Press releases

Issue of Equity from Placing

The board are pleased to announce that they have completed a placing of 9,450,000 new ordinary shares at 17p raising a gross amount of £1,606,500.

Frank Scolaro, Chairman commented:

"These funds further endorse and support the board and management of Obtala Resources Plc and afford the Company the opportunity to enhance value through acquisitions/mergers of quality assets in Africa."

Accordingly, application has been made for the 9,450,000 new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on 26 February 2009.

The new ordinary shares will rank pari passu with existing shares of the Company. Following this allotment the total issued share capital of the Company will increase to 186,950,000 ordinary shares.

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