Business
SOA Energy Update
SOA Energy Update.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 2055D Primorus Investments PLC 17 February 2020 \n\nPrimorus Investments plc\n(\"Primorus\" or the \"Company\")\nSOA - DRILLING ACTIVITIES IMMINENT AT OFEK\n \nPrimorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to provide shareholders with an update on its investment in SOA Energy UK Limited (\"SOA\") by way of an update received by Primorus from SOA. Primorus holds 14,977 fully paid ordinary shares in SOA.\n· SOA and Joint Venture Partner Delek Oil (\"Delek\") agree on the drilling programme and budget for the Ofek Well, triggering the first cash-call from them.\n· An agreement reached in principle with the rig supplier and the contract is now being formalised ahead of mobilisation to the site. The proposed rig is already in Israel, and upon successful contract, is expected to arrive on site in early April 2020.\n· Drilling of the Ofek Well is expected to commence during May 2020 and then Extended Testing will follow thereafter with the Well estimated to take c.40 days to drill, with another 40 days of testing to follow.\n· Elsewhere, SOA continues to evaluate new opportunities in both onshore and offshore Israel, as well as across the greater Eastern Mediterranean region.\n· The company is pursuing a listing on AIM and is targeting to complete the process by Q4 2020.\nAlastair Clayton, Executive Director commented - \"We are thrilled that the programme to unlock value at the Ofek oil discovery is finally coming to fruition. Saed Sarsur, CEO of SOA, and his team are to be congratulated for their dogged pursuit of this outstanding opportunity. We await news of the Well Spud and drilling and testing progress as it unfolds. This sets the stage for what we believe will be a successful and keenly sought IPO towards the back end of 2020.\" \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. \nForward Looking Statements\nThis announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the re...