Cenovus Energy: Rises on sale of Marten Hills oil assets

Headwater Exploration

09/11/2020 16:31

** Shares of Canadian energy co  CVE.TO  rise 16.5% to
C$5.44; stock among top pct gainers on S&P/TSX Composite Index
 .GSPTSE 
    ** CVE will sell its Marten Hills oil assets in northern
Alberta to Headwater Exploration Inc  HWX.TO  for C$100 mln
($77.16 mln)  urn:newsml:reuters.com:*:nL4N2HV3D4
    ** Total consideration paid to Cenovus includes C$35 mln in
cash, 50 mln common shares of Headwater and 15 mln share
purchase warrants
    ** CVE will own about 26% of Headwater shares, upon closing
of deal, which is expected to happen around Dec. 22
    ** CVE also gets support from strength in oil prices which
rose on Pfizer's  PFE.N  initial data showing its experimental
vaccine was more than 90% effective in preventing COVID-19
    ** CVE is down ~59% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com))