Last update: 11-Dec-2013 2:04 am
Wednesday, December 11, 2013
Trinidad & Tobago Guardian Online
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Maxim looks at oil prospects in T&T
Canadian oil company Maxim Resources Inc has extended the deadline for completion of its proposed transaction with Leni Gas & Oil (LGO) to jointly pursue oilfield development opportunities in T&T. The execution of the definitive agreement in respect of the proposed transaction was expected to occur on or around August 15, but the company has now been given until September 26, to complete the proposed transaction.
Other terms of the proposed transaction and the joint venture remain unchanged The proposed transaction is subject to customary due diligence by the parties, the successful negotiation and execution of definitive agreements between the parties, and the receipt by each of Maxim and LGO of all requisite regulatory approvals. Maxim is a junior oil and gas production and exploration company based in Vancouver, Canada.
It currently holds, through New Scotland Oil and Gas Limited, a 69 per cent net revenue interest in exploration and production of Jasmin within the South Erin Block, which cover 1,350 acres. After payout of the investment to Maxim, the net revenue interest will reduce to 41 per cent. Jasmin has drilled five wells to date and the exploration licenses for this Block allow for up to a further 42 wells to be drilled.
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