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).
8 March 2024
Lansdowne Oil & Gas
plc
("Lansdowne" or the "Company")
Energy Charter Treaty Claim
Distribution Plan
·
Record date of
Registered Shareholders of the Company expected to be set as 21
March 2024 (date of Suspension)
·
Registered
Shareholders at the record date planned to be protected
beneficiaries of the outcome of the Arbitration
process
Further to the update provided on 26
February 2024, the Company is focused upon progressing its Energy
Charter Treaty claim ("ECT Claim") against Ireland following the
refusal to award a Lease Undertaking for the Barryroe oil and gas
field ("Barryroe").
On 20 September 2023 Lansdowne
announced that, under Rule 15 of the AIM Rules for Companies ("AIM
Rules"), the Company had been designated to be a cash shell.
Accordingly, given that the Company does not expect to
undertake acquisition, or acquisitions, which constitutes a reverse
takeover under Rule 14 of the AIM Rules ("Reverse Takeover") ahead
of the six-month suspension window, the Company's shares will be
suspended from trading on AIM as at 7.30 am on 21 March 2024
("Suspension").
It is the intention of the Board of
Directors that, in the event of a successful ECT claim outcome
against Ireland by the Company and/or its subsidiary Lansdowne
Celtic Sea Limited (together the "Claimants"), arrangements will be
put in place in advance to ensure that qualifying shareholders will
receive an economic benefit relating to their shareholding at the
date of Suspension, ensuring that should there be any future
changes in the capital structure of the Company, the impact on such
shareholders vis a vis as beneficiaries of a successful ECT Claim,
will be ring fenced.
The Board of Directors intend that
such arrangements will account for all or a proportion of the net
proceeds of a successful ECT Claim outcome (after deduction of the
reasonable legal and ancillary costs associated with the ECT
claim), including the use by the Company of potential proceeds from
the ECT Claim as an asset, which may prove
valuable for any future transactions including a Reverse Takeover.
If the Company does complete a Reverse Takeover during the
six-month period following Suspension, this would lead to the
lifting of the Suspension.
It should be cautioned that there is
no guarantee that the Claimants will be successful in the ECT
Claim. Moreover, in the event the Barryroe licence is reinstated,
potentially leading to the ECT Claim being subsequently withdrawn,
the Company's full economic interest in Barryroe will remain with
the Company.
The Company is taking further tax,
legal and regulatory advice and will make further announcements as
appropriate.
Steve Boldy, CEO of Lansdowne,
commented:
'We believe the actions of the Irish
Government are wholly inappropriate and the Company is therefore
electing to preserve its interests under the Energy Charter Treaty.
We believe it is only right for existing shareholders who have been
disadvantaged by these actions from Ireland to have their position
protected in the event of a successful outcome under the ECT Claim,
notwithstanding the Suspension of trading in the Company's shares
on AIM.
'In the meantime, Shareholders will
also continue to benefit from the Company's interest in the
potential outcome of the ECT Claim and we believe this, along with
our AIM listing, will provide significant value for discussions
with interested parties looking to undertake a Reverse
Takeover.
'With a market capitalisation of
less than £1 million and a likely claim under the ECT in excess of
US$100 million, we believe the Company's interest in the outcome of
the ECT Claim potentially offers shareholders a multiple increase
in the current valuation in any discussions over future assets
vended into the Company and constituting a Reverse Takeover which,
in turn, would also see a lifting in the suspension of our shares
on AIM.'
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
|
|
|
|
|
|
|
|
|
Tavira
Financial Limited
|
+44 (0) 20 3192 1739
|
|
Joint
Broker
|
|
|
Oliver Stansfield
|
|
Notes to
editors:
About
Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is an oil and
gas exploration and appraisal company focused on the North Celtic
Sea and quoted on the AIM market and head quartered in
Dublin.
In May 2023 the application for a Lease
Undertaking for the Barryroe Field, in which Lansdowne held a 20%
interest, was refused by the Irish Department of the Environment,
Climate and Communications.
In June 2023 Lansdowne announced the
commencement of action under the Arbitration Process of the Energy
Charter Treaty.
Since 20 September 2023, Lansdowne has been
designated a "Cash-Shell" under AIM Rule 15.
For more information on Lansdowne, please refer
to www.lansdowneoilandgas.com.