Sovereign Oilfield Group has until the end of March 2009 to publish its 2008-09 accounts or it could lose its Aim quotation.
The shares were suspended at 21.5p a share on 26 September 2009 - which values Sovereign at £3.72m. The suspension was because Sovereign was not able to produce its annual report for the year to March 2008 within six months. The figures will be published when Sovereign’s debt facilities are renegotiated. The negotiations continue.
At the end of January 2008 Sovereign had borrowings of £32m. Management plans to renegotiate its banking facilities.
In May 2008, Sovereign raised £3.975m from a sale and leaseback of two Aberdeen properties and additional working capital facilities were agreed at the end of 2008.
Sovereign is selling its loss-making drill bit design and manufacturing business Diamant Drilling Services to Logan Oil Tools Inc. The initial payment of €250,000 will be paid in three months and up to €277,000 more will be payable depending on performance.
Sovereign will concentrate on its remaining oil and gas industry fabrication and drilling services businesses.
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