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Update on
a) Sajawin shall pay to
b) In consideration of the sale of the shares in Oyster BVI to Sajawin, it will undertake to pay
The Transaction is conditional, inter alia, on a number of significant conditions precedent ("Conditions Precedent"), which include:
i. completion of due diligence on Oyster to the satisfaction of Sajawin;
ii. the completion by Sajawin of a reverse takeover of an ASX company;
iii. completion of an equity capital raising generating at least
iv. receipt of various waivers and regulatory approvals, including the extension of its 100% participating interest in the Block 1101 Production Sharing Contract held by
Under the Term Sheet, another shareholder in Oyster BVI is also selling shares in BVI. Should the Transaction complete, Sajawin will hold approximately 55% of Oyster BVI.
If the Conditions Precedent are not met by
Sajawin is proposing to raise funds in conjunction with the Transaction in the ASX reverse takeover mentioned in ii. above and
The Production Sharing Contract for Blocks 1, 2, 3 & 4 in the
The information contained within this announcement is deemed by the Company to constitute Inside Information under the Market Abuse Regulation (EU) No. 596/2014.
The Directors of
For further information please contact:
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+44 20 7440 0640 |
James Caithie /
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+44 20 7213 0880 |
Peterhouse Corporate Finance
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+44 20 7469 0930 |
This information is provided by RNS, the news service of the