February 20, 2014 09:00 ET
20 February 2014
CAP ENERGY PLC
("Cap" or the "Company")
Acquisition of Senegal Interest
Cap Energy PLC, a company listed on the ISDX Growth Market focused on the exploration, production, and
development of oil and gas in sub-Saharan Africa, is pleased to announce that it has acquired an indirect
interest in the oil and gas exploration licence on the Block Djiffere (the "Djiffere Licence"), offshore
The Djiffere Licence
The Djiffere Licence area covers approximately 4,459 km² in shallow waters in the Senegal Basin off the West
African coast and is adjacent to the Block Rufisque Offshore area operated by Cairn Energy PLC.
On 19 February 2014, Sencap Limited ("Sencap"), a newly formed subsidiary of the Company, acquired from
Trace Atlantic Oil Limited ("TAOL") a 49 per cent interest in TAOL Senegal (Djiffere) Limited ("TAOL
Djiffere"), the company holding the Djiffere Licence. TAOL is the owner of the remaining 51 per cent
interest in TAOL Djiffere and also the operating partner in TAOL Djiffere. Sencap is wholly owned by Cap.
TAOL Djiffere is currently preparing a 2D seismic survey over 4,000 km² of the Djiffere Licence area in
order to delineate its prospectivity. The results of this survey are expected to be available at the end of
the current year.
The total consideration for the acquisition of the 49 per cent interest in TAOL Djiffere was USD 150,000.
Cap has also paid USD 461,461 to TAOL Djiffere in respect of 49% of TAOL Djiffere's historic costs. These
amounts have been satisfied in cash from Cap's existing resources.
Commenting on the acquisition of the Djiffere Licence interest, Lina Haidar, Cap's Chief Executive, said:
"The acquisition of the Djiffere interest is an important step forward in the development of our operations
in the sub-Saharan region and complements our existing presence offshore Guinea-Bissau.
We continue to further our strategic alliance with Trace Atlantic by targeting new exploration frontiers
through our combined operational, technical and commercial skills in the region and by accessing, through
Trace Atlantic, the proprietary technologies of Rex Technology Management Ltd. (including Rex Virtual
Drilling) to delineate prospective sub-Saharan acreage.
We look forward to updating shareholders on progress at these activities and on further expansion of our
portfolio in due course."
Pierantonio Tassini, the Company's Chief Operating Officer, who has 43 years of relevant experience within
the sector, has reviewed and approved the technical information contained in this announcement.
The Directors of Cap Energy PLC are responsible for the contents of this announcement.
For further information please contact:
Cap Energy PLC
Tim Hearley, Chairman
Tel: +44 (0) 207 491 9196
Lina Haidar, Chief Executive Officer
Tel: +44 (0) 207 491 9196
Peterhouse Corporate Finance Limited
Mark Anwyl and Duncan Vasey
Tel: +44 (0) 20 7469 0930
CAP Energy PLC
25 Dover Street
London W1S 4LX
Tel: +44 (0) 20 7491 9196
Cap Energy Ltd
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