1 Oct 2012 07:00
1 October, 2012
President Energy PLC
("President" or the "Company")
Result of Placing and Open Offer
On 12 September 2012, President announced a firm placing and conditional placing of 115,850,000 shares and an open offer of up to 19,998,541 shares at 20 pence per share ("Transaction").
The open offer has now closed and President announces that 5,537,399 open offer shares have been subscribed for by qualifying President shareholders under the open offer. This represents approximately 27.69 per cent. of the open offer shares offered pursuant to the open offer.
In total, President has successfully raised £24.28 million (approximately US$39.20 million) through the Transaction, with another £3.75 million (approximately US$6 million) raised conditional upon completion of the Company's farm-in agreement under which it will earn a 59 per cent. and 60 per cent. interest in the Pirity Block and Demattei Block, respectively, in Paraguay.
Admission to trading on AIM of 92,425,332 shares is expected to commence at 8.00 a.m. on 1 October 2012.
Upon admission the Company's total issued ordinary shares will total 249,949,887.
The interests (all of which are beneficial unless stated otherwise) of the directors and of persons connected with them (within the meaning of Section 252 of the Companies Act 2006) in the issued ordinary share capital of the Company and the existence of which is known to, or could with reasonable due diligence be ascertained by, any Director (i) as at the date of this announcement and (ii) as they are expected to be on Admission are as follows:
Director | Number of existing ordinary shares held | Percentage of existing issued share capital | Number of placing shares taken up under the conditional placing | Number of open offer shares taken up | Total number of new shares held at Admission on 1 October 2012 | Percentage of enlarged issued share capital at Admission on 1 October 2012 |
Peter Michael Levine | 45,086,025 | 28.62% | 23,437,500 | - | 68,523,525 | 27.41% |
John Andrew Hamilton | 300,000 | 0.19% | - | - | 300,000 | 0.12% |
Benjamin David Wilkinson | 40,000 | 0.02% | - | - | 40,000 | 0.02% |
David Anthony Lawson Jenkins | 37,500 | 0.02% | 37,500 | - | 75,000 | 0.03% |
Michael David Cochran | 100,000 | 0.06% | - | - | 100,000 | 0.04% |
David Christopher Wake-Walker | 160,054 | 0.10% | 93,750 | - | 253,804 | 0.10% |
Peter Levine, Chairman of President said:
"We are delighted to have successfully raised these funds, which allow us to progress with the development of our assets in Paraguay, the acquisition of which is due to complete shortly. By our estimates the combined blocks in Paraguay have a gross risked recoverable resource potential of greater than 150 million barrels, with a net success case NPV10 estimated at over US$25 per barrel, thus giving over net US$2 billion of value on that estimated success basis, if President earns its full working interests. With funding and the right team now in place, we can now concentrate on developing this highly prospective and company transforming acreage."
For further information contact:
President Energy PLC
John Hamilton, Director +44 (0) 207 811 0140
Ben Wilkinson, Finance Director +44 (0) 207 811 0140
RBC Capital Markets
Jeremy Low, Matthew Coakes, Daniel Conti +44 (0) 207 653 4000
Jefferies Hoare Govett
Simon Hardy, Max Jones +44 (0) 207 029 8316
Pelham Bell Pottinger +44 (0) 207 861 3232
James Henderson, Mark Antelme