In their interim statement published in September SeaEnergy referred to MPC, the company's 32.7% owned associated company's attempts to acquire a package of drilling assets. This has proved unsuccessful. The Board of MPC has since reached agreement with all of its creditors for the deferral of their claims. The objective of this approach is to allow MPC to continue in business while it awaits an improvement in both the situation in Iraq and the financial markets generally. The MPC Board continues to believe that there will be tangible opportunities for MPC as those improvements occur and at that time MPC will seek to raise sufficient funding both to secure its future plans and repay the creditors claims.

MPC has meantime reduced its activities and its expenditure whilst continuing to monitor the situation and opportunities in Iraq. In order to fund ongoing near term activities, a number of existing MPC shareholders have agreed to inject £50,000 through the issue of new shares in MPC. As a result of this share issue SeaEnergy's holding in MPC will rise to 40.21%. SeaEnergy directors S E Remp and S R Bertram will see their direct holdings in MPC rise to 5.09% and 0.45% respectively. SeaEnergy PLC has already provided in full for its investment in MPC.

Tags: SeaEnergy Renewables Limited