Balmoral Intl Share Discussion Threads

[stuart14] 22/11/2007 07:28

That isn't the Kevin Foo of VOG, CER, and EKA is it? He's always really looked after his shareholders hasn't he!!!!!

[very big head] 22/11/2007 07:19

RNS Number:2531I
Bramlin Limited
22 November 2007


Not for release, publication or distribution in whole or in part in or into the
United States, Canada, Japan, Australia or the Republic of South Africa


22 November 2007

Bramlin Limited
("Bramlin" or "the Company"; AIM Ticker: BML)

Proposed Acquisition of Rodeo Development Ltd

Proposed Admission of the Enlarged Issued Share Capital to trading on AIM

Proposed waiver of the requirements of Rule 9 of the City Code on Takeovers and
Mergers

Notice of Extraordinary General Meeting


Bramlin is pleased to announce today that the Company has entered into a
conditional agreement to acquire the whole of the issued share capital of Rodeo
Development Ltd ("RDL").

Highlights

* Through a farm-in agreement, RDL holds a 60 per cent participating interest in
the Concession relating to the Logbaba Gas Field, of which RDL is the operator,
situated on the outskirts of the city of Douala in the Republic of Cameroon. The
field was discovered in the 1950s by the drilling of four wells by Elf SEREPCA
but commercial development at that time was prevented by lack of a gas market.

* A Competent Person's Report is set out in full in the Admission Document to be
sent to shareholders today. The summary to this report includes the following
estimates:

Reserves

Proved Proved plus Proved plus
Probable Probable
plus
Possible
Net Reserves Attributable to RDL 7.00 65.87 123.71

(Billion cubic feet - "Bcf")

No contingent or prospective resources have been identified.

Value

The following table is a summary of the value, pre- and post-tax (net to RDL),
for the proved, proved plus probable, and proved plus probable plus possible
reserves cases. The value shown is the net present value of the Logbaba Field
discounted at 10 per cent. and shown in millions of US dollars:

$m NPV @10% Proved Proved plus Proved plus
Probable Probable
plus
Possible
Pre Tax 21.19 192.06 438.75
Post Tax 12.23 117.06 269.23

The Competent Person's Report indicates that no hydrocarbon-water contacts have
been seen. This combined with the fact that deeper gas has been found underneath
the main pay zones, and that only a part of the Logbaba geological structure has
been explored by drilling, raises the possibility that potential reserves could
exceed the existing known reserves.

* A recent survey indicates industrial demand for natural gas in the local
Douala region, and a potential gas-fuelled electricity generation plant is
currently under early stage negotiation.

* The total consideration will comprise an initial consideration to be satisfied
by the issue of, in aggregate, 94,079,512 new Ordinary Shares together with the
payment of, in aggregate, $631,000 to be satisfied partly in cash and partly by
a loan note. In addition, deferred consideration comprising the issue of
24,062,134 new Ordinary Shares to certain members of the Concert Party and
others will become due upon receipt by RDL of an Exploitation Authorisation
which satisfies certain specified criteria.

* The Acquisition constitutes a reverse takeover under the AIM Rules. The
Acquisition therefore requires shareholder approval. Accordingly, an
Extraordinary General Meeting of the Company is being convened at which
resolutions will be proposed, inter alia, to approve the Acquisition and the
Rule 9 Waiver


Speaking today, Chairman Kevin Foo said, "This acquisition, subject to
shareholder approval, is a major milestone for Bramlin . We believe that this
represents an outstanding opportunity to acquire a company with significant
reserves and with the potential to move Bramlin into a production phase, meeting
the objective of creating significant value for Shareholders without incurring
major exploration risk. The RDL team, as operator, brings with it many years of
experience in Cameroon and we welcome the incoming directors, Jim Ford,
designate CEO, Ernie Miller, designate Commercial Director and Bill Kelleher,
who bring extensive international oil and gas experience into our company."


This summary should be read in conjunction with the full text of this
announcement set out below.

A copy of the Admission Document to be sent to Shareholders today is available
at www.bramlin.com.