Bluebird Energy PLC AGM Statement (2280T)
11 12월 2012 - 6:00PM
UK Regulatory
TIDMBBE
RNS Number : 2280T
Bluebird Energy PLC
11 December 2012
BLUEBIRD ENERGY PLC
(AIM: BBE)
AGM Statement
At the Bluebird Energy plc ("Bluebird" or "the Company") Annual
General meeting to be held at 11.00am today, James Ede-Golightly,
Chairman will make the following statement:
At the Company's Revloc project in Pennsylvania all seven of its
wells have been plugged and abandoned, as required by state law.
The plugging will allow the recovery of certain performance bonds
held with the state which, along with the disposal of fixed assets
and certain coal rights will largely offset the costs of the
exercise to the JV partners. The Company has disposed of its 5.3
per cent. royalty interest in Cimarron properties for $26,000 which
was paid on completion in cash. Marketing efforts for the sale or
farm-out of the Solitaire continue. While initial research is
supportive of the potential of the acreage as a Mississippian oil
play, parts of the licence area expire from Q2 2013 and a recent
State of Colorado oil and gas lease auction received no bid on
parcels in Kit Carson County.
Following a review of strategy, the board has decided to broaden
the extent of Bluebird's investment focus to include opportunities
outside the oil and gas sector. This decision reflects the board's
investment experience and focus on maximising long term value for
shareholders principally on maximising growth in net asset value
per share.
In the short term, Bluebird remains focused on maximising the
value of its shareholding in Wessex Exploration PLC as well as
realising value from the Solitaire acreage. Having substantially
completed the rationalisation of its cost base, the company will
now establish an investment capability while retaining overheads at
a modest level. To this end Bluebird has secured an agreement with
ORA Group Services Limited to provide core accounting and
secretarial services. As ORA Group Services Limited is an
associated company of ORA (Guernsey) Limited, which owns
approximately 25.8 per cent. shares in Bluebird, this constitutes a
related party transaction. The directors, having consulted with the
Company 's nominated adviser, WH Ireland, consider the transaction
to be fair and reasonable insofar as its shareholders are
concerned.
Commenting on today's announcement, James Ede-Golightly,
Chairman of Bluebird, said:
"These developments reflect substantial progress in
rationalising the company's US oil and gas portfolio while allowing
the company and its shareholders to benefit on the substantial
opportunities within the broader investment universe."
Contacts
Bluebird Energy plc www.bluebirdenergy.net
James Ede-Golightly +44 (0) 1225 428139
WH Ireland Limited www.wh-ireland.co.uk
John Wakefield/Marc Davies +44 (0) 117 945 3470
This information is provided by RNS
The company news service from the London Stock Exchange
END
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