TIDMELA TIDMSEPL
RNS Number : 3954T
Eland Oil & Gas PLC
14 November 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
SUCH JURISDICTION
14 November 2019
ELAND OIL & GAS PLC ("ELAND")
STATEMENT IN RELATION TO ELCREST
Eland notes an announcement stated to be issued on behalf of
Starcrest Nigeria Energy Limited ("Starcrest") in relation to
Eland's joint venture company Elcrest Exploration and Production
Nigeria Limited ("Elcrest") and the offer for Eland by Seplat
Petroleum Development Company Plc ("Seplat").
As set out in the Scheme Document issued on 28 October 2019 (the
"Scheme Document"), Eland owns 45 per cent. of the shares of
Elcrest and Elcrest is consolidated into the audited final results
and unaudited interim results of the Eland Group because it is
controlled by Eland. The basis for this is set out in the Scheme
Document and Eland's 2018 Annual Report.
Eland is satisfied that the description of Elcrest and its 45
per cent. equity stake in OML 40 set out in the Scheme Document is
in accordance with the facts and does not omit anything likely to
affect the import of such information.
Eland and Seplat continue to expect that the Scheme will become
effective on 17 December 2019.
Enquiries:
Eland +44 (0) 20 7016 3180
George Maxwell, Chief Executive Officer
Ron Bain, Chief Financial Officer
Finlay Thomson, Investor Relations Manager
Evercore (Sole Financial Adviser to Eland) +44 (0) 20 7653 6000
David Waring
Edward Banks
Gent Kadare
Peel Hunt (Nominated Adviser and Joint Broker
to Eland) +44 (0) 20 7418 8900
Richard Crichton
Michael Nicholson
David McKeown
Stifel (Joint Broker to Eland) +44 (0) 20 7710 7600
Callum Stewart
Nicholas Rhodes
Ashton Clanfield
Camarco (PR Adviser to Eland) +44 (0) 20 3757 4980
Billy Clegg
Seplat +234 (0) 1 277 0400
Austin Avuru, Chief Executive Officer
Roger Brown, Chief Financial Officer
Chioma Nwachuku, GM - External Affairs and
Communications
Ayeesha Aliyu, Investor Relations
Citi
(Sole Financial Adviser and Joint Corporate
Broker to Seplat) +44 (0) 20 7986 4000
Luke Spells
Shreyas Bordia
Tom Reid (Corporate Broking)
Investec
(Joint Corporate Broker to Seplat) +44 (0) 20 7597 4000
Chris Sim
Tejas Padalkar
Lawrence Killian
FTI Consulting (PR Adviser to Seplat) +44 (0) 20 3727 1000
Ben Brewerton
Sara Powell
IMPORTANT NOTICES
Citigroup Global Markets Limited ("Citi"), which is authorised
by the Prudential Regulation Authority and regulated in the UK by
the Financial Conduct Authority and the Prudential Regulation
Authority, is acting as sole financial adviser for Seplat and for
no one else in connection with the Acquisition and other matters
described in this announcement, and will not be responsible to
anyone other than Seplat for providing the protections afforded to
clients of Citi nor for providing advice in connection with
Acquisition, the contents of this announcement or any other matters
referred to in this announcement. Neither Citi nor any of its
affiliates owes or accepts any duty, liability or responsibility
whatsoever (whether direct or indirect, whether in contract, in
tort, in delict, under statute or otherwise) to any person who is
not a client of Citi in connection with this announcement, any
statement contained herein, the Acquisition or otherwise.
Investec Bank plc ("Investec") which is authorised by the
Prudential Regulation Authority and regulated in the United Kingdom
by the Financial Conduct Authority and the Prudential Regulation
Authority, is acting as joint corporate broker to Seplat and for no
one else in connection with the Acquisition and will not be
responsible to anyone other than Seplat for providing the
protections afforded to its clients or for providing advice in
relation to the Acquisition, the contents of this announcement or
any other matters referred to in this announcement. Apart from the
responsibilities and liabilities, if any, which may be imposed on
Investec by the Financial Services and Markets Act 2000 (as
amended) or the regulatory regime established thereunder, Investec
does not make any representation express or implied in relation to,
nor accepts any responsibility whatsoever for, the Acquisition, the
contents of this announcement or any other matters referred to in
this announcement. Investec (and its affiliates) accordingly, to
the fullest extent permissible by law, disclaims all and any
responsibility or liability (save for any statutory liability)
whether arising in tort, delict, contract or otherwise which it
might have in respect of the Acquisition, the contents of this
announcement or any other matters referred to in this
announcement.
Evercore Partners International LLP ("Evercore"), which is
authorised and regulated by the FCA, is acting exclusively for
Eland and no one else in connection with the Acquisition, the other
matters referred to in this announcement and the Scheme Document,
and will not be responsible to anyone other than Eland for
providing the protections afforded to clients of Evercore, nor for
providing advice in connection with the Acquisition or any matter
or arrangement referred to herein. Neither Evercore nor any of its
subsidiaries, branches or affiliates owes or accepts any duty,
liability or responsibility whatsoever (whether direct or indirect,
whether in contract, in tort, under statute or otherwise) to any
person who is not a client of Evercore in connection with the
Acquisition or any statement contained herein or otherwise.
Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated
in the United Kingdom by the FCA, is acting exclusively for Eland
and no-one else in connection with the Acquisition and/or any other
matter referred to in this announcement and/or the Scheme Document,
and will not be responsible to anyone other than Eland for
providing the protections afforded to clients of Peel Hunt or for
providing advice in connection with the Acquisition or any matter
or arrangement referred to herein.
Stifel Nicolaus Europe Limited ("Stifel"), which is authorised
and regulated in the United Kingdom by the FCA, is acting
exclusively for Eland and no one else in connection with the
Acquisition, the other matters referred to in this announcement and
the Scheme Document, and will not be responsible to anyone other
than Eland for providing the protections afforded to clients of
Stifel or for providing advice in connection with the Acquisition
or any matter or arrangement referred to herein.
Publication on a website
A copy of this announcement will be available free of charge,
subject to certain restrictions relating to persons resident in
Restricted Jurisdictions, on Eland's and Seplat's websites at
www.elandoilandgas.com and www.seplatpetroleum.com, respectively,
by no later than 12.00 p.m. on the Business Day following the date
of this announcement. Neither the contents of Eland's website, nor
those of Seplat's website, nor those of any other website
accessible from hyperlinks on either Eland's or Seplat's website,
are incorporated into or form part of this announcement.
Request for hard copies
Eland Shareholders may request a hard copy of this announcement
by contacting Computershare Investor Services PLC on +44 (0)370 707
1525. You may also request that all future documents, announcements
and information to be sent to you in relation to the Acquisition
should be in hard copy form.
Important Information
If you are in any doubt about the contents of this announcement
or the action you should take, you are recommended to seek your own
independent financial advice immediately from your stockbroker,
bank manager, solicitor, accountant or independent financial
advisor duly authorised under the Financial Services and Markets
Act 2000 (as amended) if you are a resident in the United Kingdom
or, if not, from another appropriately authorised independent
financial advisor.
Defined terms used but not defined in this announcement have the
meaning given to them in the Scheme Document.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRUSSNRKBAAARA
(END) Dow Jones Newswires
November 14, 2019 02:01 ET (07:01 GMT)
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