WBN Woburn Energy

TIDMWBN

RNS Number : 2738W

Woburn Energy PLC

23 December 2013

 
 immediate release   23 December 2013 
 

Woburn Energy Plc

("Woburn" or "the Company" or the "Group")

Corporate update

The assignment last year of the Group's 50 per cent. beneficial interest in the Las Quinchas Association Contract with Ecopetrol (the "Disposal"), constituted a fundamental change of business of the Company under Rule 15 of the AIM Rules and the Company became an Investing Company. As a Rule 15 Investing Company, Woburn had to implement its investing policy or otherwise complete a reverse takeover on or before 23 December 2013 or otherwise its shares would be cancelled from trading on AIM. The Company's investing policy is to make investments in the oil and gas sector and the Directors have focused on Europe, the Middle East, Africa and Asia. Investments may be made in exploration, development or producing assets.

The consideration for the Disposal was payable in instalments and Woburn only received the final instalments, in aggregate amounting to US$3,913,123, in June of this year. As previously reported, the Board invested considerable time, energy and effort in seeking to acquire a Block in Myanmar, but considered the prices for which the blocks were eventually issued, far exceeded a value that could be justified to shareholders. Our objectives have been to conserve the Company's resources and to acquire a project which provides a platform for the future successful independent development of the Company in the oil and gas sector.

The Board has identified a potentially attractive near term production project in Kazakhstan and which, in principle, would meet the Board's objectives. We have commissioned a competent persons report ("CPR") which is at a relatively advanced stage of preparation and the Board is hopeful that it might be finalised shortly.

On completion of the CPR the Board will then be in a position to fully appraise, on an informed technical and financial basis, the prospects for the project, its potential returns and capital requirements and settle the acquisition terms of the Project with the vendor. The Board has already received a preliminary licence opinion and this, together with the CPR, form a key part of the Company's initial due diligence.

The potential acquisition will not, however, be completed before the Stock Exchange deadline of 23 December 2013 and the Company's shares will be cancelled from trading on AIM with effect from 24 December 2013.

The Board's current plan is to complete an acquisition or investment in a new project so that Woburn can reapply for its shares to be readmitted to trading on AIM as soon as possible. While the Board is hopeful that the acquisition of the near term production project in Kazakhstan will be completed, there can be no certainty that this will occur and in such circumstances, the Board will consider the alternatives.

From 24 December 2013 the AIM Rules will cease to apply to the Company. The Board intends though to retain its website for investors and will continue where applicable to make announcements of key corporate developments. As previously notified, all future communications to shareholders will be via electronic format with access to documents via the Company's website.

The Board understands that shareholders are frustrated by the slow progress and the prospects of being unable to trade in the Company's shares until the Company is readmitted to AIM. The Board however, has sought to identify a project that would be in the best interests of the Company and its shareholders.

The Board looks forward to providing a further progress report in the New Year.

For further information, please contact:

 
 Woburn Energy Plc                              Tel: +44 (0) 20 7387 
                                                 2288 
 Kamran Ahmed                                   www.woburnenergy.com 
 Beaumont Cornish Limited (Nominated Adviser)   Tel: +44 (0)20 7628 3396 
 Michael Cornish 
 

A copy of this announcement is available from the Company's website: www.woburnenergy.com

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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