Woburn Energy PLC Disposal Payment Timetable (4904K)
2012年8月22日 - 3:00PM
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RNS Number : 4904K
Woburn Energy PLC
22 August 2012
For immediate release
22 August 2012
Woburn Energy Plc
("Woburn" or the "Company")
Disposal payment timetable
On 21 June 2012 the Company's 51 per cent. owned subsidiary,
LQRC, completed the disposal of its 50 per cent. working interest
in the Las Quinchas Association Contract. Under the terms of the
Assignment Agreement, the consideration is to be paid to LQRC in
nine instalments. The original payment date for each instalment was
to be determined by the date on which the relevant Colombian
authorities approve the assignment of LQRC's interest in the Las
Quinchas Association Contract to the Purchaser or, if earlier, the
date which is three (3) months following the sixtieth (60th) day
after formal submission to the Colombian authorities requesting
assignment of the Las Quinchas Association Contract to the
Purchaser.
The Board is pleased to announce that LQRC has now agreed the
relevant payment dates for each instalment with the Purchaser and
accordingly, the instalment payments will be made as follows:
Table 1: Payments due to LQRC
Column A: Column B:
Instalment Instalment payment date Gross proceeds Net proceeds
US$ US$
------------ ----------------------------------- ------------------- -------------------
First Paid 1,777,778 2,150,000
Second On or before 28 December 2012 2,666,667 255,147
Third On or before 2 April 2013 2,666,667 6,899,600
Fourth On or before 2 July 2013 2,666,667 773,210
Fifth On or before 2 October 2013 2,666,667 -
Within 3 months of payment of the
Sixth Fifth Instalment 888,889 -
Within 6 months of payment of the
Seventh Fifth Instalment 888,889 -
Within 9 months of payment of the
Eighth Fifth Instalment 888,889 -
Within 12 months of payment of
Ninth the Fifth Instalment 888,889 -
16,000,000 10,077,957
Column "A" above sets out the gross proceeds due to LQRC
directly from the Purchaser pursuant to the Assignment Agreement.
Column "B" above sets out the net proceeds which the Board expects
LQRC to receive, after adjustment for advances received from, and
thereafter repayable to, PSE, together with settlement of all
billings and interest payments owed to PSE.
The total net proceeds to LQRC therefore amount, as previously
announced, in aggregate to US$10.1 million, of which Woburn's net
share in respect of its 51 per cent. interest in LQRC amounts to
US$5.14 million and which will be substantially received on or
before 2 April 2013.
For further information, please contact:
Woburn Energy Plc Tel: +44 (0) 20 7380
4600
Kamran Ahmed www.woburnenergy.com
Beaumont Cornish Limited (Nominated Tel: +44 (0)20 7628 3396
Adviser)
Michael Cornish
DEFINITIONS
"Assignment Agreement" the conditional assignment agreement executed
31 May 2012 and entered into between LQRC
and the Purchaser;
"Las Quinchas Association the association contract between Empresa
Contract" Colombiana De Petroleos (Ecopetrol) and
Clavijo Avila Geopozos & Company S.A. dated
29 January 1996 (as amended);
"LQRC" Las Quinchas Resource Corporation, a company
incorporated under the laws of Barbados
(West Indies) with registered number 16000063
whose registered office is located at c/o
Oceanic Managers (Barbados) Incorporated,
Braemar Court, Deighton Road, St. Michael,
BB14017, Barbados;
"PSE" Pacific Stratus Energy Colombia Corp, a
company organised under the laws of Panama,
with a branch established in Colombia,
a wholly-owned subsidiary of Pacific Rubiales
Energy Corp;
"Purchaser" the purchaser of the beneficial interests
of LQRC under the Las Quinchas Association
Contract pursuant to the Assignment Agreement,
being Cloister Blue Corporation, a company
organised and existing under the laws of
the British Virgin Islands with registered
number 1054513;
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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