Portfolio Update

RNS Number : 9638K

LMS Capital PLC

07 January 2021

 

7 January 2021

LMS CAPITAL PLC ("LMS")

Investment in Dacian Petroleum

Update on status of required Romanian Government approvals

On 12 August 2020 LMS announced that it was leading an investor group which had conditionally agreed to finance the acquisition by Dacian, a Romanian oil and gas production company, of a business operating 40 onshore oil and gas fields located in Romania.

The acquisition was conditional upon Dacian obtaining final Romanian Government approvals. In its third quarter net asset value update on 28 October 2020, LMS reported that the Dacian management team were satisfied that approval process was proceeding well and expected it to be concluded and approvals obtained by early January 2021.

The final stages of the approval process have been slower than expected last October due in part to the effects of the Covid 19 pandemic.

The Dacian team believe that despite the slower than expected timetable the approval process is moving forward and is expected to reach a satisfactory conclusion in a reasonable period of time. The original contractual target date for fulfilling all conditions for the acquisition, of 8 January 2021, is extended under the contract by agreement of the parties.

LMS will provide a further update during the first week of February when it is due to announce its 2020 year-end net asset value estimate.

For further information please contact LMS Capital PLC

Robert Rayne - Chairman

Nick Friedlos - Managing Director

0207 935 3555

 

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