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KEA Kea Petroleum

1.15
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Kea Petroleum LSE:KEA London Ordinary Share GB00BRTL3035 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.15 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Kea Petroleum PLC Update on Disposal (6891E)

05/11/2015 11:07am

UK Regulatory


Kea Petroleum (LSE:KEA)
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TIDMKEA

RNS Number : 6891E

Kea Petroleum PLC

05 November 2015

5 November 2015

Kea Petroleum plc

("Kea" or the "Company")

Update on Disposal

Further to the shareholder vote on 13 July 2015 approving the proposed disposal of Kea's oil and gas assets and the proposed move to become an investing company, Kea provides an update on the process.

The disposal of the Company's Puka asset is still awaiting the consent of the New Zealand Petroleum and Minerals, the regulatory body for oil and gas, giving a Section 41 approval to sell Kea Petroleum Limited's 70% share of the PEP51153 licence area. The Company expect to receive this shortly and, subject to that happening, the company will have sufficient funds to complete the divestment phase [but will need to raise further funds to seek a restoration of trading in the Company's shares and begin reactivation as a shell company with a different activity. The Company has made progress towards identifying opportunities that it may pursue as an investing company.

As disclosed in the previous Annual Report Kea has been involved in an ongoing litigation with NRG Drilling. This is in relation to drilling costs it was seeking from Kea. Whilst the Company viewed the claim as vexatious, and believed that it had a robust defence to the claims and a strong counterclaim, albeit against a company with no assets, and given the decision to cease as an oil and gas company it was decided to place those NZ subsidiaries involved in the litigation into liquidation rather than to run up additional costs associated with a High Court hearing. The effect of this is that the asset held by Kea Exploration Limited, PEP381204 that includes the Mauku prospect, falls under the control of the Official Assignee who will make a decision on the proposal to sell the asset that had been subject to a conditional heads of terms with New Endeavour Resources.

The Company has sought to keep costs to a minimum and the number of employees has been significantly reduced, down from 17 in 2012 to just six today, including the Board, in order to reduce costs and realign with the Company's current size.

The Company's financial position remains critical and is currently dependent on the forebearance of its creditors and Directors who have not been paid. The Company will need to raise additional funds for its present needs and also to continue as an investing company following the proposed disposal of Puka .

Trading in the Company's shares was suspended from 26 May 2015, pending clarification of its financial position. Pursuant to the AIM Rules for Companies, the admission of the Company's shares will be cancelled if the Company's shares are not restored to trading by the 26 November 2015. Consequently, the Company is seeking to raise further funds by that date and seek a restoration of trading.

For further information please contact:

 
 Kea Petroleum plc                 Tel: +44 (0)20 7340 9970 
  David Lees, Executive Director 
 WH Ireland Limited (NOMAD)        Tel: +44 (0)20 7220 1666 
 
  James Joyce / James Bavister 
 Buchanan                          Tel: +44 (0)20 7466 5000 
  Mark Court / Sophie Cowles 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

November 05, 2015 06:07 ET (11:07 GMT)

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