TIDMEOG
RNS Number : 2291R
Europa Oil & Gas (Holdings) PLC
04 March 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
04 March 2021
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Result of General Meeting
Europa Oil & Gas (Holdings) plc, the UK, Ireland and Morocco
focused oil and gas exploration, development and production
company, is pleased to announce that, at the General Meeting ('GM')
held earlier today, all the resolutions ('Resolutions') set forth
in the Circular convening the meeting ('Circular') were passed.
Unless otherwise defined herein, capitalised terms used in this
announcement shall have the same meanings as defined in the
Circular.
As detailed in the Circular, the GM was held as a virtual closed
meeting as a result of the pandemic. There was no voting at the
meeting itself with all votes cast in advance by proxy card or
letters of representation from nominee account holders. Voting on
all Resolutions was carried out on a poll. Details of the votes For
and Against for each Resolution are detailed in the table
below:
Resolution No. For (% of votes cast) Against (% of votes
cast)
1 93.16 6.77
---------------------- --------------------
2 92.84 7.09
---------------------- --------------------
3 92.79 7.14
---------------------- --------------------
Resolution number 1 relates to the authority of the directors of
the Company to allot, on a non-pre-emptive basis, 76,923,078 new
ordinary shares in the Company, representing the second tranche of
the recent placing (the 'Second Tranche Shares'), 3,698,462 new
ordinary shares in the Company, representing 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 in the Company) (the
'Turner Pope Shares') (see the Company's announcements of 11
February 2021 and 16 February 2021 for further details).
Resolution 2 relates to the grant to the directors of the
Company of ongoing authority to issue and allot up to 197,517,459
new ordinary shares in the Company (which will represent
approximately 33% of the enlarged share capital of the
Company).
Resolution 3 relates to the ongoing dis-application of statutory
pre-emption rights in respect of up to 59,853,775 new ordinary
shares in the Company (which will represent approximately 10% of
the enlarged share capital of the Company).
As a result of the passing of the above Resolutions, application
will be made for the Second Tranche Shares, the Broker Option
Shares and the Turner Pope Shares to be admitted to trading on AIM
at 8.00 a.m. on 8 March 2021 ('Admission'). Following admission to
trading on AIM, the Company will have 566,466,985 Ordinary Shares
in issue and there are no shares held in treasury. Therefore, the
Company hereby confirms that the total number of Ordinary Shares
with voting rights will, following Admission, be 566,466,985.
The figure of 566,466,985 may be used by the Company's
shareholders as the denominator for the calculations 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.
Supplemental Broker Warrant Agreement
In addition to the 5,769,231 broker warrants issued by the
Company to Turner Pope as part of the commission arrangements for
acting as broker in relation to the Placing (as announced on 11
February 2021), the Company will issue a further 184,923 broker
warrants to Turner Pope as part of the commission arrangements for
acting as broker in relation to the Broker Option, which shall also
be exercisable at the Placing Price, for a period of 36 months from
their date of issue, which will be on Admission.
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
Simon Oddie Europa mail@europaoil.com
Murray Johnson Europa
+ 44 (0) 20 7220
Christopher Raggett finnCap Ltd 0500
+ 44 (0) 20 7220
Simon Hicks finnCap Ltd 0500
Turner Pope Investments + 44 (0) 20 3657
Andy Thacker (TPI) Ltd 0050
Turner Pope Investments + 44 (0) 20 3657
Zoe Alexander (TPI) Ltd 0050
+ 44 (0) 20 7236
Frank Buhagiar St Brides Partners Ltd 1177
+ 44 (0) 20 7236
Megan Dennison St Brides Partners Ltd 1177
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 31st 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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