President Energy PLC CGC Share Subscription (6501W)
April 27 2021 - 2:00AM
UK Regulatory
TIDMPPC
RNS Number : 6501W
President Energy PLC
27 April 2021
27 April 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
CGC Share Subscription
President Energy (AIM: PPC), the upstream oil and gas company
with a diverse portfolio of production and exploration assets
focused primarily in Argentina, confirms that further to the
announcement of 20 November 2019 Compania General De Combustibles
S.A. ("CGC") has completed the sixth quarterly instalment of its
share subscription programme.
CGC has invested a further sum of US$165,000.00 approximately
GBP119,228.27 at an exchange rate of GBP1: 1.3839 USD being the
spot rate on the day prior to 26 April 2021, the effective date of
the investment ("the Additional Subscription Amount"). To satisfy
the Additional Subscription Amount, President has issued to CGC
5,299,034 new ordinary shares of 1p each in the capital of the
Company (the "Additional Subscription Shares") to CGC at a
subscription price of 2.25 pence per Additional Subscription Share,
being the closing mid-market price per Ordinary Share on 23 April
2021.
Application has been made for the 5,299,034 Additional
Subscription Shares to be admitted to trading on AIM and dealings
are expected to commence on 30 April 2021 ("Admission").
The Additional Subscription Shares will rank pari passu with the
existing ordinary shares in the capital of the Company. Following
Admission, the Company's issued share capital will consist of
2,035,223,379 Ordinary Shares. Accordingly, the figure of
2,035,223,379 may be used by shareholders as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change to their interest in the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
Contact:
President Energy PLC
Rob Shepherd, Group FD
Nikita Levine, Investor Relations +44 (0) 207 016 7950
finnCap (Nominated Advisor)
Christopher Raggett, Tim Harper +44 (0) 207 220 0500
Notes to Editors
President Energy is an oil and gas company listed on the AIM
market of the London Stock Exchange (PPC.L) primarily focused in
Argentina, with a diverse portfolio of operated onshore producing
and exploration assets.
The Company has operated interests in the Puesto Flores,
Estancia Vieja, Puesto Prado and Las Bases Concessions, and
Angostura exploration contract, all of which are situated in the
Rio Negro Province in the Neuquén Basin of Argentina and in the
Puesto Guardian Concession, in the Noroeste Basin in NW Argentina.
Alongside this, President Energy has cash generative production
assets in Louisiana, USA and further significant exploration and
development opportunities through its acreage in Paraguay and
Argentina.
The Group is also actively pursuing value accretive acquisitions
of high-quality production and development assets capable of
delivering positive cash flows and shareholder returns. With a
strong strategic and institutional base of support, including the
international commodity trader and logistics company Trafigura, an
in-country management team as well as the Chairman whose interests
as the largest shareholder are aligned to those of its
shareholders, President Energy gives UK investors access to an
energy growth story combined with world class standards of
corporate governance, environmental and social responsibility.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
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END
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