June 4, 2018 - 8:59 AM EDT
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Karoo Energy Plc - Equity Participation Agreement

6 June 2018

Karoo Energy Plc

(“Karoo Energy”, or the “Company")

Equity Participation Agreement

Karoo Energy Plc (“Karoo” or “the Company”) is delighted to announce that it has signed an MOU with Contax Partners (“CP”) for CP to be Karoo’s technical partner and project manager for the extensive exploration and implementation work on the Company’s shale gas assets. CP is based in Dubai and have over 30 years of experience in project management of large scale oil and gas projects in the Middle East and Africa.

Following a detailed examination of the Company’s shale gas assets CP has agreed to become Karoo’s technical partner on their shale gas project in Botswana. CP has also requested an opportunity to participate in the equity of Karoo Energy and to that end has agreed to accept up to £800,000 in shares of Karoo Energy, subject to the Company’s proposed admission to AIM, in return for payment for services as per their Project Management agreement with the Company.

This sum represents more than 20% of the minimum working capital requirements of Karoo Energy in respect of its proposed move to AIM. Karoo Energy is delighted to have secured the services of Contax Partners and the positioning of Contax Partners as a cornerstone shareholder in its proposed admission to AIM.

Mr Filippo Fantechi, Chief Executive Officer of Contax Partners said “We are delighted to be appointed as technical partners on Karoo Energy Plc’s Botswana project and having completed our own independent technical analysis we were very happy with the opportunity to participate in the equity of the Company as it lists on AIM.”

For further information on Contax Partners please see their website: www.contaxpartners.com

Karoo  proposes to complete its fundraising activities shortly and the Company expects to have  applied for admission to AIM by July 1st, 2018, in conjunction with its NOMAD Strand Hanson and Broker Cornhill Capital. Further announcements will follow in due course.

The Directors of the Company accept responsibility for the content of this announcement.


Karoo Energy plc
Noel Lyons
Telephone: 020 3130 0674

Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Telephone: 020 7220 9795

Source: PR Newswire (June 4, 2018 - 8:59 AM EDT)

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