Interim Results

25 September 2012

UMC ENERGY PLC

("UMC" or the "Company")

Interim Results for the half year ended 30 June 2012

CHAIRMAN'S STATEMENT

On 26 March 2012, the Company entered agreements with CNOOC Australia Limited (CNOOC), a subsidiary of CNOOC Limited, the Chinese multi-national oil and gas company listed on the New York and Hong Kong Stock Exchanges, whereby CNOOC subscribed for a 70% equity interest in the Company's then wholly owned subsidiary, PNG Energy Limited (PNG Energy), diluting UMC Energy's interest to a 30% equity interest. PNG Energy's wholly owned subsidiary, Gini Energy Limited (Gini Energy), holds two on-shore (PPLs 378 and 405) and two off-shore (PPLs 374 and 375) Petroleum Prospecting Licences (PPLs) in Papua New Guinea.

Pursuant to the agreements, and in consideration for the share subscription, CNOOC is responsible for funding all expenditure in respect of the PPLs during the exploration phase, including such expenditure required to comply with the minimum work obligations. Such expenditure will be repaid to CNOOC out of production revenues and off take of oil and gas once the assets of Gini Energy enter production, should such production occur. If exploration and appraisal work indicates the probable existence of commercial reservoirs of oil or gas in any part of the PPLs at the end of the exploration phase, the parties must each finance their pro-rata share of all expenditure required in respect of the development plan either themselves or by procuring sufficient finance from a third party.

Subsequent to execution of the agreements, CNOOC has been conducting various technical studies and has been mobilising to conduct on-site exploration activities. Separately the Company has engaged a Melbourne based firm of consulting petroleum engineers, considered to be world leaders with regard to Papua New Guinea petroleum structural and geological interpretation, to review the available geological data, identify leads and provide technical advice.

Madagascar continues to experience a period of political upheaval and uncertainty. Despite the fact that the Company has not, in any way, been negatively affected by these events, it has resolved to take a cautious approach to exploration and accordingly has not conducted exploration activities during the current financial half-year. The Company continues to monitor the situation.

The Company remains dependent on loan funds being made available to it by Natasa Mining Ltd to meet its working capital and other requirements.

C Kyriakou

Chairman

25 September 2012

UMC ENERGY PLC

 CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT

For the six months period ended 30 June 2012

 The Group has no recognised gains or losses other than the results for the period as set out above

 CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the six months period ended 30 June 2012

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2012

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six months period 30 June 2012

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

for the six months period 30 June 2012

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months period ended 30 June 2012

1. General information

UMC Energy Plc is a company incorporated in England and Wales. The Company's registered office is First Floor, 10 Dover Street, London, W1S 4LQ.

The principal activity of the Group is the investment in, and exploration and development of natural resources projects, specifically in a petroleum exploration project in Papua New Guinea and a uranium exploration project in Madagascar.

The Group's principal activity is carried out in US dollars. The interim results are presented in pounds sterling as this is the currency of the country (the UK) where the Company is incorporated and its ordinary shares admitted for trading.

2. Statement of compliance

The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting".

The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated annual financial statements of the Group as at and for the year ended 31 December 2011.

The annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.

These condensed consolidated interim financial statements were approved by the Board of Directors on 25 September 2012.

3. Significant accounting policies

The accounting policies applied by the Group in these condensed consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2011.

Going Concern

The interim results have been prepared on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

The directors believe that it is appropriate to prepare the financial report on a going concern basis as they are confident that the Company will be able to raise additional funds through debt or equity raisings when required. The directors are of the opinion that the proposed debt or equity raising measures and the existing cash resources will provide sufficient funds to enable the Company to continue its operations for at least the next twelve months.

4. Segmental analysis

The Group has one reportable segment which is that of the investment directly and indirectly in, and operation of, resource exploration and development projects. The Group's operational activities are wholly focused in Madagascar and Papua New Guinea. The Company's registered office is in London, UK. The Board of Directors review internal management reports at least monthly.

The Group has not yet commenced commercial resource production and has no turnover in the year.

Information regarding the results of the reportable segments is shown below. Performance is measured based on the segment profit before income tax as included in the internal management reports that are reviewed by the Board of Directors. There is no inter- segment pricing.

Information about reportable segments:

Geographical segments

The segment is managed on a worldwide basis. Individual assets are located in various countries. In presenting information on the basis of geographical segments, segment assets are based on the geographical location of the assets.

Non-current assets by geographical area

5. Taxation

No provision for corporation tax has been provided for, due to losses incurred in the current and previous periods.

6. Loss per share

Including share of associate's results

Loss per share has been calculated by dividing the loss for the period after taxation, including share of associate's results, attributable to the equity holders of the parent company of £384,181 (30 June 2011: £439,386) by the weighted average number of shares in issue at the period end of 244,444,763 (30 June 2011: 244,444,763).

Diluted loss per share has been calculated using the weighted average number of shares in issue at the period end, diluted for the effect of share options and warrants in existence at the period end of 245,136,237 (30 June 2011: 245,136,237).

Excluding share of associate's results

Loss per share has been calculated by dividing the loss for the period after taxation, excluding share of associate's results, attributable to the equity holders of the parent company of £364,292 (30 June 2011: £439,386) by the weighted average number of shares in issue at the period end of 244,444,763 (30 June 2011: 244,444,763).

Diluted loss per share has been calculated using the weighted average number of shares in issue at the period end, diluted for the effect of share options and warrants in existence at the period end of 245,136,237 (30 June 2011: 245,136,237).

7. Intangible assets

The development expenditure relates to development of the uranium exploration project in the Morondava basin of Madagascar.

The licences relate to uranium exploration licences in the Morondava basin and the petroleum exploration project in Papua New Guinea. The Petroleum Prospecting Licences in Papua New Guinea were deconsolidated following dilution of the subsidiary in March 2012.

The Morondava uranium project has yet to reach a stage of development where a determination of the technical feasibility or commercial viability can be assessed. In addition, as Madagascar is presently experiencing a period of political upheaval and uncertainty, the Company has resolved to take a cautious approach to exploration and accordingly has not conducted exploration activities during the current financial year and does not expect to undertake any material exploration activities in Madagascar whilst this period of uncertainty prevails. In these circumstances, whether there is any indication that the asset has been impaired is a matter of judgement, as is the determination of the quantum of any required impairment adjustment. The directors have resolved that it is not appropriate to capitalise any further expenditure on the intangible asset until circumstances change. The Directors have used their experience to conclude that an impairment adjustment of £nil is required for the six months to 30 June 2012.

The exploration and evaluation expenditure relates to the company's interest in the Papua New Guinea Petroleum Prospecting Licences held by its associated company.

8. Investments in associated undertakings

On 26 March 2012, the Company entered agreements with CNOOC Australia Limited ("CNOOC"), a subsidiary of CNOOC Limited, the Chinese multi-national oil and gas company listed on the New York and Hong Kong Stock Exchanges, whereby CNOOC subscribed for a 70% equity interest in PNG Energy Limited with UMC Energy retaining a 30% equity interest.

As a result of this transaction, the PNG Energy group ceased to be controlled by the Company in March 2012 and became an associate.

The Company has an equity holding in the following associate undertaking:

The country of incorporation of the associate undertaking is the British Virgin Islands and the principal place of business is Papua New Guinea.

Summarised results of the associate undertaking, PNG Energy Group, as translated into sterling are as follows:

9. Post balance sheet events

Since 1 July 2012, the Company has advanced a further US$6,561 (£4,049) to Uramad SA.

Since 1 July 2012, the Company has borrowed a further A$386,105 (£248,323) from Natasa Mining Ltd, for working capital.