 15 November 2013 issue were as follows: Granted 2013 Weighted average share price 0.18p Expected volatility 166% Expected life 5 years Risk-free rate 2.3% Expected dividend yield 0% 17 Related party transactions During the year end 31 December 2012. Doriemus Plc received a dividend of £1.5mfrom TEP Exchange Limited, a wholly owned subsidiary. No dividend was receivedduring the year ended 31 December 2013. During the year ended 31 December 2013, the group earned fees of £219,550(2012: £902,189) from SL Investment Management Limited ("SL"), a majorshareholder in the group. At the end of the year SL owed the group £105,000. These fees relate predominantly to amounts earned from a licence agreement withSL, allowing SL to develop and exploit the TEP Exchange platform and software. During the year the group was charged £100,000 (2012: £124,000) by SL. At theend of the year the group owed SL £7,443 (2012: £2,400). At 31 December 2013, the Group has loaned SL £nil (2012: £375,000). The loanwas fully repaid on 2 April 2013. The total quarterly licence fees payable tothe company was reduced from £250,000 to £50,000 in the year, and in addition,SL now has the right to terminate the licence agreement upon giving 30 daysprior written notice to the company. On 10 October 2013, Mr G Kynoch resigned as a director of the company, and assuch the agreement with Drumduan Associates, to provide the services of GKynoch to act as a non-executive director and chairman of the company also wasterminated. The fees paid to Drumduan during the year amounted to £7,500 in(2012: £9,000). 18 Financial instruments Financial risk management The Board of Directors sets the treasury policies and objectives of the group,which includes controls over the procedures used to manage financial marketrisks. It is, and has been throughput the period under review, the group's policy thatno trading in financial instruments shall be undertaken. The main risks arisingfrom the group's financial instruments are: * interest rate risk; * liquidity risk; * credit risk. Interest rate risk The group borrows only in sterling at both fixed and floating rates ofinterest. At the year end, all borrowings were at variable rates. Liquidity risk The group's objective is to maintain a balance between continuity of fundingand flexibility through the use of bank loans and overdrafts as well as fundingfrom its largest shareholder. Credit risk The group has no significant concentration of credit risk. The main operatingsubsidiary has strict verification procedures in place prior to credit beingadvanced to customers and there are systems in place to ensure that there is aregular monitoring of each customer's credit levels. The Board agrees and reviews policies and financial instruments for riskmanagement. The primary objectives of the treasury function are to providecompetitively priced funding for the activities of the group and to identifyand manage financial risk. Principal financial instruments The principal financial instruments used by the group and the company fromwhich financial instrument risk arises, are as follows: Financial assets 2013 2012 2013 2012 Group Group Company Company £ £ £ £ Trade receivables 108,410 2,720 107,832 2,720 Amount due from subsidiary undertakings - - 150,000 150,000 Other receivables 244,000 376,000 244,000 376,000 Cash and cash equivalents 986,885 80,951 985,147 31,421 Total financial assets classified as loans 1,338,295 459,671 1,486,979 560,141and receivables The maximum exposure to credit risk at the reporting date is the fair value ofeach class of receivable set out above. At 31 December 2013 and 2012 the carrying amounts of financial assetsapproximate to their fair values. Financial liabilities 2013 2012 2013 2012 Group Group Company Company £ £ £ £ Trade payables - current 125,238 44,018 34,891 44,018 Other payables - 3,500 - 3,500 Amounts due to subsidiary undertakings - - 174,127 182,259 Accrued liabilities 636,145 75,830 636,145 75,500 Creditors for taxation and social 9,972 25,772 9,972 25,773security Total financial liabilities measured at 771,355 149,120 855,135 331,050amortised cost To the extent trade and other payables are not carried at fair value in theconsolidated statement of financial position, book value approximates to fairvalue at 31 December 2013 and 2012. All financial assets and liabilities are due in less than 1 year. The group and the Company are exposed through its operations to one or more ofthe following financial risks: Liquidity risk Liquidity risk arises from the group's management of working capital and thefinance charges and principal repayments on its debt instruments. It is therisk that the group will encounter difficulty in meeting its financialobligations as they fall due. Short term liquidity risk is managed by preparing forecasts together withobtaining and reviewing the adequacy of banking facilities. There is currentlyno long term liquidity risk. Market operational and pricing risks The group operates only in the United Kingdom. The group's only revenues arederived from fee and commission income chargeable to customers. The level offees and commission is entirely dependent upon the level of activity in thetraded endowment policy market. Credit risk Credit risk represents the loss that the Company would incur if thecounterparty failed to perform its contractual obligations. The group isexposed to credit risk in respect of fees and commission income chargeable tocompanies with whom it had a contractual relationship and interest receivablefrom its investments. Credit risk is mitigated through regular credit review ofcounterparties. As these counterparties are regulated by the Financial ConductAuthority, the credit reviews allow for the fact that they are subject to theregulatory capital requirements. The group's maximum exposure to credit risk is £50,000 plus VAT, on the netquarterly licence fee agreement, and £400,000 in respect of the equity swaparrangement with YAGM, a shareholder of the company. No collateral is held assecurity. The credit qualities of financial assets that are neither past norimpaired are considered to be good, as they are primarily trade receivablesfrom FSA regulated businesses and cash held with the Bank of Scotland. Thereare no financial assets which are past due or impaired. Credit risk also arises from cash and cash equivalents and deposits with banksand financial institutions. For banks and financial institutions, onlyindependently rated parties with minimum rating "AA" are accepted. Cash flow interest rate risk The Group has minimal risk towards interest rate changes, other than thoseeffects on interest being received on cash held in the Group's bank accounts. Currency risk The group is not directly exposed to currency risk as its assets, liabilities,revenue and expenditure are denominated in Sterling. 19 Events after the end of the reporting period On 13 January 2014, the Company announced it had signed a Binding Term Sheet toacquire an initial 7.5% interest in Horse Hill Development Ltd, a specialpurpose company that holds the rights to a 65% participating interest andoperatorship in the highly prospective UK onshore Horse Hill Oil Field in theWeald Basin. The cost of the initial 7.5% is £450,000. On 3 March 2014, the Company announced it had increased its interest to 10% inHorse Hill Development Ltd (as above) for a total consideration of £150,000. On 2 May 2014, the Company raised £500,000 through the subscription for500,000,000 ordinary shares at 0.10p per share. Furthermore, each SubscriptionShare carries a half warrant which entitles the holder to subscribe for one newordinary share in the Company for every one full warrant held at 0.11 pence pershare up to 2 May 2015. On 16 June 2014, the Company issued 105 million new ordinary shares pursuant toa notice of exercise of warrants at an exercise price of 0.04p. 20 Commitments and contingencies Doriemus plc has committed to providing support to its 100% subsidiary TEPExchange Interim Portfolio Limited in order that it can meet its obligations asthey fall due. The directors have confirmed that there were no contingent liabilities orcapital commitments which should be disclosed at 31 December 2013. 21 Posting of accounts The Report and Accounts for the year ended 31 December 2013 will be posted toshareholders on 30 June 2014 and will be available on the Company's website onthe same date.