MX Oil PLC Proposed Placing (9643W)
February 15 2017 - 4:46AM
UK Regulatory
TIDMMXO
RNS Number : 9643W
MX Oil PLC
15 February 2017
MX Oil / Ticker: MXO / Index: AIM / Sector: Oil & Gas
15 February 2017
MX Oil plc ("MX Oil" or the "Company")
Proposed Placing
MX Oil, the AIM quoted oil and gas investing company, announces
its intention to undertake a placing to raise approximately
GBP5,000,000 (before expenses) through the issue of new ordinary
shares in the Company at a price not expected to be less than
1.325p per ordinary share (the "Placing"), being the closing price
on 14 February 2017.
The Placing will be by way of an accelerated book build
("Bookbuild"). The number of new ordinary shares to be issued
("Placing Shares"), pricing and the aggregate proceeds to be raised
through the Placing will be finally determined following completion
of the Bookbuild process. At a price of 1.325p per share, a placing
of GBP5,000,000 would result in the issued of approximately
377,358,490 new ordinary shares.
The Placing Shares will be issued credited as fully paid and
will rank pari passu with the existing ordinary shares, including
the right to receive all dividends and other distributions
declared, made or paid on or in respect of the ordinary shares
after the date of issue of the Placing Shares.
In 2016, production of oil commenced from the Aje Field within
block OML 113, offshore Nigeria in which the Company has an
indirect investment. As previously announced, production from the
Aje Field continues to be limited by the performance of the Aje-5
well which requires subsurface intervention to remedy a mechanical
problem. This intervention has now commenced and further details
will be provided in due course. At the same time, it is anticipated
that a further well, Aje 6, will be drilled in the short term to
increase production from the field. The purpose of the Placing is,
therefore, to ensure that the Company has the appropriate level of
funding available to enable it to proceed with these
activities.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
* * ENDS * *
For further information please visit www.mxoil.co.uk or
contact:
MX Oil PLC +44 20 7571
Stefan Olivier, CEO 0473
Cairn Financial Advisers LLP
(Nominated Adviser) +44 20 7213
Jo Turner/James Caithie 0880
Cornhill Capital
(Broker) +44 20 7710
Nick Bealer 9612
This information is provided by RNS
The company news service from the London Stock Exchange
END
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