NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM
ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF THAT JURISDICTION
CADOGAN PETROLEUM
PLC
Statement
regarding possible combination with Ascent Resources plc
31 March 2016
Further to its announcement on 29 March
2016, Cadogan Petroleum plc (“Cadogan” or the “Company”)
notes the recent appreciation in the share price of Ascent
Resources plc ("Ascent"), which as at the close of business
yesterday was at a 658% premium to the closing share price of
0.93 pence on 23 March 2016, being the business day immediately
prior to the announcement by Ascent regarding the possible
combination of Cadogan and Ascent.
Cadogan has conducted extensive due diligence on Ascent and the
Petisovci Gas Project, however this share price rise has taken
Ascent’s enterprise value above a level that Cadogan was prepared
to consider for a potential transaction. As a result, Cadogan
confirms that it does not intend to make an offer for
Ascent.
This announcement is made in accordance with Rule 2.8 of the UK
City Code on Takeovers and Mergers (the "Code"). As a result of
this announcement Cadogan will, together with any party acting in
concert with Cadogan, be bound by the restrictions contained in
Rule 2.8 of the Code.
Cadogan reserves the right to announce an offer or possible
offer or make or participate in an offer or possible offer for
Ascent (and/or take any other action which would otherwise be
restricted under Rule 2.8 of the Code) within the next six months
following the date of this announcement in the circumstances set
out in Note 2 to Rule 2.8 or with the consent of the Panel on
Takeovers and Mergers.
In accordance with Rule 30.4 of the Code a copy of this
announcement will be available at
http://www.cadoganpetroleum.com/
The content of the website referred to in this announcement
is not incorporated into and does not form part of this
announcement.
Enquiries:
Cadogan Petroleum plc |
+380 (44) 594 5870 |
Guido
Michelotti, Chief Executive Officer
Marta Halabala, Company Secretary |
|
Cantor Fitzgerald Europe |
+44 (0) 20 7894 7000 |
David Porter
Sarah Wharry |
|