Digitalbox Regulatory News (DBOX)

1 June 2017

Polemos plc

("Polemos" or "the Company")

Intended investment

The Directors of Polemos are pleased to announce that the Company has signed a heads of terms to invest CAD 875,500 (approximately £500,000) into TSX-V listed Oyster Oil and Gas Limited ("Oyster") (the "Investment"). The Investment is subject only to the completion of formal documentation which is expected to be finalised very shortly and is being funded from existing cash resources. Based on an enlarged issued share capital of Oyster of approximately 44.8 million shares, the Investment will result in Polemos acquiring a 3.9% equity interest in Oyster.

The terms of the Investment are as follows:

· Polemos is subscribing for 1,735,000 units at a price of CAD 50c. 

· Each unit will comprise:

o One common share in Oyster

o A warrant to subscribe for a new common share for a period of two years at a price of CAD 55c.

In addition, under the terms of the term sheet and conditional on compliance with the rules of the TSX, subject to a floor price of CAD 30c, the effective price at which the Investment is made can be varied to represent a discount of 20% to any further capital raised by Oyster within 12 months of the Investment. It is also expected that Oyster will seek admission to AIM in due course.

Hamish Harris, a director of Polemos commented: "We are very pleased to have been able to participate in this financing at what we believe to be advantageous terms ahead of Oyster's potential dual listing on AIM. Given Oyster offers not only a large, multi-billion barrel prospective resource at what we believe to be a compelling valuation but also an extremely able management team, we are confident the intended move to London could see a substantial revaluation of the company along the line of other TSX oil and gas companies that have moved to AIM recently.

Polemos continues to look at other investment opportunities in line with its investment policy and will update shareholders in due course."

About Oyster

Oyster is listed on the TSV Venture Exchange (TSX-V: OY) and is an international energy group focused on oil and gas exploration and production activities in underexplored hydrocarbon basins. Oyster currently operates 4 blocks in the Republic of Djibouti (100% interest); 3 blocks are located onshore and 1 block offshore, and it also operates a 100% working interest in a large onshore block in the Republic of Madagascar. As at 31 March 2017, Oyster reported Net Assets of CAD 9.8 million and for the year ended 31 December 2016 it reported a comprehensive loss of CAD 0.67 million. Based on a closing price of CAD 0.40c as at 31 May 2017, it had a market capitalisation of approximately CAD 17.2 million.

Further information is available on Oyster's website: http://www.oysteroil.com

- Ends -

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