Client NewsAdvance Energy plc: Update re Proposed Reverse Takeover Transaction
Advance Energy (AIM:ADV), an energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, is pleased to announce that, further to the subscription agreement with Timor-Leste Petroleum Pty Ltd (the “Buffalo Subscription Agreement”), as announced on 17 December 2020, the Company has now published an admission document dated 31 March 2021 (the “Admission Document”), incorporating a formal Notice of Extraordinary General Meeting, in relation to, inter alia, the conditional acquisition of a 50 per cent. equity interest in Carnarvon Petroleum Timor Unipessoal Lda (“Carnarvon Petroleum Timor”) (the “Acquisition”) and an associated conditional placing for New Ordinary Shares (as defined below) to raise, in aggregate, gross proceeds of £21,842,600 (the “Placing”).
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