8 May 2014 16:13
WESSEX EXPLORATION PLC
(AIM: WSX)
Statement Re: Share Price Movement
Wessex Exploration PLC ("Wessex" or "the Company"), the hydrocarbon exploration company, notes today's sharp rise in the share price and confirms that it remains in advanced negotiations regarding a potential acquisition which, on completion, would result in the addition of a prospective offshore asset in the Far East to Wessex's portfolio and of experienced executives to its board. For the avoidance of doubt, the Company confirms that it has been advised that the proposed acquisition would not be classified under the AiM Rules as a reverse takeover.
The transaction is intended to provide Wessex with the opportunity to secure its future as a highly prospective exploration and production company. As the acquisition will only proceed if the resolutions proposed for the requisitioned General Meeting are defeated, the Directors strongly urge shareholders to vote against all the resolutions proposed by Milroy Capital at the forthcoming General Meeting scheduled for 15 May 2014 and to take no action in the meantime.
Further details will be disclosed as soon as the proposed Heads of Agreement are finalised.
For further information please contact:
Wessex Exploration PLC | www.wessexexploration.com |
Andy Yeo, Chief Financial Officer | +44 (0)20 7960 0267 |
WH Ireland Limited | www.wh-ireland.co.uk ` |
John Wakefield (Corporate Finance) | +44 (0) 117 945 3470 |
Yellow Jersey PR | +44 (0) 776 853 7739 |
Dominic Barretto | dominic@yellowjerseypr.com |