In the event of excess demand, the Company reserves the right to increase the size of the Placing. The Placing in the
Background to the Placing and Use of Proceeds To date, the Company has drilled three successful gross exploration wells (2.4 net) on the Ortoire block, onshore in the
Cascadura-1ST1 - surface facility development; Chinook-1 - completion, testing and potential surface facility development; Cascadura Deep - drilling, potential completion, testing and surface facility development and
The Company also intends to use a portion of the net proceeds of the Placing to fund a seismic program in order to fulfil its work commitments under the Ortoire exploration and production licence, as well as for working capital purposes.
Contact:
Tel: +44 (0) 203 781 8330
Forward-Looking Statements
Certain information provided in this announcement may constitute forward-looking statements and information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or are events or conditions that 'will', 'would', 'may', 'could' or 'should' occur or be achieved. Forwardlooking statements in this announcement include, but are not limited to, those in respect of the Placing, including the size, pricing and timing thereof, the type of securities being offered thereunder, the investors participating therein, the intended use of proceeds therefrom (including with respect to future exploration, development and production activities and the locations thereof, and the extent to which such activities are expected to fulfil the Company's contractual commitments under the Ortoire exploration and production licence) and the conditions and approvals required and applications being filed in connection therewith. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's
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