UK based, with operations in the US and Africa
Oil & gas exploration and production, following an acquisition from a mid-size oil & gas operator
Managing compliance and enhancing future profitability through commercial and technical expertise
This U.S. oil and gas exploration group was newly quoted on ISDX Market and had recently expanded through acquisition. The group lacked the internal structures and resources to prepare annual accounts in accordance with the complex requirements of International Financial Reporting Standards (IFRS).
CFPro delivered a complete set of IFRS compliant accounts, featuring a concise explanation of key issues, ready for board approval.
Our recommendation to file UK accounts in US$ meant that exchange rate fluctuations had less impact on the group’s subsequent results. The subsequent increased stability in the group’s forecasts enabled the board to better manage investor expectations.
The group’s internal structure was amended in line with recommendations, which resulted in correction of a key issue that would otherwise have impacted negatively on future reporting.
Our recommended approach for tax planning is currently being followed through by the board. Its implementation will maximise efficiency in regards to regional tax regimes, and will optimise the company’s future profitability.
We continue to provide comprehensive support to ensure that all of our technical recommendations are implemented effectively by the company, and that best practice is adhered to. We have been contracted by the company to perform financial consulting, and the role of company secretary on an ongoing basis.