TIDMWBN

RNS Number : 8767F

Woburn Energy PLC

21 June 2012

For immediate release

21 June 2012

Woburn Energy Plc

("Woburn" or the "Company")

Result of General Meeting

and Completion of Disposal

The Board of Woburn is pleased to announce that at the General Meeting held earlier today all the resolutions were duly passed. The first resolution approved the conditional Assignment Agreement for the sale of its 50 per cent. beneficial interest in the Las Quinchas Association Contract with Ecopetrol. The Investing Policy was also approved by shareholders at the General Meeting.

The disposal, which has now been completed, constitutes a fundamental change of business of the Company under Rule 15 of the AIM Rules and the Company will therefore become an Investing Company.

Following completion, Woburn has no assets other than its share of the net proceeds of the disposal, which are expected to amount to approximately US$4.5 million after settlement by LQRC and Woburn of all outstanding liabilities owed both to the Las Quinchas Association Contract operator, Pacific Rubiales Energy Corp, and the LQRC minority shareholder, PetroMagdalena Energy Corporation, together with the costs and expenses of the disposal.

The Board looks forward to updating shareholders in due course of developments within the Investing Policy.

For further information, please contact:

 
 Woburn Energy Plc                     Tel: +44 (0) 20 
                                        7380 4600 
 Kamran Ahmed / Graeme Thomson         www.woburnenergy.com 
 Beaumont Cornish Limited (Nominated   Tel: +44 (0)20 
  Adviser)                              7628 3396 
 Michael Cornish

DEFINITIONS

 
 "Assignment Agreement"   the conditional assignment agreement 
                           executed 31 May 2012 and entered 
                           into between LQRC and the Purchaser; 
 "Investing Company"      has the meaning given in the 
                           glossary to the AIM Rules; 
 "Investing Policy"       the proposed investing policy 
                           of the Company, to be pursued 
                           by the Company following completion; 
 "Las Quinchas            the association contract between 
  Association Contract"    Empresa Colombiana De Petroleos 
                           (Ecopetrol) and Clavijo Avila 
                           Geopozos & Company S.A. dated 
                           29 January 1996 (as amended); 
 "LQRC"                   Las Quinchas Resource Corporation, 
                           a company incorporated under 
                           the laws of Barbados (West Indies) 
                           with registered number 16000063 
                           whose registered office is located 
                           at c/o Oceanic Managers (Barbados) 
                           Incorporated, Braemar Court, 
                           Deighton Road, St. Michael, BB14017, 
                           Barbados; 
 "Purchaser"              the purchaser of the beneficial 
                           interests of LQRC under the Las 
                           Quinchas Association Contract 
                           pursuant to the Assignment Agreement, 
                           being Cloister Blue Corporation, 
                           a company organised and existing 
                           under the laws of the British 
                           Virgin Islands with registered 
                           number 1054513;

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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