Coastal Africa Group Limited (AIM: CAGL), an AIM-quoted investing company targeting oil and gas assets across West Africa, has announced a further extension for Coastal Executive Services Ltd (CES) to settle outstanding IPO subscription monies, pushing the payment deadline to 29 April 2027. As at 30 October 2026, £1,109,998.40 remains outstanding, with interest accruing at 9% per annum from 9 August 2026. The extension is a related-party transaction under AIM Rule 13, given CES's connection to Chief Executive Officer Conrad Clauson, and has been assessed as fair and reasonable by the independent directors following consultation with nominated adviser SP Angel Corporate Finance LLP.

Key Points

  • Coastal Africa Group Limited (CAGL) — AIM-quoted investing company focused on West African energy assets
  • CES has been granted a further extension to pay £1,109,998.40 in outstanding IPO subscription monies, now due by 29 April 2027
  • Interest accrues at 9% per annum from 9 August 2026 until full payment; this follows a previous extension that expired 31 October 2026
  • Investors should monitor whether CES meets the new deadline and whether further extensions are requested

£1.1 Million in IPO Subscription Monies Still Outstanding from CES

The announcement states that CES subscribed for 689,440 Ordinary Shares as part of Coastal Africa Group's IPO subscription. As at 30 October 2026, £1,109,998.40 of those subscription monies remains unpaid, together with accrued interest. The latest extension follows the expiry of a previous deadline of 31 October 2026, itself announced on 2 September 2026. The new terms are consistent with those previously disclosed, with interest continuing to accrue at 9% per annum from 9 August 2026 until the date of full payment. The extension was requested by CES, and the Board has approved it.

Related-Party Status of CES Triggers AIM Rule 13 Disclosure Requirements

CES is described in the announcement as a related party to Conrad Clauson, the Company's Chief Executive Officer, making this transaction a related-party matter under AIM Rule 13 of the AIM Rules for Companies. The five directors independent of the extension — Peter Kimpel, Ogbemi Ofuya, Cornelius Clauson, Richard Moore, and Osten Olorunsola — consulted with nominated adviser SP Angel Corporate Finance LLP before concluding that the terms are fair and reasonable in so far as the Company's shareholders are concerned. This regulatory process is designed to protect shareholders where transactions involve connected parties.

Coastal Africa's West African Energy Strategy Targets Nigeria and Angola

Coastal Africa Group is a BVI-incorporated company established to acquire and manage energy sector assets, with a particular focus on Nigeria and Angola. Its strategy spans upstream and midstream oil and gas opportunities, energy infrastructure, energy services, and energy assets. The company's integrated energy model aims to reduce third-party reliance, lower break-even costs, and reduce exposure to oil price volatility. The announcement notes that both Nigeria and Angola are experiencing supportive economic and demographic conditions, alongside recent fiscal and regulatory changes, which the company regards as attractive for new energy investment.