Final Results

Alecto Energy plc / Index: AIM / Epic: ALO

12 April 2010

Alecto Energy plc ('Alecto' or the 'Company')

Final Results

CHAIRMAN'S REPORT

Operational Review

The past year has been a period of re-orientation for Alecto. Following a board restructure and a placing that raised £720,000 for the Company, we have been focusing on implementing the Company's investing strategy.

While we evaluated many projects in line with our investing strategy towards the end of 2009, none of these progressed until after the year end.

On 27 January 2010 the Company announced that it had entered into a non-binding memorandum of terms with Bulgarian Mining Company ("BMC") giving Alecto a 90 day exclusivity period to assess uranium exploration licences held by BMC. Alecto also agreed to provide BMC with a 90 day working capital facility of £45,000 for general working capital related to BMC's strategy of acquiring uranium exploration licences in Bulgaria. Bulgaria was historically a top 20 producer of uranium globally, however, in 1992 mining ceased due to it becoming uneconomical as a result of low uranium prices. Recent years have seen a revival in the mining industry in general with increased foreign investment and good exploration results. There has been a drive to privatise the mining sector and the Government of Bulgaria is working to enforce new regulations in line with EU standards. The Company has engaged SRK Exploration Services to perform a detailed analysis of the licences in question and we look forward to announcing the results of this by the end of April 2010. This is an exciting opportunity to access some high grade uranium assets at a low entry cost and we look forward to developing this project as the current year progresses.

Alongside the agreement with BMC, we have also been assessing other potential investments in the energy sector. We believe that there are some excellent opportunities available whereby we can utilise our new Board's strengths in these sectors and its deal structuring abilities to build an exciting future for the Company.

On 30 March we announced that we had completed a placing of 53,125,000 new ordinary shares of 0.07 pence each at a price of 0.32p per Placing Share, raising £170,000 to be used for working capital.

Other Matters

Along with the Annual Report and Financial Statements, a Notice of Annual General Meeting ("AGM") has today been sent to shareholders.

Included in the resolutions to be put before the AGM is a proposal to broaden the Company's investing strategy to include investing in natural resources and mining opportunities in addition to the Company's existing strategy of investing in the energy sector. The Directors believe that broadening the Company's investment strategy is in the best interests of the Company and will widen the opportunities available to us.

Also included is a resolution to consolidate the Company's share capital on the basis of 1 New Ordinary Share for every 10 Existing Ordinary share. The Board believes that a share consolidation at this point in the Company's development would be beneficial to our current shareholders and it should assist in reducing some of the volatility in our share price.

Financial Review

The loss of the Group for the year ended 31 December 2009 amounted to £213,750 (31 December 2008: £2,282,168). During the year the Company raised £720,000 through a placing of new shares. Subsequent to year end we have raised an additional £170,000 to be used to progress the Company's investing strategy.

Malcolm James

Chairman

12 April

Contact Information

BALANCE SHEETS

As at 31 December 2009

GROUP INCOME STATEMENT

For the year ended 31 December 2009

Discontinuing Operations relate to the operations of Oreion Australia Energy Pty Ltd (see Note 21).

GROUP STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 December 2009

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

For the year ended 31 December 2009

The Statement of Changes in Shareholders' Equity for the Group shows the Company figures as at the beginning of the year plus the acquisition which created the Group for which the consolidated Financial Statements have been prepared.

GROUP CASH FLOW STATEMENT

For the year ended 31 December 2009

ACCOUNTING POLICIES

For the year ended 31 December 2009

Summary of Significant Accounting Policies

The principal Accounting Policies applied in the preparation of these Financial Statements are set out below. These Policies have been consistently applied to all the periods presented, unless otherwise stated.

Basis of Preparation of Financial Statements

The Financial Statements have been prepared in accordance with EU-endorsed International Financial Reporting Standards (IFRSs) and International Financial Reporting Interpretations Committee (IFRIC) interpretations and the parts of the Companies Act 2006 applicable to companies reporting under IFRS. The Financial Statements have also been prepared under the historical cost convention other than financial assets and financial liabilities at fair value through profit or loss.

The Financial Statements are presented in Pound Sterling rounded to the nearest pound.

Alecto Energy Plc, the legal parent, is domiciled and incorporated in the United Kingdom.

The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's Accounting Policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Financial Statements are disclosed in Note 2.

Segmental Information

Management has determined the operating segments based on reports reviewed by the Board of Directors that are used to make strategic decisions. During the year Group has interests in two geographical segments, the United Kingdom and Australia. The parent Company operates a head office based in the United Kingdom which incurred certain administration and corporate costs.

The Group had no turnover during the year.

Called-Up Share Capital

 There has been no movement in the authorised share capital during the year

 Loss per Share

The calculation of the total basic loss per share of 0.042 pence (2008: loss of 0.85 pence) is based on the loss attributable to ordinary shareholders of £213,750 (2008: £2,282,168) and on the weighted average number of ordinary shares of 507,188,743 (2008: 270,235,223) in issue during the period. The calculation of the basic loss per share from continuing operations of 0.041 pence (2008: loss of 0.08 pence) is based on the loss attributable to ordinary shareholders from continuing operations of £207,840 (2008: £212,451). The basic loss per share from discontinued operations of 0.001 pence (2008: loss of 0.77 pence) is based on the loss attributable to ordinary shareholders from discontinued operations of £5,910 (2008: £2,069,717).

In accordance with IAS 33, no diluted earnings per share is presented as the effect on the exercise of share options would be to decrease the loss per share.

**ENDS**