Information  X 
Enter a valid email address

Legendary Invest PLC (LEG)

  Print      Mail a friend

Friday 22 December, 2017

Legendary Invest PLC

Investment

RNS Number : 1340A
Legendary Investments PLC
22 December 2017
 

22 December 2017

Legendary Investments PLC
("Legendary" or the "Company")

Conversion of Stake in Gold Asset to Stake in Oil Asset

Legendary is pleased to announce that it has entered into an agreement to acquire an interest in Circle Oil Tunisia Limited ("COTL"), which owns the, El Mediouni East and Central oil asset ("ELM") in the Mahdia Permit located in the Gulf of Hammamet off the Tunisian coast, in exchange for its interests in Manas Resources LLC ("Manas"). The Permit duration and work programme are in the process of being finalised.

As a result of this agreement, Legendary will receive an interest of up to 2 per cent in CTOL. Legendary's interest in Manas is valued in its books at £100,000.

COTL underwent a restructuring process following the liquidation of its parent company, Circle Oil Plc ("Circle Oil"), and is now under new management. Other assets of the former Circle Oil portfolio in North Africa and the Middle East have been shown by others to be commercially attractive, and COTL is confident that the Tunisian offshore tracts will also be commercially attractive. Over the past 5 years Circle Oil invested heavily in ELM, and in August 2014 announced a potential large discovery following preliminary results from ELM which were internally estimated by Circle Oil as potentially recoverable prospective resources of approximately 100 million barrels of oil.

Zafar Karim, Executive Chairman of Legendary, said:

"We are pleased to have parlayed our interest in Manas into an interest in ELM. We expect that the ELM is more likely to come to fruition and in in a shorter timescale and possibly at a greater value than Manas."

- ENDS -

Legendary Investments PLC

Zafar Karim / Thomas Reuner

 

020 8201 3536

Grant Thornton UK LLP

 

Colin Aaronson / Harrison Clarke

 

020 7383 5100

Beaufort Securities Limited

Elliot Hance

020 7382 8300

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

About Legendary Investments PLC:

Legendary Investments PLC is a proactive investment company that focuses on making investments in and assisting companies which exhibit the potential to generate returns of many multiples through capital appreciation.  Typically, Legendary invests in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy and natural resources.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
AGRTBBFTMBBTBJR

a d v e r t i s e m e n t