TIDMLOGP
RNS Number : 0097O
Lansdowne Oil & Gas plc
26 January 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the retained EU law version of the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). Upon the publication of this announcement via
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain. If you have any queries
on this, then please contact Steve Boldy, the Chief Executive
Officer of the Company (responsible for arranging release of this
announcement).
26 January 2023
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Equity Placing
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea
focused oil and gas company, is pleased to announce that it has
raised GBP300,000 by way of a placing of 60,000,000 new ordinary
shares of 0.1 pence each (the "Placing Shares") at a placing price
of 0.5 pence per Placing Share (the "Placing Price") (the
"Placing"). Tavira Financial Limited ("TFL") acted as broker to the
Placing.
The proceeds of the Placing will be used to meet the Company's
expected share of Barryroe costs and to fund the Company's ongoing
working capital requirements through to the end of May 2023, whist
awaiting the outcome of the application for a Lease Undertaking for
Barryroe.
The Placing
The Company has raised gross proceeds of GBP300,000 through the
issue of the Placing Shares. The Placing Shares will represent
approximately 6.04 % per cent of the enlarged share capital of the
Company (following the issue of the Placing Shares).
The Placing Shares will rank pari passu with the existing
ordinary shares of the Company in all respects. Application has
been made for the Placing Shares to be admitted to trading on AIM
and dealings are expected to commence on or around 01 February 2023
("Admission").
Warrants
In association with the Placing, 3,000,000 warrants ("Broker
Warrants") have been granted to TFL, with an exercise price of 0.5p
per ordinary share. The Broker Warrants are exercisable up until
the third anniversary of Admission.
In connection with the Placing, the Company will also grant a
total of 60,000,000 warrants ("Investor Warrants") to placees
participating in the Placing, on a one Investor Warrant per Placing
Share basis, to subscribe for new ordinary shares in the Company at
a price of 1.0 pence per share. The Investor Warrants will be
exercisable until the second anniversary of Admission. In the event
all of the Investor Warrants are exercised before their expiry, the
Company would receive a further GBP0.60 M in cash.
Separately, 1,788,000 warrants have been granted to LC Capital
Targeted Opportunities Fund, LP ("LC") in accordance with the
provisions of LC's warrant instrument, the terms of which have been
previously announced on 31 December 2021. LC now holds 29,609,826
warrants over ordinary shares at a strike price of 0.5 pence per
share. In addition, in the event that the Investor Warrants and
Broker Warrants are exercised in full prior to the maturity date of
the LC warrants, LC will be granted up to an additional 1,877,400
warrants over ordinary shares in accordance with the provisions of
LC's warrant instrument.
Use of Proceeds
The proceeds of the Placing are expected to be sufficient to
fund the Company's share of costs on Barryroe and for on-going
working capital requirements through to the end of May 2023, whilst
awaiting the outcome of the application for a Lease Undertaking for
the Barryroe oil and gas field.
Total Voting Rights
Following admission of the Placing Shares, the Company will have
in issue 993,618,337 ordinary shares of 0.1 pence each. No ordinary
shares are held in treasury. Therefore, the total number of voting
rights in the Company will be 993,618,337.
The above total current voting rights number is the figure which
may be used by shareholders as the denominator for the calculation
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.
Jeffrey Auld, Non-Executive Chairman of Lansdowne,
commented:
"The Placing proceeds provide funding for the Company through to
the middle of the year, whilst we await the outcome of our
application for a Lease Undertaking for the Barryroe Field, which
was submitted in April 2021.
Last November, following correspondence from the Geoscience
Regulation Office (GSRO) of the Department of the Environment,
Climate and Communications (DECC), Lansdowne submitted additional
materials to address financial capability, as did the Barryroe
Operator, Barryroe Offshore Limited.
A number of independent Competent Persons Reports have been
carried out, all of which have demonstrated that Barryroe holds
substantial oil resources that are commercial at oil prices well
below the current c.$90 Brent oil price.
Barryroe also contains significant gas resources with as much as
1 TCF potentially in place.
Europe needs new sources of oil and gas to replace supplies
formerly delivered from Russia.
Barryroe can play a role in solving this requirement and can
deliver greatly increased security of supply for Ireland.
We stand ready to engage with DECC to secure the Lease
Undertaking and to proceed to drill an appraisal well, success of
which will is expected to move Barryroe forward to development and
production."
For further information please contact:
Lansdowne Oil & Gas plc +353 1 963 1760
Steve Boldy
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser and Joint
Broker
Stuart Gledhill
Richard Hail
Charlie Bouverat
Tavira Financial Limited +44 (0) 20 3192 1739
Joint Broker
Oliver Stansfield
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused,
oil and gas exploration and appraisal company quoted on the AIM
market and head quartered in Dublin.
For more information on Lansdowne, please refer to
www.lansdowneoilandgas.com .
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