Further re proposed transaction

RNS Number : 7235L
Brady Exploration PLC
15 August 2013
 



Brady Exploration plc

("Brady" or the "Company")

 

Further regarding proposed transaction with Energy Equity Resources (Norway) Limited

 

Further to the announcement released by the Company on 30 April 2013 the board of Brady, the natural resources focused investing company, confirms that the Company continues to progress a reverse takeover transaction with Energy Equity Resources (Norway) Limited ("EERNL"). The Company also notes, and is encouraged by, the positive development with regards to the successful completion by EERNL of the acquisition of a 9 per cent. participating interest (16.875 per cent. economic interest) in Oil Mining Lease 113 ("OML 113"), a major offshore Nigerian oil and gas asset, from Chevron for US$40 million. The acquisition of EERNL's interest in OML 113 was financed largely through a loan from First Bank of Nigeria plc, one of the largest banks in Nigeria.

 

Whilst the proposed transaction is at an advanced stage there can be no certainty that it will be concluded successfully. As previously announced a proposed transaction with EERNL will be conditional, inter alia, on the satisfactory conclusion of the Company's due diligence into EERNL and the raising of additional equity finance.

 

In accordance with the AIM Rules the Company's ordinary shares were suspended from trading with effect from 7:30am on 30 April 2013 and the Company's ordinary shares continue to be suspended pending the publication of an admission document by the Company or an announcement being made that the proposed transaction with EERNL is no longer proceeding.  Under AIM Rule 41 if a company has been suspended from trading for six months the trading of the shares in that company on AIM will be cancelled.

 

The board of Brady will make further announcements as appropriate.

 

For further information on the Company, visit: www.bradyexploration.com or contact:

 

Alex Borrelli

 

Brady Exploration plc

Tel: +44 (0) 7747 020 600

 

 

 

Nick Naylor 

Nick Athanas

 

Allenby Capital Limited

(Nominated adviser)

Tel: +44 (0) 20 3328 5656

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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