Woburn Energy PLC Corporate Update (6800Q)

TIDMWBN

RNS Number : 6800Q

Woburn Energy PLC

16 October 2013

 
 For immediate release    16 October 2013 
 

Woburn Energy Plc

("Woburn" or "the Company")

Corporate update

The Company's investing policy is to make investments in the oil and gas sector and the Directors are focusing on Europe, the Middle East, Africa and Asia. Investments may be made in exploration, development or producing assets.

As reported previously in the interim results last month, the Company pre-qualified for participating in the current Myanmar Onshore Block licensing round and submitted a licence bid for consideration by the Myanmar Department of Energy, prior to the bid deadline of 23 August 2013. However, we regret to confirm that Woburn Energy's bid was not successful. While the Board believes that Woburn's bid fully reflected the potential of the block, there was significant competition from major international operators who bid more aggressively.

While the Board is disappointed that the Company has been unsuccessful in securing a licence in Myanmar, the Board is continuing to review other opportunities to acquire an interest in suitable projects, including Central Asia and Africa. The Board has already commenced initial due diligence on a near term production project in Kazakhstan, including commissioning a competent persons report, and a further update will be provided in due course.

In September the Company sought shareholders consent to send or supply documents to them via a website and in electronic form and accordingly, other than those shareholders who requested that hard copy documents be sent to them, all future communications to shareholders will be via electronic format with access to documents via the Company's website.

The Company has also made a correction to the directors' report and associated note in relation to beneficial interests in the Company to the original filed statutory financial statements of the Company and which is therefore a revision to these annual financial statements. Copies of the amended filed statutory financial statements are available from the Company's website.

For further information, please contact:

 
 Woburn Energy Plc                              Tel: [phone] 
                                                 2288 
 Kamran Ahmed                                   www.woburnenergy.com 
 Beaumont Cornish Limited (Nominated Adviser)   Tel: [phone] 
 Michael Cornish 
 

A copy of this announcement is available from the Company's website, www.woburnenergy.com

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

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