10th Feb 2025 11:21
Lansdowne Oil & Gas PLC - Exploration company with licences in the Irish offshore shelf areas - Inks convertible loan agreement for GBP45,000 with a number of existing shareholders. Expects to use the funds for working capital as discussions advance with potential funders for its Energy Charter Treaty claim against Ireland, and work progresses toward a potential reverse takeover. Says loan terms are the same as those previously entered into and announced on September 20 last year. It is unsecured, carries no interest and shall be converted at the time of completing a reverse takeover, subject to shareholder approval for the extension of share issuance authorities. Company is also in the process of completing its accounts for the full-year to December 31 2023 and six months to June 30 2024. Says it expects to raise further funds through the CLN process in the coming weeks as required. Adds that its shares on AIM will remain suspended until the completion of a reverse takeover or the company is readmitted to trading on AIM as an investment company.
Lansdowne Oil shares were suspended on March 21 last year following its designation as a cash shell.
By Christopher Ward, Alliance News reporter
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