Woburn Energy PLC Corporate Update (3512C)

TIDMWBN

RNS Number : 3512C

Woburn Energy PLC

15 April 2013

For immediate release

15 April 2013

Woburn Energy Plc

("Woburn" or the "Company")

Corporate update

On 22 August 2012 Woburn announced the consideration payment dates in respect of the disposal by Woburn's 51 per cent. owned subsidiary, LQRC, of its 50 per cent. working interest in the Las Quinchas Association Contract. The first and second instalments have been received. Woburn has been informed that the third instalment, which in aggregate amounts to US$6,889,600, will now be paid by the purchaser on 15 April 2013 and Woburn is expected to receive its net share of US$3,518,796 seven business days later on 24 April 2013. The Company will make a further announcement to confirm when this third instalment has been received.

In the meantime, the Company continues to review potential investment opportunities.

For further information, please contact:

 
 Woburn Energy Plc                     Tel: +44 (0) 20 
                                        7380 4600 
 Kamran Ahmed                          www.woburnenergy.com 
 Beaumont Cornish Limited (Nominated   Tel: +44 (0)20 
  Adviser)                              7628 3396 
 Michael Cornish

Definitions

 
 "Assignment Agreement"   The conditional assignment agreement 
                           executed 31 May 2012 and entered 
                           into between LQRC and the purchaser 
 "Las Quinchas            The association contract between 
  Association Contract"    Empresa Colombiana De Petroleos 
                           (Ecopetrol) and Clavijo Avila 
                           Geopozos & Company S.A. dated 
                           29 January 1996 (as amended) 
 "LQRC"                   Las Quinchas Resource Corporation

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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