rns31 Jul 2014 16:32
Xplorer PLC Final Results
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RNS Number : 9265N
Xplorer PLC
31 July 2014
31 July 2014
Xplorer plc
("Xplorer" or the "Company")
Final Results for the year ended 31 March 2014
Xplorer plc (LSE: XPL), a business formed for the purpose of acquiring an undervalued company, business or asset that has operations in the oil and gas sector, reports its Final Results for the year ended 31 March 2014.
All financial amounts are stated in GBP British pounds unless otherwise indicated.
Chairman's Statement
I am pleased to present the annual accounts for the year ended 31(st) March 2014; a period of continuing strong progress.
Xplorer Plc was incorporated on 12th March 2012 and was successfully admitted as a Standard Listing on the Main Market of the London Stock Exchange on the 11 July 2013, raising GBP1 million through the placing of 6,250,000 ordinary shares at 16 pence per share from institutional and other professional investors. By March 2014 we had driven our opportunity substantially forward and this enabled us to raise an additional GBP500,000 at 46 pence per share.
Xplorer plc was formed for the purpose of acquiring undervalued companies or assets in the oil and gas sector guided by an extensive list of 90 or so candidates which we had previously compiled with Sprint Capital. The money we raised has enabled us to conduct extensive research and due-diligence into these potential candidates and having set ourselves ambitious targets, a shortlist was compiled last year. Our Board is supported by Sprint Capital, a Hong Kong based private equity fund and its founders, Chris McAuliffe and Jacqueline Lim, who were invited to join Xplorer as non-executive directors at the time of our formation. Their skills, knowledge and ability have been pivotal in taking us to the position we are now in.
I joined the Board in May 2014 in order to assist in the launch and creation of a cohesive sector focused operating business. Xplorer and Sprint have diligently pursued investment opportunities for a period of time and are currently in exclusive negotiations with three entities. In all cases these discussions are approaching completion. The opportunity set comprises existing production with significant development upside, offshore exploration in a province with high levels of industry activity and finally, a large acreage position in a prospective but under-explored onshore basin. Xplorer and Sprint continue to review other opportunities that could be added to our portfolio.
The legal, financial and technical due diligence reports prepared by our various expert and professional advisers are now in the main, complete and we are in the closing stages of bringing the three candidates together under the Xplorer umbrella with plans to launch a further equity fund raising to be invested almost entirely in oil and gas productivity.
We thank our shareholders for their support during the past
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