Best AIM Company 2016

RNS Number : 2782W
Sound Energy PLC
07 February 2017
 

7 February 2017

 

Sound Energy plc

("Sound Energy" or the "Company")

 

Badile Rig Contract: Payment using Equity

 

Sound Energy, the African and European focused upstream gas company, announced on 29 November 2016, that the terms of the contract for the use of Pergemine S.p.A ("Pergemine")  3000 HP EMSCO C3 rig for the drilling of the Badile exploration well (the "Rig"), provided that payment of 23% of the service charges due to Pergemine would be settled through the issue of new ordinary shares in the Company ("Ordinary Shares") with a value of approximately Euro 1 million.

 

Following the mobilisation of the Rig in January 2017, the Company announces that it has [today] issued an initial 830,565 new Ordinary Shares to Pergemine which, at the closing mid-market price per Ordinary Share on 7 February 2017 of 82.0 pence, had a market value of approximately £680,000 (approximately Euro 790,000).

 

In the event of the Badile exploration well proving successful, further Ordinary Shares will be issued to Pergemine to bring the total market value of the Ordinary Shares issued to Pergemine up to approximately Euro 1 million.

 

Following the issue of the new Ordinary Shares, the Company will have 672,282,029 Ordinary Shares in issue. Application will be made to the London Stock Exchange plc for the new Ordinary Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 13 February 2017.

 

 

 

 

For further information please contact:

 

Vigo Communications - PR Adviser

Patrick d'Ancona

Chris McMahon

Alexandra Roper

 

Tel: +44 (0)20 7830 9700

Sound Energy

James Parsons, Chief Executive Officer 

 

j.parsons@soundenergyplc.com

 

Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones

Ben Jeynes 

 

Tel: +44 (0)20 7131 4000

RBC Capital Markets - Broker

Matthew Coakes

Martin Copeland

Laura White

 

Tel: +44 (0)20 7653 4000

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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