17 Mar 2011 07:00
17th March 2011
SeaEnergy PLC
("SeaEnergy" or the "Company")
Mesopotamia Petroleum Company Limited ("MPC")
In our interim statement published in September we referred to MPC, our 32.7% owned associated company's attempts to acquire a package of drilling assets. This has proved unsuccessful. The Board of MPC has since reached agreement with all of its creditors for the deferral of their claims. The objective of this approach is to allow MPC to continue in business while it awaits an improvement in both the situation in Iraq and the financial markets generally. The MPC Board continues to believe that there will be tangible opportunities for MPC as those improvements occur and at that time MPC will seek to raise sufficient funding both to secure its future plans and repay the creditors claims.
MPC has meantime reduced its activities and its expenditure whilst continuing to monitor the situation and opportunities in Iraq. In order to fund ongoing near term activities, a number of existing MPC shareholders have agreed to inject £50,000 through the issue of new shares in MPC. As a result of this share issue SeaEnergy's holding in MPC will rise to 40.21%. SeaEnergy directors S E Remp and S R Bertram will see their direct holdings in MPC rise to 5.09% and 0.45% respectively. SeaEnergy PLC has already provided in full for its investment in MPC.
For further information contact:
SeaEnergy PLC |
|
|
Steve Remp, Executive Chairman |
| 01224 748480 |
|
|
|
Ambrian Partners |
|
|
Andrew Craig / Ben Wright |
| 020 7634 4700 |
|
|
|
Kreab Gavin Anderson |
|
|
Kate Hill / Andy Jones |
| 020 7074 1800 |
www.seaenergy-plc.com
NOTES TO EDITORS
SeaEnergy PLC
SeaEnergy PLC is the only listed pure play offshore wind energy company in the UK. SeaEnergy Renewables Limited (SERL) is a subsidiary of the Company and is made up of the team which conceived, developed and delivered the world's first deep water wind farm development - the Beatrice Demonstrator offshore wind farm (10MW) (the "Beatrice Demonstrator Project") which is owned and operated by Talisman Energy. The Beatrice Demonstrator Project involved the installation of the two largest wind turbines (5MW each) ever deployed offshore, at water depths of 45 metres. This, combined with the SERL team's expertise in delivering deep water offshore developments in the oil and gas industry, puts SeaEnergy in an unrivalled position at the vanguard of the emerging offshore renewables industry.
Prior to the UK Round 3 award SeaEnergy had secured a 25% interest in two Scottish offshore wind farm sites, Beatrice and Inch Cape. The award of Zone 1 in the UK Round 3 leasing programme with partners EDP Renováveis takes SeaEnergy's net capacity in the UK to over 781MW. SeaEnergy has also signed a Heads of Terms Agreement to develop offshore wind farms in Taiwan with Taiwan Generations Corporation and a Strategic Cooperation Agreement with Nantong COSCO Ship Steel Structure Co. Ltd (NCSC) to develop and market steel structures for the offshore wind industry.
www.seaeenergy-plc.com