Legendary Investments PLC Investment (1340A)
December 22 2017 - 1:00AM
UK Regulatory
TIDMLEG
RNS Number : 1340A
Legendary Investments PLC
22 December 2017
22 December 2017
Legendary Investments PLC
("Legendary" or the "Company")
Conversion of Stake in Gold Asset to Stake in Oil Asset
Legendary is pleased to announce that it has entered into an
agreement to acquire an interest in Circle Oil Tunisia Limited
("COTL"), which owns the, El Mediouni East and Central oil asset
("ELM") in the Mahdia Permit located in the Gulf of Hammamet off
the Tunisian coast, in exchange for its interests in Manas
Resources LLC ("Manas"). The Permit duration and work programme are
in the process of being finalised.
As a result of this agreement, Legendary will receive an
interest of up to 2 per cent in CTOL. Legendary's interest in Manas
is valued in its books at GBP100,000.
COTL underwent a restructuring process following the liquidation
of its parent company, Circle Oil Plc ("Circle Oil"), and is now
under new management. Other assets of the former Circle Oil
portfolio in North Africa and the Middle East have been shown by
others to be commercially attractive, and COTL is confident that
the Tunisian offshore tracts will also be commercially attractive.
Over the past 5 years Circle Oil invested heavily in ELM, and in
August 2014 announced a potential large discovery following
preliminary results from ELM which were internally estimated by
Circle Oil as potentially recoverable prospective resources of
approximately 100 million barrels of oil.
Zafar Karim, Executive Chairman of Legendary, said:
"We are pleased to have parlayed our interest in Manas into an
interest in ELM. We expect that the ELM is more likely to come to
fruition and in in a shorter timescale and possibly at a greater
value than Manas."
- ENDS -
Zafar Karim
Legendary Investments / Thomas 020 8201
PLC Reuner 3536
Colin Aaronson
Grant Thornton / Harrison 020 7383
UK LLP Clarke 5100
Beaufort Securities 020 7382
Limited Elliot Hance 8300
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
About Legendary Investments PLC:
Legendary Investments PLC is a proactive investment company that
focuses on making investments in and assisting companies which
exhibit the potential to generate returns of many multiples through
capital appreciation. Typically, Legendary invests in small
companies where there are clear catalysts for value appreciation
and the companies are operating in sectors exhibiting long term
growth. Examples of such sectors include technology, energy and
natural resources.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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