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DJ Karoo Energy Plc AIM Update and General Meeting

 
TIDMKEP 
 
1 March 2019 
 
                               Karoo Energy plc 
                       ("Karoo Energy" or the "Company") 
 
                        AIM UPDATE AND GENERAL MEETING 
 
UPDATE 
 
Karoo Energy is pleased to announce that the Company intends to admit to AIM as 
soon as practically possible. Any fundraising is conditional upon the Company 
having sufficient authorities to issue shares. In order to facilitate the 
proposed Placing, pursuant to its intended AIM move, it is necessary for the 
Directors to seek authority from Shareholders, under the Companies Act 2006, at 
the General Meeting, to, inter alia, issue the Placing Shares. 
 
Therefore a general meeting notice is being posted and notified to shareholders 
so that they can approve the necessary fundraising and the corresponding 
allotment of shares in return for cash. 
 
As previously announced in January 2018, the Company progressed, particularly 
with our exploration programme. We announced that exploration work in the 
Gemsbok Basin covered by the Company's Prospecting Licences EL001/2012 and 
PL171/2015 had produced results which confirm the geological model for the 
Company's exploration programme. This model, based on multiple research 
projects, including deep boreholes and seismic surveys, undertaken by the 
Department of Geological Survey of Botswana and other published academic works, 
predicts a deep sedimentary basin, the Gemsbok Basin, infilled by Karoo 
Supergroup sedimentary rocks underlain by Nama Group sedimentary rocks. Both 
groups of rock, Karoo and Nama, are known to contain organic shales which form 
the target for this exploration project. 
 
GENERAL MEETING 
 
The General Meeting of the Company will be held at the offices of Peterhouse 
Capital Limited, 3rd Floor, New Liverpool House, 15 Eldon Street, London, EC2M 
7LD on Monday, 18 March 2019 at 11.00 a.m. 
 
Notice of the General Meeting has been posted to shareholders and is available 
on the Company's website at the following link https://karooenergyplc.co.uk/ 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
ENQUIRIES: 
 
Company 
Karoo Energy plc 
Noel Lyons 
Telephone: 020 3130 0674 
 
Corporate Adviser 
Peterhouse Capital Limited 
Guy Miller / Mark Anwyl 
Telephone: 020 7220 9795 
 
 
 
END 
 

(END) Dow Jones Newswires

March 01, 2019 05:00 ET (10:00 GMT)