CALGARY, Alberta, November 28, 2014 /PRNewswire/ --
Dundee Capital Markets to help
evaluate strategic and financial alternatives
PetroMaroc Corporation plc (TSXV: PMA) (the Company or
PetroMaroc) is pursuing a series of strategic and financial
alternatives with the objective of maximising shareholder value
following the independent assessment of prospective resource in the
Kechoula structure on the Sidi Moktar Exploration Licence in
Morocco (''Sidi Moktar'').
"We will be pursuing all available options to maximize
shareholder value from our promising Kechoula structure," said
Tom Feuchtwanger, PetroMaroc's
President and CEO. "Our recently updated independent evaluation of
the undiscovered petroleum initially-in-place and the prospective
resource has defined the strong prospectivity and a path towards
the commercial development of Kechoula."
The independent evaluation by GLJ Petroleum Consultants
confirmed PetroMaroc's geological and geophysical model for the
Lower Liassic reservoir of the Kechoula structure. The report also
confirmed (81 percent probability) that the Lower Liassic clastic
reservoir is filled to spill point, and reported a prospective
resource of gross lease unrisked undiscovered petroleum
initially-in-place of 394 billion cubic feet (mean estimate).
Petrophysical analyses of the sidewall cores collected during the
drilling of the Kamar well reported visual porosities of 13 to 20
percent in the Lower Liassic reservoir interval.
Dundee Capital Markets (''Dundee'') has been appointed as financial
adviser to evaluate alternatives that may include, but are not
limited to, farm-out of Sidi Moktar, sale of the Company, merger or
other business combination, recapitalization, sale of all or a
portion of the Company's assets, or any combination thereof.
Dundee will also evaluate
alternatives for PetroMaroc to continue its business plan, among
other alternatives.
Parties who execute a confidentiality agreement will have access
to an online and physical data room, as well as management and
technical presentations. All interested parties should direct
enquiries to Dundee at the contact
information below.
PetroMaroc recently initiated a non-brokered private placement
(the ''Private Placement'') to raise proceeds of a minimum of Cdn
$3 million and a maximum of Cdn
$6 million to support near-term
efforts while the search for an industry partner is underway.
PetroMaroc closed the first tranche of the Private Placement
raising Cdn $3 million on
November 4. The Company anticipates
to close the second tranche of the Private Placement in December.
The Private Placement is subject to the final approval of the TSX
Venture Exchange (the ''TSX-V'').
About PetroMaroc
PetroMaroc is an independent oil and gas company focused on its
significant land position in Morocco. The Company has a 50 percent operated
interest in the Sidi Moktar licence area covering 2,683 square
kilometres and is working closely with Morocco's National Office of Hydrocarbons and
Mines (ONHYM) as a committed long-term partner to unlock the
hydrocarbon potential of the region. Morocco offers a politically stable
environment to work within and has favourable fiscal terms to
energy producers. PetroMaroc is a public company listed on the TSX
Venture Exchange under the symbol "PMA".
Additional information about the Company can be found at
http://www.petromaroc.co and under the Company's SEDAR
profile at http://www.sedar.com.
The GLJ undiscovered petroleum initially-in-place (UPIIP)
assessment was prepared in accordance with the definitions,
standards and procedures contained in the Canadian Oil and Gas
Evaluation Handbook (the COGE Handbook) and National Instrument
51-101 "Standards of Disclosure for Oil and Gas Activities" (NI
51-101).
UPIIP (equivalent to undiscovered resources) is that quantity of
petroleum that is estimated, on a given date, to be contained in
accumulations yet to be discovered. The recoverable portion of
undiscovered petroleum initially in place is referred to as
"prospective resources," the remainder as "unrecoverable."
Undiscovered resources carry discovery risk. There is no certainty
that any portion of the UPIIP disclosed in this press release will
be discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the UPIIP disclosed
in this press release. A recovery project cannot be defined for
this volume of UPIIP at this time. The UPIIP estimates contained
herein have been risked for the chance of discovery but have not
been risked for the chance of development and hence are considered
partially risked estimates.
Mean estimate is the arithmetic average from the probabilistic
assessment.
There are numerous uncertainties inherent in estimating
quantities of UPIIP, including many factors beyond the Company's
control. The UPIIP information set forth herein represents an
estimate only. Due to the uncertainty as to how the play will be
developed and the lack of definition of a recovery project for the
UPIIP at this time, the UPIIP estimates disclosed herein are the
most specific assignable category that can be provided at this
time.
Special Note Regarding Forward Looking Statements
This press release contains forward-looking statements. Such
forward-looking statements relate to future events or the Company's
future performance. All statements other than statements of
historical fact are forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "may", "will", "should", "expect", "plan",
"anticipate", "believe", "estimate", "predict", "project",
"potential", "targeting", "intend", "could", "might", "continue" or
the negative of these terms or other similar terms. In particular,
all statements related to UPIIP, as a category of resources, are
deemed to be forward-looking information and are based upon the
independent evaluation of GLJ. Statements related to UPIIP involve
the implied assessment, based on certain estimates and assumptions
about the characteristics of the resources described. Readers are
also cautioned that estimates of UPIIP are not necessarily
indicative of ultimate recovery. Forward-looking statements in this
press release include, but are not limited to, statements regarding
the recruitment of a partner to develop Sidi Moktar, proving the
commercial viability of Sidi Moktar, completion of the second
tranche of the private placement in December
2014 and receipt of the final approval of the TSX-V,
drilling additional wells of Sidi Moktar, the completion of
evaluations and processing and interpretation of data, the
performance characteristics of the Company's oil and gas
properties, capital expenditure programmes, supply and demand for
oil, gas and commodities, prices for oil and gas, drilling plans,
and realization of the anticipated benefits of acquisitions.
Forward-looking statements are only predictions. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. Some of the risks and other factors which could cause
results to differ materially from those expressed in the
forward-looking statements contained in this press release include,
but are not limited to: general economic conditions in Canada, the Kingdom of Morocco and globally; industry conditions,
including fluctuations in the price of oil and gas, governmental
regulation of the oil and gas industry, including environmental
regulation; fluctuation in foreign exchange or interest rates;
risks inherent in oil and gas operations; political risk, including
geological, technical, drilling and processing problems;
unanticipated operating events which could cause commencement of
drilling and production to be delayed; the need to obtain consents
and approvals from industry partners, regulatory authorities and
other third-parties; stock market volatility and market valuations;
competition for, among other things, capital, acquisitions of
reserves, undeveloped land and skilled personnel; incorrect
assessments of the value of acquisitions or resource estimates; any
future inability to obtain additional funding, when required, on
acceptable terms or at all; credit risk; changes in legislation;
any unanticipated disputes or deficiencies related to title
matters; dependence on management and key personnel; and risks
associated with operating in and being part of a joint venture.
Although the forward-looking statements contained in this press
release are based upon factors and assumptions which management of
the Company believes to be reasonable, the Company cannot assure
that actual results will be consistent with its expectations and
assumptions. Undue reliance should not be placed on the
forward-looking statements contained in this news release as there
can be no assurance that the plans, intentions or expectations upon
which they are based will occur. These statements speak only as of
the date of this press release, and the Company does not undertake
any obligation to publicly update or revise any forward-looking
statements except as expressly required by applicable securities
laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of PetroMaroc in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities referred to herein have not been and will
not be registered under the United States Securities Act of 1933
(the "U.S. Securities Act") or any state securities laws and may
not be offered or sold within the United
States or to U.S. Persons (as defined in the U.S. Securities
Act) unless registered under the U.S. Securities Act and applicable
state securities laws, or an exemption from such registration is
available.
PetroMaroc Corporation plc: Tom
Feuchtwanger, President and Chief Executive Officer, Tel:
+1-403-474-2775; Martin Arch, Chief
Financial Officer and Secretary, Tel: +44(0)20-3137-7756; Dundee
Capital Markets (Dundee Securities Europe LLP): Financial Adviser:
Derek Smith, Tel:
+44(0)20-3440-6885