Admission to AIM
July 19 2004 - 4:00AM
UK Regulatory
RNS Number:9544A
Nelson Resources
19 July 2004
Not for release, distribution or publication in whole or in part in or into the
United States, Australia or Japan
19 July 2004
NELSON RESOURCES LIMITED
Admission to AIM
Nelson Resources Limited ("Nelson" or the "Company"), a leading independent oil
development and production company operating in Kazakhstan, today announces
that, with effect from 08.00 a.m. today (19 July 2004), its existing common
shares of U.S.0.01 each ("Common Shares") and new Common Shares ("Placing
Shares") issued pursuant to a successful institutional placing, have been
admitted to AIM . For further information please see the "Dealings and
Settlement" paragraph later in this announcement.
Words and expressions defined in the Admission Document published on 14 July
2004 shall have the same meanings as in this announcement.
Highlights:
* Placing Price 57.25p
* Number of Placing Shares 112,144,128
* Number of Common Shares in issue upon Admission 857,258,095
* Placing as a percentage of enlarged issued Common Share 13.1%
capital
* Market capitalisation on Admission at Placing Price #490.8 million
* Estimated gross proceeds of the Placing #64.2 million
Nelson has interests in four onshore oil fields in Kazakhstan, the Alibekmola,
Kozhasai, North Buzachi and Karakuduk fields, and holds an option to participate
in two offshore blocks in the Caspian Sea. Each of the four onshore fields is at
an early stage of development. The Company intends to grow the proven and
probable reserves by a programme of further drilling, and implementation of
reservoir pressure maintenance, at each of the fields. As at 31 March 2004,
Nelson's share of production from the four onshore oil fields was approximately
14,200 barrels of oil per day ("bopd") and, as at 31 December 2003, Nelson's
share of the aggregated estimated proven and probable reserves from the four
onshore fields was approximately 210 million barrels.
Each onshore field benefits from being located close to existing energy and
transportation infrastructure. Management believes that the Company is
strategically well placed to serve its existing markets, and that the proposed
pipeline linking Kazakhstan with China, announced in May 2004 will, if
completed, provide improved access from Kazakhstan to the potential Chinese
market.
The Caspian Basin has one of the world's largest hydrocarbon reserves. The
extraction, production and transportation of oil and gas are a significant part
of the Kazakh economy. Kazakhstan has explored reserves of approximately 28
billion barrels of oil and condensate. Kazakhstan is not a member of OPEC.
Nick Zana, Chairman and CEO of Nelson, commented:
"We are delighted to see our Company commence trading on AIM. We have had a good
reception from the London financial community, which has acknowledged the
opportunity that Nelson provides for investment into the reserves in Kazakhstan
and the Caspian. We look forward to a successful future as an AIM-quoted oil
development and production company, and believe we are well placed to capitalise
upon the opportunities available to us both now and in the future."
For further information, please contact:
Nelson Resources Limited 020 7495 8908
--------------------------
Frederick Hodder, Chief Financial Officer
Newman Consulting 01252 878682 or 07989 707411
-------------------
Lisa J. Newman, Newman Consulting
Canaccord Capital (Europe) Limited 020 7518 2777
------------------------------------
Neil Johnson
Toby Hayward
Hoare Govett Limited 020 7678 8000
-----------------------
Andrew Foster
Justin Jones
John MacGowan
Hogarth Partnership 020 7357 9477
---------------------
John Olsen
Andrew Jaques
Notes to editors:
Nelson Resources Limited ("Nelson" or the "Company") is a leading independent
oil development and production company operating in Kazakhstan. The Company
established a presence in the Kazakhstan oil sector in 2000 and its management
team, comprising both international and Kazakh executives, has extensive
experience of the Kazakh operating and regulatory environment.
The Company has interests in the Alibekmola, Kozhasai, North Buzachi and
Karakuduk fields:
* Nelson holds a 50% interest in the licence to develop the Alibekmola and
the Kozhasai fields through Kazakhoil Aktobe LLP, a joint venture between
Nelson and state-owned Kazmunaigas.
* Nelson holds a 50% interest in the licence to develop the North Buzachi
field through Nelson Petroleum Buzachi B.V..
* Nelson holds a 36% net interest in the licence to develop the Karakuduk
field through its acquisition of a shareholding of approximately 60% of
the issued share capital of Chaparral Resources Inc. in May 2004.
In addition, the Company holds an option to acquire from Kazmunaigas at least a
25% interest in Zhambai LLP. Zhambai LLP holds a licence for the exploration and
production of hydrocarbons at, and from, two Caspian Sea offshore blocks known
as Zhambai South and South Zaburunye.
Dealings and Settlement
Due to Canadian re-sale restrictions, the Placing Shares will not be available
for settlement into Canada for a period of four months and one day from the date
of Admission. In order to distinguish the Placing Shares from the existing
Common Shares over this restricted period, the Placing Shares will have the ISIN
"CA6403831051" (SEDOL: B01WRV4) and will trade under the symbol "NLGa". The
existing Common Shares, which have the ISIN "BMG641801052" (CUSIP: G64180105)
and will trade under the London Stock Exchange symbol "NLG", carry no such
restrictions. Following the end of the restricted period of four months and one
day referred to above, the Placing Shares will assume the ISIN "BMG641801052",
will trade under the symbol "NLG" and there will be no re-sale restrictions in
Canada. Further details are set out in the Admission Document published on 14
July 2004.
Canaccord Capital (Europe) Limited is acting as nominated adviser and joint
broker to the Company. Hoare Govett Limited is acting as financial adviser and
joint broker to the Company.
The Toronto Stock Exchange has neither approved nor disapproved of the
information contained herein.
Readers are cautioned that the preceding statements may include certain
estimates, assumptions and other forward-looking information. The actual future
performance, developments and/or results of the Company and its subsidiaries may
differ materially from any or all of the forward-looking statements, which
include current expectations, estimates and projections, in all or part
attributable to general economic conditions and other risks, uncertainties and
circumstances partly or totally outside the control of the Company and its
subsidiaries, including oil prices, imprecision of reserve estimates, drilling
risks, future production of gas and oil, rates of inflation, changes in future
costs and expenses related to the activities involving the exploration,
development, production and transportation of oil, hedging, financing
availability and other risks related to financial activities, and environmental
and geopolitical risks. Discussion of the various factors that may affect future
results is contained in the corporation's recent filings with Canadian
securities regulatory authorities. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
This announcement is not for release, distribution or publication in whole or in
part in or into the United States, Japan or Australia. The information contained
herein does not constitute an offer of securities for sale in the United States,
Canada, Japan or Australia.
This announcement has been issued by the Company and is the sole responsibility
of the Company and has been approved solely for the purposes of Section 21 of
the Financial Services and Markets Act 2000 by Canaccord Capital (Europe)
Limited of 27 Upper Brook Street, London, W1K 7QF.
This announcement does not constitute or form part of an offer, or any
solicitation of an offer, for securities and any purchase of or application for
shares in the Placing should only be made on the basis of information contained
in the Admission Document. The price and value of, and income from, shares may
go down as well as up. Persons needing advice should consult a professional
adviser.
The information contained herein is not for publication or distribution in or
into the United States. The materials do not constitute an offer of securities
for sale in the United States, nor may the securities be offered or sold in the
United States, nor may the securities be offered or sold in the United States
absent registration or an exemption from registration as provided in the
Securities Act of 1933, as amended, and the rules and regulations thereunder.
There is no intention to register any portion of the offering in the United
States or to conduct a public offering of securities in the United States.
The information contained herein shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the Securities
referred to herein in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration, exemption of registration or
qualification under the securities laws of any such
jurisdiction.
Canaccord Capital (Europe) Limited ("Canaccord") is regulated in the United
Kingdom by the Financial Services Authority and is acting solely for the Company
in connection with the Placing and Admission and no one else. Canaccord has been
appointed as nominated adviser and joint broker to the Company. Canaccord will
not regard any other person as its client or be responsible to any other person
for providing the protections afforded to clients of Canaccord nor for providing
advice in relation to the Placing and Admission. Canaccord is not making any
representation or warranty, express or implied, as to the contents of this
announcement. Canaccord accepts no liability whatsoever for the accuracy of any
information or opinions expressed in this announcement or for the omission of
any information.
Hoare Govett Limited ("Hoare Govett") is regulated in the United Kingdom by the
Financial Services Authority and is acting solely for the Company in connection
with the Placing and Admission and no one else. Hoare Govett has been appointed
as financial adviser and joint broker to the Company. Hoare Govett will not
regard any other person as its client or be responsible to any other person for
providing the protections afforded to its clients nor for providing advice in
relation to the Placing and Admission. Hoare Govett is not making any
representation or warranty, express or implied, as to the contents of this
announcement. Hoare Govett accepts no liability whatsoever for the accuracy of
any information or opinions contained in this announcement or for the omission
of any information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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