replacment rns16 Sep 2011 10:02
Disposal - Replacement
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TIDMBBE
RNS Number : 3765O
Bluebird Energy PLC
16 September 2011
BLUEBIRD ENERGY PLC
(AIM: BBE)
Replacement
BLUEBIRD ENERGY PLC
(AIM: BBE)
The "Disposal" announcement released today at 7.00 a.m. under RNS No. 35250 has been withdrawn and should be disregarded. In the announcement released at 07.00, the reference to the value of the Company's holding in Wessex Exploration should have read "As at 15 September Wessex Exploration is valued at approximately US$52 million".
Update on strategic and operational review
Centurion Disposal
Bluebird Energy plc ("Bluebird Energy" or "the Company") announced on 15 August 2011 that it had commenced a strategic and operational review of the Company's US assets with a view to recommending proposals which it believes will represent the best course of action for Shareholders ("the Review"). The Review was initiated following the sale of a net 30 per cent. interest in the Centurion project in Sumner County, Kansas by the Operator, Running Foxes.
A circular has today been posted to Shareholders ("the Circular"). The purpose of the Circular is to provide Shareholders with details of the outcome of the ongoing Review and to set out the Directors' reasons for considering that the disposal of the Centurion project would be in the best interests of its Shareholders and the Company as a whole. In addition, the Circular contains a notice convening a general meeting of the Company at which Shareholders approval will be sought to approve the resolution necessary to implement the Disposal.
Outcome of the Review to date and future strategy
Following an appraisal of the Group's US assets, the Directors have concluded that the ongoing strategic
focus in the US should be on those assets where the Group has, or intends to have, a controlling interest.
In addition, the Directors will consider the acquisition of non-controlling interests in the US where, in their
view, there is a compelling investment case.
Accordingly, the future operational focus of the Company for its existing US projects will be on Solitaire in
which the Group has a 100 per cent. interest, in respect of which it will seek farm-in partners to assist in the
future exploration and development of the project.
In respect of Revloc and Marcellus Shale, the decision has been taken to engage agents to sell all or part
of the Group's interests. The Group's interest in Big Sky continues to be under review.
Outside the United States, the Directors will continue to evaluate a wider range of opportunities. One such
opportunity is currently being pursued in the Republic of Ireland where in May 2011 the Company lodged
an "out of round" oil and gas option licence application in respect of acreage in the Dublin Basin with the relevant licencing body, the Petroleum Affairs Division (Department of Communic
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