SOA Energy Update

Source: RNS
RNS Number : 2055D
Primorus Investments PLC
17 February 2020

Primorus Investments plc

("Primorus" or the "Company")



Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to provide shareholders with an update on its investment in SOA Energy UK Limited ("SOA") by way of an update received by Primorus from SOA.  Primorus holds 14,977 fully paid ordinary shares in SOA.

·    SOA and Joint Venture Partner Delek Oil ("Delek") agree on the drilling programme and budget for the Ofek Well, triggering the first cash-call from them.

·    An agreement reached in principle with the rig supplier and the contract is now being formalised ahead of mobilisation to the site. The proposed rig is already in Israel, and upon successful contract, is expected to arrive on site in early April 2020.

·    Drilling of the Ofek Well is expected to commence during May 2020 and then Extended Testing will follow thereafter with the Well estimated to take c.40 days to drill, with another 40 days of testing to follow.

·    Elsewhere, SOA continues to evaluate new opportunities in both onshore and offshore Israel, as well as across the greater Eastern Mediterranean region.

·    The company is pursuing a listing on AIM and is targeting to complete the process by Q4 2020.

Alastair Clayton, Executive Director commented - "We are thrilled that the programme to unlock value at the Ofek oil discovery is finally coming to fruition.  Saed Sarsur, CEO of SOA, and his team are to be congratulated for their dogged pursuit of this outstanding opportunity. We await news of the Well Spud and drilling and testing progress as it unfolds. This sets the stage for what we believe will be a successful and keenly sought IPO towards the back end of 2020."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.


For further information, please contact:

Primorus Investments plc:     

+44 (0) 20 7440 0640

Alastair Clayton

Nominated Adviser:

+44 (0) 20 7213 0880

Cairn Financial Advisers LLP

James Caithie / Sandy Jamieson


+44 (0) 20 3657 0050

Turner Pope Investments (TPI)

Zoe Alexander/Andy Thacker


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit