hi lyns
Virgo Energy..
it's rather a bold initiative by 3 company's Nido, Grove Energy & Virgo Energy.
intention is too merge it's U.K North Sea assets into one company that being Virgo Energy.
plus list Virgo Energy on the AIM London stock exchange. Nido's pre-IPO share of Virgo 25%
Virgo Energy will have combined 24 blocks, Nido's contribution is 8 North Sea blocks.
one would think it will be an interesting IPO. a prospectus with 24 blocks in the North Area should attract plenty of interest.
not sure what they are looking too raise at this point of time, will have to wait until the prospectus is issued..£50m plus..????
so instead of having 8 blocks in the North Sea, Nido will have 25% interest in 24 blocks.
David has said they will have a first class board & management recruited from the U.K
Nido merging it's assets will allow them to concentrate on Philippine business which we all know is ready for a BIG year ahead..
see below announcement from Nido re:above
Nido Petroleum Limited A.B.N. 65 086 630 373 Level 3, 41-43 Ord Street West Perth WA 6005 PO Box 1190, West Perth WA 6872 Tel: (08) 9321 2844 Fax: (08) 9321 2544 19 December 2005 Australian Stock Exchange Limited Company Announcements Office Level 10 Exchange Centre 20 Bond Street SYDNEY NSW 2000 Grove, Nido and Virgo to merge UK North Sea E&P assets I refer you to the attached joint press release. Yours faithfully DAVID WHITBY Managing Director
JOINT PRESS RELEASE
December 19, 2005.
Grove, Nido and Virgo to merge UK North Sea E&P assets
The Boards of Grove Energy Limited (Grove), Nido Petroleum Limited (Nido)
and Virgo Energy Limited (Virgo), are pleased to announce the signing of a
Heads of Agreement (HOA) to merge their UK North Sea E&P assets and the
planned listing of a new company holding the combined assets on the
Alternative Investment Market (AIM) of the London Stock Exchange.
The new company holding the merged assets will be called Virgo Energy and
it will be headquartered in London.
Virgo Energy will be a medium sized, independent E&P company focussed on
the UK E&P sector of the North Sea. The three seed shareholders – Grove,
Nido and Virgo – are seeking to list the company on the London AIM and
raise sufficient equity funds to enable it to pursue an aggressive exploration
and development program. A target timeframe of first half 2006 has been set
for listing the company on London AIM.
Virgo Energy will initially hold interests in 24 exploration blocks, comprising
four in the Northern North Sea, five in the Central North Sea and 15 in the
Southern North Sea. The combined area of these blocks is 5,420 gross sq.
km. and 2,207 net sq. km. Of the 24 exploration blocks, nine will be
contributed by Virgo, seven by Grove and eight by Nido.
Virgo, Grove and Nido are seeking to appoint an independent Chairman and
CEO to the new company’s Board. In addition, Virgo will appoint two Board
members whilst Grove and Nido will each appoint one. On a pre-IPO basis,
Virgo will hold a 47.5% interest in the new company, Grove will hold 27.5%
and Nido 25%.
Grove is listed on the TSX-V and on the London AIM and is focussed on E&P
activities in the Europe and Mediterranean basins. Further details regarding
Grove may be obtained on the company’s website: www.groveenergy.com.
Nido is an Australian based E&P company, listed on the Australian Stock
Exchange. Nido’s core areas are in the Philippines and the North Sea.
Further details regarding Nido may be obtained on the company’s website:
www.nido.com.au.
Virgo is a private, UK based, E&P company. The Virgo assets to be
transferred into the merged entity comprise the company’s entire portfolio of
E&P assets. Further details regarding Virgo may be obtained on the
company’s website: www.virgoenergy.com.
Commenting on the deal, David Whitby, Nido’s Managing Director, said "This
strategic move is an exciting venture that will provide immediate benefits to
our shareholders. Not only will Nido, through Virgo Energy, have access to a
much broader based exploration portfolio in the UK, Virgo Energy will have
firm plans to start drilling in 2006. Furthermore, Virgo Energy will source an
independent team of highly experienced technical staff that will allow Nido to
fully concentrate its efforts in Australia and the Philippines on monetizing the
assets in the Philippines where Nido has recently applied for more exploration
acreage."
For further information regarding this HOA, please contact any of the following
company representatives:
Grove Energy Limited
Glen Whiddon, [email protected]
Tel: +44 (0)20 8429 7478
Nido Petroleum Limited
David Whitby, [email protected]
Tel: +61 (0)8 9321 2844
Virgo Energy Limited
Peter Dolan, [email protected]
Tel: +44 7740 083 932
Virgo Energy North Sea E&P Assets (1) 1. Assets comprise merged North Sea E&P assets held by Grove, Nido and Virgo.
regards
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