Infinity Energy : REA 2016 Energy Financial Statement

J BA K E R T I L LY

OS IRIS R E V I SIO N &PA RT N E RS

RCSLUXEMBOURGB 70'673

YEAR END

31 DECEMBER2016

FINANCIAL STATEMENTS AND

1

REPORT OF THE REVISEUR D ENTREPR ISES AGREE

2

AKER TILLY

OS IR I SR EV ISIO N &PA RT N ERS

Company information3

Chairman'sstatement4

Directors'report onthe financial statements 5

Report oftheReviseur d'entreprises agree10

Financialstatements

Statement of comprehensive income 12

Statement of financial position13

Statement ofcash flows14

Statement of changesin equity15

Notes tothe financia l statements16

COMPANY INFORMATION

Infinity Energy S.A. ("Infinity Energy" or the "Company") is a public limited liability company incorporated under the laws of Luxembourg on 6 July 1999 by a notary act drawn up by Maitre Alex Weber, a notary residing in Luxembourg. The act was published in the legal gazette, the Memorial C N° 723 of 29 September 1999.

Prior to 2012, the Company owned the exclusive master franchise for Domino's Pizza in Switzerland, Luxembourg and Liechtenstein. On 2 January 2012, shareholders agreed to demerge the pizza business into its subsidiary Domino's Pizza Switzerland AG ("DPS"), transfer the shares of that subsidiary directly to the shareholders and convert the Company into an Investing Company. The demerger became effective on 17 February 2012 and the Company became an Investing Company under the AIM Rules for Companies ("AIM Rules"). On 18 March 2014, the Company adopted and implemented a new investing policy which is to make investments and acquisitions, either through the issues of securities or for cash, in quoted and non-quoted companies and their securities, in the commodities sector with an emphasis on oil and gas and oil and gas service sectors. Such investments include the provision of financing by way of farm-ins, earn-ins, loans, equity or other forms of financing and investments in and to companies in these sectors.

On 19 April 2017, the Company announced that it had decided to cease its investment activities and instead focus on completing a suitable reverse takeover transaction as soon as possible.

The Company is traded on AIM, a market operated by the London Stock Exchange, under the company code "INFI'". The share price and regulatory information are available on the Company's website www.infinityenergy.eu.

Registered number RCS Luxembourg B 70673

Registered office 19 rue Eugene Ruppert L-2453, Luxembourg

Board of Directors John Killer,Non-Executive Chairman

Gerwyn Williams, Chief Executive Officer Bruce Vandenberg, Non-Executive Director Gary Neville, Non-Executive Director

Nominated Adviser Cairn Financial Advisers LLP 62 - 63 Cheapside

London EC2V 6AX

Brokers W H Ireland

11St. James's Square Manchester M2 6WH

Peterhouse Corporate Finance Limited 15 Eldon Street

London. EC2M 7LD

Independent Auditors Baker Tilly Osiris Revision & Partners S.a r.I.

(Formerly Baker Tilly Luxembourg Audit S.a r.l.) 37 Rue des Scillas

L-2529 Howald

Registrar Computershare Investor Services (Jersey) Limited Queensway House

Hilgrove Street St Helier

Jersey JE1 1ES

Registrar in Luxembourg Carey SA

19 Rue Eugene Ruppert L-2453 Luxembourg

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CHAIRMAN'S STATEMENT

Infinity Energy became an Investing Company under the AIM Rules on 17February 2012.On 18March 2014,shareholders approved the new investing policywhich is to make investments and acquisitions, either through the issues of securities or for cash, in quoted and non-quoted companies and their securities, in the commodities sector with an emphasis on oil and gas service sectors. Such investments include the provision of financing by wayof farm-ins, earn-ins, loans, equity or other forms of financing and investments inand to companies in these sectors.

Following a decision by the board of the Company to cease it investment activities in April

2017, the Company became an AIM cash shell under AIM rules.

John Killer

p.p. GaryNeville

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