Senterra Energy PLC Intended Acquisition and Suspension of Trading (5233E)
May 09 2017 - 1:31AM
UK Regulatory
TIDMSEN
RNS Number : 5233E
Senterra Energy PLC
09 May 2017
For immediate release 9 May 2017
Senterra Energy plc
("Senterra", "Senterra Energy" or the "Company")
Intended Acquisition
and
Suspension of Trading
The Directors of Senterra Energy are pleased to inform
shareholders that the Company has signed heads of terms to acquire
the entire issued share capital of UOG Holdings Plc ("UOG"), an
independent oil and gas company.
Pursuant to the acquisition (the "Acquisition") Senterra will
issue ordinary shares of GBP0.01 each in the capital of Senterra to
the shareholders of UOG ("Consideration Shares"). The value of each
Consideration Share will be a sum equal to the subscription price
at which additional ordinary shares of GBP0.01 are issued by
Senterra by way of a placing at re-admission. The Directors are
pleased that the Acquisition will represent an investment in the
sector contemplated at the time of the admission of Senterra's
shares as a standard listing to trading on the London Stock
Exchange's Main Market in November 2015.
About UOG
UOG is building up a portfolio of assets with near term
activity.
Based in Dublin, Ireland, UOG is led by Brian Larkin (CEO) and
Dr. Jonathan Leather (Technical Director) who are a former Tullow
Oil Plc team. UOG is a privately-owned oil and gas exploration
company that was established to acquire non-core oil and gas
licences from larger oil and gas companies, with the goal of being
an active partner to unlock previously untapped value.
UOG is primarily focusing on Europe, taking advantage of the
management team's extensive experience in the market, and
benefitting from the stable political and fiscal systems in the
region.
UOG's first licence acquisition was in July 2016, when the
Company acquired First Oil Expro Ltd's stake in the PL090 licences,
onshore UK. The PL090 licences are situated in the Wessex Basin, a
long-established productive basin that contains Wytch Farm, the
largest oil-field in onshore Europe. The licences include an
existing onshore field and access to significant exploration
opportunities.
UOG have recently announced the agreement to acquire a 20%
interest in the Podere Gallina licence in the Po Valley, Northern
Italy.
The Acquisition is subject, inter alia, to the completion of due
diligence, definitive documentation and compliance with all
regulatory requirements, including the Listing and Prospectus Rules
and, as required, the Takeover Code.
Suspension and Application for Listing
The Acquisition, if it proceeds, will constitute a Reverse
Takeover under the Listing Rules since, inter alia, in substance it
will result in a fundamental change in the business of the
issuer.
As the Acquisition will constitute a Reverse Takeover under the
Listing Rules, the Company have requested the suspension of the
listing in the Company's ordinary shares on the Standard Segment of
the Official List, and trading on the London Stock Exchange's Main
Market has been suspended with effect from this morning, pending
the publication of a prospectus and the application for the
enlarged Company to have its Ordinary Shares listed on the Standard
Segment ofthe Official List and to trading on the London Stock
Exchange's Main Market.
The Company is working on the preparation of a prospectus in
relation to the Acquisition and will, in due course, be making
application for the enlarged Company to have its Ordinary Shares
admitted to the Official List and to trading on the main market for
listed securities of the London Stock Exchange.
For more information:
Senterra Energy plc (Company)
===================================== =================
+44 (0) 20 3137
Jeremy King 1904
===================================== =================
Optiva Securities Limited (Joint
Broker)
===================================== =================
+44 (0) 20 3137
Christian Dennis 1902
===================================== =================
Dowgate Capital Stockbrokers
Limited (Joint Broker)
===================================== =================
+44 (0) 1293 517
Jason Robertson and Neil Badger 744
===================================== =================
Beaumont Cornish Limited (Financial
Adviser)
===================================== =================
Roland Cornish and Felicity +44 (0) 20 7628
Geidt 3396
===================================== =================
This information is provided by RNS
The company news service from the London Stock Exchange
END
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