22 sep 25   corpus resources plc - half-year results to 30 june 2025 corpus resources plc | cor | 0.0 0 0.0% | mkt cap: 0.52m    rns number : 9304z corpus resources plc 22 september 2025   the information contained within this announcement is deemed to constitute inside information as stipulated under the market abuse regulations (eu) no. 596/2014, which forms part of uk law by virtue of the european union ("withdrawal") act 2018 ("mar"). upon the publication of this announcement via regulatory information service ("ris"), this inside information is now considered to be in the public domain.   corpus resources plc (formerly curzon energy plc) ("corpus" or the "company")   unaudited half-year results for the six months ended 30 june 2025     22 september 2025   corpus resources plc (lon: cor) the london stock exchange listed natural resources company, announces its unaudited interim results for the six months to 30 june 2025.    chairman's statement   i am pleased to present the interim report for the company covering its results for the six months ended 30 june 2025.   financial review   the company generated a profit of us$3,723,690 in the period, the majority of which comprised of write-backs associated with the company voluntary arrangement ("cva") amounting to us$3,986,419, which was formally completed in february 2025.    the net cash position was us$68,212 as at 30 june 2025, the company raised gross proceeds of us$274,629 on 30 june 2025 through the placing of new ordinary shares (see note 4) to strengthen the financial position of the company, these funds were received on 2 july 2025, (us$20,465 net cash as at 31 december 2024).   with a basic profit per share of us$0.002 (period ended 30 june 2024: loss per share us$0.005).   given the nature of the business and its development strategy, it is unlikely that the board will recommend a dividend in the immediate future.   post reporting date developments & outlook   the company continues to explore opportunities within the natural resources sector, including an existing non-operated gas production facility with gas storage potential, as well as the potential acquisition of a non-operated interest in a near-term oil field.   on behalf of the board, i would like to thank our consulting and advisory team for their hard work, and our shareholders for their ongoing support.       richard glass chairman and non-executive director       for further information please contact:   corpus resources plc  paul forrest/richard glass info@corpusresources.com  www.corpusresources.com   peterhouse capital limited (corporate broker) + 44 (0) 2074690936       consolidated statement of comprehensive income for the six months ended 30 june 2025   notes six months ended 30 june 2025 unaudited us$ six months ended 30 june 2024 unaudited us$ year ended 31 december 2024 audited us$      administrative expenses 5 (124,369) (402,051) (412,589) administrative expenses, cva 7 1,339,971 - -      profit/(loss) from operations  1,215,602 (402,051) (412,589)      finance expense  (644) (108,048) (234,160) finance income, cva 7 2,646,448 - - other income  - - 4,662 foreign exchange differences  610 (857) -      profit/(loss) before taxation  3,862,016 (510,956) (642,087)      income tax expense  - - -      profit/(loss) for the period/year attributable to equity holders of the parent company  3,862,016 (510,956) (642,087)      other comprehensive income/(expense)     (loss)/gain on translation of parent net assets and results from functional currency into presentation currency  (138,326) 87,143 55,743      total comprehensive income/(loss) for the period/year  3,723,690 (423,813) (586,344)       profit/(loss) per share         basic and diluted, us$          3 0.002 (0.005) (0.001)     the accompanying notes are an integral part of this consolidated financial information. this consolidated financial information has been approved by the company's directors.       consolidated statements of financial position     notes at 30 june 2025 unaudited us$ at 30 june 2024 unaudited us$ at 31 december 2024 audited us$   assets          current assets     prepayments and other receivables  290,754 35,572 266,861 cash and cash equivalents  68,212 717 20,465 total current assets  358,966 36,289 287,326 total assets  358,966 36,289 287,326      liabilities     current liabilities     trade and other payables  350,864 1,777,087 1,742,900 borrowings 6 - 2,595,710 2,672,891 total current liabilities  350,864 4,372,797 4,415,791 total liabilities  350,864 4,372,797 4,415,791      capital and reserves attributable to shareholders     share capital 4 1,510,841 1,105,547 1,250,458 share premium  3,919,556 3,619,332 3,789,365 share-based payments reserve  474,792 474,792 474,792 warrants reserve  430,828 375,198 430,828 convertible loan note reserve 7 22,303 - - merger reserve  31,212,041 31,212,041 31,212,041 foreign currency translation reserve  (177,176) (7,450) (38,850) accumulated losses  (37,385,083) (41,115,968) (41,247,099) total capital and reserves  8,102 (4,336,508) (4,128,465) total equity and liabilities  358,966 36,289 287,326     the accompanying notes are an integral part of this consolidated financial information. this consolidated financial information has been approved by the company's directors.       consolidated statements of changes in equity       share capital share premium consolidation reserve share-based payment reserve warrant reserve convertible loan note reserve foreign currency translation reserve accumulated losses total  us$ us$ us$ us$ us$ us$ us$ us$ us$ at 1 january 2024 (audited) 1,105,547 3,619,332 31,212,041 474,792 375,198   - (94,593) (40,605,012) (3,912,695) loss for the period - - - - - - - (510,956) (510,956) other comprehensive income for the period - - - - -   - 87,143 - 87,143 total comprehensive loss for the period - - - - -   - 87,143 (510,956) (423,813) at 30 june 2024 (unaudited) 1,105,547 3,619,332 31,212,041 474,792 375,198   -   (7,450)   (41,115,968)   (4,336,508)                                         at 1 january 2024 (audited) 1,105,547 3,619,332 31,212,041 474,792 375,198 -   (94,593)   (40,605,012)   (3,912,695) loss for the year 2024 - - - - - - - (642,087) (642,087) other comprehensive income for the year - - - - - - 55,743 - 55,743 total comprehensive loss for the year - - - - - - 55,743 (642,087) (586,344) issue of shares 144,911 170,033 - - - - - - 314,944 issue of share warrants - - - - 55,630   - - - 55,630           at 1 january 2025 (audited) 1,250,458 3,789,365 31,212,041 474,792 430,828   - (38,850) (41,247,099) (4,128,465) profit for the period - - - - - - - 3,862,016 3,862,016 other comprehensive loss for the period - - - - -   - (138,326) - (138,326) total comprehensive income for the period - - - - -   - (138,326) 3,862,016 3,723,690 issue of shares 260,383 130,191 - - - - - - 390,574 issue of convertible loan notes - - - - -   22,303 - - 22,303 at 30 june 2025 (unaudited) 1,510,841 3,919,556 31,212,041 474,792 430,828   22,303   (177,176)   (37,385,083)   8,102     the accompanying notes are an integral part of this consolidated financial information. this consolidated financial information has been approved by the company's directors.       consolidated statement of cash flows     notes six months ended 30 june 2025 unaudited us$ six months ended 30 june 2024 unaudited us$ year ended 31 december 2023 audited us$ cash flow from operating activities     gain/(loss) before taxation  3,862,016 (510,956) (642,087) adjustments for:     finance expense  - 108,048 213,784 gain on write back of loan creditors 7 (2,646,448) - - gain on write back of admin costs 7 (1,339,971) - - foreign exchange movements  (150,737) 59,364 (1,267) operating cashflows before working capital changes                 (275,140) (343,544) (429,570) changes in working capital:      decrease/(increase) in receivable   1,501 (7,071) 348,007 (decrease)/increase in payables   (75,129) 367,384 (240,400) net cash (used by) /provided by operating activities  (348,768) 16,769 (321,963)        financing activities     issue of ordinary shares, net of share issue costs 4 390,574 - 370,687 net amounts (repaid) / received in borrowings    -   (16,785) (28,565) net cash flow from financing activities  390,574 (16,785) 342,122 net increase/(decrease) in cash and cash equivalents in the period/year  41,806 (16) 20,159      cash and cash equivalents at the beginning of the period/year  20,465 738 738      effect of the translation of cash balances into presentation currency  5,941 (5) (432) cash and cash equivalents at the end of the period/year  68,212 717 20,465          the accompanying notes are an integral part of this consolidated financial information. this consolidated financial information has been approved by the company's directors.       notes to the consolidated financial information   1.     general information and basis of preparation   the company was incorporated and registered in england and wales as a public limited company. the company's registered number is 09976843 and its registered office is at salisbury house, london wall, ec2m 5ps. on 4 october 2017, the company's shares were admitted to the official list (by way of standard listing) and to trading on the london stock exchange's main market.   with effect from admission, the company has been subject to the listing rules and the disclosure guidance and transparency rules (and the resulting jurisdiction of the uk listing authority) to the extent such rules apply to companies with a standard listing pursuant to chapter 14 of the listing rules.    the principal activity of the company is that of a holding company for its subsidiaries, as well as performing all administrative, corporate finance, strategic and governance functions of the group. the company's investments comprise of subsidiaries operating in the natural gas sector.   the company has the following subsidiary undertakings:    name country of incorporation issued capital proportion held by group at reporting date activity coos bay energy, llc usa membership interests 100% holding company westport energy acquisitions, inc. usa shares 100% holding company westport energy, llc usa membership interests 100% oil and gas exploration     more information on the individual group companies and timing of their acquisition is presented in the company's audited consolidated financial information and notes thereto for the year ended 31 december 2024.     2.     accounting policies   the group financial statements are presented in us dollars ("us$").   basis of preparation   the financial statements have been prepared in accordance with international financial reporting standards and ifric interpretations ("ifrs") and the requirements of the companies act, applicable to companies reporting under ifrs.   the preparation of the group financial statements in conformity with ifrs requires the use of certain critical accounting estimates. it also requires the directors to exercise their judgment in the process of applying the group's accounting policies. the group's accounting policies as well as the areas involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the group financial statements are disclosed in the audited annual report for the year ended 31 december 2024 and are available on the group's website.   in the opinion of the management, the interim unaudited consolidated financial information includes all adjustments considered necessary for fair and consistent presentation of this financial information. the interim unaudited consolidated financial information should be read in conjunction with the company's audited financial statements and notes for the year ended 31 december 2024.   going concern   the group financial statements have been prepared on a going concern basis, which assumes that the group will continue to be able to meet its liabilities as they fall due for the foreseeable future.    the board has considered this in light of the company's recent recapitalisation and debt restructuring efforts, which took the form of a company voluntary arrangement ("cva").  the terms of the cva, approved at meetings of the creditors and shareholders on 5 september 2024, were that all amounts owed will be settled via a mix of cash and convertible loan notes.  a placing of £340,000 was undertaken by the company's broker, peterhouse capital limited, and following the cva vote and general meeting, the funds have been released to satisfy the cva and for the company to fund its future operations, having taken full legal effect on 19 february 2025.  furthermore, the company undertook a placing of new ordinary shares for cash during the interim period to 30 june 2025, raising a total of £299,000 in additional funds before expenses to progress the company's reverse takeover efforts and to provide for general working capital requirements.   the directors note that, notwithstanding the debt reduction and capitalisation enabled by the cva and multiple placings referenced above, the group will need additional funding to continue operations for the foreseeable future, noting however the cost basis of the company post the cva and prior to any transaction is expected to remain low. the directors are confident however that the group will continue to be able to raise sufficient funds as and when required to enable it to continue to meet its financial obligations as they fall due for at least the next 12 months from the date of approval of the group interim financial statements. the group interim financial statements have therefore been prepared on the going concern basis.   however, as there can be no certainty that over access to future funding by the company prior to the completion of a suitable transaction, there exists a material uncertainty as to the group's ability to continue as a going concern.   basis of consolidation   the consolidated financial statements of the group incorporate the financial statements of the company and entities controlled by the company, its subsidiaries. more information on the individual group companies, details and timing of their acquisition is presented in the company's audited consolidated financial information and notes thereto for the year ended 31 december 2024.   at the time of its acquisition by the company, coos bay energy, llc consisted of coos bay energy, llc and its wholly owned us group. it is the directors' opinion that the company at the date of acquisition of coos bay energy, llc did not meet the definition of a business as defined by ifrs 3 and therefore the acquisition is outside on the ifrs 3 scope. where a party to an acquisition fails to satisfy the definition of a business, as defined by ifrs 3, management have decided to adopt a "merger accounting" method of consolidation as the most relevant method to be used.   the group consistently applies it to all similar transactions in the following way:   -     the acquired assets and liabilities are recorded at their existing carrying values rather than at fair value;   -     no goodwill is recorded;   -     all intra-group transactions, balances and unrealised gains and losses on transactions are eliminated from the beginning of the first comparative period or inception, whichever is earlier;   -     comparative periods are restated from the beginning of the earliest comparative period presented based on the assumption that the companies have always been together;   -     all the pre-acquisition accumulated losses of the legal acquiree are assumed by the group as if the companies have always been together;   -     all the share capital and membership capital contributions of all the companies included into the legal acquiree sub-group less the company's cost of investment into these companies are included into the merger reserve; and   -     the company's called up share capital is restated at the preceding reporting date to reflect the value of the new shares that would have been issued to acquire the merged company had the merger taken place at the first day of the comparative period. where new shares have been issued during the current period that increased net assets (other than as consideration for the merger), these are recorded from their actual date of issue and are not included in the comparative statement of financial position.   the results and cash flows of all the combining entities were brought into the financial statements of the combined entity from the beginning of the financial year in which the combination occurred, adjusted so as to achieve uniformity of accounting policies. the comparative information was restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted as necessary to achieve uniformity of accounting policies.    at 30 june 2025, 30 june 2024 and 31 december 2024, the group results include the results of corpus resources plc, coos bay energy, llc, westport energy acquisitions, inc. and westport energy, llc.     2.      segmental analysis   in the opinion of the directors, the group is primarily organised into a single operating segment. this is consistent with the group's internal reporting to the chief operating decision maker.  separate segmental disclosures have therefore not been included.     3.      profit/(loss) per share   the basic profit/(loss) per share is derived by dividing the profit/(loss) for the period/year attributable to ordinary shareholders of the company by the weighted average number of shares in issue. diluted profit/(loss) per share is derived by dividing the profit/(loss) for the period/year, attributable to ordinary shareholders of the company by the weighted average number of shares in issue plus the weighted average number of ordinary shares that would be issued on conversion of all dilutive potential ordinary shares into ordinary shares.   the following reflects the profit/(loss) per share data used in the basic and diluted profit/(loss) per share computations:     for six months ended 30 june 2025 unaudited for six months ended 30 june 2024 unaudited for year ended 31 december 2024 audited     profit/(loss) after tax (us$) 3,862,016 (510,956) (642,087) weighted average number of ordinary shares of £0.0001 in issue 1,713,306,796 99,639,565 1,232,973,465 profit/(loss) per share - basic and fully diluted (us$) 0.002 (0.005) (0.001)     at 30 june 2025, 30 june 2024 and 31 december 2024, there were no potentially dilutive instruments in issue that could potentially dilute basic eps in the future.     4.      share capital   on 6 may 2020, the company's shareholders approved the subdivision and re-designation of the 83,032,972 existing ordinary shares ("existing ordinary shares") of £0.01 each in the capital of the company into (i) 83,032,972 new ordinary shares ("new ordinary shares") of £0.0001 each and (ii) 83,032,972 deferred shares ("deferred shares") of £0.0099 each in the capital of the company   details of the issued share capital for the period/year, following its subdivision of shares are provided below:   issued equity share capital   at 30 june 2025 unaudited at 30 june 2024 unaudited at 31 december 2024 audited  number us$ number us$ number us$               new ordinary shares of £0.0001 each 3,226,306,795 418,418 99,639,565 13,124 1,232,973,465 158,035 deferred shares of £0.0099 each 83,032,972 1,092,423 83,032,972 1,092,423 83,032,972 1,092,423 total share capital, us$   1,510,841  1,105,547  1,250,458     each new ordinary share carries the same rights in all respects under the amended articles of association as each existing ordinary share did under the existing articles of association, including the rights in respect of voting and the entitlement to receive dividends. each deferred share carries no rights and is deemed effectively valueless.   issued ordinary shares for the interim period to 30 june 2025   on 19 february 2025, the company raised £99,000, before expenses, through a placing of 659,999,997 new ordinary shares of £0.0001 each ("ordinary shares"). the placing shares each have an attaching grant of warrants ("warrants") on a one-for-one basis.   on 30 june 2025, the company raised £200,000, before expense, through a placing of 1,333,333,333 new ordinary shares of £0.0001 each ("ordinary shares"). the placing shares each have an attaching grant of warrants ("warrants") on a one-for-one basis.   warrants   the following warrants were issued in relation to the issued shares for the period/year.   2025 number of warrants 2024 number of warrants outstanding at the beginning of the year 1,133,333,900 - granted during the period/year 1,993,333,330 1,133,333,900 lapsed during the period/year - - exercised during the period/year - - outstanding at the end of the period/year 3,126,667,230 1,133,333,900 vested and exercisable at the end of the period/year - -  the exercise price of warrants, outstanding on 30 june 2025, was £0.0005 (31 december 2024: £0.0005) their weighted average remaining contractual life was 3.36 years (31 december 2024: 4.72 years).  the weighted average share price (at the date of exercise) of warrants, exercised during the period, was nil (31 december 2024: nil) as no warrants were exercised.   calculation of volatility involves significant judgement by the directors due to the absence of the historical trading data for the company at the date of the grant. volatility number above was estimated based on the range of 3-5 year month-end volatilities extracted from the ftse aim all-share index.       5.      administrative expenses   for six months ended 30 june 2025 unaudited us$ for six months ended 30 june 2024 unaudited us$ for year ended 31 december 2024 audited us$      staff costs     directors' salaries  77,310 123,319 61,394 consultants  13,916 13,647 43,985 employer's ni  10,669 10,463 (237) professional services     accounting, audit & taxation  40,073 53,175 78,664 legal    37,907 735 marketing  - (2,409) 3,377 other  - 34,193 - regulatory compliance  48,565 58,643 141,090 travel  7,144 - 14,144 office and admin     general  (2,039) 11,513 (15,950) it related costs  - 129 1,373 storage, office rent and services  - 45,676 47,240 insurance  (212) 15,795 36,774 write back of creditors  (71,057) - - total administrative costs   124,369 402,051 412,589     negative costs, recognised in the period, arise from the reversal of certain accrued expenses within the current period of report, which had been recognised in prior years. as of 30 june 2025, director's salaries, accrued for the interim period in the amount of us$64,425, have not been paid.     6.      borrowings   the following loans from third parties were outstanding during the year to 31 december 2024 and all were settled on completion of the company voluntary arrangement ("cva") on 19 february 2025 - see also note 7. details of the loans are disclosed in the table below:     origination date contractual settlement date loan value in original currency (principal) annual interest rate security       c4 energy ltd 22 sept 2017 conversion/repayment at rto date $200,000 15% unsecured bruce edwards 1 sep 2017   conversion at rto date $100,000 15% unsecured   hnw investor group 1 july 2019 conversion/repayment at rto date £263,265 13% 100% interest in coos bay llc   sun seven stars investment group ("sssig") 13 mar 2020 conversion/repayment at rto date £260,000 10% unsecured     technology metals 19 april 2023 conversion/repayment at rto date £59,500 10% unsecured poseidon plastics limited ("ppl") 2 february 2021 conversion/repayment at rto date £590,000 10% unsecured         30 june 2025 unaudited us$ 30 june 2024 unaudited us$ 31 december 2024 audited us$     at the beginning of the year 2,672,891 2,522,708 2,522,708 net amount settled during the period/year (2,672,726) (16,785) (28,565) interest accrued during the period/year - 107,416 211,801 exchange rate differences (165) (17,629) (33,053) at the end of the period/year - 2,595,710 2,672,891     7.      company voluntary arrangement   on 5 september 2024, the company voluntary arrangement ("cva") was approved, following passage of the proposal by a vote of the company's creditors and shareholders. the cva was formally completed on 19 february 2025.   on completion date, the following has been settled to cva creditors:   -     an amount of £59,582 was paid to critical creditors;   -     an amount of £100,829 was further paid to other trade creditors, where this amount represents a £0.0313 per £ payable to those unsecured creditor that have proved their respective debts in the cva; and   -     issuance to all cva creditor of a total 180,490,269 convertible unsecured loan notes ("culn"), which when converted will become an ordinary shares and shall rank pari passu with existing ordinary shares of the company with a nominal value of £0.0001. the aggregate principal amount of all the culn is £18,049 (us$22,303).   the formal completion of the cva during the current period of report has had the following impacts on the reported profit for the period:   -     a credit to comprehensive income in the period of us$1,339,971 arising from the write back of administrative creditors;   -     a credit to comprehensive income in the period of us$2,646,448 arising from the write back of loans and accrued loan interest.     8.      events after the reporting period   there are no subsequent events to date.   this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further 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