Legendary Investments PLC Investment (1340A)

TIDMLEG

RNS Number : 1340A

Legendary Investments PLC

22 December 2017

22 December 2017

Legendary Investments PLC

("Legendary" or the "Company")

Conversion of Stake in Gold Asset to Stake in Oil Asset

Legendary is pleased to announce that it has entered into an agreement to acquire an interest in Circle Oil Tunisia Limited ("COTL"), which owns the, El Mediouni East and Central oil asset ("ELM") in the Mahdia Permit located in the Gulf of Hammamet off the Tunisian coast, in exchange for its interests in Manas Resources LLC ("Manas"). The Permit duration and work programme are in the process of being finalised.

As a result of this agreement, Legendary will receive an interest of up to 2 per cent in CTOL. Legendary's interest in Manas is valued in its books at GBP100,000.

COTL underwent a restructuring process following the liquidation of its parent company, Circle Oil Plc ("Circle Oil"), and is now under new management. Other assets of the former Circle Oil portfolio in North Africa and the Middle East have been shown by others to be commercially attractive, and COTL is confident that the Tunisian offshore tracts will also be commercially attractive. Over the past 5 years Circle Oil invested heavily in ELM, and in August 2014 announced a potential large discovery following preliminary results from ELM which were internally estimated by Circle Oil as potentially recoverable prospective resources of approximately 100 million barrels of oil.

Zafar Karim, Executive Chairman of Legendary, said:

"We are pleased to have parlayed our interest in Manas into an interest in ELM. We expect that the ELM is more likely to come to fruition and in in a shorter timescale and possibly at a greater value than Manas."

- ENDS -

 
                          Zafar Karim 
 Legendary Investments     / Thomas         020 8201 
  PLC                      Reuner            3536 
                          Colin Aaronson 
 Grant Thornton            / Harrison       020 7383 
  UK LLP                   Clarke            5100 
 Beaufort Securities                        020 7382 
  Limited                 Elliot Hance       8300 
 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

About Legendary Investments PLC:

Legendary Investments PLC is a proactive investment company that focuses on making investments in and assisting companies which exhibit the potential to generate returns of many multiples through capital appreciation. Typically, Legendary invests in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy and natural resources.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 22, 2017 02:00 ET (07:00 GMT)