Nigeria-focused oil and gas development and production company, Sirius Petroleum Plc has announced its intention to issue new ordinary shares, this is according to a notice to the London Stock Exchange.
Sirius Petroleum Plc plans to issue 28,571,428 new ordinary shares which represent 0.78 per cent of the firm’s enlarged issued share capital, but the statement noted the firm was issuing 28,571,428 new ordinary shares at 0.49 pence per share.
This is due to the conversion of £140,000 of the European High Growth Opportunities Securitisation Fund Convertible Note, which was announced on January 15, 2019, Sirius Petroleum Plc explained.
“application has been made for the conversion shares to be admitted to trading on aim, which is expected to occur on or around february 8, 2019.
“following the issue of the conversion shares, the company will have 3,676,479,139 ordinary shares of 0.25 pence each in issue. no ordinary shares are held in treasury.”
In the statement seen by Nairametrics, the figure of 3,676,479,139 ordinary shares might be used by its shareholders as the denominator for the calculations by which they would determine if they were required to notify their interest in, or a change to their interest in the firm under the Financial Conduct Authority’s Disclosure and Transparency Rules.
Sirius Petroleum recent investment in Nigeria
Last year, December 2018, Sirius Petroleum announced it has entered into a conditional sale and purchase agreement with Precision Energy Group (PEG) to acquire a 75% shareholding in Precision Energy Tetra 109 (BVI) Ltd ( “Sirius JV” or the “Acquisition”, respectively), a wholly owned subsidiary of PEG. Sirius JV has in turn conditionally agreed to acquire a direct 40% equity and up to 80% economic interest in Tetrarch Limited (“Tetrarch”) from Tetrarch Holdings Limited (together with the Acquisition, the “Transactions”).
About Sirius Petroleum
Sirius Petroleum is a Nigeria focused oil and gas development and production company, whose shares are quoted on the London Stock Exchange’s AIM (ticker: SRSP).’ The Company’s strategy is to target proven opportunities and maximize hydrocarbon production and recovery through the acquisition of discovered assets in Nigeria, with a particular focus on shallow water offshore areas and realise upside potential through appraisal activities.