TIDMLOGP
RNS Number : 8220J
Lansdowne Oil & Gas plc
18 August 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the retained EU law version of the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). Upon the publication of this announcement via
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain. If you have any queries
on this, then please contact Steve Boldy, the Chief Executive
Officer of the Company (responsible for arranging release of this
announcement).
18 August 2023
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Update on Arbitration Process under the Energy Charter
Treaty
Potential Designation as an AIM Rule 15 Cash Shell
Lansdowne Oil & Gas plc provides an update in respect of the
arbitration process under the Energy Charter Treaty ("ECT") in
respect of the Barryroe Lease Undertaking Application.
As advised on 19 June, Lansdowne's legal advisors, Ashurst LLP,
submitted a letter to Ireland giving notice pursuant to Article 26
(2) c of the ECT, requiring Ireland to participate in discussions
with a view to settling the dispute within three months of the date
of such notice. Receipt of this letter was acknowledged.
As no further communication had been received from Ireland, a
further letter was submitted by Ashurst LLP on behalf of Lansdowne
on 9 August with a reminder that if Ireland persists in its failure
to engage in order to settle the dispute amicably, Ireland will be
in breach of its obligations under Article 26 (2) of the ECT.
Receipt of this letter was acknowledged by a letter from the Irish
State Solicitors Office on 14 August. Lansdowne's preferred
solution remains to find an amicable settlement with Ireland, but
if necessary it will pursue its legal remedy by way of a claim in
arbitration pursuant to Article 26 (2) ( c ) of the ECT.
Unless the decision not to award the Barryroe Lease Undertaking
is revoked prior to the expiration of the aforementioned
three-month time frame, the Company will be designated as an AIM
Rule 15 cash shell ("AIM Rule 15 Cash Shell") with effect from 19
September 2023.
As an AIM Rule 15 Cash Shell, the Company is required to make an
acquisition, or acquisitions, which constitutes a reverse takeover
under Rule 14 of the AIM Rules for Companies ("AIM Rules)(including
seeking re-admission under the AIM Rules) within six months of 19
September 2023. Alternatively, within such time period, the Company
can seek to become an investing company pursuant to AIM Rule 8,
which requires, inter alia, the raising of at least GBP6 million
and publication of an admission document.
In the event that the Company does not complete a reverse
takeover under AIM Rule 14 within such six-month period or seek
re-admission to trading on AIM as an investing company pursuant to
AIM Rule 8 (either being, a "Re-admission Transaction"), the
Company's ordinary shares would be suspended from trading pursuant
to AIM Rule 40. Thereafter, if a Re-admission Transaction has not
been completed within a further six-month period, admission to
trading on AIM of the Company's ordinary shares would be
cancelled.
Admission of Conditional Placing Shares
Following reconfirmation of all Tranche 2 subscriptions and
further to the Company's announcement of 9 August 2023, application
has been made for the 140,000,000 new ordinary shares of 0.1 pence
issued pursuant to the fundraise announced on 20 July 2023
("Conditional Placing Shares") to be admitted to trading on AIM
which is expected to occur on 21 August 2023 ("Admission").
Following Admission of the Conditional Placing Shares, the
Company will have in issue 1,193,618,337 ordinary shares of 0.1
pence each. No ordinary shares are held in treasury. Therefore, the
total number of voting rights in the Company will be
1,193,618,337.
The above total current voting rights number is the figure which
may be used by shareholders as the denominator for the calculation
by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company under the
FCA's Disclosure Guidance and Transparency Rules.
Steve Boldy, Chief Executive of Lansdowne, commented:
"The Company continues to pursue an amicable resolution with
Ireland; however, it remains steadfast in its belief of a positive
award under the ECT should this avenue be followed. To this end the
Company has continued its discussions with litigation funders who
have expressed a willingness to engage once the statutory
three-month window has passed, in the event a resolution is not
reached.
"The Company also notes the recent developments at Barryroe
Offshore Energy, where an Examiner has been appointed. It has been
reported that Barryroe Offshore Energy is considering a number of
paths forward, including a potential Judicial Review in the Irish
Courts, that might also lead to the Lease Undertaking being granted
and the development of the Barryroe field to proceed."
The Company will provide additional updates as appropriate.
For further information please contact:
Lansdowne Oil & Gas plc +353 1 963 1760
Steve Boldy
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser and Joint
Broker
Stuart Gledhill
Richard Hail
Tavira Financial Limited +44 (0) 20 3192 1739
Joint Broker
Oliver Stansfield
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused,
oil and gas exploration and appraisal company quoted on the AIM
market and head quartered in Dublin.
For more information on Lansdowne, please refer to
www.lansdowneoilandgas.com .
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