The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Steve Boldy, the Chief Executive Officer of the Company (responsible for arranging release of this announcement).
10 February 2025
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Convertible Loan Agreement
Lansdowne Oil & Gas plc ("Lansdowne" or "the Company") is pleased to confirm that the Company has entered into a Convertible Loan Agreement for GBP 45,000 (the "Loan"), arranged by Tavira Financial Limited, the Company's joint broker, with a number of existing shareholders.
Lansdowne intends to use the funds to provide working capital whilst discussions continue with potential funders for Lansdowne's Energy Charter Treaty claim against Ireland and work progresses towards a potential reverse takeover. The Company is also in the process of completing its accounts for the full year to 31 December 2023 and six month period to 30 June 2024.
The Company expects to raise further funds via the CLN process over the coming weeks as required and further announcements will be made as necessary.
Trading in the Company's shares on AIM will remain suspended until the completion of a reverse takeover, which requires the publication of an admission document and the approval of such a transaction at a General Meeting of the Company, or the Company is readmitted to trading on AIM as an investing company.
Loan terms
The Loan terms are the same as those previously entered into and announced on 20 September 2024. The Loan is unsecured, carries no interest and shall be converted into new ordinary shares of 0.01 pence each in the Company ("New Ordinary Shares") at the time of completing a reverse takeover and subject to shareholder approval for the extension of share issuance authorities. The conversion price will be the lower of 0.1 pence (being the share price at the time of suspension on 21 March 2024), or a 20% discount price to the issue price at the time of any issuance of shares alongside a future reverse takeover.
For further information please contact:
| Lansdowne Oil & Gas plc | +353 1 963 1760 |
| Steve Boldy | |
|
| |
| SP Angel Corporate Finance LLP | +44 (0) 20 3470 0470 |
| Nominated Adviser and Broker | |
| Stuart Gledhill | |
| Charlie Bouverat
| |
| Tavira Financial Limited | +44 (0) 20 3192 1739 |
| Joint Broker | |
| Oliver Stansfield | |
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is an oil and gas exploration and appraisal company focused on the North Celtic Sea and quoted on the AIM market and head quartered in Dublin.
In May 2023 the application for a Lease Undertaking for the Barryroe Field, in which Lansdowne held a 20% interest, was refused by the Irish Department of the Environment, Climate and Communications.
In June 2023 Lansdowne announced the commencement of action under the Arbitration Process of the Energy Charter Treaty.
On 20 September 2023, Lansdowne announced that, under AIM Rule 15, the Company had been designated to be a cash shell. Accordingly, the shares of the Company were suspended from trading on AIM as at 07.30 am on 21 March 2024 ("Suspension").
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
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