Option Extension Agreement and Rescheduling of Bondholder Meeting
(Thomson Reuters ONE) - Artumas makes reference to the option agreement previously announcedon 22 July 2009, whereby Artumas granted a call option in favour ofEts. Maurel & Prom S.A. and Cove Energy plc to purchase a 51%participating interest in Artumas' Tanzanian gas assets, a 34%participating interest in Artumas' onshore Mozambique assets and allof Artumas' 8.5% participating interest in offshore Mozambique.Having consulted with its majority bondholders, Artumas todayannounced an extension and amendment to the above-referenced calloption agreement to allow the Purchasers to complete their full duediligence process.As part of the option extension, Artumas has extended the Purchasers'exclusivity until and including 18 September 2009, at which time theoption must be exercised by the Purchasers or it will fall awayunless by mutual extension.The Purchasers will advance the cash calls for July and August ofapproximately USD 3.6 million dollars for Artumas' Mozambiqueventures. In return for this, the Purchaser's option over Artumas'Tanzanian assets has been increased to a 54.6% (previously 51%)participating interest, and Artumas' royalty on the offshoreMozambique asset payable if the optioned transactions complete hasbeen reduced to 6.4% (previously 10%) of the Profit Petroleumaccruing to the holder of Artumas' current 8.5% participatinginterest from time to time.The bondholder meeting announced on 7 August 2009 and scheduled for17 August 2009 was postponed and will be rescheduled in due course.http://hugin.info/136496/R/1335431/317366.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 17.08.2009 - 18:59 Uhr
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