Anglo African Oil & Gas PLC - AIM-listed cash shell - Says cancellation of shares expected to occur on Wednesday, after company failed to mount reverse takeover nor raise GBP6 million to be classed as investing company. Says will enter into option agreement on Wednesday with Saltfleetby Energy Ltd to take 25% stake in Saltfleetby gas field, East Lincolnshire. To be satisfied by GBP8 million in shares. "The company continues to assess other opportunities in the natural resources sector. As above, it remains the intention of the board to re-admit the company's shares to trading upon exercise of the option or once it has found another suitable business with which to partner," Anglo African Oil says.
Current stock price: 0.30 pence, suspended
Year-to-date change: unchanged
By Eric Cunha; ericcunha@alliancenews.com
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