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Europa Oil & Gas (Holdings) plc /
Index: AIM / Epic: EOG / Sector: Oil & Gas
12 June
2017
Europa Oil &
Gas (Holdings) plc (‘Europa’ or ‘the Company’)
Result of Open
Offer
Europa Oil & Gas (Holdings) plc, the AIM traded UK and
Ireland focused oil and gas
exploration, development and production company, announced on
24 May 2017 that it had raised £2.1
million by the issue of 23,999,993 New Ordinary Shares pursuant to
a Firm Placing and 11,000,007 New Ordinary Shares pursuant to a
Conditional Placing at an issue price of 6
pence per New Ordinary Share. Furthermore, Europa proposed
to raise up to a further £1.5 million by the issue of up to a
further 24,488,801 New Ordinary Shares pursuant to an Open Offer,
also at an issue price of 6 pence per
New Ordinary Share.
The Open Offer closed for acceptances at 11.00 a.m. on 9 June
2017. The Company is pleased to announce that it has
received valid acceptances from Qualifying Shareholders in respect
of 21,500,368 Open Offer Shares, including applications for
8,716,883 Open Offer Shares under the Excess Application Facility.
This represents 87.8 per cent of the maximum Open Offer Shares
available under the Open Offer. Consequently:
- qualifying Shareholders who have validly applied for Open Offer
Shares will receive their full Basic Entitlement and any Ordinary
Shares they applied for under the Excess Entitlement facility;
- the Company will have raised gross proceeds of approximately
£1.3 million through the Open Offer, and the admission of the
21,500,368 Open Offer Shares will become effective at 8.00 a.m. on 13 June
2017; and
- Open Offer Shares (in uncertificated form) will be credited to
CREST accounts on 13 June 2017 and
definitive share certificates for the Open Offer Shares (in
certificated form) will be dispatched to certificated shareholders
by 27 June 2017.
The Conditional Placing is conditional upon, inter alia, the
Company obtaining approval from its Shareholders to grant the Board
authority to allot the Conditional Placing Shares and to disapply
statutory pre-emption rights which would otherwise apply to the
allotment of the Conditional Placing Shares. Accordingly, a General
Meeting has been convened for later today for the purpose of
considering Resolutions which, inter alia, will give the Directors
the necessary authorities to allot the Conditional Placing
Shares.
Europa’s CEO, Hugh Mackay, said
“The institutional and retail investors who have participated in
the Placing and Open Offer have gained exposure to an
industry-leading licence position in the emerging hydrocarbon
hotspot that is offshore Ireland,
as well as the existing production of UK onshore’s third largest
oil producer. In our view, their timing could not be
better. Offshore Ireland, the first of what we believe will
be a number of new wells is due to be drilled this summer.
Thanks to our diversified licence position we are exposed to all
the various play types being targeted. Success at this or any
other well in the region will therefore significantly de-risk the
32 prospects and leads we have already identified across our
blocks, which to date have been assigned gross mean un-risked
Prospective Resources of 4.7 billion boe and 1.5 tcf of gas, 2
billion boe of which have been independently audited by ERCE
Equipoise.
“In the UK, later this year we will be drilling a potentially
high impact conventional well at Holmwood which lies adjacent to
the Horse Hill discovery in the Weald and, subject to planning
approval, see production commence at Wressle which will almost
double our daily output to over 200 bopd. With further technical
work being carried out across our portfolio, the acquisition of 3D
seismic on our Cairn Energy operated licence in the South Porcupine basin this summer, and an
ongoing farm-out process for our remaining Irish licences, I look
forward to providing further updates on our progress as we focus on
unlocking the substantial value within our asset base.”
Enquiries:
For further information please visit www.europaoil.com or
contact:
Hugh Mackay |
Europa |
+ 44 (0) 20 7224
3770 |
Phil Greenhalgh |
Europa |
+ 44 (0) 20 7224
3770 |
Matt Goode |
finnCap Ltd |
+44 (0) 20 7220
0500 |
Simon Hicks |
finnCap Ltd |
+44 (0) 20 7220
0500 |
Frank Buhagiar |
St Brides Partners
Ltd |
+44 (0) 20 7236
1177 |
Susie
Geliher |
St Brides Partners
Ltd |
+44 (0) 20 7236
1177 |
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Unless otherwise defined herein, capitalised terms used in this
announcement shall have the same meanings as defined in the
Circular.