Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
12 March 2019
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Placing to Raise
Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that it has raised
The net proceeds of the Placing will help fund the Company's share of the 2019 work programme at the Suceava Concession ('Suceava') in North East Romania. Following the Enlargement of Suceava, as announced separately today, the partners plan to drill the Bainet West prospect ('Bainet West') subject to customary permitting. Bainet West is a lookalike prospect to the Bainet discovery which was successfully drilled in 2017 and is currently on production.
Bainet West is well defined on seismic with similar seismic attributes to the Bainet gas field, lying at a comparable depth and is similarly positioned in relation to a fault. If a future discovery was made at Bainet West it would be likely put on production in a congruent fashion to Bainet. Assuming corresponding gross costs of
Prospex Non-executive Chairman, Bill Smith, said, "We are pleased to have raised these funds for new drilling activity in
"Together with our interest in the Podere Gallina licence located onshore
Admission to Trading on AIM and Total Voting Rights
The Placing Shares will rank pari passu with the existing Ordinary Shares. Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") and Admission is expected to occur on or around 18 March 2019.
Following Admission, the Company will have in issue a total of 1,613,593,136 Ordinary Shares. The Company has no shares in treasury, therefore the figure of 1,613,593,136 should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Appointment of Joint Broker and issue of Broker Warrants
The Placing was completed by Novum Securities Limited ("Novum"), which has been appointed as Joint Broker to the Company with immediate effect. As part of Novum's compensation for their work undertaken pursuant to the Placing, Novum shall be issued with 8,125,000 warrants to subscribe for, in aggregate, 8,125,000 new Ordinary Shares at an exercise price of
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
* * ENDS * *
For further information visit www.prospexoilandgas.com or contact the following:
Edward Dawson |
Prospex Oil and Gas Plc |
Tel: +44 (0) 20 3948 1619 |
Rory Murphy
|
Strand Hanson Limited
|
Tel: +44 (0) 20 7409 3494 |
Colin Rowbury Jon Belliss |
Novum Securities Limited |
Tel: +44 (0) 20 7399 9427 |
Lucy Williams Charles Goodfellow
|
Peterhouse Corporate Finance
|
Tel: +44 (0) 20 7469 0932 |
Frank Buhagiar Priit Piip
|
St Brides Partners Ltd
|
Tel: +44 (0) 20 7236 1177 |
Notes
Prospex Oil and Gas Plc is an AIM quoted investment company focused on high impact onshore and shallow offshore European opportunities with short timelines to production. The Company's management acquires undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low cost re-evaluation techniques to identify and de-risk prospects.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the