Suspension of trading – Recovery Box
Netoil Capital Ltd. (“NOC” or the “Company”) has in a letter dated 22 July, 2021 been notified by Oslo Børs that the shares of the Company most likely will be suspended from trading on Euronext Growth effective 2 August 2021 and further that the NOC shares will be placed in the Recovery Box/Penalty Bench as a result of the issue of 30 million shares to Netoil Ltd, resulted in a breach of Rule 3.16.3 of Oslo Rule book – part II on procedures related to continued trading following a major change of the issuer.
Reference is made to the stock exchange notice dated 22 March 2021. NOC has on its side defended its action and informed the Oslo Børs that since the PSA transferred to NOC in the transaction described by said stock exchange notice did not represent a change of more than 75% in the the Company’s total assets at the time, since the PSA had yet to be ratified by the central government in Iraq.
Oslo Børs does not accept this argument and hence requires NOC to submit a new application for continuous listing on Euronext Growth, representing a full listing process including relevant disclosures, for the listing on the Euronext
Growth. This includes engagement of an acceptable Euronext Growth Advisor with required due diligence. The Board of Directors also understands that if the new application is to be accepted by Oslo Børs, the Company must have a stronger project portfolio, as well as a financial and management structure compatible with companies to be listed on the Euronext Growth.
The deadline for the new application is 2 August 2021, and the Board cannot provide all elements required by this time. It is therefore likely that the NOC shares will be suspended from trading at that date and that a process of
delisting the company will be initated by Oslo Børs.
The Board of Directors will diligently consider all alternatives, including a new application and potentially other solutions that is to the benefit of our shareholders.The Board further refers to the initiative related to Nordic Petroleum AS as announced 21 May 2021 as well as other inititives initiated by the Board.
Netoil Capital Ltd. (NOC) is an independent resource company, focussed on both oil and gas, and mineral extraction worldwide. NOC is led by an experienced, highly qualified team that brings a breadth of knowledge of the oil and gas and mineral extraction sectors, coupled with strong and durable relationships at a local level in its selected areas of operation.