Coastal Energy Company, (TSX:CEN, AIM:CEO) ("Coastal" or the "Company") an independent exploration and production company with assets in Thailand, announces an update on its block admissions.
The Company received approval from the London Stock Exchange for the block admission to trading on AIM of up to 113,078,222 common shares of US$0.04 each ("Common Shares") on November 6, 2009 (the "Previous Block Admission"). As at 5 February 2010, the date of the Company's most recent update, the Company had issued 109,072,593 Common Shares under the terms of the Previous Block Admission and therefore had received approvals to issue, subsequent to that date, a further 4,005,629 Common Shares. The Company issued 4,005,629 Ordinary Shares in the period from 5 February 2010 to 2 December 2011. The Company therefore has no further Common Shares to be issued under the Previous Block Admission.
The Company has submitted an application to the London Stock Exchange for the blocklisting of a further 9,215,942 Common Shares to AIM (the "New Blocklisting") to cover Common Shares to be issued on exercise of options granted under Coastal's employee share option plan and warrants to subscribe for shares, which have previously been issued but remain unexercised. Admission of the shares is expected at 8am on 7 March 2012.
As at the date of this announcement the Company has issued 1,145,405 Common Shares under the New Blocklisting, following the exercise of employee share options between 2 December 2011 and 29 February 2012. Therefore, a total of 8,070,537 Common Shares remain to be issued under the New Blocklisting. Further updates will be made on a semi-annual basis from the date of this announcement.
The Company currently has a total of 114,223,627 Common Shares in issue. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Coastal under the FSA's Disclosure and Transparency Rules.
Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.comor may be found in documents filed on SEDAR at www.sedar.com.
Coastal Energy Company
Tel: +1 (713) 877 6793
Strand Hanson Limited - Nomad
Rory Murphy / Paul Cocker
Tel: +44 (0) 20 7409 3494
Macqaurie Capital (Europe) Limited - Broker
Paul Connolly / Jeffrey Auld
Tel: +44 (0) 20 3037 2000
First Energy Capital LLP - (Broker)
Hugh Sanderson / Travis Inlow
Tel: +44 (0) 20 7448 0200
Tim Thompson / Ben Romney
Tel: +44 (0) 20 7466 5000
These securities have not been registered under United States Securities Act of 1933 (the "US Securities Act") or the securities laws of any state and may not be offered or sold in the United States or to US persons (as defined in Regulation S under the US Securities Act) unless an exemption from registration is available.
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