TIDMKEA

RNS Number : 4888M

Kea Petroleum PLC

07 May 2015

For immediate release 7 May 2015

Kea Petroleum plc

("Kea" orthe "Company")

Extension of Proposed Placing of Shares via PrimaryBid.com

and Update on Progress

This announcement amounts to a financial promotionfor the purposesof section 21 of the Financial Services and MarketsAct 2000 and hasbeen approved by Darwin Strategic Limited, which is authorised and regulated by the Financial Conduct Authority.

Kea Petroleum plc (AIM: KEA), the oil and gas company focused on New Zealand, announces that, further to its announcement of 21 April 2015, it has extended the open book offer period by a further two weeks

under PrimaryBid.com (www.primarybid.com) to facilitate the proposed equity fundraising of not less than

GBP3 million before expenses at a minimumprice of 1p per share ("Fundraising").

The bid period will now close on 22 May 2015. Aggregated bids received so far exceed GBP1 million, which Directors consider to be quite satisfactory progress considering the distractions of the past long weekend and the General Election today.

The Fundraising is conditional on the Company being able to raise at least GBP3 million through the PrimaryBid platform as well as the passing of the necessary resolutions at the Company's forthcoming general meeting convened for 8 May 2015at 12 noon.

The Company's current working capital position remains tight but it has sufficient funds for operations until after the extension of the bid period. It will seek to manage its working capital in the event it does not raise the minimum of GBP3 million through PrimaryBid whilst it considers alternative means to seek further finance.

RISK

Investing in growth market companies involves a significant degree of risk including loss of capital, rarity of dividends, lack of liquidity and dilution, and should only be done as part of a diversified portfolio. Past performance is not an indicator of future performance. PrimaryBid.com is targeted solely at investors who are sufficiently sophisticated to understand these risks and make their own investment decisions, or seek appropriate advice from a financial advisor authorised under the Financial Services and Markets Act 2000.

For further information please contact:

 
   Kea Petroleum plc                                 Tel: +44 (0)20 7340 
    David Lees, Executive                             9970 
    Director Peter Wright, 
    Finance Director                                  Tel: +64 (0) 4 385 
                                                      0032 
   WH Ireland Limited (Nomad)                        Tel: +44 (0) 20 7220 
    James Joyce James Bavister                        1666 
   PrimaryBid.com                                    Tel: +44 (0) 20 7491 
                                                      6519 
   Buchanan                                          Tel: +44 (0) 20 7466 
    Mark Court Sophie Cowles                          5000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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