Gunsynd PLC - Oyster Oil & Gas Update
RNS Number : 6429B
Gunsynd PLC
10 June 2019
 

Gunsynd plc

("Gunsynd" or the "Company")

Oyster Oil and Gas update

Gunsynd has been informed that at the general meeting of Oyster Oil and Gas Ltd ("Oyster") held on 7 June 2019 all resolutions were passed, including the resolution to approve the disposition of all of the outstanding share capital of Oyster's wholly-owned subsidiary, Oyster Oil & Gas Limited ("Subco"), in settlement of certain indebtedness owing to Northbay Capital Partners Corp., Gunsynd, and certain other creditors, primarily being directors of Oyster.  Oyster's production sharing contracts in Madagascar and Djibouti are held through Subco. 

 

A further announcement will be made in due course regarding the exact shareholding the Company will have in Subco, (which will be based on a calculation of the amount of outstanding debt and rolled up interest) and Company's strategy for the shareholding in Subco.

 Hamish Harris, the Company's Executive Chairman, commented:

"Whilst our investment in Oyster has not been without difficulties, we are now in a much stronger position in terms of equity than we were previously.  We have always maintained our belief in the quality of the Madagascar licence and are now in a much stronger position to pursue a course of action that would be advantageous to Gunsynd shareholders."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

The directors of Gunsynd accept responsibility for this announcement.

For further information, please contact: 

Gunsynd plc

Hamish Harris

 

+44 20 7440 0640

 

Cairn Financial Advisers LLP

James Caithie / Liam Murray / Richard Nash

 

+44 20 7213 0880

 

Peterhouse Corporate Finance

Lucy Williams

 

+44 20 7469 0930

 

 


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