Orlando, FL - February 06, 2015 - InvestorsHub NewsWire
- IAHL Corporation (Other OTC:
IAHL) is pleased to announce that its subsidiary, Altenesol LNG
Colombia S.A.S. has finalized a 15 year take-or-pay agreement for
the first LNG Train and has increased the fully executed Canacol
gas supply contract from 17.5 to 35 million standard cubic feet per
day (“MMscfpd”) for the same time period for a second LNG Train
that shall be in operation approximately 14 months from the
commission of the first Train.
Adventus Fuel Inc. (AFI) has executed a 15 year take or pay
contract for 14,000 million btu per day (MMbtud)) of LNG from train
one of the Nataly 1 site. The approximate value of this contract
over the full term is over $800 MMUSD. As an international trader,
AFI’s wide array of customers will enable the LNG expansion that
Altenesol has envisioned to become a major Alternative Energy
Architect in South America, Central America and the Caribbean. The
LNG from the second Train (180,000 GPD) has been committed to AFC
and predetermined arrangements are on the way to amend the existing
contract as soon as possible.
Canacol Energy (CNE) has doubled the gas supply contract from
17.5 to 35 MMscfpd for a term of 15 years based on the LNG demand
from AFI. This fully executed contract secures gas supply for the
second train bringing total capacity of the Nataly 1LNG Plant to
360,000 GPD. When all contracts are finalized, the estimated
total production value will be over $1.6 BUSD over a 15 year term.
The initial agreement was broadened in scope due to the significant
gas find from the recently found Clarinet discovery located on the
VIM5 E&P contract. The pre drill best estimate for recoverable
prospective resource at Clarinet is approximately 540 billion cubic
feet (BCF) of gas. This added more time to the initial process but
was necessary for our expansion.
CNE has also entered into a signed agreement option, with
Altenesol, to participate in the LNG revenue chain from an equity
investment of 13 MMUSD into the project in exchange for an
approximate 26 percent ownership position. Under the contract
Altenesol will pay U.S 4.90 /MMbtu with a 2% escalation clause over
the 15 year contract period, which is a past through to the
offtakers.
Canacol has already executed two other gas contracts previous at
5.40 / MMbtu and 8.00 / MMbtu with 3% escalation clauses to other
sources.
“Altenesol provides us with a direct route to growing the
South America ,Central America and the Caribbean consumers and
exposure to the full value chain from gas sales to LNG sales as we
expand our market” said Charle Gamba C.E.O Canacol.
“We look forward to a mutually beneficial relationship with
Canacol and a shared vision of the Global LNG market. We have a
solid foundation in place and a blueprint to accelerate expansion.
CNE’s option to participate in the equity of the project opens
greater expectations to Altenesol’s vision as well as having a
solid company supporting the proliferation of the LNG through South
America, Central America and the Caribbean. We thank the many team
members that have made this possible, in particular the Philippi,
Prietocarrizosa & Uria law firm and our agents BTG-Pactual
Colombia/MVC as well as our shareholders for their patient support
as we build a solid corporation for the future. Many company
developments are nearing completion and will add to our value” Said
Nelson De La Nuez C.E.O Altenesol/IAHL.
This press release does not constitute an offer of any
securities for sale. This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Certain information included in this press
release constitutes forward-looking information under applicable
securities legislation.
Such forward-looking information is provided for the purpose of
providing information about management's current expectations and
plans relating to the future. Readers are cautioned that reliance
on such information may not be appropriate for other purposes, such
as making investment decisions. Forward-looking information
is based on a number of factors and assumptions which have been
used to develop such information but which may prove to be
incorrect. Although IAHL believes that the expectations
reflected in such forward-looking information is reasonable, undue
reliance should not be placed on forward-looking information
because IAHL can give no assurance that such expectations will
prove to be correct.
CONTACT: Info@altenesol.com