TIDMLOGP
RNS Number : 9507F
Lansdowne Oil & Gas plc
24 March 2022
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the retained EU law version of the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). Upon the publication of this announcement via
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain. If you have any queries
on this, then please contact Steve Boldy, the Chief Executive
Officer of the Company (responsible for arranging release of this
announcement).
24 March 2022
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Equity Placing
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea
focused oil and gas company, is pleased to announce that it has
raised GBP300,000 by way of a placing of 60,000,000 new ordinary
shares of 0.1 pence each (the "Placing Shares") a at a placing
price of 0.5 pence per Placing Share (the "Placing Price") (the
"Placing"). Tavira Securities Limited ("TSL") acted as broker.
The proceeds of the Placing will be used to meet the Company's
expected share of Barryroe costs and to fund the Company's ongoing
working capital requirements for the next 6 months, whist awaiting
the outcome of the application for a Lease Undertaking for
Barryroe.
The Placing and Notable Subscriptions
The Company has raised gross proceeds of GBP300,000 through the
issue of the Placing Shares. The Placing Shares will represent
approximately 6.42% per cent of the enlarged share capital of the
Company (following the issue of the Placing Shares).
Oliver Stansfield, of TSL, has agreed to subscribe on an
approximate pro rata basis to his current shareholding in the
Company, being 3.43% , representing an investment of GBP10,000 for
2,000,000 Placing Shares.
The Placing Shares will rank pari passu with the existing
ordinary shares of the Company in all respects. Application has
been made for the Placing Shares to be admitted to trading on AIM
and dealings are expected to commence on 31 March 2022
("Admission").
Jeffrey Auld, Non-Executive Chairman, has agreed to subscribe
for 1,000,000 new ordinary shares, representing a subscription of
GBP5,000 (the "Director Subscription").
Related Party Transaction
Jeffrey Auld is a director of the Company and a related party as
defined in the AIM Rules for Companies. The Director Subscription
is considered to be a related party transaction for the purposes of
Rule 13 the AIM Rules ("Related Party Transaction").
Steve Boldy, and Daniel McKeown, being the independent directors
for the purposes of the Related Party Transaction, consider, having
consulted with the Company's nominated adviser, SP Angel Corporate
Finance LLP, that the terms and conditions of the Director
Subscription are fair and reasonable insofar as the shareholders of
the Company are concerned.
Warrants
In association with the Placing, 3,000,000 warrants have been
granted to TSL, with an exercise price of 0.5p per ordinary share.
The warrants are exercisable up until the third anniversary of
Admission.
Separately, 1,821,826 warrants have been granted to LC Capital
Targeted Opportunities Fund, LP ("LC") in accordance with the
provisions of LC's warrant instrument, the terms of which have been
previously announced on 31 December 2021. LC now holds 27,821,826
warrants over ordinary shares and the strike price for these
warrants has been amended to 0.5 pence per share from 0.525 pence
per share pursuant to the LC warrant instrument.
Use of Proceeds
The proceeds of the Placing are expected to be sufficient to
fund the Company's share of costs on Barryroe and for on-going
working capital requirements for approximately the next 6
months.
Total Voting Rights
Following admission of the Placing Shares, the Company will have
in issue 933,618,337 ordinary shares of 0.1 pence each. No ordinary
shares are held in treasury. Therefore, the total number of voting
rights in the Company will be 933,618,337 .
The above total current voting rights number is the figure which
may be used by shareholders as the denominator for the calculation
by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company under the
FCA's Disclosure Guidance and Transparency Rules.
Jeffrey Auld, Non-Executive Chairman of Lansdowne,
commented:
"The Placing proceeds provide funding for the Company for the
next 6 months whilst we await the outcome of our application for a
Lease Undertaking for the Barryroe Field, which was submitted in
April 2021.
The conclusion of the technical studies and the new Competent
Person's Report ("CPR"), announced in February, has demonstrated
that the first phase of development could yield substantial
indigenous resources, with 2C resources estimated at 81.2 million
barrels, 16.2 million net to Lansdowne.
Analysis modelled in the CPR suggest strong economic returns for
both the Barryroe partners and the Irish State, from such a
development. Based upon a first phase 2C oil resources case, an
NPV10% value of $104 million was calculated for Lansdowne's 20%
share, under a Brent Oil Price assumption of US$68 per barrel in
2027, rising to $70/bbl in 2028 and 2029 and inflated at 2% per
annum thereafter.
The tragic events unfolding in Ukraine have demonstrated the
vulnerability of oil and gas supplies in Europe and resulted in the
current Brent Oil Price rising to around US$115 per barrel.
In these uncertain times, security of supply is an ever
increasing concern and the development of Barryroe can address
this.
The first step is to secure the Lease Undertaking from the
Department of the Environment, Climate and Communications ("DECC")
and to proceed to drill an appraisal well in 2023, success of which
will is expected to move Barryroe forward to development and
production."
For further information please contact:
Lansdowne Oil & Gas plc +353 1 963 1760
Steve Boldy
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser and Joint Broker
Stuart Gledhill
Richard Hail
Tavira Securities Limited +44 (0) 20 3192 1739
Joint Broker
Oliver Stansfield
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused,
oil and gas exploration and appraisal company quoted on the AIM
market and head quartered in Dublin.
For more information on Lansdowne, please refer to
www.lansdowneoilandgas.com .
PDMR Notification
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Jeffrey Auld
----------------------------------------- --------------------------------------
2. Reason for notification
---------------------------------------------------------------------------------
(b) Position/status Independent Non-Executive
Chairman
----------------------------------------- --------------------------------------
(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 Lansdowne Oil & Gas plc
----------------------------------------- --------------------------------------
(e) LEI 213800V994AL9RVAHG27
----------------------------------------- --------------------------------------
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, i. Ordinary shares of 0.1
type of instrument pence each in the Company
----------------------------------------- --------------------------------------
(b) Identification code GB00B1250X28
----------------------------------------- --------------------------------------
(c) Nature of the transaction i. Subscription for ordinary
shares pursuant to the Placing
----------------------------------------- --------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
i. 0.5 pence i. 1,000,000
--------------
----------------------------------------- --------------------------------------
(e) Aggregated information: Single transaction as in
- Aggregated volume 4(d) above Prices(s) Volume(s)
- Price i. 0.5 pence i. 1,000,000
-------------
----------------------------------------- --------------------------------------
(f) Date of transaction 24 March 2022
----------------------------------------- --------------------------------------
(g) Place of transaction i. London, UK
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END
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