Under the Agreement, Aminex will receive 10 shares, being 10% of the issued share capital of Kobril, and Kobril will receive new shares in Aminex to the value of £200,000 payable in two installments, together with a 5% net revenue interest in Aminex's future earnings from oil and gas discoveries in the DPRK. The first installment of 833,333 shares, worth £100,000 at a price of 12 pence, will be issued immediately. The second installment, also worth £100,000, will be issued upon the earlier of (1) the signing of a license or production sharing agreement between Aminex and the Government of DPRK for a specific block or blocks within DPRK jurisdiction or (2) the signing of a license or production sharing agreement between another oil company or joint venture and the DPRK for a specific license in which Aminex will be entitled to benefit from a royalty or carried working interest under the terms of the Petroleum Agreement signed earlier this year. The second installment of shares will be issued at the market price of the Company's shares at the time of issue. Aminex may elect to pay the second installment in cash rather than through issue of further shares.
Aminex has therefore today made application to the Irish Stock Exchange and to the UK Listing Authority for 833,333 Ordinary Shares of nominal value €0.06 each in the capital of Aminex to be admitted to the Official List of the Irish Stock Exchange and to the Official List of the Listing Authority and application has also been made to the London Stock Exchange for these shares to be admitted to trading. Such admission is expected to become effective and dealings to commence in these Shares at the start of business on January 11, 2005.
Kobril has been specifically set up by the DPRK, under power of attorney from the DPRK cabinet, as its vehicle for international co-operation in the development of many areas of natural resources, including not only oil and gas but also gold, coal, iron ore and coal-bed methane. Kobril is already one of the parties to the twenty-year Petroleum Agreement between Aminex and the DPRK, which was announced on September 20, 2004.
Brian Hall, Chief Executive of Aminex, said:
'This agreement cements our excellent and constructive relations with the DPRK and represents a broadening of our existing advisory role in connection with the creation of an international petroleum law for the country.
It also gives Aminex access to involvement in and the benefits from a broader base of the DPRK's potential natural resources.'
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