TIDMKEA

RNS Number : 1922O

Kea Petroleum PLC

26 May 2015

For immediate release 26 May 2015

Kea Petroleum plc

("Kea" or the "Company")

Funding Update and Suspension of Trading

Further to the Company's announcements of 21 April 2015 and 7 May 2015 in relation to the seeking of funds through PrimaryBid.com and the extension of the bid period to 22 May 2015, the Company announces that it has not secured bids totalling GBP3m at a minimum price of 1 pence per share that it sought to develop the Shannon prospect.

As announced previously, the Company's working capital remains tight and is reliant on the Company raising further funds. As a consequence of not raising sufficient funds through PrimaryBid.com or to date through other means the Company has requested a suspension of its shares to trading on AIM pending clarification of its financial position.

The Company continues to negotiate with parties on the potential farm-in of its assets as part of its previously announced strategic review.

Further announcements will be made in due course.

For further information please contact:

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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