RE: South Africa - recoverable 1.98 Billion boe12 Aug 2021 12:38
Jeremy Asher, Chairman and Chief Executive Officer, commented:
"We are pleased to welcome Novum Securities aboard and to complete this placing, which puts the Company onto a much stronger financial footing to continue planning for drilling in Cameroon while completing our recently-announced farm-out, and also allows us to move forward with work programme commitments on our Namibian and South African licenses. While we felt that this placing was timely and necessary, we have sought to minimise share issues and will continue to do so, especially while financing our operations at the asset level remains more cost-effective. We are looking forward to providing further updates to shareholders as we move forward with our drilling programme in Cameroon and with 3D seismic data acquisition in South Africa together with our partners."