President Energy PLC Acquisition of 36% of Pirity Concession, Paraguay (2806B)
2015年10月6日 - 3:00PM
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TIDMPPC
RNS Number : 2806B
President Energy PLC
06 October 2015
6 October 2015
PRESIDENT ENERGY PLC
("President" or "the Company")
Acquisition of remaining 36% of Pirity Concession, Paraguay
President announces that it has entered into a sale and purchase
agreement ("SPA") through its wholly owned subsidiary President
Energy Paraguay S.A. ("Prepasa"), to acquire the entire 36%
interest held by Pirity Hidrocarburos S.R.L. ("Pirity
Hidrocarburos") a subsidiary of Petro-Victory Energy Corp
("Petro-Victory"), in the Pirity Concession ("Pirity") ("the
Acquisition"). Upon completion of the Acquisition, President will
operate and own 100% of the Pirity Concession.
Peter Levine, Chairman, commented
"This acquisition, with an upfront cost of US$500,000 payable by
instalments with further monies payable dependent on success, will
allow President the freedom, flexibility and scope to exclusively
progress Pirity, and represents a mutually beneficial way forward
for all parties.
"President's focus in-country remains on completing the analysis
of the results of the recently acquired seismic data on its
Hernandarias Block, an announcement in respect of which will be
made shortly, at which point the Company will actively progress our
strategy in Paraguay enhanced by our 100% ownership of Pirity."
The Pirity Concession
Background
President currently owns 64% of Pirity on which two exploration
wells principally targeting Paleozoic formations were drilled in
2014. As the Company announced in 2014, the Jacaranda and Lapacho
wells both identified potentially significant hydrocarbon
accumulations. The two wells are currently suspended pending
possible re-entry and flow testing. It is those same formations
which were the target of the recently completed seismic campaign in
the Hernandarias Block.
A third drill ready location exists in Pirity at the Tapir
Cretaceous prospect, forming part of the Jurumi complex of five
large dip enclosures across the border from the producing
Cretaceous Palmar Largo fields in Argentina. The complex has
independently assessed aggregate gross mean unrisked Prospective
Resources of 453 MMBbl which were defined by high quality 3D
seismic acquired by President in 2013.
Terms of Acquisition
On completion of the Acquisition, President will operate and own
100% of the Pirity Concession. The principal terms of the
Acquisition are;
(a) US$500,000 in cash payable to the seller by one US$200,000
payment on completion and three subsequent consecutive monthly
instalments of US$100,000 each;
(b) In the event of a farm-out taking place in relation to
Pirity and back costs being paid ( but not further or otherwise), a
sum limited to the first US$2.7m of back costs received by
President to be paid to the seller;
(c) A Net Profits Interest of 3% of net revenues after deducting
inter alia royalties and operational expenditure generated from
successful commercial production of hydrocarbons in the Pirity
Concession to be paid to the seller;
(d) All actual or contingent claims, debt, and obligations
between the parties which have previously been accrued or agreed
are released and waived.
The completion of the Acquisition is subject to consent of the
TSX Venture Exchange on which Petro-Victory's shares are listed;
such consent expected to be forthcoming in the next 10 working
days.
Glossary of terms
MMBbl means million of barrels of oil
Miles Biggins, Bsc Joint Honours University College London, with
25 years of experience in the oil and gas sector, is a Petroleum
Engineer and member of the Society of Petroleum Engineers who meets
the criteria of qualified persons under the AIM guidance note for
mining and oil and gas companies, has reviewed and approved the
technical information contained in this announcement.
Contact:
President Energy PLC
Peter Levine, Chairman +44 (0) 207 016 7950
Miles Biggins, COO +44 (0) 207 016 7950
Ben Wilkinson, Finance
Director +44 (0) 207 016 7950
RBC Capital Markets
Jeremy Low, Matthew Coakes,
Daniel Conti +44 (0) 207 653 4000
Peel Hunt LLP
Richard Crichton, Ross
Allister +44 (0) 207 418 8900
Bell Pottinger
Gavin Davis, Henry Lerwill +44 (0) 203 772 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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