Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRed Rock Resources Regulatory News (RRR)

Share Price Information for Red Rock Resources (RRR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.0475
Bid: 0.045
Ask: 0.05
Change: 0.00 (0.00%)
Spread: 0.005 (11.111%)
Open: 0.0475
High: 0.0475
Low: 0.0475
Prev. Close: 0.0475
RRR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Option to invest in Elephant Oil Limited

26 Jun 2015 07:00

RNS Number : 2923R
Red Rock Resources plc
26 June 2015
 

Red Rock Resources Plc

("Red Rock" or the "Company")

Option to Invest in Elephant Oil Limited

 

26 June 2015

 

Option Agreement

 

Red Rock Resources plc is pleased to announce it has entered into an option agreement ("the Option") with Elephant Oil Limited ("Elephant"), an oil and gas exploration company focused on West Africa.

 

The Option if exercised requires Red Rock to subscribe for 1,086,956 new ordinary shares in Elephant, at a price per share of 25.3 pence, for an aggregate consideration of £275,000. Further the Option if executed includes the right to invest an additional £412,500 in to Elephant within a six month period, also at 25.3 pence per share. The Option is exercisable within seven days, unless extended by Elephant. A further announcement will be made at that time.

 

Elephant Oil

 

Elephant is a privately held independent oil exploration company holding a 100% interest in the production-sharing contract ("PSC") on Block B, onshore Benin, on the prolific West Africa Transform Margin. The block covers 4,500 km2, or approximately two-thirds of the coastal basin, and is one of only two onshore blocks to have been made available by the government of Benin.

 

Elephant has acquired a high-resolution aero gravity gradiometry survey, covering the entirety of Block B, performed by CGG (Fugro). Fieldwork and geophysical interpretation have also been completed, resulting in the identification of subsurface leads. Preparations are underway for a new 2D seismic acquisition programme that will be used to define a drillable prospect, for the first exploration well onshore in Benin.

 

The company recently began the Environmental Impact Assessment ("EIA") covering the area of the forthcoming seismic survey. The EIA is a prerequisite to permitting the new seismic acquisition programme, planned in 2016.

 

Elephant's strategy is to build a portfolio of low-risk and low-cost early-stage exploration assets onshore in West Africa. The company is in advanced negotiations to acquire licence interests in other countries, thereby expanding its portfolio.

 

The last audited accounts of Elephant Oil were to 31 January 2014, and show total assets of £1,618,007 and total comprehensive loss for the year of £46,668.

 

Andrew Bell, Chairman, states: "Having finished the first stage of change at Red Rock by repayment of debt, by disposals, and by other actions, this begins the second stage. We have with our Ivory Coast investment focussed on the emerging and neglected potential of some countries in Francophone West Africa, and this Option to invest in Elephant potentially allies us with a like-minded company which has worked diligently to establish an early presence. Elephant has acquired, and is working on the acquisition of, onshore oil projects in West Africa.

 

An investment in Elephant would enable the experienced team at Elephant, led by Matt Lofgran, Gavin Burnell, and Martin Keeley to make further progress, and create synergies and future opportunities for Red Rock."

 

For further information, please contact:

 

Andrew Bell 0207 747 9990 or 0776 647 4849 Chairman Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited

Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd.

Christian Pickel 0203 128 8817 Media Relations MHP Communications

 

The information in this announcement relating to Elephant Oil Limited has been reviewed and approved by Martin Keeley, BSc, PhD, FGS who has thirty five years of geological experience and sufficient experience which is relevant to the region, the style of mineralisation under consideration, and to the activities being undertaken.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCPGUAAQUPAGMA
Date   Source Headline
16th Jun 20232:57 pmRNSGrant of First Cote D'Ivoire Licence
15th Jun 202312:00 pmRNSLithium Update
2nd Jun 20233:27 pmRNSHolding(s) in Company
2nd Jun 20232:48 pmRNSNotice of General Meeting
30th May 20236:17 pmRNSIssue of Equity and Total Voting Rights
30th May 20235:17 pmRNSIssue of Equity and Total Voting Rights
24th May 202312:09 pmRNSIssue of Equity and Total Voting Rights
23rd May 20234:40 pmRNSHolding(s) in Company
16th May 20235:03 pmRNSHolding(s) in Company
12th May 20234:31 pmRNSHolding(s) in Company
12th May 20237:00 amRNSIssue of Equity, PDMR/Director Holdings, TVR
11th May 20237:00 amRNSIssue of Equity and Total Voting Rights
5th May 20233:45 pmRNSVictoria Goldfields - Berringa Drilling Results
4th May 20232:40 pmRNSIssue of Shares and Total Voting Rights
14th Apr 20237:00 amRNSIssue of Equity
4th Apr 20237:00 amRNSPlacing and TVR
3rd Apr 20237:00 amRNSHalf-year Report
31st Mar 20234:27 pmRNSTotal Voting Rights
28th Mar 20237:00 amRNSEIA submitted for Zimbabwe lithium mining project
15th Mar 20232:36 pmRNSIssue of Equity
15th Mar 202312:15 pmRNSVictoria Goldfields, Australia - drilling update
8th Mar 20237:00 amRNSAsset Review and Current Developments
24th Feb 202310:05 amRNSIssue of Equity
16th Feb 202310:00 amRNSVictoria Goldfields - Beringa Update
10th Feb 20235:26 pmRNSResult of AGM
6th Feb 202311:00 amRNSPrice Monitoring Extension
11th Jan 20234:50 pmRNSNotice of AGM
9th Jan 202311:00 amRNSVictoria Goldfields Australia - Update
6th Jan 20237:00 amRNSBurkino Faso Exploration Update - Bilbale Project
29th Dec 202212:14 pmRNSFinal Results
19th Dec 202212:39 pmRNSDevelopment of Lithium Assets
16th Dec 202211:05 amRNSSecond Price Monitoring Extn
16th Dec 202211:00 amRNSPrice Monitoring Extension
15th Dec 20227:00 amRNSFund Raising
13th Dec 20227:00 amRNSDrilling begins at Historic Berringa Gold Mine
8th Dec 20222:16 pmRNSResult of Meeting
23rd Nov 20222:50 pmRNSNotice of GM
22nd Sep 20222:30 pmRNSAcquisition of Berringa Gold Mine Complete
21st Sep 20226:21 pmRNSPlacing, Appointment of Joint Broker and TVR
5th Sep 20227:00 amRNSUpdate on drilling at Bilbale
19th Aug 202210:41 amRNSSecond Tranche of CLNs and Warrants
15th Aug 20224:12 pmRNSResult of Meeting
10th Aug 202211:10 amRNSDirector/PDMR Shareholding
8th Aug 202210:17 amRNSDirector/PDMR Shareholding
5th Aug 20227:00 amRNSAsset Review and Current Developments
1st Aug 20222:00 pmRNSAssessment of Ajax Mine Potential
28th Jul 20227:00 amRNSNotice of GM
25th Jul 20227:00 amRNSIssue of convertible notes and warrants
6th Jul 20222:00 pmRNSVictoria Gold JV - Berringa Mine Acquisition
4th Jul 202212:48 pmRNSTotal Voting Rights

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.