Contango Holdings Plc, the London listed natural resource development company, advises that it has authorised certain share transfers by Consolidated Growth Holdings Limited ( CGH ) that are governed by a lock-up agreement to key management and consultants at CGH.
The CGH team has worked diligently to support the consummation of the acquisition of the Lubu Coal Project by Contango and to support the board of Contango since readmission to trading on 18 June 2020. In this context, the board of Contango believes that the interests of the senior team at CGH should be aligned with those of the board of Contango (who are heavily incentivised by their respective interests in the Company). Therefore, Contango and Brandon Hill Capital have authorised CGH to transfer 11,500,000 ordinary shares ( Transfer Shares ) to key management and consultants at CGH. The Transfer Shares will remain subject to the lock-up until June 2021.
Zoltav (AIM: ZOL), the Russia-focused oil and gas exploration and production company, provides a corporate update following a review by the board of directors, in consultation with the Company s major shareholders, of the strategic options available to the Company to secure long-term value from the Company s Bortovoy Licence, its sole producing asset.
As previously announced, the two currently producing western fields on the Bortovoy Licence are in natural decline and an ongoing capital investment programme has been required, and will continue to be required, in order to sustain production and commercialise the remaining reserves. The board has determined, following a technical and economic feasibility study, that developing the eastern fields, where there remain substantial undeveloped reserves, by connecting them to the Western Gas Plant and expanding the plant s capacity, will be necessary in order to deliver long-term value from the asset.
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