SOGP Sovereign Oil

 

TIDMSOGP 
 
RNS Number : 6195H 
Sovereign Oilfield Group plc 
24 February 2010 
 

 
                          Sovereign Oilfield Group PLC 
                                (the "Company") 
 
                          Appointment of Administrators 
The Board of Sovereign Oilfield Group plc regrets to announce that, having 
carefully considered the financial position of the Company, it has appointed 
John Bruce Cartwright and Graham Frost of PricewaterhouseCoopers LLP to act as 
Administrators of the Company with immediate effect. 
As previously announced the board has been in continued discussions with its 
lending consortium to re-negotiate the terms of its existing loans as the Board 
has been uncertain that the Group's future trading performance will be able to 
support the current levels of debt. The Company has received a number of 
enforcement orders from its creditors and without continued support from the 
lending consortium it is unable to meet these payments. 
 
Charles Stanley Securities ("Charles Stanley"), the Company's nominated adviser 
for the purposes of the AIM Rules for Companies ("AIM Rules"), has tendered its 
resignation as the Company's Nominated Adviser and Broker, with immediate 
effect. 
 
If Sovereign Oilfield Group Plc has failed to appoint a replacement Nominated 
Adviser within one month, the admission of the Company's shares to trading on 
AIM will be cancelled at 7.00 am on 25 March 2010. 
 
 
Enquiries: 
PricewaterhouseCoopers LLP    0131 226 4488 
Bruce Cartwright 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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