Revision to Islandmagee Option

RNS Number : 8414K

Baron Oil PLC

26 September 2016

 

26 September 2016                                                     

Baron Oil plc

("Baron" or the "Company")

Revision to Islandmagee option

Baron (AIM:BOIL), announces that it has agreed to a modification of the option held by it to acquire equity in Islandmagee Storage Limited ("IMSL"), the gas storage development company owned 90% by InfraStrata plc (InfraStrata").

On 19 August 2016, InfraStrata announced that it had repaid a loan from Baron and had amended the option which accompanied the loan from Baron, so that Baron had an option to acquire a 15% interest in IMSL for a payment of £1,536,498 until 31 March 2017. This option has been revised, so that Baron now has an option to acquire the number of ordinary shares of 1p in InfraStrata that represents 16.666% of the enlarged ordinary share capital of InfraStrata (from time to time) for a payment of £1,536,498, until 31 March 2017.  Exercise of the option in full is conditional on InfraStrata having the requisite authorities under the Companies Act 2006 to issue new ordinary shares in the Company, which will be sought at the Company's next general meeting of shareholders (or earlier if required).

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

Baron Oil Plc:

Malcolm Butler (CEO)                                                            Tel: [phone]

Cantor Fitzgerald (Nominated Advisor and Broker):

Sarah Wharry  (Corporate Finance)                                       Tel: [phone]

Alex Pollen (Corporate Broking)

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

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