15th Feb 2010 07:00
Kea Petroleum PLC Completion of IPO and Admission to trading on AIM RNS Number : 1071H Kea Petroleum PLC 15 February 2010 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, TO US PERSONSOR INTO THE UNITED STATES, OR INTO OR FROM CANADA, NEW ZEALAND, THE REPUBLIC OF IRELAND,THE REPUBLIC OF SOUTH AFRICA, JAPAN OR AUSTRALIA FOR IMMEDIATE RELEASE 15 February 2010 Kea Petroleum plc ("Kea" or the "Company") Completion of IPO Admission to trading on AIM Kea, an oil and gas exploration company with three petroleum exploration permitsin the Taranaki and Northland Basins of New Zealand, announces the successful completionof its IPO and that Admission to trading on AIM under the ticker "KEA" will takeplace at 8.00am this morning. Copies of the Admission Document in relation to the Company's admission to tradingon AIM dated 11 February 2010 are available, free of charge, at the offices of FaskenMartineau LLP at 17 Hanover Square, London, W1S 1HU until one month from the dateof Admission. In addition, the Admission Document is available for viewing on theCompany's website at www.keapetroleum.com Highlights · £6 million before expenses has been raised on behalf of the Company via a placingof ordinary shares (the "Placing") at a placing price of 8p per ordinary share. · The net proceeds from the Placing together with Kea's existing cash resourceswill be used to drill one well on each of the Group's two petroleum explorationpermits in the Taranaki Basin, to carry out initial seismic surveying on these permitsand gravity and geochemical surveys on the Group's petroleum exploration permitin the Northland Basin, to fund further wells under consideration and to providegeneral working capital for the Group. · The Company's strategy is to build a business where existing and lower risknew discoveries can be rapidly brought on-stream, by utilising the well-establishedlocal oil and gas infrastructure and markets. · In January 2010, the Company's operating subsidiary, Kea Exploration Limited("Kea Exploration"), entered into a funding and participation agreement and a gasofftake agreement with Methanex New Zealand Limited ("Methanex"), a subsidiaryof Methanex Corporation of Canada. Under the terms of the agreements, Methanex willfund the drilling of a well on Kea Exploration's petroleum exploration permit PEP51155 in consideration for Kea Exploration granting certain rights to Methanex topurchase the gas discovered and share in the profits from the development of theprospect. · RBC Capital Markets ("RBC") is the nominated adviser and broker to the Company. Capitalised terms used, but not defined, in this announcement have the same meaningsgiven to them in the Admission Document. For further information please contact: Kea Petroleum plc Tel: +44 (0)207340 9970 David, Lees, Executive Director RBC Capital Markets Tel: +44 (0)20 76534000 Matthew Coakes / Brett Jacobs / Daniel Conti Martin Eales (NOMAD) Buchanan Communications Tel: +44 (0)20 7466 5000 Tim Anderson / James Strong / Miranda Higham RBC is acting only for the Company in connection with the Placing and Admission andis not acting for or advising any other person, or treating any other person as itsclient, in relation thereto and will not be responsible for providing the regulatoryprotection afforded to clients of RBC or advice to any other person in relation tothe matters contained herein. Such persons should seek their own independent legal,investment and tax advice as they see fit. This announcement does not constitute an offer to sell or the solicitation of anoffer to buy Shares in any jurisdiction. Any such offer, if made, will be made pursuantto the Admission Document. In particular, this announcement is not for distributionin or into the United States, Canada, Australia, New Zealand, the Republic of Ireland,the Republic of South Africa or Japan or to any national resident or citizen of thosejurisdictions. The distribution of this announcement in other jurisdictions including(without limitation) the United States, Canada, Australia, New Zealand, the Republicof Ireland, the Republic of South Africa and Japan (or to any resident thereof) maybe restricted by law and therefore persons into whose possession this announcementcomes should inform themselves of and observe any such restrictions. Any failureto comply with these restrictions may constitute a violation of the securities lawsof any such jurisdiction. In the United Kingdom, this announcement is addressed only at (i) persons havingprofessional experience in matters relating to investments, i.e. investment professionalswithin the meaning of Article 19(5) of the Financial Services and Markets Act 2000(Financial Promotion) Order 2005 (the "FPO"), (ii) high net-worth companies, unincorporatedassociations and other bodies within the meaning of Article 49 of the FPO and (iii)persons to whom it is otherwise lawful to distribute it (all such persons togetherbeing referred to as "relevant persons"). This announcement must not be acted onor relied on by persons who are not relevant persons. Any investment or investmentactivity to which this announcement relates is available only to relevant personsand will be engaged in only with relevant persons. This announcement may contain forward-looking statements. These statements relateto the Company's future prospects, developments and business strategies. Forwardlooking statements are identified by their use of terms and phrases such as "belief","could", "would", "envisage", "estimate", "intend", "may", "plan","will", "should" or the negative of those, variations or comparable expressions,including references to assumptions. Any such forward looking statements in thisdocument are based on current expectations and intentions and are subject to risksand uncertainties that could cause actual results to differ materially from thoseexpressed or implied by these statements. Readers of this announcement who are considering subscribing for or acquiring anyshares in the Company are reminded that any such acquisition must be made only onthe basis of the information contained in the Admission Document, which may be differentfrom the information contained in this announcement. No reliance may be placed, forany purpose whatsoever, on the information or opinions contained in this announcementor on its completeness and no representation or warranty, express or implied, isgiven by or on behalf of the Company, RBC or their respective directors, employees,agents or advisers as to the accuracy or completeness of the information or opinionscontained in this document and no responsibility or liability is accepted by anyof them for any such information or opinions. This information is provided by RNS The company news service from the London Stock Exchange ENDRelated Shares:
KEA.L