Spitfire Oil Limited Relinquishment of Salmon Gums Retention Licence

Date : 08/30/2019 @ 7:01AM
Source : UK Regulatory (RNS & others)
Stock : Spitfire Oil Limited (SRO)
Quote : 2.0  0.0 (0.00%) @ 1:00AM
Spitfire Oil share price Chart

Spitfire Oil Limited Relinquishment of Salmon Gums Retention Licence

Spitfire Oil (LSE:SRO)
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1 Year : From Apr 2019 to Apr 2020

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RNS Number : 5811K

Spitfire Oil Limited

30 August 2019

Spitfire Oil Limited

8(th) Floor, Royal Trust House, 54 Jermyn Street, London SW1Y 6LX, United Kingdom

Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629 7773

Relinquishment of Salmon Gums Retention Licence

30(th) August 2019

Spitfire Oil Limited ("Spitfire" or the "Company") announces that following a further review of the economic feasibility of the Salmon Gums lignite project, in particular with consideration of the current and long term forecast for the continued relatively low oil prices and the continuing costs of maintaining the retention licence over the Salmon Gums tenements, Spitfire has today relinquished the retention licence over the Salmon Gums lignite tenements.

With the relinquishment of this licence, Spitfire becomes an AIM Rule 15 cash shell. As such, the Company will be required to make an acquisition (or acquisitions) which constitutes a reverse takeover under AIM Rule 14 on or before 29 February 2020. If no such acquisition is completed by 29 February 2019, the Company's shares would then be suspended from trading on AIM pursuant to AIM Rule 40. The directors are considering suitable projects for acquisition by the Company.

Further information

Spitfire Oil Limited:

 
 Mladen Ninkov - Chairman 
  Roger Goodwin - Director        Telephone: +44(0)20 7629 7774 
 Panmure Gordon (UK) Limited:   Telephone: +44 (0)20 7886 2500 
  Dominic Morley 
 

Spitfire Oil Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol SRO)

The Company's news releases are available on the Company's web site: www.spitfireoil.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

August 30, 2019 02:00 ET (06:00 GMT)

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