Final Royalty and Royalty Participating Interest Position in Mozambique
(Thomson Reuters ONE) -
Following the successful sale and completion of certain participating interests
held in Mozambique oil and gas concessions, Artumas today confirmed its final
royalty interest position in relation to the Area 1 "Offshore" of the Rovuma
Block to be 0.495% and its final participating interest position in relation to
the Onshore Area of the Rovuma Block to be 11.59% (subject to obtaining
requisite consents).
As announced in the press release of September 17, 2009 the sales agreements
with Maurel & Prom and Cove Energy plc provided Artumas the right to require the
purchasers to pay cash calls on its behalf until the transaction reached
financial close. In exchange, Artumas' remaining interest in the properties
would be reduced as follows:
* Area 1 "Offshore" of the Rovuma Block - Artumas' royalty will be reduced by
0.5% per $1.0m USD of cash calls paid, subject to a floor of 0.4%
* Onshore Area of the Rovuma Block - Artumas' royalty will reduce by 1.0% per
$1.0m USD of cash calls paid, subject to a floor of 10%.
As indicated, the final positions are higher than the floor, which could have
resulted over an extended settlement period.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1385773]
Press Release 2009 02 17: http://hugin.info/136496/R/1385773/344493.pdf
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Datum: 17.02.2010 - 18:25 Uhr
Sprache: Deutsch
News-ID 1010533
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"Final Royalty and Royalty Participating Interest Position in Mozambique
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