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Northcote Energy enters strategic agreement with CEB Resources


Published Jun 8, 2015
Northcote Energy

Northcote has added to its portfolio of high impact interests through entering into a Participation Agreement and equity investment in CEB Resources plc, the AIM listed investment vehicle focused on resource opportunities. This provides a third area of interest for Northcote, alongside its existing opportunities in the reopening Mexican energy sector and its onshore US asset base.

Highlights: •Agreement with CEB whereby Northcote will be entitled, at its option, to participate in up to 12.5% of CEB's participation in any concessions or other oil and gas transactions that it secures in Indonesia for a period of 5 years •CEB has today signed an agreement with Corsair Petroleum (Singapore) Pte Ltd ('Corsair') whereby Corsair has agreed to assign a participating interest in a vehicle to CEB which intends to consider and, if applicable, apply for two oil and gas concessions in Indonesia •In addition, Northcote has subscribed for 50,000,000 ordinary shares of CEB at a placing price of 0.4p per share representing an investment of GBP200,000 •Northcote earned the Participation Right in connection with introductions and assistance provided to CEB and its new management team in connection with this transaction •Addition to Northcote's expanding international portfolio, alongside the existing interests onshore USA and Mexico

Tags: Northcote Energy




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