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Relinquishment of Salmon Gums Retention Licence

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RNS Number : 5811K
Spitfire Oil Limited
30 August 2019
 

 

Spitfire Oil Limited

 

8th Floor, Royal Trust House, 54 Jermyn Street, London SW1Y 6LX, United Kingdom

Telephone: + 44 (0)20 7629 7774  Facsimile:  + 44 (0)20 7629 7773

 

Relinquishment of Salmon Gums Retention Licence

 

30th August 2019

 

Spitfire Oil Limited ("Spitfire" or the "Company") announces that following a further review of the economic feasibility of the Salmon Gums lignite project, in particular with consideration of the current and long term forecast for the continued relatively low oil prices and the continuing costs of maintaining the retention licence over the Salmon Gums tenements, Spitfire has today relinquished the retention licence over the Salmon Gums lignite tenements.

 

With the relinquishment of this licence, Spitfire becomes an AIM Rule 15 cash shell. As such, the Company will be required to make an acquisition (or acquisitions) which constitutes a reverse takeover under AIM Rule 14 on or before 29 February 2020. If no such acquisition is completed by 29 February 2019, the Company's shares would then be suspended from trading on AIM pursuant to AIM Rule 40. The directors are considering suitable projects for acquisition by the Company.

 

Further information

 

Spitfire Oil Limited:

Mladen Ninkov - Chairman

Roger Goodwin - Director

 

Telephone: +44(0)20 7629 7774

 

Panmure Gordon (UK) Limited:

Dominic Morley

Telephone: +44 (0)20 7886 2500

 

 

 

 

Spitfire Oil Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol SRO)

The Company's news releases are available on the Company's web site: www.spitfireoil.com


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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