Extension of Subscription Payment
Summary by AI BETAClose X
09 November 2026
COASTAL AFRICA GROUP LIMITED
Extension of Subscription Payment
Coastal Africa Group Limited ("Coastal" or the "Company") (AIM: CAGL), an AIM-quoted investing company focused on acquiring and investing in the oil and gas sector, energy infrastructure, energy services and energy assets across West Africa, announces the Board has approved a further extension for Coastal Executive Services Ltd (“CES”) to make payment for the 689,440 Ordinary Shares it subscribed for as part of the Company’s IPO Subscription, to 29 April 2027 (“Extension”).
This agreement follows the end of the previous extension period to 31 October 2026, as announced on 2 September 2026. This further extension, requested by CES, is on the same terms as that announced on 2 September, under which interest is accrued at a rate of 9% per annum from 9 August 2026 until the date of the payment in full. As at 30 October, £1,109,998.40 of the subscription monies remains outstanding, together with the accrued interest.
CES is the legal owner of the shares and a related party to Conrad Clauson, the Company’s Chief Executive Officer, and as such, for the purposes of AIM Rule 13 of the AIM Rules for Companies, it is considered a related party of the Company. The Directors independent of the Extension, being Peter Kimpel, Ogbemi Ofuya, Cornelius Clauson, Richard Moore and Osten Olorunsola consider, having consulted with the Company’s nominated adviser, SP Angel Corporate Finance LLP, that the terms of the Extension are fair and reasonable in so far as the Company’s shareholders are concerned.
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For Further Information, please contact:
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Conrad Clauson (CEO)
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Coastal Africa Group Limited
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Via Celicourt / support@coastalafrica.com
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Stuart Gledhill Richard Hail Caroline Rowe Devik Mehta
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S.P. Angel Corporate Finance LLP (Nominated Adviser and Broker)
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Tel: +44 (0)20 3470 0470 |
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Philip Dennis Mark Antelme Kathleen Beams
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Celicourt Communications (Financial PR)
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Tel: +44 (0)20 7770 6424 |
About Coastal Africa Group Limited
Coastal Africa Group Limited is a BVI incorporated company. The Company has been established with the objective of creating value for its investors through the acquisition and management of companies or assets in the energy sector.
The Company’s acquisition strategy is focused on the oil and gas sector (including upstream and midstream opportunities), energy infrastructure, energy services, and energy assets in West Africa, in particular Nigeria and Angola, though it may consider opportunities in other jurisdictions.
Coastal’s integrated energy company strategy aims to enhance project execution efficiency, improve asset returns, and reduce execution risk. This is achieved by mitigating third-party reliance, risks, and conflicts and by turning process storage and evacuation costs into a revenue stream, reducing break-even cost, lowering exposure to oil price volatility and unlocking transactions that may otherwise not be plausible.
Nigeria and Angola are experiencing economic and demographic fundamentals supportive of sustained growth in domestic demand for oil and gas resources, including GDP growth and electricity supply deficits, while holding significant resources. Furthermore, recent fiscal and regulatory changes in Nigeria and Angola provide an attractive impetus for new oil and gas investment.
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