Primorus Investments PLC SOA Energy Update (2055D)
17 Febrero 2020 - 04:36AM
UK Regulatory
TIDMPRIM
RNS Number : 2055D
Primorus Investments PLC
17 February 2020
Primorus Investments plc
("Primorus" or the "Company")
SOA - DRILLING ACTIVITIES IMMINENT AT OFEK
Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to
provide shareholders with an update on its investment in SOA Energy
UK Limited ("SOA") by way of an update received by Primorus from
SOA. Primorus holds 14,977 fully paid ordinary shares in SOA.
-- SOA and Joint Venture Partner Delek Oil ("Delek") agree on
the drilling programme and budget for the Ofek Well, triggering the
first cash-call from them.
-- An agreement reached in principle with the rig supplier and
the contract is now being formalised ahead of mobilisation to the
site. The proposed rig is already in Israel, and upon successful
contract, is expected to arrive on site in early April 2020.
-- Drilling of the Ofek Well is expected to commence during May
2020 and then Extended Testing will follow thereafter with the Well
estimated to take c.40 days to drill, with another 40 days of
testing to follow.
-- Elsewhere, SOA continues to evaluate new opportunities in
both onshore and offshore Israel, as well as across the greater
Eastern Mediterranean region.
-- The company is pursuing a listing on AIM and is targeting to complete the process by Q4 2020.
Alastair Clayton, Executive Director commented - "We are
thrilled that the programme to unlock value at the Ofek oil
discovery is finally coming to fruition. Saed Sarsur, CEO of SOA,
and his team are to be congratulated for their dogged pursuit of
this outstanding opportunity. We await news of the Well Spud and
drilling and testing progress as it unfolds. This sets the stage
for what we believe will be a successful and keenly sought IPO
towards the back end of 2020."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's ability to execute
and implement future plans, and the occurrence of unexpected
events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
For further information, please contact:
Primorus Investments plc: +44 (0) 20 7440 0640
Alastair Clayton
Nominated Adviser: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
Broker: +44 (0) 20 3657 0050
Turner Pope Investments (TPI)
Zoe Alexander/Andy Thacker
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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