Business
Falkland Oil and Gas Limited - Placing
Falkland Oil and Gas Limited - Placing.
About this update from Fih Group Plc
[{"type":"text","content":"\n \nRNS Number : 1631F Falkland Islands Holdings PLC 19 April 2011 \n \n\n19 April 2011\nFalkland Island Holdings plc \n(\"FIH\" or \"the Company\")\nFalkland Oil and Gas Limited - Placing to raise £32 million and Heads of Agreement signed for Falklands deepwater drilling programme\n \n \nFalkland Islands Holdings Plc ('FIH') the international services Group, which owns essential services businesses focused on retail, transport and logistics notes the announcement today by Falkland Oil and Gas Limited, regarding an update on its licence area and operations and a fundraiaising. \n \nErebus, a subsidiary of FIH, holds 12 million Ordinary Shares, representing 8.2% of Falkland Oil and Gas Limited'sexisting issued share capital.\n \nThe text of today's announcement by FOGL is shown below:\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA, NEW ZEALAND OR THE REPUBLIC OF IRELAND (EACH A \"RESTRICTED JURISDICTION\") OR ANY OTHER JURISDICTION IF TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \n 19 April 2011\n \nFalkland Oil and Gas Limited\n(\"FOGL\" or \"the Company\")\n \nPlacing to raise £32 million and Heads of Agreement signed for Falklands deepwater drilling programme\n \nNext drilling programme expected to commence Q1 2012 \n \nFOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, announces that it has conditionally placed 45.7 million new ordinary shares of 0.002 pence in the capital of the Company (\"Ordinary Shares\") at a price of 70 pence per share (the \"Placing Price\") (the \"Placing Shares\") to raise £32 million before expenses (the \"Placing\"). The net proceeds of the Placing, together with FOGL's existing cash resources and the proceeds of the settlement with BHP Billiton announced on 31 March 2011, will be used to provide additional drilling options for FOGL's planned 2012 drilling programme. \n \nFOGL also announces that it has signed heads of agreement with Borders & Southern Petroleum plc (\"B&S\") (\"B&S Heads of Agreement\") to share a rig to drill in the first half of 2012 (the \"Rig Contract\"). \n \nPlacing...