Paternoster Resources PLC JV to develop North African oil opportunities (8568O)
02 Giugno 2015 - 8:00AM
UK Regulatory
TIDMPRS
RNS Number : 8568O
Paternoster Resources PLC
02 June 2015
2 June 2015
Paternoster Resources plc
("Paternoster" or the "Company")
Joint venture to develop North African oil opportunities
Paternoster Resources plc (AIM: PRS), an investment company
focused on the natural resources sector, is pleased to announce
that it has entered into an agreement (the "Agreement") with
Littoral Oil and Gas Limited ("Littoral"). Littoral is an oil and
gas investment company whose principals are experienced in North
Africa. Littoral and Paternoster plan to jointly evaluate, acquire
and develop oil and gas assets, initially in Algeria. This
Agreement is in line with Paternoster's strategy of investing to
create companies that can acquire and secure material assets, and
then progress as independent entities.
Littoral has already spent the past 12 months evaluating
existing subsurface data over the areas where assets will now be
sought. Paternoster has incorporated a new company, to be known as
Atlas Oil and Gas Limited ("Atlas"), registered in England and
Wales. Under the terms of the Agreement, Paternoster shall hold 90%
of the ordinary shares in Atlas, with Littoral holding 10%.
Using Paternoster's corporate experience and Littoral's North
African expertise, we will work together to acquire assets in
known, hydrocarbon-producing basins. All licenses secured by Atlas
will be held in a special purpose vehicle, to be incorporated in an
appropriate jurisdiction.
Algeria has been selected as an initial focus in North Africa on
the basis of its stability, contract terms and excellent
infrastructure. Atlas will focus on undeveloped discoveries and
shut-in fields within proven petroleum basins. The operational
emphasis will be on leveraging technology to keep production costs
down, with a quicker path to production and revenues.
It is anticipated that minimal funds will be required to assess
the attractiveness of an asset prior to deciding whether to make an
investment. Paternoster expects to fund these activities through
existing resources.
Nicholas Lee, Chairman of Paternoster, commented:
"This is a great opportunity for Paternoster to get a foothold
in the exciting North African oil sector, with partners who have a
good deal of experience in the region.
Through working with Littoral, Paternoster will be able to
identify assets in North Africa at an early and low cost stage and
then, as appropriate, position them to move rapidly up the
valuation curve whether through public or private markets as the
Company has done with a number of its other investments."
For more information please visit www.PaternosterResources.com
or contact:
Paternoster Resources plc:
Nicholas Lee, Chairman +44 (0) 20 7580 7576
Matt Lofgran, Non-Executive Director +1 480 993 8933 (US)
Nominated Adviser and Joint Broker: +44 (0) 20 7601 6100
Westhouse Securities
Antonio Bossi/David Coaten
Joint Broker: +44 (0) 20 7562 3351
Peterhouse Corporate Finance
Lucy Williams
This information is provided by RNS
The company news service from the London Stock Exchange
END
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