Xplorer PLC Update on acquisition & appointment of broker (6510T)
21 Julio 2015 - 6:00AM
UK Regulatory
TIDMXPL
RNS Number : 6510T
Xplorer PLC
21 July 2015
21 July 2015
Xplorer plc
("Xplorer" or the "Company")
Update on Acquisition & Appointment of Broker
Update on Acquisition
The board of directors of Xplorer (the "Board") is pleased to
announce it has today signed a memorandum of understanding (the
"MoU") for the acquisition of a significant working interest in
five shallow offshore exploration permits off the coast of Morocco
(the "Proposed Acquisition").
Xplorer has negotiated the acquisition from Teredo International
Limited ("Teredo") of Teredo Morocco Limited, which holds a 36.75%
working interest in the Boujdour permit ("Boujdour") in return for
Teredo being issued 56% of the post-Proposed Acquisition but
pre-fundraising enlarged share capital of the Company. Boujdour
consists of five shallow offshore exploration permits off the coast
of Morocco. Boujdour is prospective for both oil and gas, and is
estimated to have mean net un-risked prospective resources of 463.4
MMBOE (millions of barrels of oil equivalent), of which 31.07 MMBOE
are categorised P90 and 182.65 MMBOE are categorised P50 (Source:
independent resource report produced by Sproule, a Canadian based
oil and gas consultancy, dated 31 March 2014).
The Proposed Acquisition is conditional, inter alia, on Xplorer
raising additional equity finance for which there is no certainty
that the Company will be able to conclude successfully. The
Proposed Acquisition, if exchanged and completed, would constitute
a reverse takeover ("RTO") under the Listing Rules. The Company
continues to be unable to provide a full disclosure under Rule
5.6.15 of the Listing Rules at this time, and thus the Company's
shares will remain suspended.
Appointment of Joint Broker
The Company also announces the appointment of Smaller Company
Capital Limited ("SCC") as joint broker to the Company. Through SCC
and its own efforts, the Company is intending to raise pre-RTO
funding of up to GBP300,000 through the issue of convertible loan
notes to assist in progressing the Proposed Acquisition. Full
details of this capital raise will be provided shortly once it is
finalised.
It is anticipated under the MoU that a further fundraising will
be undertaken concurrent with the Proposed Acquisition, further
details of which will be provided at the appropriate time.
Enquiries:
Xplorer Plc www.xplorerplc.co.uk
John Roddison, Director +44 207 495 7429
------------------------------------ ---------------------
Financial Adviser & Joint Broker
:
Allenby Capital
Nick Harriss, Director, Corporate
Finance +44 20 3328 5656
------------------------------------ ---------------------
Joint Broker:
Smaller Company Capital Limited
Rupert Williams, Director ;
Jeremy Woodgate, Director +44 20 3651 2910
------------------------------------ ---------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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