Equatorial Palm Oil plc EPO Signs Up Port Access (5832V)
August 10 2015 - 7:30AM
UK Regulatory
TIDMPAL
RNS Number : 5832V
Equatorial Palm Oil plc
10 August 2015
10 August 2015
EQUATORIAL PALM OIL plc
("EPO", the "Company" or, together with its subsidiaries, the
Group)
EPO Signs Up Port Access
Equatorial Palm Oil plc (AIM: PAL), the AIM listed palm oil
development and production company with operations in Liberia, West
Africa, announces that its operating subsidiary LIBINC Oil Palm Inc
("LIBINCO") has signed a lease agreement with the National Port
Authority of Liberia ("NPA") to lease land in order to build a palm
product export facility at the port of Buchanan, which is 24km from
EPO's Palm Bay estate.
The land leased at the port of Buchanan measures approximately
4.5 acres (the "Site") and is in close proximity to the wharf from
which it is intended that vessels will load EPO's produce for
onward shipping to its customers.
EPO's palm products, crude palm oil, crude palm kernel oil and
palm kernel cake, will be trucked from Palm Bay estate to the port
of Buchanan and stored at a tank farm which the Group intends to
build on the Site. In time, the tank farm will hold up to 10,000MT
of palm oil. Construction of the perimeter fencing to delineate the
leased land will begin immediately.
Geoffrey Brown, Executive Director of EPO, commented:
"This is a significant milestone for the Company. LIBINCO has
been in discussions with the NPA for the lease of land at the port
of Buchanan for over two years. The storage facility is a key
infrastructure asset for the successful export of the Company's oil
palm products. We are delighted to have this lease agreement now in
place which further de-risks our operations."
The commercial terms of the lease agreement with the NPA
include:
-- 25 year term which may be renewed after 12 years for a further 13 years;
-- LIBINCO has the right to install all necessary infrastructure
and security measures on the Site; and
-- Right of access and easements granted in favour of LIBINCO,
allowing the loading of its products on ships berthed in the
port.
Blocklisting
EPO also announces the cancellation with immediate effect of the
blocklisting of the remaining 18,362,754 unallotted ordinary shares
of 1 pence each in respect of warrants issued by the Company to
placees at the time of its admission to AIM (the "Blocklisting").
The warrants that were the subject of the Blocklisting have now
expired. No allotments have been made under this scheme since the
Company's last Blocklisting update released on 13 February
2015.
- END -
For further information, please visit www.epoil.co.uk or
contact:
Equatorial Palm Oil plc +44 (0) 20 7493
Geoffrey Brown (Executive Director) 7671
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
James Harris / Andrew Emmott / James Bellman 3494
Mirabaud Securities LLP (Broker) +44 (0) 20 7484
Peter Krens 3510
Notes to editors:
Equatorial Palm Oil plc is an AIM listed crude palm oil
developer with palm oil estates in Liberia, West Africa. The
Company was founded in 2005 and is focused on becoming a global,
sustainable producer of high quality palm oil to regional and
international markets.
With a significant land position in Liberia through its
operating subsidiary LPD, the Company is geographically well
positioned to serve the international and regional markets and is
committed to making a positive impact on the communities in which
it operates through investment in local schools, health clinics,
housing and infrastructure.
The Company's largest shareholder and 50:50 joint venture
partner in LPD is Kuala Lumpur Kepong Berhad ("KLK"). KLK is one of
the largest palm oil producers in the world and the Company will
greatly benefit from their many years of expertise in oil palm
development.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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