President Energy PLC Completion of Angostura Acquisition (9736T)
20 Noviembre 2019 - 1:00AM
UK Regulatory
TIDMPPC
RNS Number : 9736T
President Energy PLC
20 November 2019
20 November 2019
PRESIDENT ENERGY PLC
("President" or the "Company")
Completion of Angostura Acquisition and Share Subscription
President Energy (AIM: PPC), the upstream oil and gas company
with a diverse portfolio of production and exploration assets
focused primarily in Argentina, announces that, further to the
announcement dated 21 October 2019, the acquisition of the
Angostura exploration contract in Rio Negro Province, Argentina
(the "Acquisition") from Compania General De Combustibles S.A.
("CGC") has successfully completed alongside the agreement for
subscription for US$1.825 million of new ordinary shares ("Ordinary
Shares") in the capital of the Company (the "Subscription") by CGC
becoming unconditional.
Acquisition
The Province of Rio Negro has granted a Decree agreeing to the
Acquisition and is also extending the time period of the
Exploration phase of the relevant contract for a further four years
from November 2019, during which time President will receive the
benefit of all revenues from this producing Block. The work
commitment of approximately US$9 million, pertaining to the
contract, is spread across the life of the extended contract. In
the first six months this work will consist of sub-surface studies
and some surface infrastructure work.
As part of the Acquisition, up to three experienced employees
are being transferred to the Company and these are currently being
integrated into President's operational team at the same time as
steps are being taken to capitalise on the synergies and economies
of scale that have already been identified in the pre-acquisition
due diligence.
Further information about Angostura can be found in the
Company's announcement dated 21 October 2019.
The Subscription
Following the completion of the Acquisition, the agreement by
CGC to invest US$1.825 million in President by way of the
Subscription has now become unconditional and the first tranche of
the Subscription has been completed.
CGC has invested an initial sum of US$500,000, approximately
GBP388,138.49 at an exchange rate of GBP 1:1.2882 USD being the
spot rate on the day prior to completion of the Acquisition ("the
Initial Subscription Amount"). To satisfy the Initial Subscription
Amount, 8,722,213 new Ordinary Shares (the "Initial Subscription
Shares") have been issued to CGC at a subscription price of 4.45
pence per Initial Subscription Share, being the closing mid-market
price per Ordinary Share on the day prior to the Subscription.
CGC has agreed not to dispose of any interest in the Initial
Subscription Shares for a period of six months after their
issue.
CGC will thereafter invest the remaining US$1.325 million of the
Subscription in seven quarterly instalments in consideration for
the issue of new Ordinary Shares at the prevailing middle market
price on the date prior to the relevant quarter date, with the
first such quarterly payment being due on 25 January 2020.
Application has been made for the 8,722,213 Initial Subscription
Shares to be admitted to trading on AIM and dealings are expected
to commence on 21 November 2019 ("Admission").
The new Initial Subscription Shares will rank pari passu with
the existing shares of the Company. Following Admission, the
Company's issued share capital will consist of 1,135,282,890
Ordinary Shares. Accordingly, the figure of 1,135,282,890 may 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 to their interest in the Company under the
FCA's Disclosure Guidance and Transparency Rules.
Contact:
President Energy PLC
Peter Levine, Chairman
Rob Shepherd, Group FD +44 (0) 207 016 7950
finnCap (Nominated Advisor)
Christopher Raggett, Scott Mathieson +44 (0) 207 220 0500
Whitman Howard (Broker)
Hugh Rich, Grant Barker +44 (0) 207 659 1234
Tavistock (Financial PR)
Nick Elwes, Simon Hudson +44 (0) 207 920 3150
Notes to Editors
President Energy is an oil and gas company listed on the AIM
market of the London Stock Exchange (PPC.L) primarily focused in
Argentina, with a diverse portfolio of operated onshore producing
and exploration assets.
The Company has operated interests in the Puesto Flores,
Estancia Vieja, Puesto Prado and Las Bases Concessions and
Angostura contract, Rio Negro Province as well as in the Neuquén
Basin of Argentina and in the Puesto Guardian Concession, in the
Noroeste Basin in NW Argentina. Alongside this, President Energy
has cash generative production assets in Louisiana, USA and further
significant exploration and development opportunities through its
acreage in Paraguay and Argentina.
The Group is also actively pursuing value accretive acquisitions
of high-quality production and development assets in Argentina
capable of delivering positive cash flows and shareholder returns.
With a strong institutional base of support, including the IFC,
part of the World Bank Group, an in-country management team as well
as a Board whose interests are aligned to those of its
shareholders, President Energy gives UK investors access to the
Argentinian growth story combined with world class standards of
corporate governance, environmental and social responsibility.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
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
ACQDMMMMLLVGLZM
(END) Dow Jones Newswires
November 20, 2019 02:00 ET (07:00 GMT)
Molecular Energies (LSE:MEN)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Molecular Energies (LSE:MEN)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024