Brief: Can2Termik To Make Investment Worth $6 Mln To Extract Oil In Venezuela

Can2 Termik

04/12/2023 05:52

Dec 4 (Reuters) - CAN2 TERMİK  CANTE.IS :
    * SAID ON FRIDAY TO INDIRECTLY BECOME A SHAREHOLDER OF
MULTISERVICIOS TOMLAM CA, WHICH HAS BEEN GRANTED CONCESSION
RIGHTS FOR OPERATION, MAINTENANCE AND PRODUCTION WORKS BY THE
VENEZUELAN STATE OIL AND NATURAL GAS COMPANY (PDVSA), WITH 60.4%
OF ITS SHARES, BY TAKING ADVANTAGE OF THE OPPORTUNITY CREATED BY
THE LIFTING OF THE SANCTIONS IMPOSED BY THE US ADMINISTRATION ON
VENEZUELA AS OF 18 OCTOBER 2023
    * TO CARRY OUT PRODUCTION ACTIVITIES ON BEHALF OF PDVSA
WITHIN
RAMEWORK OF DEVELOPMENT PLAN IN AN AREA WITH LIGHT AND MEDIUM
CRUDE OIL PRODUCTION WITH GRAVITIES RANGING BETWEEN 18° AND 60°
API, CONSISTING OF A TOTAL OF 171 WELLS IN A PRODUCTION BLOCK
CONSISTING OF 4 FIELDS IN VENEZUELA
    * SAYS IT IS ESTIMATED THAT THERE ARE APPROXIMATELY 593
MILLION
BARRELS OF OIL RESERVES PROVEN ON BEHALF OF VENUZUELAN STATE IN
FIELDS, WHILE GAS RESERVES ARE APPROXIMATELY 1,373 MILLION CUBIC
FEET
    * SAYS AN INITIAL FINANCING OF $6 MILLION IS PLANNED TO BE
PROVIDED IN THE FIRST 5 MONTHS OF 2024
    * SAYS ADDITIONAL INVESTMENT TO BE CREATED BY TAKING INTO
ACCOUNT
THE OPERATING REVENUES THAT WILL BE GENERATED FROM PRODUCTION
AFTER THE OPERATION BECOMES OPERATIONAL
    * SAYS SINCE OBTAINING AND PROMOTION OF INVESTMENT AGENCIES
AND
PERMITS FOR RELEVANT COUNTRY IS CARRIED OUT BY OUR MAIN
SHAREHOLDER ODAS, ALL APPLICATION PROCESSES AND TRANSACTIONS
WERE CARRIED OUT THROUGH ODAS
    * SIGNS PROTOCOL WITH AND ODAŞ FOR TRANSFER OF ALL
ACTIVITIES,
BUSINESSES OR RELATED SHARES RELATED TO OIL AND NATURAL GAS
SECTORS TO ÇAN2 TERMIK FREE OF CHARGE WITHIN THE FOLLOWING 60
DAYS.

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nIKARqtqP
 Further company coverage:  CANTE.IS  

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