UMC Energy Plc Announcement (0471A)
March 26 2012 - 5:15AM
UK Regulatory
TIDMNSN TIDMUEP
RNS Number : 0471A
Natasa Mining Limited
26 March 2012
26 March 2012
Natasa Mining Limited
("Natasa" or the "Company")
UMC Energy Plc Announcement
Natasa, the investment company with a focus on the mining
finance industry notes an announcement released today by UMC Energy
plc, in which Natasa holds 205,351,879 fully paid ordinary shares,
representing 42.39% of the entire issued share capital.
Announcement re Subscription Agreement
Further to the announcement of 12 September 2011, regarding the
acquisition by the Company of three granted Petroleum Prospecting
Licences ("PPLs") in Papua New Guinea, namely, offshore PPLs 374
and 375 and onshore PPL 378 (together, the "Petroleum Titles"), the
directors of UMC are pleased to advise that on 26 March 2012 the
Company entered agreements with CNOOC Australia Limited ("CNOOC"),
a subsidiary of CNOOC Limited, the Chinese multi-national oil and
gas company listed on the New York and Hong Kong Stock Exchanges,
whereby CNOOC will subscribe for a 70% equity interest in PNG
Energy Limited ("PNG Energy"), presently a wholly owned subsidiary
of the Company, which owns, through its wholly owned subsidiary
Gini Energy Limited ("Gini Energy"), the Petroleum Titles and UMC
Energy will retain a 30% equity interest (the "Agreements").
Pursuant to the Agreements, and in consideration for the share
subscription, CNOOC will be responsible for funding all expenditure
in respect of the Petroleum Titles required to comply with the
minimum work obligations during the exploration phase. Such
expenditure will be repaid to CNOOC out of production revenues and
off take of oil and gas once the assets of Gini Energy enter
production, should such production occur. If exploration and
appraisal work indicates the probable existence of commercial
reservoirs of oil or gas in any part of the Petroleum Titles at the
end of the exploration phase,the parties must each finance their
pro-rata share of all expenditure required in respect of the
development plan either themselves or by procuring sufficient
finance from a third party.
In addition, the Agreements entitle CNOOC to appoint two
directors to the boards of each PNG Energy and Gini Energy, with
the Company entitled to appoint one director to each board.
For further information:
Enquiries:
Chrisilios Kyriakou, Chairman
UMC Energy Plc
Telephone: +44(0) 20 7514 1480
Angela Peace/ James Spinney
Strand Hanson Limited
Telephone: +44 (0) 20 7409 3494
Philip Haydn-Slater/Paul Dudley
HD Capital Partners LLP
Telephone: +44(0) 20 3551 4870
ENDS"
Enquiries:
Natasa Mining Ltd
Chrisilios Kyriakou, Executive
Chairman
www.natasamining.com +44 (0) 20 7290 3102
Strand Hanson Limited
Financial Adviser
Angela Peace/James Spinney +44 (0) 20 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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