TIDMBOIL
RNS Number : 3767G
Baron Oil PLC
15 November 2022
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DOMAIN.
15 November 2022
Baron Oil Plc
("Baron Oil", "Baron" or the "Company")
Placing and Subscription to raise GBP 5 million
REX Retail Offer
Non-Executive Director appointment
and
Related Party Transactions
Baron Oil (AIM: BOIL), the AIM-quoted oil and gas exploration
and appraisal company, announces that it has conditionally raised
GBP 5 million (before expenses) by way of a placing and
subscription ( the " Placing and Subscription ") of a total of
4,166,666,667 new ordinary shares of 0.025p each in the Company
("Ordinary Shares") at a price of 0.12 pence per new Ordinary Share
(the "Issue Price"). Allenby Capital Limited (" Allenby Capital ")
is acting as broker in connection with the Placing and
Subscription, which was oversubscribed.
In addition to the Placing and Subscription, it is proposed that
there will be a separate conditional retail offer to existing
shareholders via REX to raise up to approximately GBP1 million
(before expenses) at the Issue Price (the " REX Retail Offer ", and
together with the Placing and Subscription, the "Fundraise"), to
provide existing retail shareholders in the Company an opportunity
to participate in the Fundraise. A separate announcement will be
made shortly by the Company regarding the REX Retail Offer and its
terms. Those investors who subscribe for new Ordinary Shares
pursuant to the REX Retail Offer (the "REX Retail Shares") will do
so pursuant to the terms and conditions of the REX Retail Offer
contained in that announcement.
The Company is pleased to announce the appointment of Keith
Bush, the former Chief Executive Officer of Cabot Energy Plc
(previously known as Northern Petroleum Plc), as an independent
non-executive director, further details of which can be found
below.
Andy Yeo, CEO of Baron, commented:
"2023 will be an important year for Baron. We have two
significant sized assets available for farmout - Chuditch (Mean
gross Prospective Resources in excess of 500 MMboe*) and Dunrobin
(of the order of 100 MMbbl oil Mean gross Prospective Resources*) -
which each have similar pathways to their respective next value
points. A successful appraisal well on the Chuditch-1 discovery
could test approximately 1.35 TCF of Recoverable Gas Resources**
which may be sufficient to determine commerciality, and a
successful exploration well on Dunrobin West could test more than
100 MMbbl Mean oil gross Prospective Resources* from the primary
Jurassic target and would also de-risk potential follow ups on
Dunrobin Central, East and Golspie analogous prospects. Today's
oversubscribed Placing provides us with the necessary funds to
maximise the chances of delivering funding partners for drilling
campaigns on both of these assets."
Background to the Fundraise and Indicative use of net
proceeds
The Placing and Subscription is anticipated to raise net
proceeds of approximately GBP4.6 million.
The Directors anticipate the following indicative use of funds
over the period from 30 September 2022 until 31 December 2023,
including the net proceeds of the Fundraise. As at 30 September
2022 the Company had a net cash position of approximately GBP1.6
million.
Chuditch PSC
On 24 October 2022, Baron provided a n update on the TL-SO-19-16
Production Sharing Contract, offshore Timor-Leste ("Chuditch", the
"Chuditch PSC" or "PSC") in which Baron holds a 75% effective
interest, including the preliminary interpretation of reprocessed
3D seismic data in relation to the PSC. The Company also announced
that reservoir consultancy group ERCE had been engaged to prepare a
Competent Person's Report ("CPR") to provide an independent
validation of Baron's internal resource estimates for the Chuditch
PSC to a SPE PRMS compliant standard. The Directors anticipate that
this CPR will assign Contingent Resources to the Chuditch-1 gas
discovery area.
It is proposed that approximately 30% of the net proceeds of the
Placing and Subscription will be applied towards activities in
relation to the Chuditch PSC and will include:
-- Finalising the interpretation of the reprocessed 3D seismic data;
-- Reservoir Engineering and Environmental Impact Assessment studies ;
-- Publication of the CPR;
-- Design and preparation for an appraisal well; and
-- Continuing the Company's farmout campaign.
It is proposed that approximately 15% of the net proceeds of the
Placing and Subscription will be applied towards the Chuditch Bank
Guarantee (as defined below). Specifically, this is the extension
of the US$1 million Guarantee to 1 August 2023 with Baron providing
100% of the collateral for the Guarantee going forward, as
described below.
UK P2478 licence
Baron has a 32% interest in United Kingdom Offshore Licence
P2478, in the Inner Moray Firth. Baron has the role of technical
overseer of the remaining Phase A work commitments for this
licence. The preliminary interpretation of the reprocessed 3D and
2D seismic data is largely complete with an increased confidence in
the imaging of the reservoir targets within the previously
recognised prospects on the licence. In addition, geochemical
studies conclude that there is potential for developable oil
quality within the licence area.
Baron previously announced that its internal estimates for the
Dunrobin prospective complex contained approximately 100 MMbbl of
gross Mean Prospective Resources*. The preliminary interpretation
indicates that the western part of the complex (the "Dunrobin West"
prospect) at the primary Jurassic target alone could contain 100
MMbbl of gross Mean Prospective Resources*. The Board believes that
Dunrobin West is maturing to the stage where it is potentially a
drillable prospect and so a potential target for an initial
exploration well on the P2478 licence.
The Directors believe that success on an exploration well on
Dunrobin West would de-risk follow up prospects Dunrobin Central,
East and Golspie with the possibility of establishing the upside
potential of a single Dunrobin accumulation. A secondary Triassic
target is also being matured, involving an unproven (and therefore
likely riskier) deeper reservoir, which the Directors consider
provides significant additional resource potential and which may
demonstrate higher oil quality preservation.
A joint farmout campaign is underway and has been announced to
the industry. The Directors consider that there is currently an
improving UK farmout market, with increased industry interest, the
potential availability of windfall tax breaks, the need to address
energy security issues, and an improved macro-economic
environment.
It is proposed that approximately 5% of the net proceeds of the
Placing and Subscription will be applied towards the P2478 licence
and will include:
-- Finalising the interpretation of reprocessed 3D & 2D seismic data;
-- Modelling the outcomes of geochemical studies;
-- Evaluating a secondary deeper Triassic reservoir additional
target for exploration drilling; and
-- Participating in a joint venture farmout.
New ventures
The UK North Sea Transition Authority (NSTA) has announced the
33rd Offshore Licensing Round (the "33rd Round") with a January
2023 bidding deadline and awards anticipated to be announced in H2
2023 . Baron may bid for multiple licences in the 33rd Round. One
joint bidding agreement has already been signed and further
discussions are ongoing. The Company has technical and
administrative familiarity with many of the licence areas available
in the 33rd Round, and is seeking projects where it will hold
significant working interests, a non-operator status, and low entry
costs.
Baron has also screened other potential new ventures in the UK
and elsewhere. Multiple opportunities have been reviewed and the
Company may wish to proceed with these, where they are aligned with
the Company's stated corporate strategy.
It is therefore proposed that approximately 5% of the net
proceeds of the Placing and Subscription will be applied towards
the evaluation of potential new ventures.
Other
It is proposed that approximately 45% of the net proceeds of the
Placing and Subscription will be applied towards covering the
Company's general and administrative expenses (approximately
GBP0.9m) and other related working capital (approximately GBP1.3m).
Depending on the outcome of the farmout discussions and potential
new venture activity, the usage of other related working capital
may change markedly.
It is proposed that the net proceeds of the REX Retail Offer,
which will represent a maximum of an additional approximately GBP1
million will generally be used for the same purposes as indicated
above in an approximately pro rata manner.
Director and PDMR participation and details of the Placing and
Subscription
Andrew Yeo and Andrew Butler have subscribed for a total of
58,000,000 new Ordinary Shares at the Issue Price in the Placing
and Subscription (the "PDMR Participation"). Details of the PDMR
Participation are outlined in the table below.
Director/PDMR Position new Ordinary Shareholding Indicative
Shares being following percentage
subscribed Admission of enlarged
share capital
following
Admission(1)
Chief Executive
Andrew Yeo Officer 8,000,000 193,000,000 0.99%
--------------------- -------------- ------------- ---------------
Director of
Andrew Butler group subsidiaries 50,000,000 628,601,442 3.23%
--------------------- -------------- ------------- ---------------
(1) Indicative enlarged share capital following Admission in
this context assumes full take-up under the REX Retail Offer.
The FCA notification, made in accordance with the requirements
of UK MAR is appended further below.
The Fundraise comprises a placing of 4,085,321,667 new Ordinary
Shares (the "Placing Shares" ) and a subscription of 81,345,000 new
Ordinary Shares (the "Subscription Shares" ) and up to 833,333,333
REX Retail Shares (together the "Fundraise Shares") at the Issue
Price . The Fundraise Shares are to be issued pursuant to the
authorities granted to the Board at the Company's annual general
meeting held on 28 June 2022 on a non-pre-emptive basis. Completion
of the REX Retail Offer is conditional, inter alia, upon on
completion of the Placing and Subscription. Completion of the
Placing and Subscription is not conditional on the completion of
the REX Retail Offer.
It is anticipated that an application will be made to London
Stock Exchange plc ("London Stock Exchange") for the Placing
Shares, Subscription Shares and the REX Retail Shares (once the
final number of REX Retail Shares to be issued is determined ) to
be admitted to trading on the AIM market of the London Stock
Exchange ("Admission"). It is currently anticipated that Admission
will become effective, and that dealings in the Placing Shares,
Subscription Shares and Rex Retail Shares will commence on AIM, at
8.00 a.m. on or around 29 November 2022.
Non-Executive Director appointment
Baron is pleased to announce the appointment of Keith Bush as an
independent non-executive Director, with immediate effect.
Keith is an experienced quoted company director having worked
for over 30 years in the energy industry. He has a petroleum
engineering background, with significant experience in the oil and
gas sector, having spent six years with both Amerada Hess Limited
and then five years with Burlington Resources. He then held senior
management positions with E.ON Ruhrgas, the German listed energy
group, before joining AIM quoted Northern Petroleum plc, initially
as Chief Operating Officer and then Chief Executive. Keith is
currently Chief Operating Officer at TelosNRG Limited, an advisory
consultancy which he co-owns. He holds a degree in Physics from the
University of Manchester.
Pursuant to the AIM Rules for Companies, the following
information is disclosed in relation to Mr Bush.
Keith Richard Bush aged 52, is, or has during the last five
years, been a director or partner of the following companies and
partnerships:
Current directorships or partnerships Past directorships or partnerships
during the last five years
-- TelosNRG Ltd -- Cabot Energy Limited
-- Wam Advisors Ltd -- High Power Petroleum (NOP)
Limited
-- Northern Petroleum (UK) Limited
-- Northpet Investments Limited
-- NP Netherlands Limited
-- NP Oil & Gas Holdings Limited
-- NP Offshore Holdings (UK)
Limited
-- Northern Petroleum E&P Holdings
Limited
-- Northern Petroleum Limited
------------------------------------
Mr Bush does not currently hold any Ordinary Shares in the
Company.
Update on Chuditch Bank Guarantee
The Company also provides an update on the performance bank
guarantee arrangements connected to the Chuditch PSC ("Chuditch
Bank Guarantee" or "Guarantee").
Following the announcements of 18 October and 24 October 2022
that Baron's wholly owned subsidiary, SundaGas Banda Unipessoal
Lda. ("SundaGas Banda"), which operates the PSC in offshore
Timor-Leste, has been granted a six-month extension to Contract
Year Two of the PSC until 18 June 2023 by the relevant Timor-Leste
national authority, Autoridade Nacional do Petróleo e Minerais
("ANPM"), the Company announces that it has agreed a revised
performance guarantee arrangement in respect of the work programme
for the PSC. It is proposed that the Guarantee in place for US$1
million issued by a Singaporean bank (the "Bank") in favour of ANPM
will be extended from 1 December 2022 to 1 August 2023.
The Guarantee is secured on a total deposit of US$1 million (the
"Deposit") which has been held with the Bank since the end of 2019.
In 2020, when Baron first invested in the Chuditch PSC, the Company
provided one-third of the Deposit to SGPL representing Baron's then
share, in line with its historic interest in SundaGas Banda, a
position that did not change when the Company increased its
interest in SundaGas Banda to full ownership during 2021. In
contemplation of the completion of the extension of the Guarantee,
it is proposed that the Company will assume 100% of the collateral
for the full US$1 million amount of the Deposit, by providing
approximately US$667,000 to SGPL to replace the two thirds
contribution (approximately US$667,000) previously made by SundaGas
Pte. Ltd ("SGPL"), which was the other indirect shareholder in
SundaGas Banda until 18 June 2021. This financial alignment of the
Deposit is in line with Baron's subsequent increase to 100%
ownership of Banda in 2021. As set out earlier in this
announcement, approximately 15% of the net proceeds of the Placing
and Subscription will be used for this purpose.
It is proposed that the relationship agreement between SGPL, its
principals and Baron as originally announced on 18 June 2021 (the
"Relationship Agreement") will be varied so that Baron is entitled
to all the benefit of and rights to the return of the Deposit
should it be released or when the Guarantee expires in due course
on 1 August 2023.
The changes to the provision of the funds for the Deposit and
the variations to the Relationship Agreement are deemed to be
related party transactions pursuant to the AIM Rules for Companies
as Andy Butler is a director of SundaGas Banda, a subsidiary of the
Company and is a person of significant control in SGPL. The
directors of Baron consider, having consulted with the Company's
nominated adviser, Allenby Capital, that the terms of the revised
Deposit arrangements and the variations to the Relationship
Agreement are fair and reasonable insofar as the Company's
shareholders are concerned.
A further announcement will be made once the extension of the
Guarantee and related arrangements have completed.
Other
Notice to Distributors
Solely for the purposes of the product governance requirements
contained within: (a) EU Directive 2014/65/EU on markets in
financial instruments, as amended and as this is applied in the
United Kingdom ("MiFID II"); (b) Articles 9 and 10 of Commission
Delegated Directive (EU) 2017/593 supplementing MiFID II and
Regulation (EU) No 600/2014 of the European Parliament, as they
form part of UK law by virtue of the European Union (Withdrawal)
Act 2018, as amended; and (c) local implementing measures
(together, the "MiFID II Product Governance Requirements"), and
disclaiming all and any liability, whether arising in tort,
contract or otherwise, which any "manufacturer" (for the purposes
of the MiFID II Product Governance Requirements) may otherwise have
with respect thereto, the Fundraise Shares have been subject to a
product approval process, which has determined that such securities
are: (i) compatible with an end target market of retail investors
who do not need a guaranteed income or capital protection and
investors who meet the criteria of professional clients and
eligible counterparties, each as defined in MiFID II; and (ii)
eligible for distribution through all distribution channels as are
permitted by MiFID II (the "Target Market Assessment"). The
Fundraise Shares are not appropriate for a target market of
investors whose objectives include no capital loss. Notwithstanding
the Target Market Assessment, distributors should note that: the
price of the Fundraise Shares may decline and investors could lose
all or part of their investment; the Fundraise Shares offer no
guaranteed income and no capital protection; and an investment in
the Fundraise Shares is compatible only with investors who do not
need a guaranteed income or capital projection, who (either alone
or in conjunction with an appropriate financial or other adviser)
are capable of evaluating the merits and risks of such an
investment and who have sufficient resources to be able to bear any
losses that may result therefrom. The Target Market Assessment is
without prejudice to the requirements of any contractual, legal or
regulatory selling restrictions in relation to the Fundraise.
Furthermore, it is noted that, notwithstanding
the Target Market Assessment, Allenby Capital will only procure
investors who meet the criteria of professional clients and
eligible counterparties. For the avoidance of doubt, the Target
Market Assessment does not constitute: (a) an assessment of
suitability or appropriateness for the purposes of MiFID II; or (b)
a recommendation to any investor or group of investors to invest
in, or purchase, or take any other action whatsoever with respect
to the Fundraise Shares. Each distributor is responsible for
undertaking its own target market assessment in respect of the
shares and determining appropriate distribution channels.
Forward Looking Statements
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"anticipates", "targets", "aims", "continues", "expects",
"intends", "hopes", "may", "will", "would", "could" or "should" or,
in each case, their negative or other variations or comparable
terminology. These forward-looking statements include matters that
are not facts. They appear in a number of places throughout this
announcement and include statements regarding the Directors'
beliefs or current expectations. By their nature, forward-looking
statements involve risk and uncertainty because they relate to
future events and circumstances. Investors should not place undue
reliance on forward-looking statements, which speak only as of the
date of this announcement.
Notice to overseas persons
This announcement does not constitute, or form part of, a
prospectus relating to the Company, nor does it constitute or
contain any invitation or offer to any person, or any public offer,
to subscribe for, purchase or otherwise acquire any shares in the
Company or advise persons to do so in any jurisdiction, nor shall
it, or any part of it form the basis of or be relied on in
connection with any contract or as an inducement to enter into any
contract or commitment with the Company.
This announcement is not for release, publication or
distribution, in whole or in part, directly or indirectly, in or
into Australia, Canada, Japan or the Republic of South Africa or
any jurisdiction into which the publication or distribution would
be unlawful. This announcement is for information purposes only and
does not constitute an offer to sell or issue or the solicitation
of an offer to buy or acquire shares in the capital of the Company
in Australia, Canada, Japan, New Zealand, the Republic of South
Africa or any jurisdiction in which such offer or solicitation
would be unlawful or require preparation of any prospectus or other
offer documentation or would be unlawful prior to registration,
exemption from registration or qualification under the securities
laws of any such jurisdiction. Persons into whose possession this
announcement comes are required by the Company to inform themselves
about, and to observe, such restrictions.
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This announcement is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States,
except pursuant to an applicable exemption from registration. No
public offering of securities is being made in the United
States.
General
Neither the content of the Company's website (or any other
website) nor the content of any website accessible from hyperlinks
on the Company's website (or any other website) or any previous
announcement made by the Company is incorporated into, or forms
part of, this announcement.
Allenby Capital, which is authorised and regulated by the FCA in
the United Kingdom, is acting as Nominated Adviser and Broker to
the Company in connection with the Placing and Subscription.
Allenby Capital will not be responsible to any person other than
the Company for providing the protections afforded to clients of
Allenby Capital or for providing advice to any other person in
connection with the Fundraise. Allenby Capital has not authorised
the contents of, or any part of, this announcement, and no
liability whatsoever is accepted by Allenby Capital for the
accuracy of any information or opinions contained in this
announcement or for the omission of any material information.
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining
and Oil and Gas Companies ("AIM MOG"), the technical information
and resource reporting contained in this announcement has been
reviewed by Jon Ford BSc, Fellow of the Geological Society,
Technical Director of the Company. Mr Ford has more than 40 years'
experience as a petroleum geoscientist. He has compiled, read and
approved the technical disclosure in this regulatory announcement
and indicated where it does not comply with the Society of
Petroleum Engineers' SPE PRMS standard.
* Not SPE PRMS compliant.
** This announcement contains references to Recoverable Gas
Resource estimates (further details of which can be found in the
Company's announcement of 24 October 2022) and references to the
previous independent Prospective Resource estimates by THREE60
Energy (the "2021 Report", 14 July 2021). The Recoverable Gas
Resource estimates in this announcement supplement the previous SPE
PRMS compliant 2021 Report. However, the Recoverable Gas Resource
estimates have not been prepared to the standards set forth in the
SPE PRMS or in accordance with an appropriate Standard as set out
in the AIM MOG Note. The CPR commissioned by the Company, referred
to above, will be SPE PRMS compliant. The Recoverable Gas Resource
estimates included in this announcement are not directly comparable
to those in the 2021 Report or those required under SPE PRMS.
Glossary
Contingent Resources Contingent Resources are those quantities of petroleum which are
estimated, on a given date,
to be potentially recoverable from known accumulations, but which
are not currently considered
to be commercially recoverable. Crude oil, natural gas, and natural
bitumen are defined in
the same manner. 2C Contingent Resources represent the Best Estimate
case.
Mean Reflects a mid-case volume estimate of resource derived using
probabilistic methodology. This
is the mean of the probability distribution for the resource
estimates and may be skewed by
high resource numbers with relatively low probabilities.
MMbbl Million barrels of oil.
MMboe Million barrels of oil equivalent. Volume derived by dividing the
estimate of the volume of
natural gas in billion cubic feet by six in order to convert it to
an equivalent in million
barrels of oil and, where relevant, adding this to an estimate of
the volume of oil in millions
of barrels.
Prospective Resources Quantities of petroleum which are estimated, on a given date, to be
potentially recoverable
from discoveries, prospects and leads. Crude oil and natural gas are
defined in the same manner.
Recoverable Gas Resource or Recoverable Resource Quantities of gas which are estimated, on a given date, to be
potentially recoverable from
discoveries, prospects and leads
SPE PRMS The Society of Petroleum Engineers' ("SPE") Petroleum Resources
Management System ("PRMS"):
a system developed for consistent and reliable definition,
classification, and estimation
of hydrocarbon resources prepared by the Oil and Gas Reserves
Committee of SPE and approved
by the SPE Board in June 2018 following input from six sponsoring
societies: the World Petroleum
Council, the American Association of Petroleum Geologists, the
Society of Petroleum Evaluation
Engineers, the Society of Exploration Geophysicists, the European
Association of Geoscientists
and Engineers, and the Society of Petrophysicists and Well Log
Analysts. Quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations
by application of future development projects. The total quantity of
petroleum that is estimated
to exist originally in naturally occurring reservoirs, as of a given
date. Crude oil in-place,
natural gas in-place, and natural bitumen in-place are defined in
the same manner.
TCF Trillion cubic feet
For further information, please contact:
Baron Oil Plc +44 (0) 20 7117 2849
Andy Yeo, Chief Executive
Allenby Capital Limited +44 (0) 20 3328 5656
Nominated Adviser and Broker
Alex Brearley, Nick Harriss, Nick Athanas,
George Payne (Corporate Finance)
Kelly Gardiner (Sales and Corporate Broking)
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR baronoil@investor-focus.co.uk
Tim Metcalfe, Florence Chandler
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Andrew Yeo
------------------------------------------- --------------------------
2. Reason for notification
-----------------------------------------------------------------------
(b) Position/status Chief Executive
------------------------------------------- --------------------------
(c) Initial notification/ Amendment Initial notification
------------------------------------------- --------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
(d) Name of entity Baron Oil Plc
------------------------------------------- --------------------------
(e) LEI 213800MBSOS9UZ5SW712
------------------------------------------- --------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.025 pence each in
the Company
------------------------------------------- --------------------------
(b) Identification code GB00B01QGH57
------------------------------------------- --------------------------
(c) Nature of the transaction Placing of ordinary
shares
------------------------------------------- --------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
0.12 pence
per new
Ordinary
Share 8,000,000
----------
------------------------------------------- --------------------------
(e) Aggregated information:
- Aggregated volume 8,000,000
- Price
0.12 pence per new
Ordinary Share
------------------------------------------- --------------------------
(f) Date of transaction 14 November 2022
------------------------------------------- --------------------------
(g) Place of transaction Outside a trading venue
------------------------------------------- --------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Andrew Butler
----------------------------------------- -------------------------------
2. Reason for notification
--------------------------------------------------------------------------
(b) Position/status Director of group subsidiaries
----------------------------------------- -------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- -------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
(d) Name of entity Baron Oil Plc
----------------------------------------- -------------------------------
(e) LEI 213800MBSOS9UZ5SW712
----------------------------------------- -------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.025 pence each in
the Company
----------------------------------------- -------------------------------
(b) Identification code GB00B01QGH57
----------------------------------------- -------------------------------
(c) Nature of the transaction Subscription of ordinary
shares
----------------------------------------- -------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
0.12 pence
per new
Ordinary
Share 50,000,000
-----------
----------------------------------------- -------------------------------
(e) Aggregated information:
- Aggregated volume
- Price 50,000,000
0.12 pence per new
Ordinary Share
----------------------------------------- -------------------------------
(f) Date of transaction 14 November 2022
----------------------------------------- -------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- -------------------------------
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IOEXZLLFLFLXFBX
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