Brief: Pentanova Energy Announces Farmout Agreement On Colombian Gas Property

NG Energy International

22/06/2018 04:03

June 21 (Reuters) - PentaNova Energy Corp  PNO.V :
    * PENTANOVA ENERGY ANNOUNCES FARMOUT AGREEMENT ON COLOMBIAN
GAS
PROPERTY
    * PENTANOVA ENERGY - PANACOL WILL FULLY FUND CO'S
COMMITMENTS
DURING FIRST PHASE OF THE SN-9 EXPLORATION, PRODUCTION CONTRACT
FOR AMOUNT OF US$22.29 MILLION
    * PANACOL IS REQUIRED TO PROVIDE A STANDBY LETTER OF CREDIT
FOR
US$3.0 MILLION AND PAY APPROXIMATELY US$650,000 IN PAST COSTS
    * PENTANOVA ENERGY -AGREEMENT EXPECTED TO CLOSE WITHIN 30
DAYS
DURING WHICH TIME CO WILL BE REQUIRED TO PLACE $3.0 MILLION IN
ESCROW TO FUND NEAR-TERM ACTIVITIES

Source text for Eikon:  ID:nCNWd0802a 
Further company coverage:  PNO.V 

 ((Reuters.Briefs@thomsonreuters.com;))