FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, has informed that pursuant to the “Shareholder Approval” announcement issued on the 15th November, the Company has now received official approval from the Government of the Falkland Islands for its proposed recommended Combination with Desire Petroleum.
The closing of the Combination remains subject to the satisfaction or (if capable of waiver) waiver of the remaining Conditions, including the sanction of the Scheme and confirmation of the associated capital reduction by the High Court of Justice of England and Wales.
The date of the Court hearing to sanction the Scheme and confirm the reduction of capital of Desire is expected to be 5 December 2013.
Terms and expressions used in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the FOGL Circular sent to the shareholders of FOGL on 23 October 2013.
Press Release, November 28, 2013