Lansdowne Oil & Gas has confirmed that the Company has entered into further Convertible Loan Agreements for GBP 100,000, arranged by Tavira Financial Limited, the Company's joint broker, with a number of existing and new shareholders.
Of the GBP 95,000 announced on 20 September 2024, GBP 10,000 remains outstanding and while the directors are assured that this amount will be received in due course, the aggregate CLNs outstanding are now £230,000.
Lansdowne intends to use the funds to provide working capital whilst discussions continue with potential funders for Lansdowne's Energy Charter Treaty claim against Ireland and work progresses towards a potential reverse takeover, which is targeted to complete in the third quarter of 2025. The Company is also nearing completion of its accounts for the full year to 31 December 2024 and these will be announced imminently.
Trading in the Company's shares on AIM will remain suspended until the completion of a reverse takeover, which requires the publication of an admission document and the approval of such a transaction at the Annual General Meeting of the Company, or the Company is readmitted to trading on AIM as an investing company.
Loan terms
The Loan terms are the same as those previously entered into and announced on 20 September 2024 and 10 February 2025. The Loans are unsecured, carry no interest and shall be converted into new ordinary shares of 0.01 pence each in the Company ('New Ordinary Shares') at the time of completing a reverse takeover and subject to shareholder approval for the extension of share issuance authorities. The conversion price will be the lower of 0.1 pence (being the share price at the time of suspension on 21 March 2024), or a 20% discount price to the issue price at the time of any issuance of shares alongside a future reverse takeover.
About Lansdowne
Lansdowne Oil & Gas is an oil and gas exploration and appraisal company focused on the North Celtic Sea and quoted on the AIM market and head quartered in Dublin.
In May 2023 the application for a Lease Undertaking for the Barryroe Field, in which Lansdowne held a 20% interest, was refused by the Irish Department of the Environment, Climate and Communications.
In June 2023 Lansdowne announced the commencement of action under the Arbitration Process of the Energy Charter Treaty.
On 20 September 2023, Lansdowne announced that, under AIM Rule 15, the Company had been designated to be a cash shell. Accordingly, the shares of the Company were suspended from trading on AIM as at 07.30 am on 21 March 2024.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
Source: Lansdowne Oil & Gas
