Oyster Oil & Gas Update

RNS Number : 8823C

Gunsynd PLC

20 June 2019

 

Gunsynd plc

("Gunsynd" or the "Company")

Oyster Oil and Gas update

Gunsynd notes that ZTR Acquisition Corp. (formerly, Oyster Oil and Gas Ltd.) ("ZTR") announced that it has transferred all of the outstanding share capital of its wholly-owned operating subsidiary, Oyster Oil & Gas Limited ("Subco"), to Northbay Capital Partners Corp. and Gunsynd PLC and certain other creditors, primarily being directors and former directors of ZTR (collectively, the "Creditors"), in settlement (the "Settlement") of outstanding debts owing to the Creditors in connection with certain convertible debentures issued by ZTR. Following completion of the Settlement, the Creditors have assumed responsibility for the management and obligations of Subco.

Of the 1,000 shares issued to the Creditors, Gunsynd will receive 225 shares.

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

"We are now in a position to move forward with the asset after the general meeting and debt for equity swap.  The immediate focus is for the project company to raise a small amount of money for working capital and a limited work programme with an eye to farming out to a larger partner for the drilling phase. Gunsynd, Northbay Capital and Subco are currently in discussions with parties regarding both financing and management of Subco.  It has also been agreed that Gunsynd is entitled to board representation on Subco. The Company would like to reiterate that we are a minority shareholder, we do not have control, we are not the operator nor are we in a position to determine the timing of any news releases."

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 / Ludovico Lazzaretti	[phone]
Peterhouse Corporate Finance Lucy Williams	[phone]

 

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