TIDMBOIL
RNS Number : 2575T
Baron Oil PLC
24 March 2021
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DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 ("EUWA")) ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS
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CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN
PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED UNDER UK
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INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN
.
24 March 2021
Baron Oil Plc
("Baron" or the "Company")
Proposed Earn In to increase indirect interest in the Chuditch
discovery and prospects
Placing and subscription to raise GBP3.0 million
and
Notice of General Meeting
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration
company, is pleased to announce that it has entered into a
conditional agreement whereby upon completion Baron will increase
its shareholding in SundaGas (Timor-Leste Sahul) Pte. Ltd ("
SundaGas TLS" ) from 33.33% to 85%, and thereby increase its
indirect interest in the TL-SO-19-16 PSC (the "Chuditch PSC" or the
"PSC"), offshore Democratic Republic of Timor-Leste ("Timor-Leste")
from 25% to 63.75% (the "Earn In"). Upon completion, the Earn In
will result in a 255% increase in Baron's net share of the
currently estimated aggregate Mean prospective resources for the
PSC to 2,248 BCF, equivalent to approximately 375 MMBOE. It is
noted that the above estimates are not fully compliant with the
2018 SPE PRMS Prospective Resources standard.
As part of the Earn In, it is intended that SundaGas TLS' wholly
owned subsidiary SundaGas Banda Unipessoal, Lda. (" SundaGas Banda
" ) will enter into an agreement with Spectrum Geo Australia Pty
Ltd., a wholly owned subsidiary of TGS-NOPEC Geophysical Company
ASA, for the licensing and reprocessing of the 3D seismic data that
is required under the Chuditch PSC work programme (the "
Reprocessing Agreement "). The Board believes that the Reprocessing
Agreement will enable the PSC work programme to be driven forward
by unlocking access to the data and allowing the Company to input
directly into the reprocessing project.
In order to fund, inter alia, the Earn In and the Chuditch PSC
work programme until the end of the Firm Commitment Period ("FCP")
in November 2022, Baron also announces that it has conditionally
raised GBP3.0 million (before expenses) by way of a placing and
subscription (together the "Fundraising") of a total of
6,000,000,000 new ordinary shares of 0.025p each ("Ordinary
Shares") in the Company (the "New Ordinary Shares") at a price of
0.05 pence per share (the "Issue Price"), to be undertaken in two
tranches. Allenby Capital Limited ( " Allenby Capital " ) and
Turner Pope Investments (TPI) Limited ( " TPI " ) are acting as
joint brokers in connection with the Fundraising.
HIGHLIGHTS
-- Completion of the Earn In will result in a 255% increase in
Baron's net share of Mean prospective resources to 375 MMBOE and
increase its indirect interest in the Chuditch PSC to 63.75%
-- Baron has agreed to fund the remainder of the estimated
US$3.5m Chuditch work programme to November 2022, which includes
the licensing and processing of the 3D seismic data
-- Timor-Leste gas exploitation activity has been accelerating
both regionally and locally, including plans for existing
infrastructure to be extended
-- The Board considers this move to be timely in order to gain
prospective exposure to the South-East Asian liquid natural gas
(LNG) market where demand for LNG is forecast to exceed supply in
the medium to long term
-- Each of the directors is participating in the Fundraising
Andy Yeo, CEO of Baron, commented:
"There has been a marked increase in Timor-Leste gas
exploitation activity recently and we are delighted to have had
both the opportunity to increase our indirect interest in the
Chuditch asset as well as the support of new and existing investors
to fund this exciting project. We look forward to updating
shareholders on progress."
The Chuditch PSC
SundaGas Banda holds a 75% interest in the Chuditch PSC, with
the remaining 25% interest in the PSC held by a subsidiary of the
Timor-Leste state oil company Timor Gap, E.P., with its interest
carried by SundaGas Banda. The PSC contains the Chuditch-1 gas
discovery.
Gas in Timor-Leste is a strategic resource, and the Board is
aware that gas exploitation activity has been accelerating both
regionally and locally, including plans for existing infrastructure
to be extended. The Board considers the Earn In to be timely in
order to gain prospective exposure to the South-East Asian liquid
natural gas (LNG) market, as LNG import gas prices in South-East
Asia are currently above pre-COVID levels and the medium to long
term demand for LNG is forecast by, amongst others, Royal Dutch
Shell to exceed supply.
On 8 January 2021, Baron announced a significant upgrade in the
gross estimated Mean Prospective Resources to 3,527 BCF. The
prospective resource base within the Chuditch PSC licence area
consists of the Chuditch-1 discovery, three adjacent prospects
(Chuditch West, Chuditch South West and Chuditch North), and a
previously unrecognised, significantly sized lead (Chuditch North
East). There is technical evidence indicating that the mapped
limits of the prospects and lead may coincide with the gas water
contact interpreted in the Chuditch-1 discovery, which leads the
Board to believe that there is the potential for a single, large
accumulation within the Chuditch PSC licence area. The seismic
reprocessing work programme is required to confirm the structural
configuration of the Chuditch discovery and adjacent prospective
areas prior to further drilling. It is noted that the above
estimates are not fully compliant with the 2018 SPE PRMS
Prospective Resources standard.
The significant gas accumulations in Timor-Leste waters,
Bayu-Undan and Greater Sunrise, are both known to contain
condensate in addition to gas. The Directors believe that there is
the potential for condensate to be within the Chuditch PSC licence
area, which has yet to be evaluated.
On 26 February 2021, Baron announced that SundaGas Banda had
been granted a 12-month extension to Contract Year 1 of the
Chuditch PSC. Accordingly, the expiry date of Year 1 of the 3-year
initial licence phase (the "Initial Period") is 8 November 2021.
The extension is expected to allow SundaGas Banda to complete the
PSC commitment technical work programme and assess the viability of
drilling of an appraisal well and potentially further exploration
wells in a timely manner.
The work programme for the current Initial Period of the
Chuditch PSC includes an obligation to reprocess 800 sq. kilometres
of 3D and 2,000 kilometres of 2D seismic data in the first two-year
period. Subject to satisfactory results from the 3D seismic
reprocessing, the subsequent commitment is for a minimum of one
well to be drilled in the third and final year of the Initial
Period of the PSC, effectively a 'drill or drop' decision to be
made by 19 December 2022.
The Earn In
Baron has entered into a conditional Amended and Res tated
Shareholders Agreement (the "Amended SHA ") with SundaGas Resources
Pte. Ltd (" SundaGas "), which outlines the terms of the Earn In
and governs the future operation of SundaGas TLS . Upon completion
of the Amended SHA , Baron will increase its shareholding in
SundaGas TLS from 33.33% to 85% and thus its indirect interest in
the Chuditch PSC from 25% to 63.75%. The Amended SHA is conditional
upon SundaGas and Baron authorising SundaGas Banda to enter into
the Reprocessing Agreement . Timor-Leste's oil and gas regulator,
Autoridade Nacional do Petróleo e Minerais (ANPM) has already
confirmed its approval to the Reprocessing Agreement and the
proposed conditional increase in Baron's interest in the Chuditch
PSC.
In order to effect the Earn In, via the Amended SHA, Baron has
agreed to make a payment of approximately US$ 1.2 million towards
the Chuditch PSC work programme. In addition, Baron has agreed to
fund all future costs associated with the Chuditch PSC until the
end of the FCP in November 2022, estimated to be approximately
US$3.5 million including the aforementioned payment of
approximately US$1.2 million.
Following the Earn In, Baron and SundaGas will have indirect
63.75% and 11.25% interests in the Chuditch PSC respectively . The
existing US $1 million bank guarantee ("BG") in relation to the
Chuditch PSC will remain in place. Baron contributed US$ 333,333 to
the BG in 2020, with the remainder being provided by SundaGas.
There will be no change in the operator of the Chuditch PSC , which
will remain as SundaGas Banda.
For the year ended 31 March 2020, SundaGas TLS's unaudited total
comprehensive loss was US$393,206 and its unaudited total assets as
at 31 March 2020 were US$1,604,171.
The Board views the Earn In as a low-cost means to secure a
majority interest in a project that has a sufficient level of
prospective resource to be of interest to major regional gas
players and other potential funding partners. The Earn In
represents the first step in the Board's new strategy, whereby the
Company intends to acquire significant equity interests in oil and
gas projects which present opportunities for high potential impact
exploration and appraisal activity at low entry costs into
established petroleum provinces.
Chuditch PSC project strategy and anticipated milestones
The Board expects that the 3D seismic reprocessing work under
the Reprocessing Agreement will deliver data 7 to 12 months from
commencement. The Board intends that seismic data interpretation,
geological and other studies will occur in parallel during this
period, and further expects that the results of the studies may
have the potential to reclassify the resources in the Chuditch-1
discovery from Prospective to Contingent, as defined by the Society
of Petroleum Engineers' ("SPE") Petroleum Resources Management
System ("PRMS").
The Board believes that the following events represent key
potential value inflection points for the Chuditch PSC project:
(i) the final results of seismic reprocessing anticipated in the first quarter of 2022;
(ii) the decision to enter into a drilling phase anticipated in
the fourth quarter of 2022; and
(iii) the potential drilling of high impact appraisal and
exploration wells anticipated in 2023.
Baron's other assets
Peru: Block XXI, Onshore Licence - Baron 100% interest
COVID restrictions remain in place in Peru, which continue to
prevent activity in relation to progressing the El Barco-3X
drilling project. Block XXI remains in Force Majeure until the
Company is able to conclude workshops and reach agreement regarding
access to the site with the local community, which cannot occur
until COVID restrictions are eased and free movement is allowed.
Baron intends to make a decision on the future drilling strategy
for the El Barco-3X project later in 2021, following the easing of
the COVID restrictions. The Company is seeking a three-year licence
extension option in relation to Block XXI .
UK: Inner Moray Firth, Offshore Licence P2478 - Baron 15%
interest
Baron and its partners in Offshore Licence P2478 intend to
reprocess existing 3D and 2D seismic data over 2021 and 2022, which
is the outstanding obligation in relation to the licence before a
"drill or drop" decision by July 2023.
Use of the Fundraising's net proceeds and planned activity in
2021
As at 28 February 2021, Baron had net cash of approximately GBP1
million. The Board believes that an approximately US$3.5 million
budget is required over the next two years in order to complete the
outstanding Chuditch PSC firm work programme and arrive at a
drilling decision. The majority of the net proceeds of the
Fundraising will therefore be applied towards the Chuditch PSC
project.
The Board currently anticipates that approximately 65% of
Baron's 2021 expenditure will be applied to the Chuditch PSC
project, 5% to other assets, and 30% to Baron's general and
administrative costs.
Details of the Fundraising
The Fundraising comprises a placing of 5,195,600,000 New
Ordinary Shares and a subscription of 804,400,000 New Ordinary
Shares. Of this, GBP 762,500 has been raised using the authority
granted to the Board at the annual general meeting held on 29 June
2020 , through the proposed issue of 1,525,000,000 New Ordinary
Shares (the "First Fundraising Shares") at the Issue Price (the
"First Fundraising") on a non-pre-emptive basis. A further GBP
2,237,500 has been raised through the proposed issue of
4,475,000,000 New Ordinary Shares (the "Second Fundraising Shares")
at the Issue Price (the "Second Fundraising"), which is
conditional, inter alia, on obtaining approval from Shareholders of
the necessary resolutions (the "Resolutions") at a General Meeting
of the Company (the "General Meeting"), to provide sufficient
authority to enable allotment of the Second Fundraising Shares and
disapply statutory pre-emption rights which would otherwise apply
to the allotment of the Second Fundraising Shares.
The First Fundraising is not conditional on the Second
Fundraising. Therefore, should the Resolutions at the General
Meeting not be passed, then the Second Fundraising will not
proceed. In this instance, the Directors believe that the Company
will have sufficient funds to complete the seismic reprocessing
component of the PSC's work programme (so enabling the Company to
complete the Earn In), following which the Directors may seek for
the Company to raise additional funds, if appropriate. Even if the
Second Fundraising does not proceed, the First Fundraising will
still complete following First Admission (as defined below).
Neither the completion of the First Fundraising nor the Second
Fundraising is conditional on the completion of the Earn In.
Director participation in the Fundraising
Andrew Yeo, Jon Ford and John Wakefield have subscribed for a
total of 97,600,000 New Ordinary Shares at the Issue Price in the
Fundraising (the "Director Participations"). The Director
Participations form part of the Second Fundraising Shares. Details
of the Director Participations are outlined in the table below.
Director Position New Ordinary Shareholding Percentage
Shares being following of enlarged
subscribed Second Admission share capital
following
Second Admission
Andrew Yeo Chief Executive 62,600,000 168,850,000 1.61%
-------------------- -------------- ------------------ ------------------
Jon Ford Technical Director 15,000,000 22,500,000 0.22%
-------------------- -------------- ------------------ ------------------
Non-Executive
John Wakefield Chairman 20,000,000 20,000,000 0.19%
-------------------- -------------- ------------------ ------------------
General Meeting
The Company expects to publish shortly a circular to
Shareholders which will contain notice of the General Meeting which
is to be held at the offices of Armstrong Teasdale LLP at 200
Strand, London, WC2R 1DJ at 10:00 a.m. (UK time) on 12 April
2021.
Admission and total voting rights
Application has been made for the 1,525,000,000 First
Fundraising Shares to be issued pursuant to the First Fundraising
to be admitted to trading on AIM ("First Admission") and the date
on which First Admission is expected to become effective is on or
around 26 March 2021.
Upon First Admission, the Company's issued ordinary share
capital will consist of 5,951,409,576 Ordinary Shares with one
voting right each. The Company does not hold any Ordinary Shares in
treasury. Therefore, the total number of Ordinary Shares and voting
rights in the Company will be 5,951,409,576. With effect from First
Admission, this figure may be used by Shareholders in the Company
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.
Application will also be made to the London Stock Exchange for
the 4,475,000,000 Second Fundraising Shares to be issued pursuant
to the Second Fundraising to be admitted to trading on AIM ("Second
Admission") and, conditional, inter alia, on the approval of
Shareholders at the General Meeting, the date on which Second
Admission is expected to become effective is on or around 14 April
2021.
Upon Second Admission, the Company's issued ordinary share
capital will consist of 10,426,409,576 Ordinary Shares with one
voting right each. The Company does not hold any Ordinary Shares in
treasury. Therefore, the total number of Ordinary Shares and voting
rights in the Company upon Second Admission will be 10,426,409,576.
With effect from Second Admission, this figure may be used by
Shareholders in the Company 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.
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining
and Oil and Gas Companies, the technical information and resource
reporting contained in this announcement has been reviewed by Jon
Ford BSc, Fellow of the Geological Society, Technical Director of
the Company. Mr Ford has more than 39 years' experience as a
petroleum geoscientist. He has compiled, read and approved the
technical disclosure in this regulatory announcement and indicated
where it does not comply with the Society of Petroleum Engineers'
standard.
Other
Forward Looking Statements
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"anticipates", "targets", "aims", "continues", "expects",
"intends", "hopes", "may", "will", "would", "could" or "should" or,
in each case, their negative or other variations or comparable
terminology. These forward-looking statements include matters that
are not facts. They appear in a number of places throughout this
announcement and include statements regarding the Directors'
beliefs or current expectations. By their nature, forward-looking
statements involve risk and uncertainty because they relate to
future events and circumstances. Investors should not place undue
reliance on forward-looking statements, which speak only as of the
date of this announcement.
Notice to Distributors
Solely for the purposes of the temporary product intervention
rules made under sections S137D and 138M of the FSMA and the FCA
Product Intervention and Product Governance Sourcebook (together,
the "Product Governance Requirements"), and disclaiming all and any
liability, whether arising in tort, contract or otherwise, which
any "manufacturer" (for the purposes of the Product Governance
Requirements) may otherwise have with respect thereto, the New
Ordinary Shares have been subject to a product approval process,
which has determined that the New Ordinary Shares are: (i)
compatible with an end target market of retail investors and
investors who meet the criteria of professional clients and
eligible counterparties, as defined under the FCA Conduct of
Business Sourcebook COBS 3 Client categorisation, and are eligible
for distribution through all distribution channels as are permitted
by the FCA Product Intervention and Product Governance Sourcebook
(the "Target Market Assessment").
Notwithstanding the Target Market Assessment, distributors
should note that: the price of the New Ordinary Shares may decline
and investors could lose all or part of their investment; the
Fundraising offer no guaranteed income and no capital protection;
and an investment in the Fundraising is compatible only with
investors who do not need a guaranteed income or capital
protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits
and risks of such an investment and who have sufficient resources
to be able to bear any losses that may result therefrom. The Target
Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation
to the Fundraising. Furthermore, it is noted that, notwithstanding
the Target Market Assessment, Allenby Capital and TPI will only
procure investors who meet the criteria of professional clients and
eligible counterparties. For the avoidance of doubt, the Target
Market Assessment does not constitute: (a) an assessment of
suitability or appropriateness for the purposes of the FCA Conduct
of Business Sourcebook COBS 9A and 10A respectively; or (b) a
recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to
the New Ordinary Shares.
Each distributor is responsible for undertaking its own target
market assessment in respect of the New Ordinary Shares and
determining appropriate distribution channels.
Glossary
BCF Billion cubic feet of gas .
Mean Reflects a mid-case volume estimate of resource derived using probabilistic methodology. This
is the mean of the probability distribution for the resource estimates and may be skewed by
high resource numbers with relatively low probabilities.
MMBOE Million barrels of oil equivalent. Volume derived by dividing the estimate of the volume of
natural gas in billion cubic feet by six in order to convert it to an equivalent in million
barrels of oil and, where relevant, adding this to an estimate of the volume of oil in millions
of barrels.
Prospective Resources Quantities of petroleum that are estimated to exist originally in naturally occurring
reservoirs,
as of a given date. Crude oil in-place, natural gas in-place, and natural bitumen in-place
are defined in the same manner.
SPE PRMS The Society of Petroleum Engineers' ("SPE") Petroleum Resources Management System ("PRMS")
is a system developed for consistent and reliable definition, classification, and estimation
of hydrocarbon resources prepared by the Oil and Gas Reserves Committee of SPE and approved
by the SPE Board in June 2018 following input from six sponsoring societies: the World
Petroleum
Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation
Engineers, the Society of Exploration Geophysicists, the European Association of Geoscientists
and Engineers, and the Society of Petrophysicists and Well Log Analysts.
For further information, please contact:
Baron Oil Plc +44 (0) 20 7117 2849
Andy Yeo, Chief Executive
Allenby Capital Limited +44 (0) 20 3328 5656
Nominated Adviser and Joint Broker
Alex Brearley, Nick Harriss, Nick Athanas (Corporate
Finance)
Kelly Gardiner (Sales and Corporate Broking)
Turner Pope Investments (TPI) Limited +44 (0) 20 3657 0050
Joint Broker
Andy Thacker, Zoe Alexander
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Andrew Yeo
----------------------------------------- ------------------------------------------
2. Reason for notification
-------------------------------------------------------------------------------------
(b) Position/status Chief Executive
----------------------------------------- ------------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
(d) Name of entity Baron Oil Plc
----------------------------------------- ------------------------------------------
(e) LEI 213800MBSOS9UZ5SW712
----------------------------------------- ------------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-------------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.025 pence each in
the Company
----------------------------------------- ------------------------------------------
(b) Identification code GB00B01QGH57
----------------------------------------- ------------------------------------------
(c) Nature of the transaction Placing of ordinary
shares
----------------------------------------- ------------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
0.05 pence 62,600,000
-----------
----------------------------------------- ------------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price 0.05 pence 62,600,000
-----------
----------------------------------------- ------------------------------------------
(f) Date of transaction 24 March 2021
----------------------------------------- ------------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Hugh Jonathan Ford
----------------------------------------- ------------------------------------------
2. Reason for notification
-------------------------------------------------------------------------------------
(b) Position/status Technical Director
----------------------------------------- ------------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
(d) Name of entity Baron Oil Plc
----------------------------------------- ------------------------------------------
(e) LEI 213800MBSOS9UZ5SW712
----------------------------------------- ------------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-------------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.025 pence each in
the Company
----------------------------------------- ------------------------------------------
(b) Identification code GB00B01QGH57
----------------------------------------- ------------------------------------------
(c) Nature of the transaction Placing of ordinary
shares
----------------------------------------- ------------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
0.05 pence 15,000,000
-----------
----------------------------------------- ------------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price 0.05 pence 15,000,000
-----------
----------------------------------------- ------------------------------------------
(f) Date of transaction 24 March 2021
----------------------------------------- ------------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing John Wakefield
----------------------------------------- ------------------------------------------
2. Reason for notification
-------------------------------------------------------------------------------------
(b) Position/status Non-Executive Chairman
----------------------------------------- ------------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
(d) Name of entity Baron Oil Plc
----------------------------------------- ------------------------------------------
(e) LEI 213800MBSOS9UZ5SW712
----------------------------------------- ------------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-------------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of
type of instrument 0.025 pence each in
the Company
----------------------------------------- ------------------------------------------
(b) Identification code GB00B01QGH57
----------------------------------------- ------------------------------------------
(c) Nature of the transaction Placing of ordinary
shares
----------------------------------------- ------------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
0.05 pence 20,000,000
-----------
----------------------------------------- ------------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price 0.05 pence 20,000,000
-----------
----------------------------------------- ------------------------------------------
(f) Date of transaction 24 March 2021
----------------------------------------- ------------------------------------------
(g) Place of transaction Outside a trading venue
----------------------------------------- ------------------------------------------
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