Half Yearly Report

BLENHEIM NATURAL RESOURCES PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2015

CHAIRMAN'S REPORT

Although the challenging times for the natural resources sector have continued unabated, Blenheim Natural Resources Plc ("Blenheim" or the "Company") has weathered the storm and remains focussed on implementing its investing policy of building a portfolio of investments in businesses engaged in the mineral exploration, mining and extraction sectors.

The results for Blenheim for the six months ended 31 October 2015 show a loss of £68,621 (six months ended 31 October 2014: loss of £74,969 restated) which relates to revenue of £4,953 and net realised gains of £681 from financial assets at fair value through profit or loss offset by operating costs and costs associated with maintaining the Company's AIM listing of £56,542 and net interest costs of £17,713.

As an investment company with cash resources, we are well positioned to continue to take advantage of opportunities offered by the current low valuations in the natural resources sector.

It remains our policy to make investments in "good value" companies and projects in the natural resources sector by way of cash and Blenheim shares and the timing of such investments is critical in maintaining and enhancing the Company's financial position. In this regard, the Blenheim Board remains hopeful that the slide in commodity prices may touch bottom during 2016. The Company's balance sheet has been materially strengthened by the two Placings, in October and December 2015, which have raised £141,750 and £640,000 respectively (before expenses) as well as the extension of the maturity date of convertible loan notes totalling £275,000 to 15 April 2017.

Furthermore, the appointment of Chris Cleverly as a Non-Executive Director of Blenheim brings energy and vision to the Company which will significantly complement the efforts of the existing Board and will, we believe, benefit our shareholders in the near future.

Chris Ells

Chairman

28 January 2015

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BLENHEIM NATURAL RESOURCES PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2015

STATEMENT OF COMPREHENSIVE INCOME

BLENHEIM NATURAL RESOURCES PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2015

STATEMENT OF FINANCIAL POSITION

BLENHEIM NATURAL RESOURCES PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2015

STATEMENT OF CASH FLOWS

BLENHEIM NATURAL RESOURCES PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2015

STATEMENT OF CHANGES IN EQUITY

BLENHEIM NATURAL RESOURCES PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2015

NOTES TO INTERIM FINANCIAL STATEMENTS

1. GENERAL INFORMATION

The principal activity of the Company is to establish strategic and portfolio investments in listed and unlisted shares of natural resource companies which encompasses the mining and oil & gas sectors. There is no significant seasonality or cyclicality of the Company's operations between interim periods.

Blenheim Natural Resources Plc is a public limited company incorporated in England and Wales under the Companies Act (registered number 02956279). The Company is domiciled in the United Kingdom and its registered address is Hyde Park House, 5 Manfred Road, London, SW15 2RS. The Company's shares are traded on the AIM market of the London Stock Exchange Plc.

2. BASIS OF PREPARATION

These condensed interim financial statements for the period ended 31 October 2015 have been prepared in accordance with the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 30 April 2015, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The interim financial information, set out above does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of IFRS as adopted by the European Union. Statutory financial statements for the year ended 30 April 2015 were approved by the Board of Directors on 2 October 2015 and delivered to the Registrar of Companies. The report of the independent auditor on those financial statements was unqualified.

The 2015 interim financial report of the Company has not been audited or reviewed by the Company's auditor, PKF Littlejohn LLP.

Going concern

The Directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 31 October 2015.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2015 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.blenheimnaturalresources.com.

Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 3 of the 2015 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed during the interim period.

Accounting policies

The same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Company's financial statements for the year ended 30 April 2015 and are expected to continue to apply in the preparation of the Company financial statements for the year ended 30 April 2016.

Changes in accounting policy and disclosures

New and amended standards adopted by the Company

There are no IFRSs or IFRIC interpretations that are effective for the first time for the financial year commencing 1 May 2015 that would be expected to have a material impact on the Company.

Restatement of comparative information

The comparative information included in these condensed interim financial statements have been restated as a result of the prior year adjustments made in the years ended 30 April 2013 and 30 April 2014. These adjustments are set out in the notes to the 2015 Financial Statements.

3. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the earnings attributable to shareholders by the weighted average number of ordinary shares ("WANS") outstanding in the period. Diluted earnings per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares.

Basic earnings per share is considered to be the same as the diluted earnings per share as any dilutive share options and warrants in issue are considered to be 'out of the money' and therefore has a nil dilutive effect.

4. INVESTMENTS

Below are the additional funds the Company has committed to the various classes of investments in the respective periods.

No impairment of the value of the Available for Sale investments has been provided for in respect to this reporting period. The fair values of all financial assets at fair value through profit and loss are based on their bid prices in an active market.

5. SHARE CAPITAL

During the period the Company raised £141,750 less expenses, through the issue of 315,000 ordinary 10p shares at a premium of 35p per share. As at the end of the reporting period the issued share capital in the Company was as follows:

During the period a resolution was passed in respect to the sub division of the Ordinary 10p shares in issue into 100 Ordinary 0.10p shares. The comparatives above have been restated to reflect the sub division.

6. SHARE BASED PAYMENTS

During the period the Company was required to recognise an expense of £8,163 in the income statement in respect to share options in issue or committed to issuing at the end of the reporting period. The table below represents the weighted average exercise price (WAEP) of and the movements in share options and warrants during the period:

During the period the Company issued the following options and warrants to the following parties:

\* The above options issued to CJ Ells are held by The Main Group Limited on behalf of the Chairman

*\* The above options issued to D Ovadia are held by Keyworth Geoscience Consultancy on behalf of the Director.

The fair values of the options and warrants granted have been calculated using the Black Scholes model and applying the inputs shown below:

7. POST BALANCE SHEET EVENTS

In the period between the reporting date and the announcement of these interim results, the Company raised an additional £640,000 less expenses by way of the issue of 80 million ordinary 0.10p shares at a premium of 0.70p per share.

In the same period, Chris Cleverly, Executive Chairman of African Potash Limited joined the Board of Directors of the Company as a Non-Executive Director.