Paternoster Resources PLC Investment in New World Oil and Gas plc (7363Z)
September 22 2015 - 2:01AM
UK Regulatory
TIDMPRS
RNS Number : 7363Z
Paternoster Resources PLC
22 September 2015
22 September 2015
Paternoster Resources plc
("Paternoster" or the "Company")
Investment in New World Oil and Gas plc ("New World")
Paternoster is pleased to announce that it has acquired
366,618,383 shares in New World Oil and Gas plc at a price of 0.07
pence per share, for an aggregate consideration of GBP256,688. This
represents a shareholding in the company of 8.0%.
New World's principal assets comprise the Blue Creek Project in
Belize and around US$4.5 million (GBP2.9 million) of cash as at 28
August 2015, as a result of the placing and open offer that
concluded in July 2015. The current market capitalisation of the
company is GBP2.8 million.
The Blue Creek Project is located onshore in Northwest Belize in
the North of the relatively underexplored North Petén Basin. The
Blue Creek Production Sharing Agreement ("PSA"), covers two
non-contiguous license areas, known as the Main Blue Creek area and
the West Gallon Jug area. NWOG Belize, a wholly owned subsidiary of
the company, has a 100 per cent. participating interest in the Blue
Creek PSA subject to BCE (the previous holder of a majority
interest in the Blue Creek PSA) maintaining a 5 per cent. royalty
override. The company is seeking a farm-in partner ahead of the PSA
termination date of 12 October 2015.
The company reported a loss for the six months ended 30 June
2015 of US$1,403,000.
Nicholas Lee, Chairman said
"This investment provides Paternoster with a significant
interest in a listed company with a substantial cash balance at an
attractive valuation at a time when market conditions are such that
it is proving difficult to raise new funds for oil and gas
projects. We look forward to realizing significant value for
shareholders from this investment."
For more information please contact:
Paternoster Resources
plc:
Nicholas Lee, Chairman
Matt Lofgran, Non-Executive +44 20 7580 7576
Director +1 480 993 8933
Nominated Advisor and
Joint Broker:
Westhouse Securities
Antonio Bossi/David Coaten +44 20 7601 6100
Joint Broker:
Peterhouse Corporate Finance
Lucy Williams +44 20 7562 3351
This information is provided by RNS
The company news service from the London Stock Exchange
END
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