LGO Energy PLC Result of Offer via PrimaryBid (2758B)
03 April 2017 - 4:05PM
UK Regulatory
TIDMLGO
RNS Number : 2758B
LGO Energy PLC
03 April 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.
3 April 2017
LGO Energy Plc
("LGO" or the "Company")
Successful Result of Offer
LGO Energy plc (AIM:LGO), the oil and gas company with reserves,
resources and production onshore Trinidad, announced on 31 March
2017 a fundraising of GBP2.5 million (before expenses) at an issue
price of 2.2 pence per New Ordinary Share, by way of a placing of
GBP2.2 million by VSA Capital (the "Placing") and a fully
underwritten offer of GBP0.3 million via PrimaryBid (the "Offer")
(together the "Fundraising").
The Offer received a very strong response from investors and was
fully subscribed. The Offer was on a "first come, first serve"
basis and was closed early at 4.25 p.m. on 2 April 2017.
As announced on 31 March 2017, as a result of the Fundraising,
the Company will issue 113,636,374 new ordinary shares of 0.05p
each ("New Ordinary Shares"). The New Ordinary Shares will rank
pari passu in all respects with the Company's existing Ordinary
Shares and it is expected that Admission will become effective and
that dealings in the New Ordinary Shares will commence at 8.00 a.m.
on 6 April 2017.
Neil Ritson, Chief Executive Officer of LGO, commented:
"We are delighted to have received support from new and existing
shareholders who participated in the fully subscribed Offer. We
undertook the Offer, which was fully underwritten, as part of the
Fundraising, to give our retail shareholders the opportunity to
participate through the PrimaryBid platform. This successful
Fundraising will allow us to continue to drill Mayaro Sandstone
infill wells in the Goudron Field, amongst other activities,
continuing to build momentum in our operations in Trinidad."
The Company's Enlarged Share Capital
Following completion of the Fundraising, the Company's Enlarged
Share Capital will comprise 539,197,502 Ordinary Shares. This
figure may be used by Shareholders as the denominator for the
calculations by which they may determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.
Enquiries:
LGO Energy plc +44 (0) 203 794 9230
Neil Ritson/ Fergus Jenkins
VSA Capital +44 (0) 20 3005 5000
Financial Advisers and Broker to the
Placing
Andrew Monk/ Andrew Raca/ Justin McKeegan
Beaumont Cornish Limited +44(0) 20 7628 3396
Nominated Adviser
Roland Cornish/ Rosalind Hill Abrahams
Camarco +44 (0) 20 3757 4983
Public and Investor Relations
Gordon Poole/ Billy Clegg
FirstEnergy Capital LLP +44 (0) 20 7448 0200
Joint Broker
Jonathan Wright/David van Erp
PrimaryBid Limited +44 (0) 207 491 6519
Dave Mutton
Glossary:
2C most likely or P50 Contingent Resources
according to PRMS
-------------------- -----------------------------------------
2P the Proven plus Probable Reserves
according to PRMS
-------------------- -----------------------------------------
API gravity a measure of oil density. API gravity
is the inverse measure of a petroleum
liquid's density relative to that
of water, which is designated with
a value 10. If one petroleum liquid
is less dense than another, it
has a greater API gravity
-------------------- -----------------------------------------
C-sand sandstone reservoirs below the
pre-Mayaro unconformity and above
the pre-Lower Cruse unconformity
encompassing sandstones of equivalent
age to both the Gros Morne and
the Lower Cruse formations
-------------------- -----------------------------------------
Mayaro Sandstone alternative name for the Goudron
Sandstones occurring at stratigraphic
intervals above the pre-Mayaro
unconformity
-------------------- -----------------------------------------
P50 (best estimate) the most likely estimate of a parameter
based on all available data, also
often termed the P50 (or the value
of a probability distribution of
outcomes at the 50% confidence
level)
-------------------- -----------------------------------------
Probable Reserves those additional reserves which
analysis of geoscience and engineering
data indicate are less likely to
be recovered than Proved Reserves
but more certain to be recovered
than Possible Reserves. It is equally
likely that actual remaining quantities
recovered will be greater than
or less than the sum of the estimated
Proved plus Probable Reserves (2P)
-------------------- -----------------------------------------
Proven Reserves those quantities of petroleum,
which, by analysis of geoscience
and engineering data, can be estimated
with reasonable certainty to be
commercially recoverable (1P),
from a given date forward, from
known reservoirs and under defined
economic conditions, operating
methods, and government regulations
-------------------- -----------------------------------------
Notes to Editors
LGO Energy plc ("LGO") is an onshore Trinidad focused
production, development and exploration company.
LGO has 11.8 million barrels ("mmbbls") of Proven and Probable
Reserves ("2P") in the Goudron Field and is currently producing
light sweet oil with an average API gravity of 37 degrees. In
addition to its reserve base LGO has significant low risk, onshore
upside in the Trinidad portfolio including 22 mmbbls of most-likely
("P50") Contingent Resources ("2C") in the Goudron Field and an
estimated gross P50 unrisked oil in place of 1.3 billion barrels in
the South West Peninsula leases.
Trinidad has an established oil economy with infrastructure,
skills and people. Trinidad has produced over 3 billion barrels of
oil to date onshore over the last 100 years and the geology is low
risk and highly prospective. Major oil companies operating in
country include BP, Shell, BHP Billiton and Perenco. Despite the
historical financial constraints, LGO has maintained its license to
operate with strong relationships with the State Oil Company,
communities, supply chain and Government.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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