This press release is not to be
distributed to U.S. newswire services or for dissemination in the
United States. Any failure to comply with this restriction may
constitute a violation of U.S. securities law.
August 8, 2013 - Calgary,
Alberta- Canoel International Energy Ltd. ("Canoel" or the
"Company") (TSX VENTURE: CIL) considers it is appropriate to communicate
to the market following the completion of its important acquisition
in Italy.
On the
1st of August 2013,
Canoel has officially started gas and
condensate production under its formal flag and legal ownership
with its own managers, technicians and equipment.
Most of the Gas
Licenses are located in the Southern part of Continental Italy in
the Regions of Puglia, Basilicata, Molise,
Abruzzo and Marche.
The Exploration
Permits and Exploration Applications are in
respect of properties located in the South of Italy and have a
total acreage dimension of 1.285,41
square kilometres.
Canoel
obtained approval of the Italian Ministero Sviluppo
Economico before completing this acquisition.
The production assets
(the "Assets") are comprised of
(i) 6 operated onshore gas production concessions: Masseria
Grottavecchia (20% working interest), San Teodoro (100% working
interest), Torrente Cigno (45% working interest), Misano Adriatico
(100% working interest), Sant'Andrea (40% working interest) and
Masseria Petrilli (50% working interest); (ii) 3 non-operated
onshore gas production concessions: Masseria Acquasalsa (8.8%
working interest), Lucera (13.6% working interest) and San Mauro
(18% working interest) (collectively, the "Gas Licences"); (iii) an
operated exploration permit: Montalbano (57.15% working interest)
(the "Exploration
Permit"); and (iv) and 3 exploration permit
applications: Serra dei Gatti (100% working interest), Villa
Carbone (50% working interest) and Colle dei Nidi (25% working
interest) (the "Exploration
Applications").
In addition, in 2011 Canoel was awarded 2 gas producing
concessions in this same geographical area by the Italian
"Ministero dello Sviluppo Economico".
These concessions, Torrente Vulgano
and Canaldente, are respectively located in the Regions of Puglia
and Basilicata.
Canoel has
filed on July, 5 2013 for the year ending 31 March
2013 an Engineering Report, An Annual Oil & Gas Disclosure
Filing compliant with National Instrument 51-101 only on the
properties held at the time, i.e. the Argentinean properties as
well as the concession in Italy previously
acquired.
Italy ranks as the
4th largest producer of
oil & gas in Europe with 8,330 billion
m3 (294,500 bcf) of annual natural gas production.
Current European pricing metrics offer a premium to North American
commodity prices. with current cost per MMBtu ranging in the
equivalent of approximately CAD $12.00 compared to North American
pricing approximately around CAD $3.50. ( Source NEB)
Indeed in the Italian markets the current prices at which
Canoel's natural gas is sold presently vary between Euro 0.30 and
Euro 0.44 per m3 of gas.
Andrea Cattaneo, the
company's CEO, states " We
are very satisfied to see our Italian production developing
steadily under our flag. These new producing concessions complement
Canoel's current operational structure, i.e. its Italian
subsidiary, Canoel Italia S.r.l. which operates two existing
licences already in Canoel hands, Torrente Vulgano and Canaldente;
so maximizing Canoel Italia's resources in the region and the existing
structures of the group in Italy.
We are
combining these revenues with the already existing revenues in
Argentina to form a stronger group based on the cash flows from
Argentina and Italy and with the upside represented by the
negotiations for new producing properties in Libya and in
Nigeria."
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.
Forward-Looking Information
Certain information in this press release is
forward-looking within the meaning of Canadian securities laws as
it relates to anticipated events and strategies. When used in this
context, words such as will, anticipate, believe, plan, mandated,
intend, target, and expect or similar words suggest future
outcomes.
Forward-looking information in this press
release includes, among other things, information relating to: (i)
the ability of the Company to operate the operated Gas Licences;
(ii) the Company preparing its engineering report in accordance
with National Instrument 51-101; and (iii) the sales prices
expected to be received for gas produced from the properties
subject to the exploration licences.
These statements are based on certain
assumptions and analyses made by the Company in light of its
experience, current conditions and expected future developments and
other factors it believes are appropriate. The material factors and
assumptions used to develop these forward-looking statements
include, but are not limited to: (i) the ability of the Company to
raise the needed capital to operate the operated Gas Licences; (ii)
the ability of the Company to complete its engineering report of
the Assets in accordance with National Instrument 51-101; and (iii)
that the Company will be able to sell the gas produced from the
Assets, if any, at current market prices.
Whether actual results, performance or
achievements will conform to the Company's expectations and
predictions is subject to a number of known and unknown risks and
uncertainties which could cause actual results and experience to
differ materially from the Company's expectations. Such risks and
uncertainties include, but are not limited to, risks relating to:
(i) whether the Company is able to maintain tenure to Gas Licences
and the Exploration Permit; (ii) whether the Exploration
Applications will be successful; (iii) the ability of the Company
to effectively operate the operated Gas Licences; and (iv)
obtaining new financing, as required, to operate and maintain the
properties. If any such risks actually occur, they could materially
adversely affect the Company's business, financial condition or
results of operations. In that case the trading price of the
Company's common shares could decline, perhaps
materially.
Readers are cautioned not to place undue
reliance on any such forward-looking statements, which speak only
as of the date made. Forward-looking statements are provided for
the purpose of providing information about management's current
expectations, and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. Canoel does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in Canoel's
expectations or any change in events, conditions or circumstances
on which any such statement is based, except as required by
law.
For further
information, please contact:
Jose Ramon Lopez Portillo Andrea
Cattaneo
Chairman of the
Board CEO & President
Email:
ir@canoelenergy.com
Telephone: (403) 938-8154
Telefax: (403) 775-4474
Glossary
BcfBillion cubic feet
MMBtu
Million British Thermal Unit
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