CEB.L Share News (CEB)

LONDON (Alliance News) - CEB Resources PLC said Friday it has "hit the ground running" in its search to securing oil and gas assets in Indonesia, and it has already identified multiple opportunities that meet its key criteria.

Last month the company raised GBP1.5 million in a share placing and signed a deal with Corsair Petroleum (Singapore) Pte Ltd to undertake due diligence on an initial two oil and gas concessions in Indonesia, with a view to making an investment.

The two companies have begun due diligence on various assets, and said work on six acquisition opportunities has taken place.

As part of the deal with Corsair, David Whitby, a partner at Corsair, was appointed as CEB's new chief executive.

"In tandem with the ongoing due diligence, we have held constructive meetings with a number of motivated sellers, with the targets being pursued providing asset depth required for the long-term value growth of the company. I am extremely pleased with the progress made to date and the quality and quantity of the opportunities we have uncovered thus far have surpassed my initial expectations," Whitby said in a statement.

Shares in CEB Resources are trading down 5.8% at 0.542 pence Friday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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