CONOIL : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 MARCH 2022

.

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

Contents

Page

Results at a glance 2

Statement of directors' responsibilities 3

Statement of directors' certification 4

Statement of securities trading policy 5

Statement of free trade rules status 6

Statement of profit or loss and other comprehensive income 7

Statement of financial position 8

Statement of changes in equity 9

Statement of cashflows 10

Notes to the financial statements 11-48

Statement of value added 49

Revenue

Profit before taxation Taxation

Profit for the year Retained earnings Share capital Shareholders' funds

N'000

26,148,587

742,963

(185,741)

557,222

18,174,844

346,976

22,346,589

80 - 3,220

RESULTS AT A GLANCEMarch 2022

March 2021

N'000

% Change

33,091,640 (21.0)

623,428 19.2

(199,497) (6.9)

423,931 31.4

15,772,205 15.2

346,976 19,943,950

- 12.0

Per share data

Earnings per share (kobo)

Dividend per share (kobo)

Net assets per share (kobo)

61 - 2,874

31.4 - 12.0

STATEMENT OF DIRECTORS' RESPONSIBILITIES

FOR THE PERIOD ENDED 31 MARCH 2022

The Directors of Conoil Plc ("the Company") are responsible for the preparation of the financial statements that give a true and fair view of the financial position of the Company as at 31 March 2022, and the results of its operations, cash flows and changes in equity for the period ended, in compliance with International Financial Reporting Standards ("IFRS") and in the manner required by the Companies and Allied Matters Act 2020 and the Financial Reporting Council of Nigeria Act, 2011.

In preparing the financial statements, the Directors are responsible for:

• - properly selecting and applying accounting policies;

• - presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• - providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Company's financial position and financial performance; and

• - making an assessment of the Company's ability to continue as a going concern

The Directors are responsible for:

• - designing, implementing and maintaining an effective and sound system of internal controls throughout the Company;

• - maintaining adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company, and which enable them to ensure that the financial statements of the Company comply with IFRS;

• - maintaining statutory accounting records in compliance with the legislation of Nigeria and IFRS;

• - taking such steps as are reasonably available to them to safeguard the assets of the Company; and

• - preventing and detecting fraud and other irregularities.

Going Concern

The Directors have made an assessment of the Company's ability to continue as a going concern and have no reason to believe the Company will not remain a going concern in the year ahead.

The financial statements of the Company for the period ended 31 March 2022 were approved by the Directors on April 26, 2022.

On behalf of the Directors of the Company

Mr. Salam Ismail Ajani	Dr. M. Ebietsuwa Omatsola	Mr. Kheterpal Hardeep Singh
Finance Director	Director	Managing Director
FRC/2018/ICAN/00000018798	FRC/2013/COMEG/00000003735	FRC/2018/NIM/00000018841
CONOIL PLC	2022 UNAUDITED FINANCIAL STATEMENT]
RC: 7288	4

STATEMENT OF DIRECTORS' CERTIFICATION

FOR THE PERIOD ENDED 31 MARCH 2022

CERTIFICATION IN PURSUANT TO S. 60(2) OF THE INVESTMENT & SECURITIES ACT NO. 29 OF 2007

We, the undersigned, hereby certify the following with regards to Audited Financial Statements for the period ended 31 March 2022 that:

• a. We have reviewed the reports;

• b. To the best of our knowledge, the report does not contain:

  • i. Any untrue statement of a material fact, or

  • ii. Omit to state a material fact, which would make the statements misleading in the light of the circumstance under which such statement was made.

c.

To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operations of the Company as of, and for the periods presented in the reports.

d. We:

• i. Are responsible for establishing and maintaining internal controls;

• ii. Have designed such internal controls to ensure that material information relating to the company and its consolidated subsidiary is made known to such officers by others within those entities particularly during the period in which the periodic reports are being prepared;

• iii. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date.

• iv. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date.

e. We have disclosed to the Auditors of the Company and Audit Committee: i. All significant deficiencies in the design or operation of internal controls which would adversely affect the company's ability to record, process, summarize and report financial data and have identified for the company's Auditors any material weakness in internal controls; and

ii.

Any fraud, whether or not material, that involves management or other employees who have significant role in the Company's internal controls.

f.

We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weakness.

Mr. Salam Ismail Ajani	Mr. Kheterpal Hardeep Singh
Finance Director	Managing Director
FRC/2018/ICAN/00000018798	FRC/2018/NIM/00000018841
CONOIL PLC	2022 UNAUDITED FINANCIAL STATEMENT]
RC: 7288	5