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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Madagascar Oil | LSE:MOIL | London | Ordinary Share | BMG5738R1016 | COMM SHS USD0.001 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.45 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Dec 2019 to Dec 2024
TIDMMOIL
RNS Number : 8513N
Madagascar Oil Limited
02 February 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
2 February 2016
MADAGASCAR OIL LIMITED
("Madagascar Oil" or the "Company")
Update on Partner Process and discussions with Lenders
The Company notes both the recent rise in the price of its ordinary shares, particularly over the course of today, and the speculation on the bulletin boards with regard to the Partner Process (the "Partner Process"), being the previously announced process to identify potential strategic partner(s) to work with the Company on the development and funding of the world class Tsimiroro field.
The Company can confirm that the Partner Process is continuing, but it has yet to yield any actionable proposals. There are a number of discussions ongoing, but it will take time to confirm whether any of these discussions can be converted into an executable deal and there is no guarantee that any of them will be consummated this quarter, as previously announced, if at all.
The Company can also confirm that it remains in discussions with its Lenders, being entities associated with the Company's four major shareholders (Outrider Master Fund, LP, BMK Resources Ltd, SEP African Ventures Limited and The John Paul Dejoria Family Trust LLC), who provided the Bridge Financing Facility (as announced on 29 September 2015) with regard to the release of all, some or none of the second tranche of US$8.0 million of that Facility. There can be no certainty as to the outcome of these discussions.
Further announcements will be made as and when appropriate.
Terms used in this announcement have the same meaning as in the Company's announcement of 29 September 2015.
Contact Information:
Robert Estill - Chief Executive Officer Stewart Ahmed - Chief Operating Officer Gordon Stein - Chief Financial +44 (0) 20 3356 Officer 2731 Strand Hanson Limited - Nominated & Financial Adviser Stuart Faulkner Angela Hallett +44 (0) 20 7409 James Dance 3494 Jefferies International Limited +44 (0) 20 7029 - Strategic Advisor 8102 Richard Kent +44 (0) 20 7029 Nima Mehdian 8105 VSA Capital Limited - Joint broker Andrew Monk Andrew Raca +44 (0) 20 3005 Justin McKeegan 5000 Mirabaud Securities LLP - Joint broker +44 (0) 20 7878 Rory Scott 3360 Camarco - PR Billy Clegg +44 (0) 20 3757 Georgia Mann 4980
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUGURAPUPQGAP
(END) Dow Jones Newswires
February 02, 2016 10:59 ET (15:59 GMT)
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