Prospex Oil and Gas PLC Result of GM, Admission and Total Voting Rights (3086X)
20 February 2017 - 10:00PM
UK Regulatory
TIDMPXOG
RNS Number : 3086X
Prospex Oil and Gas PLC
20 February 2017
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
20 February 2017
Prospex Oil and Gas Plc
('Prospex' or the 'Company')
Result of General Meeting
Admission and Total Voting Rights
Prospex Oil and Gas Plc, the AIM quoted investment company,
announces that, at the General Meeting of the Company held earlier
today, all Resolutions were duly passed.
Accordingly, the Share Capital Reorganisation, effected through
the subdivision of each Existing Ordinary Share of GBP0.01 into one
New Ordinary Share of GBP0.001 and one New Deferred Share of
GBP0.009, will take effect at the close of business this evening.
Consequently, Admission of the 170,000,000 Placing Shares being
issued pursuant to the Placing will also take effect.
The following statement from Non-Executive Chairman, Bill Smith,
was given at the meeting:
"The management team was appointed to transform Prospex into a
leading oil and gas investment company. In the short time since we
came on board we have demonstrated, via our investment in the Kolo
licence ('Kolo') onshore Poland, our ability to execute our
strategy. This is centred on moving quickly to source and secure
opportunities that are highly attractive on a risk / reward basis;
undertaking detailed re-evaluation of the prospectivity by
re-working existing data and seismic using advanced techniques;
commissioning an independent Competent Person to scrutinise our
work; advancing drill-ready prospects through the permitting and
regulatory processes; and finally participating in low cost
drilling operations. This is what we accomplished in a little over
six months at Kolo. While the end result of the Boleslaw-1 well was
not what we wanted, the progress we made in a short space of time
does provide a template of how we intend to build this company.
"Our aim is to acquire a portfolio of investments in oil and gas
projects that are at various stages of the development cycle and
where we can apply our expertise. With this in mind, we are closely
evaluating a number of potential projects which match our criteria:
located in proven hydrocarbon jurisdictions; overlooked
prospectivity; scope for multiple value trigger events within a
short time frame; located close to market; and available to be
acquired on attractive terms. With a strengthened capital base and
low corporate overheads, I am confident we are well placed to
secure one or more new investments in the near term. When we do, we
will once again move quickly through the various development
milestones with the aim of reaching a value trigger event such as
drilling as quickly as possible.
"I look forward to providing further updates on our progress in
due course as we look to deliver on our objective and generate
value for all our shareholders. In the meantime, I would like to
take this opportunity to thank both our existing and new
shareholders for their support of the Company and team."
Admission and Total Voting Rights
Application has been made for the Admission of the 285,785,836
New Ordinary Shares being created pursuant to the Share Capital
Reorganisation and the 170,000,000 Placing Shares being issued
pursuant to the Placing and it is expected that dealings will
commence in the Enlarged Issued Share Capital at 8.00 a.m. on 21
February 2017.
Following Admission, the Company will have in issue a total of
455,785,836 New Ordinary Shares. The Company has no shares in
treasury, therefore the figure of 455,785,836 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 of their interest in, the share capital of the Company
under the FCA's Disclosure and Transparency Rules.
Capitalised terms used in this announcement carry the same
meaning as those ascribed to them in the Circular dated 3 February
2017, unless the context requires otherwise.
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 Tel: +44 (0) 20
Plc 3586 1009
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer 7409 3494
Jack Botros
Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
Duncan Vassey Peterhouse Corporate Tel: +44 (0) 20
Finance 7469 0932
Frank Buhagiar St Brides Partners Tel: +44 (0) 20
Charlotte Page Ltd 7236 1177
Grace-Anne Marius
Notes
Prospex Oil and Gas Plc is an AIM quoted investment company
focussed on high impact onshore and shallow offshore European
opportunities with short timelines to production. The Company's
management is looking to acquire 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 company news service from the London Stock Exchange
END
MSCBGGDDUUDBGRG
(END) Dow Jones Newswires
February 20, 2017 06:00 ET (11:00 GMT)
Prospex Oil And Gas (LSE:PXOG)
Historical Stock Chart
From Apr 2024 to May 2024
Prospex Oil And Gas (LSE:PXOG)
Historical Stock Chart
From May 2023 to May 2024