The
information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under 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).
10 February 2025
Lansdowne Oil & Gas
plc
("Lansdowne" or the "Company")
Convertible Loan
Agreement
Lansdowne Oil & Gas plc ("Lansdowne" or
"the Company") is pleased to confirm that the Company has entered
into a Convertible Loan Agreement for GBP 45,000 (the "Loan"),
arranged by Tavira Financial Limited, the Company's joint broker,
with a number of existing shareholders.
Lansdowne intends to use the funds to provide
working capital whilst discussions continue with potential funders
for Lansdowne's Energy Charter Treaty claim against Ireland and
work progresses towards a potential reverse takeover. The Company
is also in the process of completing its accounts for the full year
to 31 December 2023 and six month period to 30 June
2024.
The Company expects to raise further funds via
the CLN process over the coming weeks as required and further
announcements will be made as necessary.
Trading in the Company's shares on AIM will
remain suspended until the completion of a reverse
takeover, which requires the publication of an admission document
and the approval of such a transaction at a General Meeting of the
Company, or the Company is readmitted to trading on AIM as an
investing company.
Loan
terms
The Loan terms are the same as those previously
entered into and announced on 20 September 2024. The Loan is
unsecured, carries no interest and shall be converted into new
ordinary shares of 0.01 pence each in the Company ("New Ordinary
Shares") at the time of completing a reverse takeover and subject
to shareholder approval for the extension of share issuance
authorities. The conversion price will be the lower of 0.1 pence
(being the share price at the time of suspension on 21 March 2024),
or a 20% discount price to the issue price at the time of any
issuance of shares alongside a future reverse takeover.
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 Broker
|
|
|
Stuart Gledhill
|
|
|
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 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.
On 20 September 2023, Lansdowne
announced that, under AIM Rule 15, the Company had been designated
to be a cash shell. Accordingly, the shares of the Company
were suspended from trading on AIM as at 07.30 am on 21 March 2024
("Suspension").
For more information on Lansdowne, please refer
to www.lansdowneoilandgas.com
