Polo Increases Interest in Signet Petroleum Ltd

Source: www.gulfoilandgas.com 2/1/2012, Location: Africa

Polo Resources announces that it has, on 30 January 2012, subscribed for a further 1,428,571 new shares in the African oil and gas exploration company Signet Petroleum Ltd, (“Signet”) for total consideration of US$5 million, by exercising part of the option (the “Exercise”) granted to the Company by Signet on 22 August 2011 (the “Call Option”). The proceeds of the Exercise will allow Signet to meet its short term working capital requirements and to fund the acquisition of 3D seismic in Tanzania and the purchase of seismic data in Burundi.

In consideration of the Exercise, Signet has agreed to an extension of the Call Option period with respect to up to 2,857,143 new Signet Shares (US$10 million at an exercise price of US$3.50 per share) from 31 January 2012 to 31 May 2012 (or earlier subject to agreed milestones being achieved by Signet).

Following the issue of the new shares Signet will have 32,852,379 issued ordinary shares (“Signet Shares”), of which Polo has as interest in 4,952,379 Signet Shares representing 15.07 per cent of Signet’s issued shares, and 12.2 per cent of Signet’s issued shares on a fully diluted basis (excluding shares still the subject of the Call Option).

Executive Co-Chairman of Polo, Neil Herbert commented:
“Signet is making significant progress with its African oil and gas projects and as a result I am very pleased to invest a further US$5 million and extend the option to invest up to a further $10 million at the same value per share.”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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