REG - Lansdowne Oil & Gas - Convertible Loan Agreement

Lansdowne Oil & GasAnnouncement

10/02/2025 07:00

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RNS Number : 4943W  Lansdowne Oil & Gas plc  10 February 2025

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain. If you have any queries on this, then
please contact Steve Boldy, the Chief Executive Officer of the Company
(responsible for arranging release of this announcement).

 

 

10 February 2025

Lansdowne Oil & Gas plc

("Lansdowne" or the "Company")

 

Convertible Loan Agreement

 

Lansdowne Oil & Gas plc ("Lansdowne" or "the Company") is pleased to
confirm that the Company has entered into a Convertible Loan Agreement for GBP
45,000 (the "Loan"), arranged by Tavira Financial Limited, the Company's joint
broker, with a number of existing shareholders.

Lansdowne intends to use the funds to provide working capital whilst
discussions continue with potential funders for Lansdowne's Energy Charter
Treaty claim against Ireland and work progresses towards a potential reverse
takeover. The Company is also in the process of completing its accounts for
the full year to 31 December 2023 and six month period to 30 June 2024.

The Company expects to raise further funds via the CLN process over the coming
weeks as required and  further announcements will be made as necessary.

Trading in the Company's shares on AIM will remain suspended until the
completion of a reverse takeover, which requires the publication of an
admission document and the approval of such a transaction at a General Meeting
of the Company, or the Company is readmitted to trading on AIM as an investing
company.

Loan terms

The Loan terms are the same as those previously entered into and announced on
20 September 2024. The Loan is unsecured, carries no interest and shall be
converted into new ordinary shares of 0.01 pence each in the Company ("New
Ordinary Shares") at the time of completing a reverse takeover and subject to
shareholder approval for the extension of share issuance authorities. The
conversion price will be the lower of 0.1 pence (being the share price at the
time of suspension on 21 March 2024), or a 20% discount price to the issue
price at the time of any issuance of shares alongside a future reverse
takeover.

 

For further information please contact:

 

 Lansdowne Oil & Gas plc         +353 1 963 1760
 Steve Boldy

 SP Angel Corporate Finance LLP  +44 (0) 20 3470 0470
 Nominated Adviser and Broker
 Stuart Gledhill
 Charlie Bouverat

 Tavira Financial Limited        +44 (0) 20 3192 1739
 Joint Broker
 Oliver Stansfield

 

 

Notes to editors:

About Lansdowne

Lansdowne Oil & Gas (LOGP.LN) is an oil and gas exploration and appraisal
company focused on the North Celtic Sea and quoted on the AIM market and head
quartered in Dublin.

In May 2023 the application for a Lease Undertaking for the Barryroe Field, in
which Lansdowne held a 20% interest, was refused by the Irish Department of
the Environment, Climate and Communications.

In June 2023 Lansdowne announced the commencement of action under the
Arbitration Process of the Energy Charter Treaty.

On 20 September 2023, Lansdowne announced that, under AIM Rule 15, the Company
had been designated to be a cash shell.  Accordingly, the shares of the
Company were suspended from trading on AIM as at 07.30 am on 21 March 2024
("Suspension").

For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
(http://www.lansdowneoilandgas.com)

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