As per the terms of the purchase agreement, the Company has agreed that in the event of a commercial discovery being declared at the Sasanof-1 well, it will issue an additional 150,000,000 new ordinary shares of 0.25p each in the Company (“Ordinary Shares”) to Western Gas Corporation PTY Ltd (“Western Gas”) with a maximum value of €8.7 million, being 80% of the market capitalisation of Clontarf Energy plc (“Clontarf”) on 6 May 2022. The issue of these additional new Ordinary Shares will exceed the existing authorities to allot new Ordinary Shares on a non-pre-emptive basis. Therefore, the Company is required to seek Shareholders’ approval of Resolutions 1 and 2 granting the directors new authorities to enable them to allot and issue new Ordinary Shares. Current authorities were approved at the last Annual General Meeting.
