RE: Third RNS20 Feb 2025 08:18
"In our last placing, we clearly stated that we were raising funds to meet our working capital requirements for one year (thus fully funding the company to the end of 2025). In our conversations with potential partners, it is clear to us that strengthening the balance sheet and providing working capital until the end of 2026 is the right thing to do. We remain encouraged by the industry interest in our relaunched Farm Out process and this strengthening of our balance sheet allows us to do the right deal and not just the first deal. We look forward to providing further updates on our industry negotiations in coming months.
"We would like to thank existing shareholders for their continued support and are pleased to welcome new investors. In my view, the industry trend of barrel hunting along the transform margin (seen in South Africa, Namibia, Guyana and Uruguay) is increasing focus on projects such as ours. We are really excited by Darwin & the prospects immediately adjacent to and underneath as well as the size and scale of the remainder of the portfolio which we have shared in our latest presentation. Current re-structuring of industry portfolios and a growing realisation that large companies are looking for projects needed to fulfil growth targets chimes with our world class projects and we are excited by the road ahead."