Acquiring new Assets.26 May 2023 10:22
The Company sees significant opportunities at this point in the economic cycle to secure new oil and gas assets in the region at attractive valuations. Therefore, whilst this Transaction puts the Company on a much more financially stable trajectory, the Company also expects to be very active acquiring new assets and is already in discussions on various opportunities. The Company is introducing a series of cash preservation measures to ensure the funding from this transaction is preserved whilst the Company seeks to grow the business through the acquisition of new oil & gas and energy assets and / or the exercise of the existing Options. These measures include the current VP Exploration and Chief Financial Officer leaving Company service whilst a new Chief Operation Officer is being recruited, on a consultancy basis initially. The Directors also intend to take a portion of both their historic accrued salaries / fees and their forward salaries / fees in shares.