The Private Placement was substantially oversubscribed (more than 2 times covered). Pareto Securities ASA, Fearnley Fonds ASA and CAR ASA were retained as Managers for the Private Placement.
The subscribers will be notified of their allocation today, subject to a resolution to issue shares by the Company's general meeting.
Shares offered in the private placement will comprise of already listed shares made available to the Managers by Spencer Energy AS and Ferncliff AS based on a Stock Lending Agreement. Payment and delivery of the shares will be made subsequent to the extraordinary general meeting to be held as soon as practicable possible.
As previously announced, Spencer Energy AS and Ferncliff AS, including related parties, subscribed and were allocated 44,116,000 shares each in the Private Placement.
The Company will offer up to 32,000,0000 shares in the Subsequent Offering to shareholders as of 23 August 2007 who were not invited to participate in the Private Placement (record date 28 August 2007). The timing and conditions for the Subsequent offering will be announced as soon as practically possible.
As of 24 August 2007, the shares in GGS will be traded without the right to participate in the Subsequent Offering.
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