Senterra Energy PLC Intended Acquisition and Suspension of Trading (5233E)

TIDMSEN

RNS Number : 5233E

Senterra Energy PLC

09 May 2017

For immediate release 9 May 2017

Senterra Energy plc

("Senterra", "Senterra Energy" or the "Company")

Intended Acquisition

and

Suspension of Trading

The Directors of Senterra Energy are pleased to inform shareholders that the Company has signed heads of terms to acquire the entire issued share capital of UOG Holdings Plc ("UOG"), an independent oil and gas company.

Pursuant to the acquisition (the "Acquisition") Senterra will issue ordinary shares of GBP0.01 each in the capital of Senterra to the shareholders of UOG ("Consideration Shares"). The value of each Consideration Share will be a sum equal to the subscription price at which additional ordinary shares of GBP0.01 are issued by Senterra by way of a placing at re-admission. The Directors are pleased that the Acquisition will represent an investment in the sector contemplated at the time of the admission of Senterra's shares as a standard listing to trading on the London Stock Exchange's Main Market in November 2015.

About UOG

UOG is building up a portfolio of assets with near term activity.

Based in Dublin, Ireland, UOG is led by Brian Larkin (CEO) and Dr. Jonathan Leather (Technical Director) who are a former Tullow Oil Plc team. UOG is a privately-owned oil and gas exploration company that was established to acquire non-core oil and gas licences from larger oil and gas companies, with the goal of being an active partner to unlock previously untapped value.

UOG is primarily focusing on Europe, taking advantage of the management team's extensive experience in the market, and benefitting from the stable political and fiscal systems in the region.

UOG's first licence acquisition was in July 2016, when the Company acquired First Oil Expro Ltd's stake in the PL090 licences, onshore UK. The PL090 licences are situated in the Wessex Basin, a long-established productive basin that contains Wytch Farm, the largest oil-field in onshore Europe. The licences include an existing onshore field and access to significant exploration opportunities.

UOG have recently announced the agreement to acquire a 20% interest in the Podere Gallina licence in the Po Valley, Northern Italy.

The Acquisition is subject, inter alia, to the completion of due diligence, definitive documentation and compliance with all regulatory requirements, including the Listing and Prospectus Rules and, as required, the Takeover Code.

Suspension and Application for Listing

The Acquisition, if it proceeds, will constitute a Reverse Takeover under the Listing Rules since, inter alia, in substance it will result in a fundamental change in the business of the issuer.

As the Acquisition will constitute a Reverse Takeover under the Listing Rules, the Company have requested the suspension of the listing in the Company's ordinary shares on the Standard Segment of the Official List, and trading on the London Stock Exchange's Main Market has been suspended with effect from this morning, pending the publication of a prospectus and the application for the enlarged Company to have its Ordinary Shares listed on the Standard Segment ofthe Official List and to trading on the London Stock Exchange's Main Market.

The Company is working on the preparation of a prospectus in relation to the Acquisition and will, in due course, be making application for the enlarged Company to have its Ordinary Shares admitted to the Official List and to trading on the main market for listed securities of the London Stock Exchange.

For more information:

 
 Senterra Energy plc (Company) 
=====================================  ================= 
                                        +44 (0) 20 3137 
 Jeremy King                             1904 
=====================================  ================= 
 
 Optiva Securities Limited (Joint 
  Broker) 
=====================================  ================= 
                                        +44 (0) 20 3137 
 Christian Dennis                        1902 
=====================================  ================= 
 
 Dowgate Capital Stockbrokers 
  Limited (Joint Broker) 
=====================================  ================= 
                                        +44 (0) 1293 517 
 Jason Robertson and Neil Badger         744 
=====================================  ================= 
 
 Beaumont Cornish Limited (Financial 
  Adviser) 
=====================================  ================= 
 Roland Cornish and Felicity            +44 (0) 20 7628 
  Geidt                                  3396 
=====================================  =================

This information is provided by RNS

The company news service from the London Stock Exchange

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