Corporate Update

RNS Number : 7402P

Senterra Energy PLC

22 February 2016

 

For immediate release                                                                                                                 22 February 2016

Senterra Energy plc

("Senterra", "Senterra Energy" or the "Company")

Update: progression of acquisition strategy

The Directors of Senterra Energy are pleased to inform shareholders that since the admission to the Official List of the London Stock Exchange in November of 2015, the Company is continuing to make progress in the identification and review of acquisition targets within the oil and gas sector.

Whilst many of these potential opportunities are aligned with the Company's stated intent of having oil and / or gas production and indeed revenues, the Directors would like to make all stakeholders aware that despite the current acquisition climate favouring companies with adequate capital and industry expertise (the current 'buyers market'), the Directors have been applying stringent principles of corporate governance not only to the technical analysis of the assets but also to the management of commercial risks associated with the assessment of any potential project.

Investors should also be aware that due to its status as an acquisition vehicle that the Company has been approached by a number of parties with opportunities outside that of the energy sector and that these parties have expressed interest in working with Senterra to facilitate a public listing. The Board believes that there are some potentially attractive businesses and technologies amongst these proposals and it will seek to apply similar principles and disciplines of corporate governance to the assessment of these opportunities as it is doing so for its discussions for any potential acquisitions in the energy sector.

Investors should note that to date that no formal agreement has been reached with any party and that in the event that an acquisition does take place it will be treated as a reverse takeover under the Listing Rules.

Whilst Senterra is seeking to secure an acquisition, the Board would like to emphasise that it is managing its cash position in a prudent manner.

The Company hopes to be in a position to update shareholders further in the near future.

For more information:

Senterra Energy plc (Company)
Jeremy King	[phone]
Optiva Securities Limited (Joint Broker)
Christian Dennis	[phone]
Dowgate Capital Stockbrokers Limited (Joint Broker)
Jason Robertson and Neil Badger	[phone]
Beaumont Cornish Limited (Financial Adviser)
Roland Cornish and Felicity Geidt	[phone]

 

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