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23 Jul 2008
Notice of General Meeting
As previously announced on 11 June 2008, the Company is currently considering a number of opportunities in the oil and gas sector. Whilst discussions have been encouraging, the Company is at a very early stage in its consideration of potential targets. No deal has yet been identified and there can be no certainty that a transaction will be concluded.
The Company today announces the following proposals, the purpose of which is to enable the Company to be better placed to identify and execute an oil and gas transaction in Nigeria (the ‘Proposals’ ):
- the proposed appointment of three new non-executive directors;
- the entry into conditional services agreements between the Company and each of Sirius Oil & Gas Limited (’Sirius’ ) and Taglient Oil Nigeria Limited (’Taglient’ ):
Sirius, a newly formed British Virgin Islands private company, has agreed to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria, to conduct initial due diligence on potential acquisition targets and to assist in the raising of funds; and
Taglient is a Nigerian private company owned and managed by Nigerian nationals who have considerable knowledge and contacts within the Nigerian Oil industry. Under this agreement, Taglient has agreed to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria;
- the proposed change of name of GGT to Sirius Petroleum plc;
- two proposed placings; and
- the convening of a general meeting to consider and, if thought fit, approve the above and to waive pre-emption rights in respect of the issue of certain ordinary shares of 0.25p each in the capital of the Company (’Ordinary Shares’ ).
Full details of the Proposals are set out in the downloadable circular. A circular will be posted to shareholders today with a notice of general meeting to be held on 19 August 2008 at 10:00 a.m. at the offices of Fladgate LLP, 25 North Row, London, W1K 6DJ (’General Meeting’ ).