Exercise of Options

RNS Number : 5205E

Plexus Holdings Plc

10 February 2015

 



Plexus Holdings PLC ('Plexus' or 'the Company')

Exercise of Options

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, announces the receipt of an Exercise Notice from an employee in relation to 9,523 share options issued in June 2007.  Therefore, the Company has issued and allotted 9,523 new Ordinary Shares of 1p per share ("Ordinary Shares").

An application has been made for the 9,523 new Ordinary Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM and trading in such shares is expected to commence on 12 February 2015.

Following the issue of the Ordinary Shares, the total number of shares in issue and the total number of ordinary shares in the Company with voting rights will be 84,902,196.  This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change of interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

**ENDS**

For further information please visit www.plexusplc.com or contact:

Ben van Bilderbeek	Plexus Holdings PLC	Tel: [phone]
Graham Stevens	Plexus Holdings PLC	Tel: [phone]
Derrick Lee	Cenkos Securities PLC	Tel: [phone]
Nick Tulloch	Cenkos Securities PLC	Tel: [phone]
Felicity Winkles	St Brides Media & Finance Ltd	Tel: [phone]
Frank Buhagiar	St Brides Media & Finance Ltd	Tel: [phone]

Notes to Editors:

Plexus Holdings PLC, which began trading on AIM in December 2005, is an oil and gas engineering and services business, which supplies wellhead and mudline suspension equipment for exploration and production applications. Based in Aberdeen, with offices in London, Cairo, Kuala Lumpur, Singapore and a presence in Houston, Texas, it has developed and patented a friction-grip method of engineering for oil and gas field wellheads and connectors, POS-GRIP®, which involves deforming one tubular member against another to effect gripping and sealing.

The Company plans to accelerate the roll out of POS-GRIP wellhead equipment as a superior alternative to current technology and for it to become the future industry standard for wellhead design. In particular, the technology has advantages in High Pressure/High Temperature (HP/HT) and Extreme HP/HT (X-HP/HT) oil and gas environments, for which there is growing global demand and where Plexus is being increasingly recognised as the supplier of choice. Importantly, the Company is focussed on extending its proprietary technology into an increasing number of subsea applications. In line with this, in March 2011 the Company launched a Joint Industry Project ('JIP') initiative to develop a new subsea wellhead design, HGSS™, utilising its friction-grip technology in collaboration with key oil and gas operators and service companies. BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL, Tullow Oil, ENI, Oil States Industries Inc., and the UK entity of the world's largest offshore drilling company have joined the initiative to date as Consulting Partners. The JIP is nearing completion and the resultant HGSS subsea wellhead design will include a combination of key features never before seen in a subsea wellhead which include being rated to 15,000 psi, 4,000,000 pounds of 'instant' casing lockdown capacity, and importantly rigid metal annular seal technology qualified to match the performance of premium connectors.  The JIP will also be designing solutions for annulus pressure monitoring and access for 'bleed off' capability to address sustained casing pressure ('SCP') issues which for many years have been recognised by the industry as a serious industry problem. The design process has now been completed, with testing is due for completion mid 2015, and the running of a prototype in the field targeted for the first half of 2016.

To date, POS-GRIP wellhead systems have been used or selected to be used in over 300 oil and gas wells by international companies including ADTI, AGR, Apache Energy Australia, BHP Billiton, BG International, Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dana Petroleum, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy Limited, Shell China, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.

 

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