Bernard / TransDominion Energy
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Trans-Dominion - Update On Pakistan, Senegal & Bulgaria acquisition
CALGARY, ALBERTA--DECEMBER 8, 1995--TRANS-DOMINION ENERGY(TSE: TDE)
BANKRUPTCY COURT IN HOUSTON APPROVES THE TRANSFER OF ASSETS (EXCLUDING PERU) TO CLAIMANTS ALLOWING CLOSURE OF ACQUISITION OF PROPERTIES IN PAKISTAN, SENEGAL AND BULGARIA; SHELL TO DRILL IN SENEGAL IN DECEMBER; MR. CHARLES WHEELER TO BECOME CHAIRMAN
The Bankruptcy Court in Houston has agreed to the settlement with the Claimants of the Guyana Development Corporation facilitating the closing of the agreements previously made between Trans-Dominion ("TDE") and the Claimants.
Within the next month, TDE now anticipates that it will complete the acquisition of:
An 18 percent working interest in Block A, Pakistan
A 3.0 percent to 4.0 percent gross override on the non- government share of production from the Dome Flore Block, offshore Senegal, and
A 20 percent carried working interest, convertible to a 4 percent gross override on Gandalf Petroleum's share of production from the Shabla Block 1 Licence, offshore Bulgaria.
The consideration being paid by TDE for these assets is 7,000,000 Treasury shares and 3,500,000 warrants which can be exercised at a price of $0.18 each within three years and a cash sum of US$150,000. The consideration will be reduced if the royalty in Senegal is less than 4.0 percent.
A further 1,900,000 shares and 5,400,000 warrants will be issued in escrow pending the acquisition of a 6 percent carried working interest in Block 50, Peru. Part of the consideration in escrow could be released if certain discovery conditions are met in Senegal or Pakistan.
The acquisition of the Peruvian property is subject to a further court hearing and if the 6 percent carried working interest is acquired, then all the shares and warrants in escrow would be released together with US$100,000.
Shareholder and TSE approval has been given for this acquisition. In June of this year, Tullow Oil, the operator of the Pakistan License, announced a discovery well which flowed at the rate of 9.5 million cubic feet per day. Subsequent review of the technical data from this well indicates a small reserve of gas at this location.
Further seismic work, planned for 1996, is required to delineate the reservoir and to identify further drilling targets in the area.
Pecten (Shell), the operator of the Senegal offshore License, is currently mobilizing a rig to drill the first of a probable two-well program (second well optional). The well is expected to commence drilling later this month.
At the closing, Mr. Charles Wheeler, a geologist with 34 years of international experience at Exxon, reaching the level of vice-
president in charge of worldwide exploration and production, will be appointed Chairman of TDE.
CONTACT: Michael J. Doherty, President 011-44-1483-303776 or 011-44-1483-306179 (FAX) or W.J. (Jim) Cooke, Operations Vice President 403/232-1166 or 403/232-6299 (FAX)
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