Path Investments To Move To AIM From London Main Market At End March (ALLISS)

8th Mar 2018 13:12

LONDON (Alliance News) - Path Investments PLC said Thursday it expects its last day of trading on the London Main Market to be March 28, ahead of a fundraise and move to London's AIM exchange instead.

Path Investments agreed in mid-December to buy 50% of the Alfeld-Elze II licence and gas field from 5P Energy GmbH. As a reverse takeover, the company's shares were suspended at the time - and still are - and Path Investments had said it would seek admission to either AIM or the main market.

The acquisition consideration includes EUR5.0 million cash payment on completion of the transaction and further payments of EUR12.0 million to fund drilling costs and new well development. Further payments may be payable dependent upon the field achieving certain milestones, Path Investments said in December.

The Alfeld-Elze II field previously produced 66 billion cubic feet of gas from nine wells, between 1972 and 1995, when the field was abandoned. The field was brought back into production in 2015 by 5P Energy through the re-entry of an old well, Z2. Since 2015, the Z2 well has produced in excess of 2.5 billion cubic feet of gas.

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