Oyster Oil & Gas Update

RNS Number : 6429B

Gunsynd PLC

10 June 2019

 

Gunsynd plc

("Gunsynd" or the "Company")

Oyster Oil and Gas update

Gunsynd has been informed that at the general meeting of Oyster Oil and Gas Ltd ("Oyster") held on 7 June 2019 all resolutions were passed, including the resolution to approve the disposition of all of the outstanding share capital of Oyster's wholly-owned subsidiary, Oyster Oil & Gas Limited ("Subco"), in settlement of certain indebtedness owing to Northbay Capital Partners Corp., Gunsynd, and certain other creditors, primarily being directors of Oyster.  Oyster's production sharing contracts in Madagascar and Djibouti are held through Subco. 

A further announcement will be made in due course regarding the exact shareholding the Company will have in Subco, (which will be based on a calculation of the amount of outstanding debt and rolled up interest) and Company's strategy for the shareholding in Subco.

 Hamish Harris, the Company's Executive Chairman, commented:

"Whilst our investment in Oyster has not been without difficulties, we are now in a much stronger position in terms of equity than we were previously.  We have always maintained our belief in the quality of the Madagascar licence and are now in a much stronger position to pursue a course of action that would be advantageous to Gunsynd shareholders."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

The directors of Gunsynd accept responsibility for this announcement.

For further information, please contact: 

Gunsynd plc Hamish Harris	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray / Richard Nash	[phone]
Peterhouse Corporate Finance Lucy Williams	[phone]

 

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