Falkland Oil and Gas Limited, which holds a 77.5% interest in seven exploration
licences covering approximately 33,700 sq km to the south and east of the Falkland Islands,
announces that it has conditionally placed 25,000,000 shares at an issue price of 40p, raising £10 million (before expenses).
The Company also announces a public offer of a further 5,000,000 shares available at 40 per share. Assuming the maximum number of shares available pursuant to the public offer are subscribed, FOGL will raise an additional £2 million (before expenses).
The prospectus containing the public offer is available for eligible investors to order from the Company's website, www.falklandoilgas.com, and the offices of KBC Peel Hunt, 111 Old Broad Street, London EC2N 1PH. Completed application forms and payment need to be received by 3.00pm on 12th October.
If the Offer is fully subscribed, FOGL will have a market capitalisation at the issue price of £32 million on admission to AIM and the net proceeds of the Placing and Offer will be approximately £11 million. Dealings in the shares are expected to commence on 14 October 2004.
John Armstrong, Executive Chairman of FOGL, said: "We are delighted with the positive reaction and strong institutional support we have received to date and we are now giving the general public the opportunity to take part in the Offer."
KBC Peel Hunt has been appointed as Nominated Adviser and Broker to FOGL.
30 September 2004 Enquiries: College Hill : 020 7457 2020
College Hill : 020 7457 2020Tony Friend / Ben Brewerton
KBC Peel Hunt Ltd : 020 7418 8900 David Davies/ Jonathan Marren
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