('Prospex' or the 'Company')
Placing to Raise
The net proceeds of the Placing will help fund the Company's share of the 2017 work programme at the Suceava Concession ('Suceava') in North East Romania. This includes the drilling of the Bainet Prospect ('Bainet'), a shallow, gas target mapped on 3D seismic that has been assigned internal gross prospective resources of approximately 1.5bcf recoverable. Bainet is one of several low cost / low risk exploration and development opportunities that have been identified at Suceava. In addition, the funds will go towards the ongoing evaluation of a number of potential projects, in line with the Company's strategy to build a portfolio of investments in the European oil and gas sector, as well as general working capital purposes.
Prospex Non-executive Chairman,
Admission to Trading on AIM
The New Ordinary Shares will rank pari passu with the existing Ordinary Shares. Application will be made for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and Admission is expected to occur on
Following Admission, the Company will have in issue a total of 641,500,136 Ordinary Shares. The Company has no shares in treasury, therefore the figure of 641,500,136 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
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").
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For further information visit www.prospexoilandgas.com or contact the following:
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Tel: +44 (0) 20 3586 1009 |
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Tel: +44 (0) 20 7409 3494 |
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Tel: +44 (0) 20 7382 8300 |
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Peterhouse Corporate Finance
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Tel: +44 (0) 20 7469 0932 |
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Tel: +44 (0) 20 7236 1177 |
Notes
This information is provided by RNS