3 April 2023

ACP ENERGY PLC

("ACP" or "the Company")

Interim Reports and Financial Statements

ACP Energy Plc (ACPE.L), a company formed to capture value accretive opportunities in the oil & gas industry, is announcing its Interim Financial Statements for the period ended 31 December 2022.

I am pleased to report the unaudited interim financial statements to shareholders for the period ending 31 December 2022.

During the period, ACP Energy screened and evaluated numerous acquisition opportunities in the upstream segment of the oil & gas industry. The Company focused on those opportunities that aligned with its acquisition strategy.  Through this process, the Company high-graded a portfolio of opportunities and completed detailed evaluations of the most attractive within the group.

Post Period

On January 16, 2023, the company announced the signing of a Sale and Purchase Agreement ("SPA") for a collection of producing assets, operating under technical service contracts, which are under development, and currently producing approximately 4,100 bopd, in a highly prolific basin in Latin America. Further details on the assets will be provided as part of the relisting process.

If the Transaction is completed, it will constitute a reverse takeover under the Listing Rules.The Transaction will be subject to the satisfaction of certain conditions, including:

•     The approval of the required share authorities and other ancillary matters to be set out in a Notice of General Meeting by shareholders of the Company;

•     The successful completion of fundraising activities to, inter alia, satisfy the consideration payable to the seller; and

•     Admission of the enlarged share capital to trading on AIM.

Accordingly, there is no certainty that the Transaction will proceed.

As the Transaction will constitute a Reverse Takeover, the Company requested that the listing of its Ordinary Shares be temporarily suspended with effect from 7.30 a.m. on January 16, 2023. Pending the publication of an Admission Document and completion of due diligence, ACP intends to make an application for the enlarged Company to have its Ordinary Shares admitted to trading on the AIM Market of the London Stock Exchange ("Relisting").

The Company is progressing in its efforts to complete the transaction and looks forward to providing further updates in due course. If the transaction is not completed, the Company will continue to identify value-accretive opportunities that fit its stated acquisition strategy.

Paul Welch

Executive Chairman

31 March 2023

For further information:

www.acpenergyplc.com

ACP Energy

Paul Welch, Chairman                                                   

Celicourt Communications                                 +44 208 434 2643 / [email protected]

Mark Antelme / Jimmy Lea                    

Responsibility statement

This statement is being made by the Chairman, Mr. Paul Welch, and to the best of his knowledge:

            a. the financial statements, prepared in accordance with IAS 34 'Interim financial reporting' as adopted by the United Kingdom, give an accurate and fair view of the assets, liabilities, financial position, and profit or loss of the issuer, and

            b. the management report includes a fair review of the development and performance of the business and the issuer's position, together with a description of the principal risks and uncertainties they face.

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR ACP ENERGY PLC FOR THE 6 MONTHS TO 31 DECEMBER 2022

Unaudited statement of comprehensive income

The statements of comprehensive income of ACP Energy PLC for the periods ended 31 December 2022 and 31 December 2021 are set out below:

Unaudited statement of financial position

The statements of financial position of ACP Energy PLC as at 31 December 2022 and 30 June 2022 are set out below:

Unaudited statement of changes in equity

The statement of changes in equity of ACP Energy PLC for the 18 month period ended 31 December 2022 is set out below:

Unaudited statement of cash flows

The statements of cash flows of ACP Energy PLC for the six months ended 31 December 2022 and 31 December 2021 are set out below:

Notes to the unaudited interim financial statements