ACP Energy Plc (LSE:ACPE) agreed to acquire Latin America Hydrocarbon Producing Assets Of Vinncler C.A. from Venezolana De Inversiones Y Construcciones Clerico C.A. on January 16, 2023. The Transaction will be subject to the satisfaction of certain conditions, including The approval of the required share authorities and other ancillary matters to be set out in a Notice of General Meeting by shareholders of the Company, The successful completion of fundraising activities to, inter alia, satisfy the consideration payable to the seller; and Admission of the enlarged share capital to trading on AIM. As of September 28, 2023, The directors of ACP are pleased to announce that the transaction documentation required to complete the Proposed Transaction is substantially complete.

In addition, the fundraise required to consummate the Proposed Transaction and the concurrent proposed admission of the Company's ordinary shares ("Ordinary Shares") to trading on AIM are at an advanced stage and it has applied to the UK Financial Conduct Authority ("FCA") and London Stock Exchange plc ("LSE") to effect a cancellation of its Ordinary Shares from listing. The Proposed Transaction is no longer anticipated to require the Company to convene a general meeting of its shareholders as the Company currently has valid and sufficient share authorities (which remain in place following the resolutions passed at ACP's last annual general meeting). As of October 26, 2023, The Company withdrew its request to the FCA for the Cancellation to allow it additional time to conclude the Proposed Transaction.

Whilst the Company has not yet finalised a revised date to complete the Proposed Transaction, it anticipates doing so by no later than 29 December 2023. The Cancellation will no longer become effective on 27 October 2023 albeit the Company's shares will remain suspended.