Falklands : Falkland Islands Oil and Gas Limited Launch Public Offer
Submitted by Falkland Islands News Network (Juanita Brock) 30.09.2004 (Article Archived on 14.10.2004)
Falkland Islands Oil and Gas Limited (FOGL) have announced that an additional 5,000,000 shares at .40p are now available to the public.
FALKLAND OIL AND GAS LIMITED LAUNCH PUBLIC OFFER
By J. Brock (FINN)
Falkland Islands Oil and Gas Limited (FOGL) have announced that an additional 5,000,000 shares at .40p are now available to the public. In a related statement, the Board of Falkland Islands Holdings Plc, holders of an 18.1 share of the Company, have announced that the proposed admission of FOGL to the Alternative Investment Market (AIM) is going as planned.
Said John Armstrong, Executive Chairman of FOGL, “We are delighted with the positive reaction and strong industrial support we have received to date and we are now giving the general public the opportunity to take part in the Offer.”
FOGL holds a 77.5% interest in 7 exploration licences covering approximately 33,700 sq km to the south and east of the Falkland Islands.
If the offer is fully subscribed, FOGL will have a market capitalisation at the issue of price of £32 Million on admission to the AIM. The net proceeds of placing an offer will be approximately £11 Million. FOGL expect the dealings in shares to commence on 14 October 2004.
KBC Peel Hunt had been appointed as nominated advisor and broker to FOGL. Further information can be obtained on the Company website at http://www.falklandoilandgas.com. Phone enquiries can be made to Tony Friend and/or Ben Brewerton at College Hill on 0044-20-7457-2020 or KBC Peel Hunt Ltd. (David Davies and/or Jonathan Marren on 0044-20-7418-8900.
FOGL was set up in May 2004 by Falkland Islands Holdings Plc through its subsidiary, the Falkland Islands Company Limited, Global Petroleum Limited, through its subsidiary, Dampier Oil Limited and RAB Special Situations LP to invest in an offshore oil exploration programme.
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