Business
Result of GM, Admission and Total Voting Rights
Result of GM, Admission and Total Voting Rights.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3086X Prospex Oil and Gas PLC 20 February 2017 \n\nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n20 February 2017\nProspex Oil and Gas Plc \n('Prospex' or the 'Company') \n \nResult of General Meeting \nAdmission and Total Voting Rights\n \nProspex Oil and Gas Plc, the AIM quoted investment company, announces that, at the General Meeting of the Company held earlier today, all Resolutions were duly passed.\n \nAccordingly, the Share Capital Reorganisation, effected through the subdivision of each Existing Ordinary Share of £0.01 into one New Ordinary Share of £0.001 and one New Deferred Share of £0.009, will take effect at the close of business this evening. Consequently, Admission of the 170,000,000 Placing Shares being issued pursuant to the Placing will also take effect. \n \nThe following statement from Non-Executive Chairman, Bill Smith, was given at the meeting:\n \n\"The management team was appointed to transform Prospex into a leading oil and gas investment company. In the short time since we came on board we have demonstrated, via our investment in the Kolo licence ('Kolo') onshore Poland, our ability to execute our strategy. This is centred on moving quickly to source and secure opportunities that are highly attractive on a risk / reward basis; undertaking detailed re-evaluation of the prospectivity by re-working existing data and seismic using advanced techniques; commissioning an independent Competent Person to scrutinise our work; advancing drill-ready prospects through the permitting and regulatory processes; and finally participating in low cost drilling operations. This is what we accomplished in a little over six months at Kolo. While the end result of the Boleslaw-1 well was not what we wanted, the progress we made in a short space of time does provide a template of how we intend to build this company.\n \n\"Our aim is to acquire a portfolio of investments in oil and gas projects that are at various stages of the development cycle and where we can apply our expertise. With this in mind, we are closely evaluating a number of potential projects which match our criteria: located in proven hydrocarbon jurisdictions; overlooked prospectivity; scope for multiple value trigger events within a short time frame;...