Post from Adfvn this morning23 Aug 2019 15:54
Sherl0ck23 Aug '19 - 09:53 - 96459 of 96501
0.00000620 22 0
Friend sent pdf but I can’t post a link so I’ve copied & pasted text below:
SRSP Q+A 23.08.19
1. Why have you delisted the shares at this time and not continued with the RTO process?
A: The Company is continuing with the RTO process, it is an Aim rule that if an RTO is not completed within a 6 month period the company is required to de-list the shares and re-admit to trading following completion of the Admission Document. As such, there is no new obstacle or requirement other than the process we are currently undergoing, which is the same as is required for a Reverse Takeover. Your current shareholding in the company remains the same.
2. When do you anticipate bringing the Company back to the London Market? Will it be a listing on AIM?
A: When the AIM Admission Document has been completed the Company will apply for the shares to be relisted. We will update shareholders in due course following input from the Nomad.
3. What can you say about the Company’s state of play with the portfolio of assets?
A: As you are aware, we announced the acquisition of an interest in OML109, a 770sqkm shallow water block, adjacent to and due south of Ororo, last year. The block contains the producing Ejulebe field and our plan is to undertake some drilling and workover activity to boost production to over 5,000 bopd and test a structure located 3km from the main producing reservoir containing P50 resource of 32-38mmbbls.
We have explained the proposed acquisition of a 40% interest in another producing asset, a 425sqkm shallow water block located in the south east Niger delta. The asset is owned by a very successful indigenous operator and contains a field which is currently producing just under 3,000 bopd.
Combining these two excellent assets, both of which fit neatly into our shallow water strategy, with Ororo, we have a portfolio capable of delivering in excess of 15,000 bopd of net entitlement production.
The Directors continue to work towards renewing the licence of Ororo following the recent appointment of a new oil minister on the 21st August 2019.
4. Where do you plan to publish the Company’s Annual Report and Accounts?
A: It is anticipated the accounts will be published and sent to shareholders in the first week of September.
5. Can we expect to see a dilutive capital raise on re-listing?
A: The Board expects to be approached by institutional investors and will consider an equity raise if it makes strategic sense for the Company. Any fundraising will include an open offer to shareholders.
6. Realistically, what is the timeline to a relisting and completion of the funding for the development of the assets, current and proposed.
A: Realistically we will update shareholders when we have each of the elements of both funding packages and transactions agreed and signed. Only then can we be sure of setting a timetable that will result in the relisting
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