Business
Loan to Core Oil & Gas and Company appointments
Loan to Core Oil & Gas and Company appointments.
About this update from Tern Plc
[{"type":"text","content":"\n \nRNS Number : 4821I Chalkwell Investments PLC 15 June 2011 \n \n\n15 June 2011\n \nChalkwell Investments plc\n(\"Chalkwell\" or the \"Company\")\n \nLoan to Core Oil & Gas Inc. (\"Core\") and appointment of two experienced consultants \n \nAs previously announced, Chalkwell is in discussions to acquire a 33% working interest and a 25% net revenue interest in respect of Block 818L Mustang Island in Kleburg County, Texas (the \"Asset\") from Core, which would be a reverse take-over under the AIM Rules. \n \nOn 2nd June 2011 Chalkwell advanced a further £272,674 to Core, funded out of the proceeds of the recent subscription to raise £1m announced on 26 May 2011. This takes the total amount advanced to Core to £1,760,674. The advances are secured on the Asset; the directors of Chalkwell have agreed an increase in the security cap to £2 million (to allow for further advances). Core will use the loan to meet financial obligations under its joint operating agreement with Dominion Resources.\n \nIn order to assist with the transaction and the re-admission process generally, Chalkwell has appointed Andy Morrison and Frank Moxon as consultants to the Company. If admission proceeds, it is likely that one or both will be appointed to the board.\n \nAndy Morrison has spent his entire career in the oil and gas industry. From 1982 until 1999, he worked for Shell in a variety of commercial roles in the UK, Asia and South America. He then worked for BG and subsequently for BOC in new business development and strategic roles. From 2007 until 2010 he was CEO of Xtract Energy plc which is quoted on AIM and which manages a portfolio of projects in oil and gas exploration and production. \n \nFrank Moxon is an experienced corporate financier with a specialisation in the resources sector. Before founding his own boutique, Hoyt Moxon, which provides strategic advice to companies principally in the resources sector, he was joint head of the natural resources team at Evolution Securities and, prior to this, head of corporate finance at Williams de Broë. He holds a number of non-executive directorships including Imperial Minerals Plc (Plus quoted) and Cove Energy Plc (AIM quoted).\n \n---ENDS---\n \nFor further information ple...