CEB Resources PLC Continued Suspension of Trading on AIM (3348D)
October 26 2015 - 2:00AM
UK Regulatory
TIDMCEB
RNS Number : 3348D
CEB Resources PLC
26 October 2015
26 October 2015
CEB Resources plc
("CEB" or the "Company")
Company Update
Continued Suspension of Trading on AIM
Further to its announcement on 23 October 2015, CEB Resources
plc, the AIM listed investing company, is pleased to provide a
further update on the Company's ongoing business and potential
investments, pursuant to a podcast given by Dave Whitby, CEO, on 22
October 2015.
The Company is currently focussed on the on-shore South Sumatran
Basin in Indonesia and is looking at a number of opportunities,
including possible farm-in agreements in the area, with a focus on
oil and gas producing assets.
The Company has to date completed due diligence on four
potential assets, has presented offers to sellers for two of these
assets and expects to put an offer to a third vendor in the near
future.
The first asset for which the Company has made an offer has 80
wells currently drilled by the current operator. A key attraction
is that the existing operator discovered a virgin reservoir after
drilling three wells, which are producing approximately 400 bopd
per well. The Board also believes that there are seven additional
drillable locations in this concession.
The second asset for which the Company have made an offer is a
producing oil field which also has three completed gas wells.
The third asset, for which the Company is considering making an
offer, would be a joint venture with a large Indonesian state oil
and natural gas company.
The Company's strategy when looking at potential assets to
acquire in the Indonesian oil and natural gas sector is to acquire
fields which have the potential to produce 1,000 barrels a day or
more, with a working interest of around 30-40 per cent. However,
the Company will still consider other potential assets if the
management team consider them to be a good fit with the investing
strategy with sufficient potential revenue and profits.
Further to the Company's recent appointments to its in-country
management team in Indonesia, as announced on 15 October 2015, the
Company is also in discussions with potential new appointees to the
Board. Further progress on this matter will be announced in due
course as appropriate.
Any investment will be treated as a reverse under the AIM Rules;
the Company wishes to clarify that it is not intending to acquire
Corsair Petroleum (Singapore) Pte Ltd.
The Company has cash reserves of approximately $1 million.
As any of the potential transactions would constitute a reverse
takeover under Rule 14 of the AIM Rules for Companies ("AIM
Rules"), the Company's shares will remain suspended from trading on
AIM until such time as an admission document is published in
respect of a reverse takeover, or the potential transactions cease
to be viable. If the Company does not publish an admission document
before 22 April 2016, trading of its shares on AIM will be
cancelled pursuant to Rule 41 of the AIM Rules.
**ENDS**
For further information, please contact:
David Whitby CEB Resources plc Tel: +62 21 2783 2316
Cameron Pearce CEB Resources plc Tel: +44 (0) 1624 681250
----------------------------- -------------------------
Lindsay Mair Sanlam Securities UK Limited Tel: +44 (0) 207 628
James Thomas (Nomad and Joint Broker) 2200
----------------------------- -------------------------
Lucy Williams Peterhouse Corporate Finance Tel: +44 (0) 207 469
Charles Goodfellow Limited (Joint Broker) 0930
----------------------------- -------------------------
Colin Rowbury Cornhill Capital (Joint Tel: +44 (0) 207 710
Broker) 9610
----------------------------- -------------------------
Frank Buhagiar St Brides Partners Limited Tel: +44 (0) 207 236
1177
----------------------------- -------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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