Europa Oil & Gas (Holdings) PLC Result of Broker Option and Posting of Circular (2940P)
16 Febrero 2021 - 9:18AM
UK Regulatory
TIDMEOG
RNS Number : 2940P
Europa Oil & Gas (Holdings) PLC
16 February 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
Europa Oil & Gas (Holdings) plc ("EOG" or the "Company")
Result of Broker Option and Posting of Circular
Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland
and Morocco focused oil and gas exploration, development and
production company, is pleased to advise that it has been notified
by Turner Pope Investments (TPI) Limited ("Turner Pope/TPI") that
TPI intends to exercise its broker option in respect of 3,698,462
ordinary shares.
Background to the Broker Option
As announced on 11 February 2021, the Company conditionally
raised a total of GBP1.5 million (before expenses) via a
conditional placing (the 'Placing'). In tandem with this, Europa
granted a broker option (the 'Broker Option') , which has now
closed, to Turner Pope to provide the opportunity for interested
shareholders to participate in the Placing. The details of the
Placing were provided in the Company's announcement of 11 February
2021 and the terms defined in that announcement have been used in
this release.
As previously disclosed, the Placing is taking place in two
tranches. The first tranche comprises 38,461,538 new ordinary
shares in the Company (the 'First Tranche') and is not conditional
upon any shareholder approvals . The second tranche of the Placing,
comprising 76,923,078 new ordinary shares in the Company (the
'Second Tranche'), is conditional upon the approval of shareholders
at a general meeting of the Company (the 'General Meeting') . The
Broker Option, comprising 3,698,462 new ordinary shares in the
Company ('Broker Option Shares'), is also conditional upon the
approval of shareholders at the General Meeting.
Posting of circular to shareholders
A circular to shareholders in relation to the Placing and the
Broker Option and the convening of the General Meeting is today
being posted to shareholders. The General Meeting will be held as a
virtual closed meeting at 11:00 a.m. (UK time) on 4(th) March
2021.
Admission of Placing and Broker Option Shares
The new ordinary shares comprised in the First Tranche are
expected to be admitted to trading on AIM on or around 18 February
2021. The issue of all of the Second Tranche, the Broker Option
Shares and the fee shares due to Turner Pope for the first year of
its retainer as the Company's joint broker (such fee shares
totalling 2,692,308 new ordinary shares) , totalling 83,313,848 new
ordinary shares is conditional upon, amongst other things, approval
at the General Meeting. Following admission to trading on AIM,
which is expected at 8.00 a.m on 8 March 2021 , the Company will
have 566,466,985 Ordinary Shares in issue. Therefore, the Company
hereby confirms that the total number of voting rights in the
Company will, following Admission, be 566,466,985.
**ENDS**
For further information please visit www.europaoil.com or
contact:
Simon Oddie Europa mail@europaoil.com
Murray Johnson Europa
Christopher + 44 (0) 20 7220
Raggett finnCap Ltd 0500
Simon Hicks
Andy Thacker Turner Pope Investments + 44 (0) 20 3657
Zoe Alexander (TPI) Ltd 0050
+ 44 (0) 20 7236
Frank Buhagiar St Brides Partners Ltd 1177
Megan Dennison
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon assets which includes production,
development and exploration interests, in countries that are
politically stable, have transparent licensing processes, and offer
attractive terms. In terms of production, in the year to 31(st)
July 2020 Europa produced 92 boepd. Production has the potential to
increase to over 200 boepd once the Wressle field in the UK, which
is currently under development, comes on stream at a forecast gross
rate of 500 bopd.
The Company holds four exploration licences offshore Ireland
which have the potential to host gross mean un-risked prospective
resources of 2.7* trillion cubic feet ('tcf') gas (*subject to
regulatory approval for the transfer of FEL 3/19). The Company's
flagship projects offshore Ireland are Inishkea and Edge, two near
field gas prospects in the Slyne Basin which the Company classifies
as lower risk infrastructure-led exploration due to their close
proximity to the producing Corrib gas field and associated gas
processing infrastructure. In September 2019, Europa was awarded a
75% interest in the Inezgane permit offshore Morocco. Initial
results of technical work have identified 30 prospects and leads
that have the potential to hold in excess of one billion barrels of
unrisked oil resources.
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END
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