(MENAFN- Investor Ideas) Criterium Energy Ltd. (TSXV: CEQ) (“Criterium” or the “Company”), an independent upstream energy development and production company focused in Southeast Asia, is pleased to announce the Company has signed a Letter Of Intent (“LOI”) for the arm’s length sale of its wholly owned subsidiary which holds a 42.5% non-operated working interest in the Bulu PSC (the “Transaction”). Upon signing of Definitive Agreement (“Definitive Agreement”), the Company will issue a press release outlining the type of transaction as per TSX Policy 5.2 and any required approvals.
Transaction The Letter of Intent sets forth the terms and situations of the transaction, which will become effective on July 1, 2023. The total monetary attention for the transaction will be US$7,750,000 (equivalent to approximately C$10,516,000), of which US$2,000,000 (C$2,714,000). ) will be earned as a non-refundable deposit upon execution of the definitive agreement and the remaining US$5,750,000 (C$7,802,000) will be due at the final due in the first quarter of 2024. There are no intermediary fees to pay as a component of the transaction. .
Robin Auld, President and Chief Executive Officer of Criterium Energy: “The sale of our stake in Bulu represents an important milestone for our company as a source of non-dilutive financing that strengthens our monetary position and provides greater monetary flexibility. The transaction allows us to redirect our capital into shorter-cycle return initiatives, such as those we have in the Mont D’Or portfolio. Criterium bought Bulu a year ago and we worked with JV Partners to outline a mutual progression plan for all parties and for the price. of our team. The contribution to this procedure is identified in the sale announced today.
The Transaction is classified as an Indirect Change of Control and is not subject to approval through Criterium at that time and all notices required under New Zealand and Indonesian regulations will be provided in the final period.
About Criterium Energy Ltd. Criterium Energy Ltd. es an upstream energy company whose goal is to sustainably source and create assets in Southeast Asia that can drive scalable expansion and generate cash. The company aims to maximize overall shareholder returns by executing 3 strategic pillars. namely (1) success and enduring reputation, (2) innovation and generation arbitrage, and (3) operational and protection excellence.
For further information please visit our website ( ) or contact:
Robin Auld Chief Executive Officer Criterium Energy Ltd. Email: …
Andrew Spitzer, Vice President of Corporate Development, Criterium Energy Ltd. Email:. . .
Neither the TSXV nor its Regulatory Service Provider (as that term is in the TSXV’s policies) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking data and statements that are based on expectations, estimates, projections and interpretations as of the date of this press release. The use of any of the words “expects,” “anticipates,” “continues,” “estimates,” “may,” “project,” “should,” “believes,” “plans,” “intends,” “seeks,” “objectives,” and similar expressions are intended to identify forward-looking data or data. declarations.
This press release includes forward-looking statements, including, but not limited to, statements relating to the sale of AWE(Asia) Ltd. , notices provided to New Zealand and Indonesian regulators and the intended use of the net proceeds from the sale.
Factors that may also cause actual effects to differ from prospective effects or have effects on the operations, functionality, progression and effects of Criterium’s business include, but are not limited to: hazards and assumptions relating to operations; dangers inherent in Criterium’s long-term operations; increased maintenance, operating or financing costs; the availability and price of labor, appliances and materials; competitive stuff, adding third party festivals into the spaces Criterium intends to operate in, pricing pressures and sources and demands in the oil and fuel industry; currency and interest rate fluctuations; inflation; the dangers of war, hostilities, civil insurrection, pandemics (including COVID-19), instability and political and economic situations in Indonesia or other countries in which Criterium intends to operate (including the current Russian-Ukrainian conflict) or have effects about him; excessive weather and climate replace dangers; terrorist threats; technology-related hazards; adjustments in legislation and regulations, including environmental, regulatory and tax legislation, and the interpretation of such adjustments in Criterium’s long-term operations; availability of sufficiently good levels of insurance; difficulty in obtaining mandatory regulatory approvals and maintaining such approvals; general economic and business situations and markets; and other similar dangers and uncertainties. We cannot decide with certainty the effect of any assumptions, risks, uncertainties or otherwise on any forward-looking statement because they are interrelated and the Company’s long-term course of action is based on the evaluation of all the data that must be taken. had at the applicable time. These forward-looking statements involve known and unknown hazards, uncertainties and other things that could possibly cause the actual effects, functionality or achievements of the Company to be materially different from any long-term effects, functionality or achievements expressed or implied by such forward-looking statements. s. with future vision
The forward-looking statements contained in this press release are made as of the date hereof and the parties undertake no legal responsibility to update or revise any forward-looking statements or information, whether as a result of new information, long-term events or another way. except as required by applicable securities laws.
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