PetroMaroc Corporation plc (PMA-V) Nov 28, '14 is pursuing a series of strategic and financial alternatives with the objective of maximising shareholder value following the independent assessment of prospective resource in the Kechoula structure on the Sidi Moktar Exploration Licence in Morocco (‘‘Sidi Moktar’’).
“We will be pursuing all available options to maximize shareholder value from our promising Kechoula structure,” said Tom Feuchtwanger, PetroMaroc’s President and CEO. “Our recently updated independent evaluation of the undiscovered petroleum initially-in-place and the prospective resource has defined the strong prospectivity and a path towards the commercial development of Kechoula”.
The independent evaluation by GLJ Petroleum Consultants confirmed PetroMaroc’s geological and geophysical model for the Lower Liassic reservoir of the Kechoula structure. The report also confirmed (81 percent probability) that the Lower Liassic clastic reservoir is filled to spill point, and reported a prospective resource of gross lease unrisked undiscovered petroleum initially-in-place of 394 billion cubic feet (mean estimate). Petrophysical analyses of the sidewall cores collected during the drilling of the Kamar well reported visual porosities of 13 to 20 percent in the Lower Liassic reservoir interval.
Dundee Capital Markets (‘‘Dundee’’) has been appointed as financial adviser to evaluate alternatives that may include, but are not limited to, farm-out of Sidi Moktar, sale of the Company, merger or other business combination, recapitalization, sale of all or a portion of the Company’s assets, or any combination thereof. Dundee will also evaluate alternatives for PetroMaroc to continue its business plan, among other alternatives.
Parties who execute a confidentiality agreement will have access to an online and physical data room, as well as management and technical presentations. All interested parties should direct enquiries to Dundee at the contact information below.
PetroMaroc recently initiated a non-brokered private placement (the ‘‘Private Placement’’) to raise proceeds of a minimum of Cdn $3 million and a maximum of Cdn $6 million to support near-term efforts while the search for an industry partner is underway. PetroMaroc closed the first tranche of the Private Placement raising Cdn $3 million on November 4. The Company anticipates to close the second tranche of the Private Placement in December. The Private Placement is subject to the final approval of the TSX Venture Exchange (the ‘’TSX-V’’).
About PetroMaroc
PetroMaroc is an independent oil and gas company focused on its significant land position in Morocco. The Company has a 50 percent operated interest in the Sidi Moktar licence area covering 2,683 square kilometres and is working closely with Morocco's National Office of Hydrocarbons and Mines (ONHYM) as a committed long-term partner to unlock the hydrocarbon potential of the region. Morocco offers a politically stable environment to work within and has favourable fiscal terms to energy producers. PetroMaroc is a public company listed on the TSX Venture Exchange under the symbol "PMA".
Additional information about the Company can be found at www.petromaroc.co and under the Company's SEDAR profile at www.sedar.com.
PetroMaroc Corporation plc
Tom Feuchtwanger
President and Chief Executive Officer
Tel: +1 403 474 2775
Martin Arch
Chief Financial Officer and Secretary
Tel: +44 (0) 20 3137 7756
Dundee Capital Markets (Dundee Securities Europe LLP)
Financial Adviser
Derek Smith
Tel: +44 (0) 20 3440 6885 |
