Continued Suspension of Trading on AIM

RNS Number : 3348D

CEB Resources PLC

26 October 2015

 



26 October 2015

CEB Resources plc

("CEB" or the "Company")

Company Update

Continued Suspension of Trading on AIM

Further to its announcement on 23 October 2015, CEB Resources plc, the AIM listed investing company, is pleased to provide a further update on the Company's ongoing business and potential investments, pursuant to a podcast given by Dave Whitby, CEO, on 22 October 2015.

The Company is currently focussed on the on-shore South Sumatran Basin in Indonesia and is looking at a number of opportunities, including possible farm-in agreements in the area, with a focus on oil and gas producing assets.

The Company has to date completed due diligence on four potential assets, has presented offers to sellers for two of these assets and expects to put an offer to a third vendor in the near future.

The first asset for which the Company has made an offer has 80 wells currently drilled by the current operator. A key attraction is that the existing operator discovered a virgin reservoir after drilling three wells, which are producing approximately 400 bopd per well. The Board also believes that there are seven additional drillable locations in this concession.

The second asset for which the Company have made an offer is a producing oil field which also has three completed gas wells.

The third asset, for which the Company is considering making an offer, would be a joint venture with a large Indonesian state oil and natural gas company.

The Company's strategy when looking at potential assets to acquire in the Indonesian oil and natural gas sector is to acquire fields which have the potential to produce 1,000 barrels a day or more, with a working interest of around 30-40 per cent. However, the Company will still consider other potential assets if the management team consider them to be a good fit with the investing strategy with sufficient potential revenue and profits.

Further to the Company's recent appointments to its in-country management team in Indonesia, as announced on 15 October 2015, the Company is also in discussions with potential new appointees to the Board. Further progress on this matter will be announced in due course as appropriate.

Any investment will be treated as a reverse under the AIM Rules; the Company wishes to clarify that it is not intending to acquire Corsair Petroleum (Singapore) Pte Ltd. 

The Company has cash reserves of approximately $1 million.

As any of the potential transactions would constitute a reverse takeover under Rule 14 of the AIM Rules for Companies ("AIM Rules"), the Company's shares will remain suspended from trading on AIM until such time as an admission document is published in respect of a reverse takeover, or the potential transactions cease to be viable. If the Company does not publish an admission document before 22 April 2016, trading of its shares on AIM will be cancelled pursuant to Rule 41 of the AIM Rules.

**ENDS**

For further information, please contact:

David Whitby	CEB Resources plc	Tel: [phone]
Cameron Pearce	CEB Resources plc	Tel: [phone]
Lindsay Mair James Thomas	Sanlam Securities UK Limited (Nomad and Joint Broker)	Tel: [phone]
Lucy Williams Charles Goodfellow	Peterhouse Corporate Finance Limited (Joint Broker)	Tel: [phone]
Colin Rowbury	Cornhill Capital (Joint Broker)	Tel: [phone]
Frank Buhagiar	St Brides Partners Limited	Tel: [phone]

 

END

 

 

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