Columbus Energy Res - Corporate Presentation, Issue of Equity and TVR
("Columbus" or the "Company")
Issue of Shares and Toting Voting Rights
Columbus, the oil and gas producer and explorer focused on onshore
The key highlights are:
· Testing of the Saffron Well in the Lower Cruse started early
· Logging results for the Middle Cruse confirm it is a valid secondary target for testing and development
· Prudent cash management -
"The Company is currently testing the Saffron well in
Logging results for the Middle Cruse have been interpreted and the Company believes that it confirms the Middle Cruse is a valid secondary target. In the event of negative or inconclusive testing of the Lower Cruse, the Company intends to immediately test the Middle Cruse. The Company expects to be able to produce from the Middle Cruse at commercial rates.
We continue to operate our base production in the most efficient manner possible.
In the Trinity Inniss field, we continue to work with Predator (our joint venture partner), the
In Suriname, we move steadily towards being ready for an Extended Well Test in H2 2020.
Management continue to believe in the Company's prospects and a number of the Executive Management team have elected to convert their Executive Salary Options into ordinary shares.
We look forward to updating the market on each of these projects as they develop and reach relevant milestones. "
Executive Salary Scheme
As previously announced, the Company's directors and executive managers ("Executive Management") currently receive 50% of their fees in Company shares (the "Executive Salary Scheme" and "Remuneration Shares"). The Executive Salary Scheme has assisted the Company in both managing its cash and also ensuring Executive Management interests are aligned with the Company's shareholders.
The Remuneration Shares take the form of nil cost options, which provided the Company with more flexibility but does not change the number of shares to be issued in any way or provide any additional value to the Executive Management.
Remuneration Shares are calculated monthly using a fixed share price therefore the timing of issuance of Remuneration Shares is not relevant to the number of Remuneration Shares issued. The fixed share price has ranged between 3.5p and 5.1p.
The Company has received an election from certain Executive Management members (including
The relevant Executive Management members have stated that they have no intention of selling the Executive Management Shares in the near future.
The Company will otherwise continue to operate the Executive Salary Scheme (or the Amended Executive Salary Scheme as announced in
Prior to today, no ordinary shares related to the Executive Salary Scheme have been issued to (or sold) by any of the Executive Management.
The Executive Management Shares will rank pari passu in all respects with the Company's existing ordinary shares. An application will be made for the Executive Management Shares to be admitted to trading on AIM, ("Admission"), and it is expected that Admission will become effective and that dealings will commence on or around
The Company continues to employ the Contractor Shares scheme to settle fees otherwise due to various contractors. The Company aims to utilise the Contractor Shares Scheme in a prudent manner, balancing cash management with equity dilution.
The relevant services have now been provided and therefore the Company will issue 9,500,000 new ordinary shares to those contractors (the "New
Total Voting Rights
For the purposes of the Disclosure and Transparency Rules of the
As at the date of this announcement, and after the issuance of the Executive Management Shares and the New
Therefore, the total number of Ordinary Shares in the Company with voting rights is 872,930,628. This figure may be used by Shareholders in the Company as denominator for the calculations by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Qualified Person's statement:
The information contained in this document has been reviewed and approved by
| || |
+44 (0)20 7203 2039
Financial Adviser and Broker
+44 (0)20 3005 5000
+44 (0)20 7628 3396
| || |
Notes to Editors:
Columbus is guided by the following core values; safe and sustainable, stronger together, creative excellence, positive energy, totally trusted and personally responsible.
The Company is led by an experienced Board and senior management team with supportive shareholders and intends on leveraging its expertise and experience to build an attractive and diversified portfolio of assets across
This information is provided by RNS, the news service of the
Quick facts: Columbus Energy Resources PLC
Market Cap: £9.92 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE