Esrey Announces Amendment to Farm-In Agreement in Papua New Guinea With Heritage Oil PLC
02 Juin 2014 - 2:30PM
Marketwired
Esrey Announces Amendment to Farm-In Agreement in Papua New Guinea
With Heritage Oil PLC
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 2, 2014) - Esrey
Energy Ltd. ("Esrey" or the "Company") (TSX-VENTURE:EEL) is pleased
to announce that its subsidiaries, Telemu No. 18 Limited
("Telemu"), LNG Energy (PNG) Limited and LNG Energy No. 2 Limited,
have entered into an amendment to their farm-in agreement (the
"Farm-in Agreement") with wholly owned subsidiaries of Heritage Oil
Plc ("Heritage") in Papua New Guinea. In exchange for extension of
the deadline to spud the first exploration well from October 1,
2014, to December 31, 2015, the Farm-in Agreement has been amended
to provide that:
- The Company will receive a further cash payment of US$2,500,000
within 14 days;
- Heritage will now carry Telemu for 30% of the cost of a second
exploration well (in which Telemu holds a 20% participating
interest) in the event that a second well is drilled; and
- Heritage will fund 100% of any joint operating costs incurred
after the fulfillment of its obligations under the Farm-in
Agreement in respect of the first exploration well until the
earlier of the spud of the second exploration well or the 180th day
following the date of testing and suspension or abandonment of the
first exploration well.
"This modification
provides Esrey with additional cash and funding coverage with which
to meet future obligations and will provide Heritage with some
operational flexibility and potential cost savings to efficiently
carry out the required earn-in work program. Heritage has completed
acquisition of approximately 230 km of 2D seismic across the
licenses and we look forward to continuing our partnership with
Heritage through the forthcoming drilling to be undertaken on the
PPL 319 license," commented David Nelson, President & CEO of
Esrey.
About Esrey
Esrey is a Canadian
exploration and development company focused on developing oil and
gas properties in Papua New Guinea, Poland, Bulgaria and the USA.
In Papua New Guinea, Esrey holds a 16.85% net interest in PPL 319,
an 84.25% interest in 3 PPLs in northern Papua New Guinea (which
collectively cover approximately 5.5 million gross acres) and a 20%
net interest in PRL 13 (which covers approximately 42,000 gross
acres). Under the Farm-in Agreement Heritage acquired an 80%
interest in PPL 319 and PRL 13, subject to fulfillment of work
commitments under the Farm-in Agreement. Esrey has a 42.96% net
interest in approximately 734,000 gross acres of prospective shales
in Poland together with BNK Petroleum Inc. Esrey is operator and
has a 50% net interest in approximately 360,000 gross acres of
prospective shales in Poland together with San Leon Energy. Esrey
has entered into a farm-in agreement relating to 405,080 acres of
prospective argillite formation in Bulgaria with Direct Petroleum
Bulgaria EOOD, a subsidiary of TransAtlantic Petroleum Ltd. Esrey
also holds a 100% working interest (80% net revenue interest) in
approximately 2,280 net mineral acres of oil and gas leases in
Daniels and Sheridan Counties located in north east Montana as well
as a 100% working interest (79% net revenue interest) in
approximately 46,700 net acres of oil and gas leases in Cascade
County, in western Montana. Esrey shares trade on the TSX Venture
Exchange under the symbol "EEL".
ESREY ENERGY
LTD.
David
Nelson, President & CEO
Neither 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
Cautionary Note
Regarding Forward-Looking Statements
Certain statements
contained in this news release constitute "forward-looking
information" as such term is used in applicable Canadian securities
laws, including information regarding the proposed debt settlement.
Forward- looking information is based on plans and estimates of
management at the date the information is provided and certain
factors and assumptions of management. Forward looking information
is subject to a variety of risks and uncertainties and other
factors that could cause plans, estimates and actual results to
vary materially from those projected in such forward-looking
information. Factors that could cause the forward-looking
information in this news release to change or to be inaccurate
include, but are not limited to, the risks related to
unsatisfactory results of due diligence, international operations
and doing business in foreign jurisdictions, risks associated with
the oil and gas industry and exploratory and development activities
generally (e.g., operational risks in development, exploration and
production, delays or changes in plans with respect to exploration
or development projects or capital expenditures, risks associated
with equipment procurement and equipment failure), the risk of
commodity price and foreign exchange rate fluctuations, risks
related to future royalty rate changes, and risks and uncertainties
associated with securing and maintaining necessary regulatory
approvals, and counterparty risk related to the stability and
viability of the Company's joint venture participants.
Shares Outstanding:
39,762,771
Esrey Energy Ltd.Investor
relations1-778-373-0103info@esreyenergy.comwww.esreyenergy.com
Esrey Energy Ltd. (TSXV:EEL)
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