Corcel Regulatory News (CRCL)

Caracal Announces Completion of Placing and Open Offer

CALGARY, Alberta, 5 December 2013 - Caracal Energy Inc. ("Caracal" or the "Company") is pleased to announce the completion of the previously announced placing and open offer. A total of 27,862,994 common shares have been issued pursuant to the firm placing and placing and open offer (the "Financing") for total gross proceeds of approximately U.S.$201.8 million. The total number of new common shares comprised 5,782,880 issued pursuant to the firm placing (the "Firm Placed Shares") and 22,080,114 issued pursuant to the placing and open offer (the "Open Offer Shares").

Admission and total voting rights

As previously announced, the Firm Placed Shares were admitted to listing on the premium listing segment of the Official List and to trading on the London Stock Exchange plc's main market for listed securities ("Admission") on 13 November 2013. Admission in respect of the Open Offer Shares has occurred and dealings in the Open Offer Shares commenced at 8.00 a.m. (GMT) today. As a result, the Company's issued share capital now consists of 143,532,412 common shares. The Company does not hold any treasury shares.

As at 5 December 2013, the total number of voting rights in the Company is 143,532,412. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

The financing was arranged by RBC Capital Markets, who acted as sole Global Co-ordinator, Sponsor and Joint Bookrunner to the Company. FirstEnergy Capital, Canaccord Genuity and Barclays acted as Joint Bookrunners.

"With Badila production onstream and increasing towards initial capacity rates, we are now focussed on bringing the Mangara Field on production in the coming months and delivering the next leg of value creation for our shareholders through the execution of our planned exploration programme in 2014. The 11 exploration wells planned over 2014 will in total test approximately 1.0 bnbbl of gross lease unrisked prospective resources and is our first step in achieving our plan to test over 80 per cent. of our 4.1 bnbbl gross lease unrisked prospective resources (Pmean, as per the Company's resources evaluation effective June 30, 2013 from McDaniel & Associates Consultants Ltd.) by 2016," commented Gary Guidry, President and Chief Executive Officer.

About Caracal Energy Inc.

Headquartered in Calgary, Canada, Caracal Energy Inc. is an international exploration and development company focused on oil and gas exploration, development and production activities in the Republic of Chad, Africa. In 2011, the Company entered into three production sharing contracts ("PSCs") from the government of the Republic of Chad. These PSCs provide exclusive rights to explore and develop reserves and resources over a combined area of 26,103 km2 in southern Chad. The PSCs cover two world-class oil basins with historical oil discoveries, development opportunities, and numerous exploration prospects.

The Company's shares trade on the London Stock Exchange under the symbol CRCL.

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Cautionary Statements

This announcement contains certain forward-looking information and statements. Forward-looking information typically contains statements with words such as "intend", "target", "anticipate", "plan", "estimate", "expect", "potential", "could", "will", or similar words suggesting future outcomes. Information relating to reserves and resources is deemed to be forward-looking information, as it involves the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and can be profitably produced in the future. The Company cautions readers not to place undue reliance on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. In addition, any forward-looking information is made as of the date hereof, and each of the Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise such forward-looking information contained in this announcement to reflect any change in its expectations or any change in events, conditions or circumstances on which such information is based unless required to do so by applicable law, including the Prospectus Rules, the Listing Rules or the Disclosure Rules and Transparency Rules of the Financial Conduct Authority.

Forward-looking information is not based on historical facts but rather on current expectations and assumptions regarding, among other things, the timing and scope of certain of the Company's operations and the timing and level of production from the Company's properties, plans for and results of drilling activity and testing programmes, future capital and other expenditures (including the amount, nature and sources of funding thereof), continued political stability, and timely receipt of any necessary government or regulatory approvals. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to, risks associated with the oil and gas industry (e.g. operational risks in exploration and production; inherent uncertainties in interpreting geological data; changes in plans with respect to exploration or capital expenditures; interruptions in operations together with any associated insurance proceedings; reductions in production capacity, the uncertainty of estimates and projections in relation to costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments, risk associated with international activity, including the risk of political instability, the risk of adverse economic market conditions, the actual results of marketing activities and the risk of regulatory changes. Forward-looking information cannot be relied upon as a guide to future performance.

It should be noted that prospective resources relate to undiscovered resources and accordingly by their nature are highly speculative. A possibility exists that the prospects will not result in the successful discovery of economic resources in which case there would be no commercial development.