Placing of Shares
For Immediate Release
31 July 2008
GOLD OIL plc
("Gold" or "the Company")
Placing of Shares
Gold Oil plc (the "Company") announces that a total of 22,950,000
existing ordinary shares of the Company (the "Placing Shares") have
been placed with institutions by Blue Oar Securities at a price of 8
pence per Placing Share, raising £1.836 million before expenses.
The placing shares comprise the 22,950,000 existing and issued shares
returned to the Company as a result of the termination of its
arrangements with Minmet plc ("Minmet") concerning oil and gas
interests in Cuba and Latin America, previously announced on 2
November 2007.
The net proceeds of the placing will go towards funding the
acquisition of Inversiones Petroleras de Colombia S.A.
('Invepetrol'), as announced on 8 July 2008, for a total
consideration of $4 million. Invepetrol owns an 18.05% participating
interest in the Union Temporal II & B that is the Operator and
Licence holder of the Nancy, Burdine and Maxine oil fields in the
Putumayo Basin in Southern Colombia. The Company already owns a 40%
interest in Union Temporal and this will takes the Company's total
interest to 58.05% (27.29% of net production.) The Company
anticipates making an initial payment of $1 million and the balance
at a later date.
Following transfer of the Placing Shares, Gold Oil's issued share
capital will not be altered and will consist of 483,128,909 ordinary
shares of 0.025 p each. The Company does not hold any Ordinary Shares
in Treasury. Therefore the total number of Ordinary Shares in the
Company with voting rights is 483,128,909.
The above figure of 483,128,909 Ordinary Shares may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the Financial Service Authority's Disclosure and
Transparency Rules.
For further information, please contact:
Michael Burchell, Chairman 01372 361 772
Roland Cornish, Beaumont Cornish Limited 020 7628 3396
Jerry Keen, Blue Oar Securities 020 7448 4492
Jonathan Charles, Conduit PR 020 7429 6611
- ---END OF MESSAGE---
|