Circle Oil Tunisia Limited Update
27 June 2018
Legendary Investments PLC
("Legendary" or the "Company")
Circle Oil Tunisia Limited ("COTL") Update
Legendary is pleased to report on progress at COTL. Legendary converted its stake in its Kyrgyz gold asset to shares in COTL in late December 2017, following which, COTL was acquired by Dunraven Resources Limited ("Dunraven") in a share swap. This has resulted in Legendary having a 2.0% stake in Dunraven. COTL is now a 100% owned subsidiary of Dunraven which holds the Mahdia Permit in the Gulf of Hammamet offshore Tunisia.
Dunraven is an exploration and production company initially focussing on North Africa and the Middle East. The management team is headed by Alex MacDonald who has more than three decades of oil & gas business and City experience. He has founded and brought companies to AIM and has held senior positions in Whitman-Howard Limited's oil and gas team and Libertas Capital Corporate Finance LLP. He also has experience with oil majors including Conoco Inc. and Chevron Corporation. Dunraven's Board and Executive team have a strong background in exploration and production and strong reputations and relationships with major oil companies and governments at senior levels.
Dunraven's strategy is to participate in exploration and production projects. Tunisia is the initial focus of Dunraven's activities, where it enjoys established, strategic relationships.
COTL holds and is the operator of the El Mediouni East and Central oil asset ("ELM") in the Mahdia Permit . As announced by Legendary, in December 2017, ELM's previous owner, Circle Oil Plc invested heavily in ELM, and in August 2014 announced a potential large discovery following preliminary results from the EMD 1 well drilled by COTL which gave evidence of a working petroleum system and traces of hydrocarbons. Internal results were estimated by Circle Oil Plc as potentially recoverable prospective resources of approximately 100 million barrels of oil.
Dunraven has already developed an ambitious 18 month work programme for ELM, including a drilling programme. Dunraven is also in negotiations with a major services company to be their technical partner. Additionally, COTL intends to acquire a significant amount of new seismic over the licence area; the tendering for which is expected to be completed by the end of 2108.
COTL have opened an office in Tunis and appointed a country manager who previously worked for COTL, and an office manager.
Moreover, Dunraven is actively pursuing a pre-qualified portfolio of acquisition opportunities in the region.
Alexander MacDonald, CEO of Dunraven, commented:
"Dunraven Resources is an Irish registered company and is funded by private equity. The Company is at an early stage in its development, but in the past six months has made significant progress towards achieving its work programme commitments, as well as establishing a pipeline of additional acquisition opportunities. The Mahdia work programme is, over the next eighteen months, an interesting and challenging opportunity for Dunraven. In support of Dunraven's manangement, is an accomplished and experienced group of advisors, who are also part of the team and and are committed to achieving success."
Zafar Karim, Executive Chairman of Legendary Investments PLC, commented:
"We are pleased at the rapid progress being made at Dunraven. Along with the appointment of Alex MacDonald and an experienced and well-regarded core team and advisors, work plans and acquisition plans have been put in place and are under way. We look forward to further updates."
- ENDS -
Legendary Investments PLC
Zafar Karim / Thomas Reuner
020 8201 3536
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Grant Thornton UK LLP
Colin Aaronson / Harrison Clarke
020 7383 5100
S.P. Angel Corporate Finance LLP
Richard Parlons / Richard Morrison
020 3470 0504
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
About Dunraven Resources Limited
Dunraven Resources is building a high impact Exploration and Production (E&P) company initially focussed on North Africa and the Middle East. The management team comprises internationally recognised executives with a long-standing track record of success.
The Company's strategy is to deliver value to shareholders through participation in E&P projects. The Board and Executive team has a strong background in E&P, solid industry reputations, long-standing relationships with major oil companies and strong governmental relationships at a senior level.
About Legendary Investments PLC
Legendary Investments PLC focuses on assisting companies and making investments which exhibit the potential to generate returns of many multiples through capital appreciation. Typically, Legendary takes stakes in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy and natural resources.
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