Sirius Petroleum PLC Placing + Subscription of Equity (7413Z)
22 Septembre 2015 - 8:01AM
UK Regulatory
TIDMSRSP
RNS Number : 7413Z
Sirius Petroleum PLC
22 September 2015
22 September 2015
Sirius Petroleum plc
("Sirius" or the "Company")
Placing and Subscription
Sirius Petroleum (AIM:SRSP) the investing company focused on oil
and gas exploration and development opportunities is pleased to
announce that it has raised a total of GBP1,035,000 (net of fees)
through a Placing of 250 million new ordinary shares and a
Subscription of 25 million new ordinary shares with new and
existing investors at 0.4 pence per share (the "Funding" and the
"Funding Shares").
New Funding to support the Ororo Field Well Permit
Application
-- In collaboration with Guarantee Petroleum and Owena Oil &
Gas, the Company will initiate application process to the
Department of Petroleum Resources Nigeria ("DPR") for a Well Permit
for the Ororo-2 well
-- Company will commence work to obtain an up-to-date Environmental Impact Assessment ("EIA")
-- In addition, the outstanding Calvet Facility has been reduced
by GBP500,000 resulting in less dilution of shareholders' interests
by 100 million shares and Calvet have agreed to a six month lock-in
of its current shareholding
-- Funding provides additional general working capital.
Bobo Kuti, Chief Executive, said: "I have set out a near term
set of objectives for Sirius which sees all of our plans and recent
activity come together and should lead to significant developments
that bring Sirius closer to developing the Ororo Field."
"A collaborative approach with Guarantee Petroleum and Owena Oil
& Gas provides multiple levels of technical and in-country
knowledge and, in collaboration with Havoc Partners, aligns with
our strategy to progress the development of our first asset."
"The Nigerian oil and gas industry has the full support of the
new government administration which has re-focused the regulators,
the Nigerian National Petroleum Corporation and the Department of
Petroleum Resources, to work closely with indigenous companies to
bolster the nation's natural resources production. This initiative
ties in with our strategy to build a significant portfolio of
producing assets through local partnerships."
The Funding will be used to pay approved costs incurred by
Sirius's partners in accordance with certain terms of the Financial
& Technical Services Agreement ("FTSA") to allow the Company to
apply to the DPR for a Well Permit. Sirius will also apply for
certain local regulatory approvals and initiate work to obtain an
up-to-date EIA. The Funding will also provide general working
capital (depending on the timing of raising the Project finance in
relation to the Ororo-2 well, additional general working capital
may be required).
Further to Sirius's announcement of 12 February 2015, the
Parties have been working closely together with the DPR with regard
to clarifying the licensing obligations in relation to the Ororo
Field. The Sirius directors believe that the Well Permit, if
granted, would be a significant step forward in this regard. A
further announcement will be made in due course.
In addition to applying for the Well Permit, Guarantee
Petroleum, Owena Oil & Gas and Sirius (together "the Parties")
intend to apply to the Ministry of Petroleum Resources in Nigeria
to legally ratify Sirius' 40 per cent. participatory interest in
the Ororo Field. This is subject to the amendment or waiver of
certain terms of the FTSA, which have been highlighted by a recent
review of the FTSA by the Parties, in order to confirm each of the
Parties rights and economic interests under the FTSA, which
comprises Sirius' 40% interest, Guarantee Petroleum's 32% interest,
and Owena Oil and Gas' 28% interest.
Calvet Facility
In conjunction with the Placing, Calvet International Limited
("Calvet"), an international family investment office, in continued
long term support of the Company's development has agreed to reduce
by GBP500,000 the total amount of the Calvet loan facility
("Facility") that Calvet can deliver to the Company and convert
into ordinary shares of the Company. The undrawn Calvet Facility
will therefore now be GBP700,000. This, in turn, will reduce the
potential dilution of shareholders' interests by 100 million
shares. Furthermore, Calvet has agreed to a lock-in of its current
shareholding in the Company for a period of six months from 22
September 2015 and, other than with the consent of the Company, it
will not dispose of any rights over or interest in such shares for
that period.
Issue of Equity
Application has been made for the 275 million Funding Shares
(representing 20.5 per cent. Of the current issued share capital)
to be admitted to trading on AIM, which is expected to occur on, or
around, 29 September 2015. Following admission of the Funding
Shares, the Company's enlarged issued share capital will comprise
1,613,562,856 ordinary shares. This figure of 1,613,562,856
ordinary shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
The Financial & Technical Services Agreement (FTSA) refers
to the agreement dated 10 October 2011, as previously announced by
the Company.
Enquiries
Sirius Petroleum plc +44 (0) 20 3740 7460
Bobo Kuti / Jamie Bligh www.siriuspetroleum.com
Cairn Financial Advisers LLP (Nomad)
Tony Rawlinson / Emma Earl +44 (0) 20 7148 7900
Merlin Partners LLP (Financial Advisor)
Ashleigh Ruxton +44 20 7484 0901
Cantor Fitzgerald Europe (Broker)
David Porter / Sarah Wharry +44 (0) 207 894 7000
Gable Communications Limited +44 (0) 20 7193 7463
John Bick Email: srsp@gablecommunications.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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