Newton Energy Corporation Announces License Extension and Termination of Gambia Farm-In
05 February 2014 - 10:44AM
Marketwired
Newton Energy Corporation Announces License Extension and
Termination of Gambia Farm-In
CALGARY, ALBERTA--(Marketwired - Feb 4, 2014) - Newton Energy
Corporation (the "Company" or "Newton") (TSX-VENTURE:NTN) announces
that one-year extensions to Licences PEDL254 and PEDL208 have been
granted by the Department of Energy and Climate Change of the
Government of the United Kingdom. The extensions provide the
Company with additional time to meet and to drill the outstanding
commitment well on each of PEDL254 and Belvoir. The second term
date of the licenses has not changed.
"The Company is actively in discussions to farm-out and/or joint
venture its licenses to see its Belvoir and PEDL254 prospects
drilled and this extension paves the way to conclude our
negotiations," said Merv Chia, Interim CEO.
The Company announces that further to the Company's previously
announced farm-in agreement (the "Farm-In Agreement") with Buried
Hill Gambia BV ("Buried Hill") to earn a 13.33% equity working
interest in two offshore blocks in Gambia, the licenses for the two
offshore blocks owned by Buried Hill have expired so the Farm-In
Agreement has been terminated. There are no additional obligations
or costs incurred in this termination.
About Newton
Newton holds UK East Midlands assets and is an emerging
exploration and production company.
ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release may contain certain forward-looking
information and statements, including without limitation,
statements pertaining to the extension of PEDL254 and PEDL208 and
the termination of the Farm-In Agreement. Statements included
herein, other than statements of historical fact, including, are
forward-looking information and such information involves various
risks and uncertainties. There can be no assurance that such
information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. A description of assumptions used to develop such
forward-looking information and description of risk factors that
may cause actual results to differ materially from forward-looking
information can be found in Newton's disclosure documents on the
SEDAR website at www.sedar.com. Newton does not undertake to update
any forward-looking information except in accordance with
applicable securities laws.
Newton Energy CorporationMerv ChiaInterim CEO and
Chairmanmerv.chia@newtonenergy.caNewton Energy CorporationArt
BrayCFO1 403 410-3822art.bray@newtonenergy.ca
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