Sound Energy PLC Badile Rig Contract: Payment Using Equity (2782W)
February 07 2017 - 12:54PM
UK Regulatory
TIDMSOU
RNS Number : 2782W
Sound Energy PLC
07 February 2017
7 February 2017
Sound Energy plc
("Sound Energy" or the "Company")
Badile Rig Contract: Payment using Equity
Sound Energy, the African and European focused upstream gas
company, announced on 29 November 2016, that the terms of the
contract for the use of Pergemine S.p.A ("Pergemine") 3000 HP EMSCO
C3 rig for the drilling of the Badile exploration well (the "Rig"),
provided that payment of 23% of the service charges due to
Pergemine would be settled through the issue of new ordinary shares
in the Company ("Ordinary Shares") with a value of approximately
Euro 1 million.
Following the mobilisation of the Rig in January 2017, the
Company announces that it has [today] issued an initial 830,565 new
Ordinary Shares to Pergemine which, at the closing mid-market price
per Ordinary Share on 7 February 2017 of 82.0 pence, had a market
value of approximately GBP680,000 (approximately Euro 790,000).
In the event of the Badile exploration well proving successful,
further Ordinary Shares will be issued to Pergemine to bring the
total market value of the Ordinary Shares issued to Pergemine up to
approximately Euro 1 million.
Following the issue of the new Ordinary Shares, the Company will
have 672,282,029 Ordinary Shares in issue. Application will be made
to the London Stock Exchange plc for the new Ordinary Shares, which
will rank pari passu with the Company's existing Ordinary Shares,
to be admitted to trading on AIM. Dealings are expected to commence
at 8.00 a.m. on 13 February 2017.
For further information please contact:
Vigo Communications - PR Adviser Tel: +44 (0)20 7830 9700
Patrick d'Ancona
Chris McMahon
Alexandra Roper
Sound Energy j.parsons@soundenergyplc.com
James Parsons, Chief Executive Officer
Smith & Williamson - Nominated Adviser Tel: +44 (0)20 7131 4000
Azhic Basirov
David Jones
Ben Jeynes
RBC Capital Markets - Broker Tel: +44 (0)20 7653 4000
Matthew Coakes
Martin Copeland
Laura White
This information is provided by RNS
The company news service from the London Stock Exchange
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