From RNS 17:20 hours out of hours3 Jun 2015 19:58
As at 31 December 2014, the Company’s investments compromise:
GBP (£) 38,100 being the arms-length purchase price paid for the acquisition of Gas Exploration Finance Limited (“GEF”) on 19 March 2013.
GEF has a framework financing agreement (“Framework Agreement”) with Coastal Oil and Gas Limited and UK Methane Limited (together, the “Gas Companies”). The Gas Companies have an ownership interest in 17 petroleum exploration development licenses in South Wales, Bristol and Kent with the right to explore and drill for shale gas in the licence areas. Under the Framework Agreement, the Gas Companies have appointed GEF, on a non-exclusive basis, to co-invest by financing their exploration and development operations. In consideration for this co-investment, GEF will receive an economic interest commensurate with the proportion of drilling expenses covered through the funding received from GEF.