Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Sarantel re-launched as UK Oil & Gas Investments

Sarantel re-launched as UK Oil & Gas Investments

Former communications technology firm Sarantel (LON:SLG) is being re-launched by AIM dealmaker David Lenigas, to focus on onshore oil and gas projects in the United Kingdom.

Sarantel, which made specialist GPS products, was suspended on the AIM market in May and in October the business’s assets were sold by administrator PriceWaterhouseCooper, and subsequently a new investment policy was adopted for what effectively became a shell company.

Today, the company announced it would raise £200,000 to support its pursuit of onshore oil and gas opportunities in the UK.

It will at the same time be renamed UK Oil & Gas Investments.

"UK Oil & Gas Investments will become the new name of Sarantel to reflect the direction in which the Board wishes to pursue investment opportunities under the company's new investing policy,” chairman Lenigas said.

“The company will be seeking investments specifically in the domestic conventional oil and gas sector here in the UK.”

"Your new board has successfully reorganised Sarantel and looks forward to rebuilding the company in its new form."

 

The company says its investments are focussed on ‘conventional’ assets, and as such it has no interest in shale or fracking.

View full UKOG profile View Profile

UK Oil & Gas Investments PLC Timeline

Related Articles

waste
October 18 2018
If contracts can be agreed, they might result in the installation of Powerhouse’s DMG technology at multiple locations
oil and gas operations
July 09 2018
Greka highlighted improved revenues which boosted gross profit despite the challenges experienced in India and China through 2017.
oil and gas operations
September 20 2018
Spirit Energy, majority-owned by British Gas parent Centrica, is to fund a programme of new wells and cover Hurricane's costs for initial field development work for the Greater Warwick Area

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use