27 May 2022 07:00
27 May 2022
Advance Energy plc
("Advance Energy" or the "Company")
Buffalo Licence expiry and AIM Rule 15 Cash Shell
Advance Energy (AIM:ADV), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, announces that Carnarvon Petroleum Timor, Lda has elected not to enter the next period of the TL-SO-T 19-14 Production Sharing Contract (the "Buffalo Licence").
As a consequence the Buffalo Licence will lapse on 27 May 2022 and the Company will become an AIM Rule 15 cash shell ("AIM Rule 15 Cash Shell") on that date.
As an AIM Rule 15 Cash Shell, the Company is required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules for Companies) within six months from 27 May 2022. Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least £6 million and publication of an admission document. In the event that the Company does not complete a reverse takeover under AIM Rule 14 within such six month period or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being, a "Re-admission Transaction"), the Company's ordinary shares would be suspended from trading pursuant to AIM Rule 40. Thereafter, if a Re-admission Transaction has not been completed within a further six month period, admission to trading on AIM of the Company's ordinary shares would be cancelled.
The Company continues to evaluate a number of oil and gas opportunities, with an emphasis on materiality and cash flow generation in line with its stated strategy. Further announcements will be made as and when appropriate.
Enquiries:
Advance Energy plc Larry Bottomley (Interim CEO) | +44 (0)1624 681 250 | ||
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Strand Hanson Limited (Financial and Nominated Adviser) Rory Murphy / James Harris / James Bellman | +44 (0)20 7409 3494 | ||
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Buchanan (Public Relations) Ben Romney / Jon Krinks | +44 (0)20 7466 5000 | ||
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Tennyson Securities Limited (Joint Broker) Peter Krens / Ed Haig-Thomas | +44 (0)20 7186 9030 | ||
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Optiva Securities Limited (Joint Broker) Christian Dennis | +44 (0)20 3411 1881 | ||
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.
For further information, please visit www.advanceplc.com and @advanceplc on Twitter
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