Black Marlin Energy Holdings Limited

October 07, 2010 16:04 ET

Black Marlin Energy Holdings Limited Provides Update to Scheme of Arrangement With Afren PLC

DUBAI, UAE--(Marketwire - Oct. 7, 2010) - Black Marlin Energy Holdings Limited ("Black Marlin") (TSX VENTURE:BLM) is pleased to announce the completion today (the "Effective Date") of the acquisition of Black Marlin by Afren plc ("Afren") pursuant to a scheme of arrangement under the laws of the British Virgin Islands (the "Arrangement").

The ordinary shares in the capital of Afren (the "Afren Shares") issued, allotted and credited as fully paid to the former shareholders of Black Marlin ("Black Marlin Shareholders") as consideration for the Black Marlin shares are expected to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities at 8:00 a.m. (BST) October 8, 2010.

The process for the receipt of the Afren Shares as consideration for the Black Marlin shares is described in the management information circular mailed to Black Marlin Shareholders in connection with the Arrangement dated August 11, 2010 and which is available at Black Marlin Shareholders entitled to receive Afren Shares and intending to trade the Afren Shares following the Effective Date but prior to the time of receiving the physical certificate representing such Afren Shares should make appropriate arrangements for settlement of such trades.

Forward Looking Statements:

This press release includes "forward-looking statements" within the meaning of Canadian securities laws, including Canadian Securities Administrators' National Instrument 51-102 Continuous Disclosure Obligations. Forward-looking statements are commonly identified by such terms and phrases as "would", "may", "will", "expects" or "expected to" and other terms with similar meaning indicating possible future events or actions or potential impact on the shareholders of Afren Plc and Black Marlin Energy Holdings Limited. The press release also includes information that has not been reviewed by the independent auditors of Afren or Black Marlin.

The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the admission on the Official List of the UK Listing Authority by the UK Listing Authority.

All forward-looking statements in this press release are expressly qualified by information contained in each company's filings with regulatory authorities and neither company undertakes to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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