--for continuing exploration and development expenditure in Egypt; --to allow medium term retention and exploration of the Company's East Texas assets; and --to provide flexibility for the Company's forthcoming drilling program in Bulgaria.
The Placing Shares, which will rank pari passu in all respects with the Company's existing ordinary shares, represent approximately 6.8% of the current issued share capital of the Company.
Application will be made for the Placing Shares to be admitted to the Official List of the UK Listing Authority ('the Official List') and to trading on the London Stock Exchange's market for listed securities (together, 'Admission'). The Placing is conditional, inter alia, upon Admission, which is expected to become effective and dealings in the Placing Shares to commence at 8.00 a.m. on 9 March 2007.
Robert Adair, Executive Chairman, and Caledonia Investments plc participated in the Placing approximately pro rata to their shareholdings in the Company. Details of their respective shareholdings immediately following the Placing are set out below:
Commenting on the Placing, Adair said:
"We are pleased that our major institutional shareholders have supported this fundraising, which will provide us with additional flexibility in our financing arrangements during this exciting time in the Company's development."
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