Update on Acquisition of Economic Interest in the Oza Oil Field, Niger Delta of Nigeria
06 March 2020 - 12:45AM
Asian Mineral Resources Limited (the
“
Company”) (TSXV: ASN) announces that, further to
its news releases of November 20, 2019, December 16, 2019 and
February 5, 2020, it has extended the time to close its acquisition
of the issued and outstanding shares of Nigerian-based Decklar
Petroleum Limited (“Decklar”) to March 31, 2020 and will pay a
$250,000 fee to Decklar for such extension.
Decklar is a party to a Risk Service Agreement
(“RSA”) with Millenium Oil and Gas Company Limited
(“Millenium”). Millenium is the owner of the Oza Field
located onshore in the northern part of Oil Mining License 11 in
the Eastern Niger Delta of Nigeria. The RSA entitles Decklar
to undertake work on the Oza Field and share in the distributable
funds generated from production, after reimbursement of its
costs.
The aggregate purchase price (the “Purchase
Price”) is CDN$8,550,000, payable through the issuance of
30,000,000 common shares of the Company (“Shares”) based on a
deemed value of CDN$0.285 per Share. Of the aggregate
Purchase Price, 22,000,000 Shares are payable upon closing of the
Acquisition with the balance of 8,000,000 Shares being payable only
if the Oza Field achieves a minimum production rate within 12
months of closing.
For further information: |
|
|
Paula Kember |
Chief Financial Officer |
Telephone: (416) 360-3412 |
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.
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