NAV Update and Notice of Results
24 Mars 2010 - 4:33PM
UK Regulatory
TIDMQOGT
RNS Number : 1286J
Quorum Oil and Gas Tech. Fund Ld
24 March 2010
Not for release, publication or distribution in, or into, the United States,
Canada, Australia or Japan.
+------------------------------+------------------------------+
| Press Release | 24 March 2010 |
+------------------------------+------------------------------+
Quorum Oil and Gas Technology Fund Limited
("Q-OGT", "the Fund" or "the Company")
Net Asset Value Update
Notice of Results
The Directors of Quorum Oil and Gas Technology Fund Limited (LSE:QOGT) hereby
give guidance that the Net Asset Value as at 31 December 2009 is expected to be
in the range of US$11.75 to US$12.15 per participating redeemable preference
share (pre-dilution through the exercise of warrants). This range has been
calculated using the valuation methodology that will be applied in respect of
the Company's audited results for the year to 31 December 2009, based on the
enterprise value of the underlying investments. The only investment whose value
will be written up is Strata Energy Services, Inc. and the only impairment will
be a small impairment in respect of SQ5 Intelligent Oilfield Services Inc. The
investment in WellPoint Systems Inc. will be left at cost in light of the
implied valuation derived from its listed securities on the TSX Venture
Exchange. All other investments will also be left at cost.
The Directors also announce that the Company will be announcing its results for
the period ended 31 December 2009 on Friday 30 April 2010.
- Ends -
For further information:
+----------------------------------+--------------------------------+
| Investment Manager | |
+----------------------------------+--------------------------------+
| Quorum Group | |
+----------------------------------+--------------------------------+
| Wanda Dorosz, Managing Partner & | Tel: +1 416 971 6998 |
| CEO | |
+----------------------------------+--------------------------------+
| | wdorosz@quorum.ca |
+----------------------------------+--------------------------------+
| David Sefton, Quorum European | Tel: +44 (0) 7989 333 |
| Partners LLP | 371 |
+----------------------------------+--------------------------------+
| | david.sefton@quorum-london.com |
+----------------------------------+--------------------------------+
+--------------------------------+----------------------------+
| Numis Securities | |
+--------------------------------+----------------------------+
| Nathan Brown, Corporate | Tel: +44 (0) 20 7260 1426 |
| Broking | |
+--------------------------------+----------------------------+
Media enquiries:
+--------------------------------+----------------------------+
| Abchurch | |
+--------------------------------+----------------------------+
| Henry Harrison-Topham / Mark | Tel: +44 (0) 20 7398 7702 |
| Dixon | |
+--------------------------------+----------------------------+
| henry.ht@abchurch-group.com | www.abchurch-group.com |
+--------------------------------+----------------------------+
Notes to editors:
Quorum Oil and Gas Technology Fund Limited ("Q-OGT") is a registered
closed-ended investment company incorporated in Guernsey to provide expansion
capital to companies which own and/or are developing proven proprietary
technology which may have a potentially significant effect on the oil and gas
industry. The Fund is managed by the Quorum Group, a 23 year old strategic
sector private equity firm, headquartered in North America, which also has a
subsidiary and office in London, Quorum European Partners LLP. Q-OGT was
admitted to the Official List of the UK Listing Authority and to trading on the
London Stock Exchange on 7 January 2008. Its stock market EPIC is QOGT.L.
Further information can be found at www.q-ogtfund.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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