Completion of Funding Exercise and Board Announcement

On the 28 July 2016, Niger Delta Exploration & Production Plc (NDEP), announced that the funding exercise which commenced in 2013 has been completed through the issue of convertible loan notes.
The resolution proposed at its Annual General Meeting, was passed by shareholders and as such, the first stage of the funding exercise has been successfully completed.
The total amount raised was $80, 000, 000 (eighty million dollars USD).
NDEP also announced the appointment of Mr. Cyril Odu, and Mr. Afolabi Oladele as Non-Executive Directors of the Company, with immediate effect. Following on from the appointment of existing Board member, Mr. Ladi Jadesimi as Chairman of NDEP, these two additions have strengthened the Company’s Board.
Mr. Ladi Jadesimi, Chairman, NDEP commented, ‘Despite the industry downturn, the inherent value of NDEP has been recognized and we are delighted that this phase of the funding exercise has been successfully completed.’
‘The level of support we have received from our shareholders during the funding exercise has been very encouraging. Access to affordable capital will boost the Company’s operational activities, ensuring that we are better placed to create long term value for shareholders.’

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