RNS out.26 Sep 2019 08:45
Interim results.
Operational Highlights
SNS Core Project expanded to include the 108 BCF 2C Contingent Resources at Goddard;
Engineering and design work for Phase 1 Southwark and Blythe platforms progressed following successful completion of geotechnical surveys; and
Tendering processes initiated for Phase 1 platform and SURF scopes.
Corporate and Financial Highlights
Institutional equity fundraise; fully subscribed open offer and Board/management subscription, raising gross aggregate proceeds of £18.9 million;
Conversion and restructuring of LOG debt;
Relationship Agreement signed with LOG;
Rejection of indicative proposal from Rockrose Energy;
Appointment of Esa Ikaheimonen as Senior Independent Non-Executive Director and Chair of Audit Committee; and
Appointment of Neil Hawkings as Independent Non-Executive Director and Chair of HSE and Technical Committee.
Post-Period End Highlights
Signing of definitive documents to farm out 50% of the Company's portfolio, excluding Harvey, to CalEnergy Resources Limited ("Farm-out");
Successful raise of EUR100 million 5-year bond ("Bond") which sees the Company fully funded for Phase 1 of the Core Project;
Drilling of Harvey appraisal well;
Signing of SPA to acquire the Thames Reception Facilities at Bacton Gas Terminal; and
Area of Mutual Interest ("AMI") agreement with CalEnergy Resources Limited.
Future Newsflow
Completion of Farm-out to CalEnergy Resources Limited;
FID and commencement of Core Project Phase 1 project execution;
Full Harvey appraisal well results; and
CalEnergy Resources Limited option to farm in to Harvey.
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