15 May 2018 17:33
15 May 2018
Eland Oil & Gas PLC
("Eland" or the "Company")
Result of Annual General Meeting
Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce that all resolutions put to shareholders at the Company's Annual General Meeting today were duly passed.
Set out below are the voting proxies in respect of the resolutions received by the Company at the close of register at midday on Friday 11 May 2018. The number of voting ordinary shares in issue at that date was 220,164,155.
Resolution | For | % | Against | % | Total Votes Cast (excl. Votes Withheld) | Withheld |
Resolution 1 COMPANY ACCOUNTS
| 63,354,755
| 99.99 | 0 | 0.00 | 63,361,355 | 1,000 |
Resolution 2 RE-ELECT HENRY TURCAN
| 58,471,367
| 92.28 | 4,883,388 | 7.71 | 63,361,355 | 1,000 |
Resolution 3 ELECT BRIAN O'CATHAIN
| 63,354,755
| 99.99 | 0 | 0.00 | 63,361,355 | 1,000 |
Resolution 4 ELECT RONALD BAIN
| 63,354,555
| 99.99 | 200 | 0.00 | 63,361,355 | 1,000 |
Resolution 5 APPOINT AUDITOR
| 63,354,755
| 99.99 | 0 | 0.00 | 63,361,355 | 1,000 |
Resolution 6 AUDITORS REMUNERATION
| 63,354,755
| 99.99 | 0 | 0.00 | 63,361,355 | 1,000 |
Resolution 7 DIRECTORS TO ALLOT SHARES
| 63,351,413
| 99.98 | 3,342 | 0.01 | 63,361,355 | 1,000 |
Resolution 8 ALLOT EQUITY SECURITIES
| 57,223,525
| 90.31 | 6,131,230 | 9.68 | 63,361,355 | 1,000 |
Resolution 9 MARKET PURCHASES | 63,354,755
| 99.99 | 0 | 0.00 | 63,361,355 | 1,000 |
For further information:
Eland Oil & Gas PLC (+44 (0)1224 737300)
www.elandoilandgas.com
George Maxwell, CEO
Ron Bain, CFO
Finlay Thomson, IR
Canaccord Genuity Limited (+44 (0)20 7 523 8000)
Henry Fitzgerald O'Connor / James Asensio
Panmure Gordon (UK) Limited (+44 (0)20 7 886 2500)
Adam James / Atholl Tweedie
James Stearns
Camarco (+44 (0) 203 757 4980)
Billy Clegg / Georgia Edmonds / Tom Huddart
Notes to editors:
Eland Oil & Gas is an AIM-listed independent oil and gas company focused on production and development in West Africa, particularly the highly prolific Niger Delta region of Nigeria.
Through its joint venture company Elcrest, Eland's core asset is OML 40 which is in the Northwest Niger Delta approximately 75km northwest of Warri and has an area of 498km². In addition, the Company has a 40% interest in the Ubima Field, onshore Niger Delta, in the northern part of Rivers State.
The OML 40 licence holds gross 2P reserves of 83.4 mmbbls, gross 2C contingent resources of 40.4 mmbbls and a best estimate of 254.5 mmbbls of gross unrisked prospective resources.* The Ubima field holds gross 2P reserves of 2.4 mmbbls of oil and gross 2C resource estimates of 31.1 mmbbl.**
Net production figures relate to Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), Eland's joint venture company. Production rates, when oil is exported via Forcados, are as measured at the Opuama PD meter, are subject to reconciliation and will differ from sales volumes.