C.O. Cyprus Opportunity Energy Public Company LTD

Annual / Quarterly Financial Statement • May 12, 2025

REPORT AND FINANCIAL STATEMENTS 31 December 2022

REPORT AND FINANCIAL STATEMENTS 31 December 2022

CONTENTS PAGE 1 Board of Directors and other officers 2 Management Report Declaration of the members of the Board of Directors and the company officials responsible for 3 the preparation of the financial statements 4 - 8 Independent auditor's report 9 Statement of profit or loss and other comprehensive income 10 Statement of financial position 11 Statement of changes in equity 12 Cash flow statement Notes to the financial statements 13 - 18

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:

Christodoulos Chrysouliotis -appointed 17/12/2024 Keimpe Wisse Reitsma -appointed 17/12/2024 Antonakis Antoniou Andreas Leonidou Charalambos Christodoulides -resigned 17/12/2024

Company Secretary:

Independent Auditor:

Maria Savva -appointed 09/05/2024

Petros Petrou FCCA

12 Dikomou, Agora Court 2, Office 105 7550 Kiti Larnaca

Registered office:

13 Karaiskaki Limassol 3032

Registration number:

HE301167

1

MANAGEMENT REPORT

The Board of Directors presents its report and audited financial statements of the Company for the year ended 31 December 2022.

Principal activity and nature of operations of the Company

The Company remained dormant during the year 2022.

Review of current position, future developments and performance of the Company's business

Review of carrent posted to date, financial results and position as presented in the financial statements are not considered satisfactory and the Board of Directors is making an effort to reduce the Company's losses.

Principal risks and uncertainties

The principal risks and uncertainties faced by the Company are disclosed in notes 6, 7 and 15 of the financial statements.

Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Company has procedures with the object of minimising such losses such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities.

Results

The Company's results for the year are set out on page 9. The net loss for the year is carried forward.

Share capital

There were no changes in the share capital of the Company during the year under review

Implementation and compliance to the Code of Corporate Governance

The Company recognises the importance of implementing sound corporate governance policies, practices and procedures. As a company listed on the Cyprus Stock Exchange (CSE), C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED has adopted CSE's Corporate Governance Code and applies its principles.

In March 2006 the CSE issued a revised Code of Corporate Governance. The Company complies with all the provisions of the revised Code.

Board of Directors

The members of the Company's Board of Directors as at 31 December 2022 and at the date of this report are presented on page 1.

In accordance with the Company's Articles of Association all Directors presently members of the Board continue in office.

There were no significant changes in the assignment of responsibilities and remuneration of the Board of Directors

Independent Auditor

During the year the Independent Auditors of the Company, MGI Gregoriou & Co Ltd, resigned and Petros Petrou FCCA was appointed in their place.

The Independent Auditor, Betros Petrou FCCA, has expressed his willingness to continue in office and a resolution giving authority to the Board of Directors to fix his remuneration will be proposed at the Annual General Meting.

By order of the Board of Directors,

Maria Savva Secretary

Kiti, 31 December 2024

DECLARATION OF THE MEMBERS OF THE BOARD OF DIRECTORS AND THE COMPANY OFFICIALS RESPONSIBLE FOR THE PREPARATION OF THE FINANCIAL STATEMENTS

In accordance with Article 9 sections (3c) and (7) of the Transparency Requirements (Traded Securities in Regulated In accordance with Article 9 Sections (3) you the mambers of the Bonny official (1) in the Company official Markets) Law 2007 (N 190 (1)/2007) ( the Law ) Ne, the niembers of Public COMPANY LIMITED (the responsible for the muncial Statements of the basis of our knowledge, declare that:

(a) The annual financial statements of the Company which are presented on pages 9 to 18:

(i) have been prepared in accordance with the applicable International Financial Reporting Standards as adopted by the European Union and the provisions of Article 9, section (4) of the law, and

(ii) provide a true and fair view of the particulars of assets and liabilities, the financial position and profit or loss of the Company and the entities included in the financial statements as a whole and

(ii) prepared and submitted, in accordance with the requirements set out in the EU Delegated Regulation 2019/81/2 (in) prepared and Submitted, in accordines wission (the European Single Electronic Format ("ESEF") Regulation) and

b) The management report provides a fair view of the developments and the financial in the financial position of the Company as a whole, together with a description of the main risks and uncertainties which they face.

Members of the Board of Directors:

Christodoulos Chrysouliotis

Keimpe Wisse Reitsma

Antonakis Antoniou

Andreas Leonidou

Responsible for drafting the financial statements

Keimpe Wisse Reitsma (Financial Manager)

Kiti, 31 December 2024

Independent Auditor's Report

To the Members of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED

Report on the Audit of the Financial Statements

Opinion

I have audited the financial statements of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED the at at 31 I have audited the infancial statenents of C.O. et not comprise the statement of financial position as at 31 "Company ), which are presented in pages 5 to 10 and compressive income, changes in equity and cash December 2022, and the statements of profit of fisancial statements, including a summary of significant accounting policies.

In my opinion, the accompanying financial statements give a true and fair view of the vol the vol the vol then ended in In my opinion, the accompanying minicial succented performance and its rash flows for the year the Company as at 31 December 2022, and or ics mini. Ferra (IFRSs) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.

Basis for Opinion

I conducted my audit in accordance with International Standards on Auditing (ISAs). My responsibilities inder those I conducted my dualt in accordance with the "Audit of the Financial Statements" section of my report. I remained independent of the Company throughout the period of my appointment in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants Inchidional Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to my audit of the financial statements in Cyprus, and I have fulfilled my other ethical responsibilities in recordance with these requirements and the IESBA Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Material Uncertainty Related to Going Concern

I draw attention to note 4 of the financial statements which indicates that the Company incurred a loss of €10.297 during the year ended 31 December 2022, and, as of that date the Company's current liabilities exceeded its current assets by €12.695. As stated in note 4, these events or conditions, along with other matters as set forth in note 4, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. My opinion is not modified in respect of this matter.

Kev audit matters incorporating the most significant risks of material misstatements, including assessed risk of material misstatements due to fraud

Key audit matters are those matters that, in my professional judgment, were of most significance in my audit of the financial statements of the current period. These matters were addressed in the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters.

Revenue recognition

Refer to Note 8 of the financial statements.

To the Members of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED

Key audit matters incorporating the most significant risks of material misstatements, including assessed risk of material misstatements due to fraud (continued)

[How the matter was addressed in our audit] [The key audit matter]

During the year 2022, the Company remained Our audit procedures included among others: · Identification , evaluation and assessment of the operating dormant and had zero revenue reported. effectiveness of the internal controls relevant to the recognition and measurement of revenue.

· No revenue was generated during the year 2022 therefore we could not perform any test on the procedures described above.

Reporting on Other Information

The Board of Directors is responsible for the other information comprises the information comprises the information The Board of Directors is responsible for the Ocher information. The Schement, but does not include the financial statements and my auditor's report thereon.

My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the offeation with, the financial above and, in doing so, consider whether the other information is materially microsted. If hased on the above and, in 'donig 'so, 'consider 'the 'cher 'ther invon appears to be materially misstated. If, based on the matter. I pm required to statelients of the neage obde that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Responsibilities of the Board of Directors and Those Charged with Governance for the Financial Statements

The Board of Directors is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRSs as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern continue as a going concern, are board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process

Auditor's Responsibilities for the Audit of the Financial Statements

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

To the Members of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY ITMLED

Auditor's Responsibilities for the Audit of the Financial Statements (continued)

As part of an audit in accordance with ISAs, I exercise professional judgment and maintain professional scepticism throughout the audit. I also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud on Identify and assess the risks of material missutent of the misks and obtain audit evidence that is error, design and perform audit procedures responsive risk of not detecting a material sufficient and appropriate to provide a Basis Tor ophing from error, as fraud may involve collusion,
  misstatement resulting from fraud is higher than for one resulti misstatement resulting from fraud is night than the override of internal control.
• · Obtain an understanding of internal control relevant to the audit in order to design and the offectiveness of Obtain an understanding of meenal control relevant to the data. In opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• · Conclude on the appropriateness of the Board of the going concern basis of accounting Conclude on the audit evidence obtained, whether a material uncertainty exists related to events on and, based on the audit evidence obtained, when a masandity to continue as a going concern. If f conditions that may cast significant doubt on the equired to draw attention in my audity my opinion conclude that a material uncertainty exisc) if an if eqch disclosures are inadequate, to modify my opinion. related disclosures in the manchar statements of, if sain also of my auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• · Evaluate the overall presentation, structure and content of the financial statements, including the Livaluate the overali presentation) of statements represent the underlying transactions and events in a manner that achieves a true and fair view.

I communicate with the those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

I also provide those charged with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may requirence regaring meependence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, I determine those matters that were of most r ignificance in the audit of the financial statements of the current period and are therefore the key audit matters.

Report on Other Legal and Regulatory Requirements

Requirements of Article 10(2) of the EU Regulation 537/2014

1. Appointment of the Auditor and Period of Engagement

I was first appointed as auditor of the Company on 11/12/2024 by the Board of Directors of the Company. My appointment has been renewed annually by shareholder resolution representing a total period of uninterrupted engagement appointment of three years.

To the Members of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED

Report on Other Legal and Regulatory Requirements (continued)

2. Consistency of the Additional Report to the Audit Committee

I confirm that my audit opinion on the financial statements expressed in this report is consistent with the additional report to the Audit Committee of the Company, which we issued on 31/12/2024 in accordance with Article 11 of the EU Regulation 537/2014.

3. Provision of Non-audit Services

I declare that no prohibited non-audit services referred to in Article 5 of the EU Regulation 537/2014 and Section 72 r acclare difers Law of 2017 were provided. In addition, there are no non-audit services which were provided by me to the Company and which have not been disclosed in the financial statements or the Management Report.

European Single Electronic Format

I have examined the digital files of the European Single Electronic Format (ESEF) of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED for the year ended 31 December 2022 comprising an XHTML file which includes the financial statements for the year then ended and XBRL files with the marking up carried out by the entity on the statement of financial position as at 31 December 2022, and the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and all disclosures made in the financial statements or made by cross-reference therein to other parts of the annual financial report for the year ended 31 December 2022 that correspond to the elements set out in Annex II to EU Delegated Regulation 2019/815 of 17 December 2018 of the European Commission, as amended from time to time (the 'ESEF Regulation') (the "digital files").

The Board of Directors of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED is responsible for preparing and submitting the financial statements for the year ended 31 December 2022 in accordance with the requirements set out in the ESEF Regulation.

My responsibility is to examine the digital files prepared by the Board of Directors of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED. According to the Audit Guidelines issued by the Institute of Certified Public Accountants of Cyprus (the "Audit Guidelines"), I am required to plan and perform my audit procedures in order to examine whether the content of the financial statements included in the correspond to the financial statements I have audited, and whether the format and marking up included in the digital files have been prepared in all material respects, in accordance with the requirements of the ESEF Regulation.

In my opinion, the digital files examined correspond to the financial statements, and the financial statements included in the digital files are presented and marked-up, in all material respects, in accordance with the requirements of the ESEF Regulation.

Other Legal Requirements

Pursuant to the additional requirements of the Auditors Law of 2017, I report the following:

• In my opinion, based on the work undertaken in the course of my audit, the Management Report has been prepared in accordance with the requirements of the Cyprus Companies Law, Cap 113, and the information given is consistent with the financial statements.
• In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, I am required to report if we have identified material misstatements in the Management Report. I have nothing to report in this respect.
• In my opinion, based on the work undertaken in the course of my audit, the information included in the corporate governance statement in accordance with the requirements of subparagraphs (iv) and (v) of paragraph 2(a) of Article 151 of the Cyprus Companies Law, Cap. 113, and which is included as a specific section of the Management Report, has been prepared in accordance with the requirements of the Cyprus Companies Law, Cap, 113, and is consistent with the financial statements.

To the Members of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED

Report on Other Legal and Regulatory Requirements (continued)

• In my opinion, based on the work undertaken in the course of my audit, the corporate governance statement In my ophloh, based on the work underalit the course of my dual and (vii) of paragraph 2(a) of Article 151 of the Cyprus Companies Law, Cap. 113.
• 151 of the Cyprus Companies Law, Cap. 113.
  In light of the knowledge and understanding of the Company in the course of . In light of the knowledge and understanding of the company and the corporate governance
  the audit, I am required to report if I have identified material miss harded to the the audit, I am required to report it I fave Taxince Maceral macera. Macoraragraph 2(a) of Article 151 of statement in relation to the into. 113. I have nothing to report in this respect.

Other Matter

This report, including the opinion, has been prepared for and only for the Company's members as a body in
ternet for near and the first Books time 537/2011 and Scation 60 of This report, Including the opinion, Thas been prepared Tor and Section 69 of the Auditors Law of 2017 and for not accordance with Article 10(1) of the LO Regulation 357/2017 and "Section all other purpose or to any other person to whose knowledge this report may come to.

The engagement partner on the audit resulting in this independent auditor's report is Petros Petrou FCCA.

Petros Petrou FCCA Certified Public Accountant and Registered Auditor

Kiti, 31 December 2024

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 31 December 2022

	Note	2022 ਵ	2021 ਵ
Other operating income Administration expenses	9	2.399 (12.480) (10.081)	(1.463) (1.463)
Operating loss	10	(216)
Finance costs Net finance costs Net loss for the year	11	(216) (10.297)	(1.463)
Other comprehensive income Total comprehensive income for the year		(10.297)	(1.463)

STATEMENT OF FINANCIAL POSITION

31 December 2022

	Note	2022 €	2021 €
ASSETS
EQUITY AND LIABILITIES
Equity Share capital Share premium Other reserves	12	1.267.808 1.069.828 140.320 (2.653.832)	1.267.808 1.069.828 140.320 (2.643.535)
Accumulated losses		(175.876)	(165.579)
Advances from shareholders Total equity	13	163.181 (12.695)	163.181 (2.398)
Current liabilities Trade and other payables	14	12.695 12.695	2.398 2.398
Total equity and liabilities

On 31 December 2024 the Board of Directors of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED authorised these financial statements for issue.

A. A. C. C. C. Christodoulos Chrysouliotis Director

minute a commenta Andreas Leonidou Director

STATEMENT OF CHANGES IN EQUITY 31 December 2022

	Share capital Share premium shareholders	Advances from Translation Accumulated	reserve	losses	l ota
	3			e	e
Balance at 1 January 2021 Net loss for the year	1.267.808 1.069.828	163.181		140.320 (2.642.072) (1.463)	(935) (1.463)
Balance at 31 December 2021	1.267.808 1.069.828			163.181 140.320 (2.643.535) (2.398)
Balance at 31 December 2021/ 1 January 2022	1.267.808 1.069.828			163.181 (10.297)	(2.398) (10.297)
Balance at 31 December 2022 Net loss for the year				1.267.808_ 1.069.828 163.181 140.320 (2.653.832) (12.695)

Companies, which do not distribute 70% of the rax, as defined by the Special Contribution for the Republ Claw, it the end of the increased chirity is Compans, will be deemed to have distributed this anount as divided on the 31 the second year. The anount of the econd of the company of the deemer continuing on help for relevant day any actual distibuted by 31 December of the year the postitions of the Company pops special defece on patural personal proposes an resires presidents an redeced on ally actual twited by usunuted or a rate of 17% (application at a rated to the entitled shareholers are natures are natures are natures are not 6,55%, when the shartoliers on a the alliour of the company on behalf of the sharbiders Geral Healthcare System (GHS) contribution at arate of 2,65%, when the entitled shareholders are natural persons tax residents of Cyprus, regardless of their domicile.

CASH FLOW STATEMENT 31 December 2022

	Note	2022 €	2021 €
CASH FLOWS FROM OPERATING ACTIVITIES Loss before tax		(10.297)	(1.463)
Adjustments for:	11	216
Interest expense		(10.081)	(1.463)
Changes in working capital: Increase in trade and other payables		10.297	1.463
Cash generated from operations		216
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES		(216)
Interest paid		(216)
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

1. Incorporation and principal activities

Country of incorporation

The Company C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED (the "Company") was incorporated awardes law The Company C.O. C.T. C.T. C.T. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C. C Cap. 113. Its registered office is at 13 Karaiskaki, Limassol, 3032.

Principal activity

The Company remained dormant during the year 2022.

2. Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS)
Standal (13) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (13) ( The Thancial statements nave been prepared in decoraments of the Cyprus Companies Law, Cap. 113. The financial statements have been prepared under the historical cost convention

3. Adoption of new or revised standards and interpretations

During the current year the Company adopted all the new and revised International Financial Reporting Standards During the current year the Company daoped an effective for accounting periods beginning on 1 January 2022. This adoption did not have a material effect on the accounting policies of the Company.

4. Significant accounting policies

The principal accounting policies adopted in the preparation of these financial statements are set be The pincipal accounting policies adied in these financial statements unless otherwise stated.

Going concern basis

The Company incurred a loss of €10.297 for the year ended 31 December 2022, and, as of that date the Company's current liabilities exceeded its current assets by €12.695. These conditions, indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern.

Segmental reporting

The Company is organised by business segments and this is the primary format for segmental reporting. Each business segment provides products or services which are subject to risks and returns that are different from those of other business segments. The Company operates only in Cyprus and for this reason operations are not analysed by geographical segment.

Finance costs

Interest expense and other borrowing costs are charged to profit or loss as incurred.

Share capital

Ordinary shares are classified as equity. The difference between the fair value of the consideration received by the Company and the nominal value of the share capital being issued is taken to the share premium account.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

4. Significant accounting policies (continued)

Advances from shareholders

Advances from shareholders contributions made by the Company's shareholders other than for the issue Advances from shareholders constitutions interest of the Company for which the Company has no
of shares by the Company in their capacity as equity owners of the Company in an of shares by the Company in their capacity as equily owners of the company for when are and of they constitutes
contractual obligation to repay them. Such concributions are r contractual obligation to Trepay them. Such Contributions are are and

5. New accounting pronouncements

At the date of approval of these financial statements, standards and interpretations were issued by the European Union and At the date of approval of these inancial statements, stanlaats and the European Union and The European Union and Accounting Standards Board which were not yet entective of them were assessment of the more of the more of the meriods will others not yet. The Boura on the financial statements of the Company.

6. Financial risk management

Financial risk factors

Financial risk factors
The Company is exposed to liquidity risk arising from the financial instruments it holds. The risk management policies employed by the Company to manage these risks are discussed below:

6.1 Liquidity risk

6.1 Liquidity risk
Liquidity risk is the risk that are maturity of assess and liabilities does not match. An unmached position Liquidty risk is the risk that arises when the naturity or assess. The Company has procedures with the the potentially ennances prontability, but can ulso incient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities.

7. Critical accounting estimates, judgments and assumptions

Estimates and judgments are continually evaluated and are based on historical experience and other factors, Esumates and Judgments are continually evaluation of the reasonable under the circumstances.

Critical accounting estimates and assumptions

The Company makes estimates and assumptions concerning the future. The resulting accounting assimites will, be definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Going concern basis

Management has made an assessment of the Company's ability to continue as a going concern.

Critical judgements in applying the Company's accounting policies

8. Revenue

The Company remained dormant during the year 2022.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

9. Other operating income

			2022 € 2.399	2021 €
Other operating income			2.399
10. Operating loss			2022 €	2021 €
Operating loss is stated after charging the following items: Auditors' remuneration			2.000	1.113
11. Finance costs			2022 ਵ	2021 €
Interest expense			216 216
Finance costs
12. Share capital	2022	2022	2021	2021
	Number of shares	€	Number of shares	€
Authorised Ordinary shares of €0,01 each	211.950.000	2.119.500	211.950.000	2.119.500
Issued and fully paid Balance at 1 January	126.780.762	1.267.808	126.780.762	1.267.808
Balance at 31 December	126.780.762	1.267.808	126.780.762	1.267.808
13. Advances from shareholders
			2022 ਵ	2021 €
Balance at 1 January			163.181	163.181
Dalance at 31 December			163.181	163.181

The advance from shareholders is made available to the Board of Directors for future increases of the share capital of the Company and are not refundable.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

14. Trade and other payables

		2022	2021
			e
		12.695	2.398
Accruals		12.695	2.398

The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.

15. Operating Environment of the Company

The geopolitical situation in Eastern Europe intensified on 24 February 2022 with the conflict on first is use the confiict ontinues The geoplitical situation in Eastern Europe intership is betwents for sue, the conflict continues
between Russia and Ukraine. As at the date of authorism of the oversions in between Russia and Ukraine of althorism's inse mailiers of the succhients on entitles in be operations in
to evolve as military activity proceeds. In additions with the confl to evolve as military activity proceed. In achion to the microaries, the confict is increasingly affecting
Russia, Ukraine, or Belarus or that conduct business with the econo Russia, Ukraine, or Belarus or that Conduct business wing ongoing economic challenges.
economies and financial markets globally and exacerbating ongoing economic challenges.

The European Union as well as United States of America, Switzerland, United Kingdom and other countries imposed a The European Union as well as Untence, switch, which cover ment, various companies, and
series of restrictive measures (sanctions) is and Belaussian government, various avail series of restrictive measures (sanctions) against and penhibition from making funds available to
certain individuals. The sanctions imposed include an asset freeze and indiv certain individuals The Sanctions Imposed include an uset needicable individuals pevents them the h the sanctioned individuals and entitles. The Republic of Cyprus has adopted the United Nations Nations Nations
from entering or transiting through the relevant territories m from entering or transiting through the relevant cerneshed of the Repair of the possibility of further sanctions in the future.

Emerging uncertainty regarding global supply of commodities due to the conflict between Russia and Unraine conflic Emerging uncertainty regarding global supply of connects and so nessure on commodity prices and input
may also disrupt certain global trade flows and place signifyliby of fun may also disrupt certain global trade nows and include availablity of funding to ensure costs as seen unrough early Transition in contraction of companies may be may be manager formance.

The Israel-Gaza conflict has escalated significantly after Hamas launched a major attack on 7 October 2023. The Israel-Gaza connict nas escalated significantly arcer Tramablan arrangements on joint ventures in the War Companies with material subsidiares, operations, incest lesoasure to Israel and Gaza Strip and Gaza Strip and major financial affected by the overall economic uncertainty and necntive impacts on the global economy and major financial anected by the overal economic uncercainty and stuation, however, the Company is not directly exposed.
markets arising from the war. This is a volatile period and situation, markets ansing from the war. This is a volusion closely and take appropriate actions when and if needed.

The impact on the Company largely depends on the nature and duration of uncertain and unpredictable events, such The Impact on the Company largery adperiass, and reactions to ongoing developments by global financial markets.

The financial effect of the current crisis on the global economy and overall business activities and the high lycol of The Inancial enect of the carrent chise of the ground, which the conflict prevails and the high level of uncertainties arising from the inability to reliably predict the outcome.

The Company has limited direct exposure to Russia, Ukraine, and as such does not expect significant impact from direct exposures to these countries.

Despite the limited direct exposure, the conflict is expected to negatively impact the tourism and services industries Despite the immed arect exposure, the comments of foreign exchange rates, uneas in stock market in tock market In Cyprus. Furthernore, the increasing chergy prices) necedario inflationary pressures may indinedly impact trading, rises in interest rates, suppy chain also and interent and duration of the crisis and remain uncertain.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

15. Operating Environment of the Company (continued)

Management has considered the unique circumstances and the risk exposures of the Company and has concluded Management has considered the unique creams and the nise exponse of env ene sent mot expected to have an
that there is no significant impact in the Company's profitablity pro that there is no significant impact in the Company's pronumicy positions in other the situation closely and
immediate material impact on the business operations. Management w immediate material impact on the business operations. Hanager in crisis becomes prolonged.
will assess the need for [please complete accordingly] in case the crisis becomes p

16. Participation of Directors in the company's share capital

The percentage of share capital of the Company held directly or indirectly by each member of the Bard of Directors The percentage of share capital of the Compaily new and 20 December 2022 and 27 December 2024
(in accordance with Article (4) (b) of the Directive DI 190-2007-04), as as foll (in accordance with Article (+) (0) of the Directive Dr 150 - 67) as bard of Directors) were as follows:
(5 days before the date of approval of the financial statements by th

31 December 27 December
2022	2024
0/0	0/0
	21,74
22,59	22,59
	21,74

(1) The shareholding interest of Mr. Antoniou includes his indirect participation with a percentage of (1) The shareholding Interest of Mr. Allconious and the participation of the company A.L. Pro Choice
1,18% through his doughter Ms. Theodora Leonidou, and the participation o 1,18% unfough This doughter percentage of 21,41%, of which he is a shareholder.

Secretanal Services Ltd Mith a percentage of 27,1 x, i whiles his direct participation with a percentage of 0,33%,
(2) The shareholding interest of Mr. Andreas Leonido with a (2) The shareholding Interest of Mr. Andreas Leonidod nicides filo with a percentage of 21,41%, of which he is a shareholder.

17. Shareholders holding more than 5% of share capital

The persons holding more than 5% of the share capital as at 31 December 2022 and 27 December 2024 (5 days Inc persons nolaing moval of the financial statements by the Board of Directors) were as follows:

	31 December 27 December
	2022	2024
	0/0	0/0
Stavros Stavrou	25,31	25,31
Halman R.M. Investments Ltd	11,36	11,36
A.L. Pro Choice Secretarial Services Ltd	21,41	21,41

18. Significant agreements with management

At the end of the year, no significant agreements existed between the Company and its Management.

19. Contingent liabilities

The Company had no contingent liabilities as at 31 December 2022.

20. Commitments

The Company had no capital or other commitments as at 31 December 2022.

21. Events after the reporting period

There were no material events after the reporting period, which have a bearing on the financial statements.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2022

21. Events after the reporting period (continued)

As explained in note 15 the geopolitical situation in Eastern Europe and the Middle East remains intense with the As explained in note 15 the getven In Eastern In Easter Lurope and the Practice of authorising
continuation of the conflict between Russia and Ultran activity proceeds and ad continuation of the conflict between Kussia and Ukraine and the Islae-Gaza comments of the world.
these financial statements for issue, the conflicts continue to evolve as mi sanctions are imposed.

Independent auditor's report on pages 4 to 8

ADDITIONAL INFORMATION TO THE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CONTENTS	PAUL
Detailed income statement
Selling and distribution expenses
Finance costs
Computation of corporation tax
Calculation of tax losses for the five-year period

DETAILED INCOME STATEMENT 31 December 2022

	Page	2022 ਵ	2021 ਵ
Other operating income		2.399
Other operating income
		2.399
Operating expenses		(12.480)	(1.463)
Administration expenses	2
Operating loss		(10.081)	(1.463)
	3	(216)
Finance costs		(10.297)	(1.463)
Net loss for the year before tax

1

SELLING AND DISTRIBUTION EXPENSES 31 December 2022

	2022 €	2021 €
Administration expenses	980	350
Annual levy	2.000	1.113
Auditors' remuneration	9.500
Other professional fees	12.480	1.463

2

FINANCE COSTS 31 December 2022

		2022 ਵ	2021 €
Finance costs
Interest expense Other interest		216 216

COMPUTATION OF CORPORATION TAX

31 December 2022

Net loss per income statement	Page	€	E (10.297)
Add: Annual levy		980	980
Net loss for the year			(9.317)
Loss brought forward Loss carried forward			(1.379) (10.696)

CALCULATION OF TAX LOSSES FOR THE FIVE-YEAR PERIOD

			Gains Offset
Tax year	Profits/ (losses)
	for the tax year
	€	Amount €	Year
	-
2017	-
2018		-
2019	-
2020	-	1
	(1.379)	-
2021	(9.317),	-
רבחר

Net loss carried forward

(10.696)

13 Karaiskaki Limassol 3032

Petros Petrou FCCA 12 Dikomou, Agora Court 2, Office 105 7550 Kiti Larnaca

31 December 2024

Management representation letter for the audit of the year ended 31 December 2022

Dear Sir

This representation letter is provided in connection with your audit of the financial statements of C.O. CYPRUS This representation letter is provided in connection with ville internation of the mater 2022 for the OPPORTUNITY ENERGY PUBLIC COMPANY LIMI (EN) (The Company of the end fair view of the financial
purpose of expressing an opinion as to whether the financial statemanes and is purpose of expressing an opinion as to whener the information in the earlier and its cash flows for the year position of the Company as at 31 December 2022, and of its manuel Pines and Personal Collection of the European
then ended in accordance with International Financial Reportin then ended in accordance with Internationalisms
Union and the requirements of the Cyprus Companies Law, Cap. 113.

By a resolution of the Board of Directors, passed today, we are directed to confirm to you, in respect of the financial By a resolution of the Board of Directors/ passed to ecenomic 2022, the following:
statements of the Company for the year ended 31 December 2022, the following:

We confirm that, to the best of our knowledge and belief and having made appropriately informing We confirm that, to the best of our knowledge and belen and appropriately informing
and officials and staff of the Company as we sections a vou and 'omclais' and 'stan make the following representations to you.

We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that sour and i We acknowledge our legal responsibility in the more of concection with preparing your audit
far as we are aware, there is no relevant audit in chan that hoche that no have ta far as we are aware, there is no relevant audit information in the she nount to have taken as a Director
report of which you are unaware. Each Director has taken all the coun report of which you are unaware. Each Direcor has taken an the Seps that hours of that information.

Financial statements T.

• 1) We have fulfilled our responsibilities, as set out in the terms of the Firstenent letter, for the requirements We have fulfiled our responsibilities, as set out in the certis or the European Union and the requirements.
  of the financial statements in accordance with IFRSs as adopted by of the financial statements in accordance with Intess as acopecally and onlance therevith, and for of the Cyprus Companies Law, Cap. 113, Which give a trade and a mave reviewed and approved the financial statements.
• 2) All transactions undertaken by the Company have been properly reflected in the accounting records and the financial statements.
• 3) We confirm that we have reviewed the Company's accounting policies and estimation techniques and, having we confirm that we nave revewed the company of accounting policies and estimation techniques, regard to the possible aternative policies and teenths are the most appropriate to give a true and fair selected for use in the preparation of the ministances are the the should Accounting Standard IAS1: Presentation of financial statements.
• 4) Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
• 5) Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of IFRSs as adopted by the EU.

6) Litigation and claims

• i) We have disclosed to you and have appropriately accounted for and/or disclosed in the financel statements, in We have disclosed to you and have appropriately accounter or and/or since of each of the see effects
  accordance with IFRSs as adopted by the EU, in interesent should be considered when preparing the financial statements.
• ii) We are not aware of any pending or threatened litigation, proceedings, hearing or claims negotiations, which may result in significant loss to the Company.

7) Events after the reporting period

All events occurring subsequent to the financial statements and for which IFRSs as adopted by the All events occurring subsequent to the une intential clinationsed in the financial statements. Other than as EU require adjustment of disclosure have been no circumstances or events subsequent to the period
described in the financial statements, there have been no circumstances or t described in the financial statements, there nave been no areas and on the notes thereto.

8) Uncorrected misstatements

We confirm that the financial statements are free of material misstatements, including omissions. The effects of We confirm that the financial statenients are free of material, both individually and in the aggregate, to the financial statements as a whole.

9) Going concern

We confirm that, having considered our future expectations for the next twelve months, and the We confirm that, having considered our icule expectadoria file incher conform that the disclosures in the fisclosures in the financial statements avaliablity of Working capital, the Company is a going consideration that the financial statements should be drawn up on a going concern basis.

II. Information provided

10) Accounting records

i) All the accounting records have been made available to you for the purpose of your audit and all ther recede All the accounting Tecords Thave Deen Thate 'arandsoo keess' and records. All other records. All other records, all other ecords, at transactions information which have requested by you for the purpose of the audit, including minutes of Directors, shareholders and relevant meetings, have been made available to you and no such Directors, shareholders and Televant management mocense to persons within the Company from whom you determined it necessary to obtain audit evidence.

11) Related parties

We confirm, that we have disclosed to you the identity of the Company's related parties and all the reiated we commin, that we have alsocated to folich we are aware. We also confirm that we have appropriately party Telatonships and disclosed in the financial statements all related party transactions relevant to the Company and that we are not aware of any other such matters required to be disclosed in the financial statements under International Accounting Standard 24 'Related Party Disclosures'.

12) Fraud

• i) We acknowledge as Directors that we are responsible for the design, implementation and maintenance of internal controls to prevent and detect fraud and error.
• ii) We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.
• iii) We have disclosed to you all information relating to any fraud or suspected fraud known to us that may have We have the Company (regardless of the source or form and including, without limitation, allegations by "whistle-blowers"), and involves Management, employees who have significant roles in internal control on whistle-blowers ), and involves hanagements. We have also disclosed any others' where 'naud or suspected fraud communicated by employees, former employees, analysts, regulators or others, that could affect the Company's financial statements.

13) Laws and regulations

• i) We confirm that we are not any instances of actual or potential breaches of or non-conpliance with We confirm that we are not aware of any instances or actual or poconduct its business or that could have a material effect on the financial statements.
• ii) We confirm that we are not aware of any irregularities of irregularities including fraud, involving We confirm that we are not aware of any irregularities, or diegations of hegations of the management of that could have a material effect on the financial statements.

14) Contractual arrangements/agreements

• i) All contractual arrangements entered into by the Company with third parties have been properiy reflected in the All contractual arrangements entered into by the company into the financial statements, have been disclosed to you.
• ii) The Company has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance.
• iii) There are no other agreements not in the ordinary course of business.
• iv) The Company has satisfactory title to all assets and there are no liens or encumbrances on the Company's assets, except for those disclosed in the financial statements.

III. Other representations

15) Assets and liabilities

• We have no plans or intentions that may materially alter the carrying value or classification of assets and = liabilities reflected in the financial statements.
• ii) In our opinion on realization in the ordinary course of business, the current of financial In our opinion on realization in the carrying amounts at which they are stated.

16) Provisions

i) Full provision has been made for all liabilities at the reporting date including guarantees, ommitments and contingencies where the items are expected to result in significant loss to the Company. Other such items, contingences where the tems are ecessary, have been appropriately disclosed in the financial statements.

17) Disclosures

• i) We have recorded or disclosed, as appropriate, all capital stock repurchase options or agreements, and capital stock reserved for options, warrants, conversions and other requirements.
• ii) We have recorded or disclosed, as appropriate, all arrangements with financial institutions involving we have recorded or alletions arrangements involving restrictions on cash balances and lines of credit or similar arrangements.
• iii) We have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and have disclosed in the notes of the financial statements all guarantees that we have given to third parties, including oral guarantees made by the Company on behalf of an affiliate, Director, officer or any other third party.
• iv) There are no other liabilities that are required to be recognised and no other contingent as 25, 27 ontingent liabilities that are required to be disclosed in the financial statements in accordance with IAS 37 Provisions, fidentines that and Contingent Assets, including liabilities or contingent liabilities arising from illegal or possible illegal acts.

18) Taxation

We have provided you with all information related to all significant income tax uncertainties of which we are we have provided you with access to all opinions and analyses that relate to positions we have taken in regard to significant income tax matters.

19) Accounting estimates

• i) We confirm that we have used appropriate measurement processes, including related assumptions and models, We confirm that we have used appropriate theasable in the furher confirm that in determining the accounting estimate that are also sear and that the assumptions appropriately
  measurement processes were consistently applical for he connagy there relevan measurement processes were consistently applied from year to year and that the Company where relevant to the accounting estimates and disclosures.
• ii) We confirm that disclosures related to accounting estimates are complete and appropriate under the IFRSs adopted by the EU.
• iii) We confirm that no adjustments are required to be made to the accounting estimates and disclosures included in the financial statements as a result of subsequent events.
• iv) We believe the assumptions and techniques used by us are appropriate and that all fair value measurements.
  12 July 1975 1991 1991 12 JErix Value Mansurament" we believe the assecordance with IFRS 13 "Fair Value Measurement".

20) Financial Instruments

We confirm that we have disclosed information relating to the exposures to risks arising from financial instruments that is adequate to enable uses to enature and extent of those risks to which financial instruments that is deequate to endole tisens to co in accordance with IFRS 7 , including the exposures the Company is exposed at the end of the report of enoment of ensks, the methods used to
to risks and how they arise, our objectives, policies and procedures for risks. We co to risks and now they anse, our objectives; policiss and processore to risks. We confirm that:

• Significant concentrations of credit risk arising from all financial instruments and information about Sighlicant concentrations of creat his animalians have been appropriately disclosed in the Company's the collateral supporting Such "mancial" mistical rinstrants "histories" are representative of the Company's exposure to risks arising from financial instruments during the period.
• There are no outflows of cash that could occur significantly earlier than indicated in the summary There are no outhows of cash that could be for significantly different amounts from those included in that data.
• 21) We confirm that we have appropriately performed impairment testing in accordance with IAS 36 Impairment of Assets.

22) Transactions with Directors/officers

Except as disclosed in the financial statements, no other transactions involving Directors, officers and others require disclosure in the financial statements under the Companies Law, Cap. 113 and the Cyprus Stock Exchange Regulations have been entered into.

Yours faithfully, or and on behalf of the Board of Directors of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED

Christodoulos Chrysouliotis Director

Andreas Leonidou Director