Skylark Petroleum Updated About Capital Placement

Skylark Petroleum Updated About Capital Placement

Skyland Petroleum Group Limited (ASX: SKP) is an ASX listed oil and gas company involved in exploring and developing energy resources. Today, SKP has announced an update over the placement of capital. Skyland has made a placement of 70 million shares which are issued at a price of US$0.01 or A$0.013 per share. It has raised USD 700,000 gross (before placement costs) using its placement capacity under Listing Rule 7.1.

The funds from this placement will be used by Skyland primarily for working capital purposes along with other administrative expenses.

Recently, Dr Raden Sukhyar, the Director of Skyland, resigned from the company with effect from 31 December 2018, and now the Board of Skyland Petroleum Group Limited comprises of Mr Domenic Martino, Mr Marco Arosti, and Mr Ghassan Zok.

In December 2018, the company appointed Hall Chadwick as the auditor and changed its Cayman Islands-registered office to 190 Elgin Avenue, George Town, Grand Cayman KY1-9007, Cayman Islands.

In October last year, Skyland entered into a deal with Tisma HK Limited (Tisma HK) to obtain full ownership in Tisma Development (HK) Limited (Tisma). Tisma held an indirect interest in an Indonesia-based mineral sand development company. According to Skyland, this acquisition would complement its core oil and gas business in terms of cash flow profile as well as it will provide an overall exposure to the commodity cycle. Tisma is considered to be one of the best sand development projects with zircon and titanium minerals in Indonesia.

Skylark issued 69,230,769 shares (and CDIs thereto) to Tisma HK for this acquisition. The shares were issued at a price of USD 0.01 or AUD 0.014 per share. This represented 6.1% holding of Tisma HK in Skylark.

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Although the agreement was subject to a few conditions like the completion of due diligence (which was expected to be completed on or before 31 December 2018); obtaining all necessary shareholders and regulatory approvals and obtaining any other third-party consent to allow lawful completion of the acquisition.

In September 2018, SKP completed a detailed review of its assets and obligations in which it found some irregularities that impacted the financial position of SKP. The financial accounts were anticipated to be finalised and lodged before the end of 2018. Further, the Board was committed to move forward with restructuring and pursue the re-admission of the securities on ASX.

In August 2018, the listing compliance department of ASX announced that SKP had not paid its annual listing fees for the year ending 30 June 2019 and its securities were already suspended from the official quotation.

The shares of SKP last traded at A$0.06 per share on 2 December 2016. Skylark placed its securities under trading halt on 10 January 2017 which were later suspended from official quotation on 12 January 2017 because of a pending release of an announcement in relation to the acquisition of the East Siberia Oil and Gas project. Today, Skylark has approx. 1.07 billion shares outstanding.


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