[ad_1]
Newsfile Corp.-September 27, 2021)- Centaurus Energy Company (TSXV: CTA) (OTCQB: CTARF) (“Centaur” or “company“) is pleased to announce that it has signed an agreement (“protocol“) with the Argentine-based oil and gas company Humble Energy SA (“humble“) Controlled by Humble Energy Inc-, Humble will purchase all issued and outstanding member rights in the capital of Madalena Energy Argentina SRL (“mine“), the company’s operating subsidiary in Argentina (“Proposed transaction“).
According to the proposed transaction, Humble will purchase all MEA membership rights as consideration for Humble to assume all responsibilities related to MEA, but with Centaurus in the Coirón Amargo Sur Este hydrocarbon area (located in Neuquen (“case“), the Curamhuele hydrocarbon zone, located in the province of Neuquen (“Kuramshule“), any responsibilities related to any incentive plans, stock options or any other benefits granted by Centaurus or its affiliated companies to any employees or managers of MEA, and any responsibilities related to MEA’s affiliation with Alejandro Augusto Peñafiel and José David Peñafiel Liability. All rights and the cause of MEA lawsuits against any and all former directors and officers of Centaurus remain with Centaurus.
In addition to the usual conditions for transactions of this nature, the proposed transaction will be subject to the following prerequisites being met on or before December 31, 2021 (i) the end of the sale of MEA’s working interest in the CASE block Pan American Energy, SL, Argentina branch (“PAE”), previously announced on April 28, 2021, including the transfer to Centaurus of the US$25,000,000 priority royalties paid to MEA in accordance with the terms and conditions stated in the terms and conditions of the transfer of CASE to PAE (“Peori“), and (ii) the settlement of debts related to the Curamhuele block between the Province of Neuquén and MEA.
The impact of the proposed transaction will be that after completion, the company will indirectly transfer all its conventional oil and gas assets and related liabilities to Humble, only retaining PAE ORRI, and liabilities related to CASE and/or Curamhuele will be resolved as a condition for completion of the transaction.
Euro-Latin Capital acted as financial advisor to Centaurus.
MBP Partners and Tingle Merrett LLP acted as legal advisors to Centaurus.
About Centaur Energy
Centaurus is an independent upstream oil and gas company with conventional and unconventional oil and gas operations in Argentina. The trading code of the company’s stock on TSX Venture Exchange is CTA, and the trading code on OTCQB is CTARF.
For more information, please contact:
David Tawil, interim CEO
e-mail: info@ctaurus.com
Phone: (646) 479-9387
Neither TSX Venture Exchange nor its regulatory service provider (as the term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-looking information
Certain information in this press release contains forward-looking information. This information is based on reasonable assumptions and beliefs made by Centaurus based on currently available information and is provided on the date of this press release. Due to various factors, actual results and timing of events may differ materially from the expectations in the forward-looking information. Information about the parties’ expectations of future results, performance, achievements, prospects or opportunities or the markets in which they operate is forward-looking information. Statements containing forward-looking information are not facts, but represent Centaurus’ expectations, estimates and forecasts of future events or circumstances. This press release contains forward-looking information. Many factors may cause the actual results, activity levels, performance or achievements or future events or developments of both parties to be materially different from those expressed or implied in the forward-looking statements, including but not limited to the following situations: the proposed transaction did not proceed at all or the transaction was delayed in completion , Whether it is because one or both parties are not satisfied with the results of their due diligence, the parties are unable to meet one or more of the proposed transaction conditions agreement, or both parties are unable to obtain one or more of the approvals required to complete the proposed transaction, or other methods. Regarding the forward-looking information contained in this document, the parties have made assumptions about whether they are capable of meeting the conditions for completing the proposed transaction set out in the agreement; and the parties’ ability to obtain applicable third-party approval. Readers are urged to carefully consider uncertainties, risks and assumptions when evaluating forward-looking information, and are cautioned not to rely too much on such information. Unless required by applicable securities laws, we have no intention or obligation to update or revise any forward-looking statements, whether due to new information, future events or other reasons.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97830
Source: Press file
Version number: 39794
There is no offer to sell, no invitation to buy, and no recommendation for any securities or any other products or services in this article. In addition, nothing in this PR should be construed as a recommendation to buy, sell or hold any investment or securities, or participate in any investment strategy or transaction. You are responsible for determining whether any investment, investment strategy, securities or related transactions are suitable for you based on your investment objectives, financial situation and risk tolerance. Regarding your specific business, legal or tax situation, please consult your business adviser, lawyer or tax adviser.
[ad_2]
Source link
