Page 16 - LatAmOil Week 42 2021

LatAmOil NEWS IN BRIEF LatAmOil

About Rabo Branco field: The Rabo Branco Investors in the Fundraising to receive one and offer high potential growth. The Compa-
onshore field is part of the BT-SEAL-13 conces- warrant for every two Fundraising Shares, exer- ny’s business plan is to expand oil production
sion, located south of the Carmópolis field, in the cisable at GBP0.09 (CAD0.15282) per new com- from some of Colombia’s most active basins,
Sergipe-Alagoas Basin, in the state of Sergipe. mon share for 24 months from AIM admission. including the Llanos, Middle Magdalena Valley
The field’s average production in 2020 was 131 At the Fundraising Price, the Company’s (MMV) and Putumayo Basin. The asset base
bpd. Petrobras had a 50% stake, in partnership market capitalisation will be GBP13.1mn is predominantly operated with high working
with Petrom. (CAD22.3mn). The Fundraising Price repre- interests, and the Brent-linked light oil pricing
About Petrom: Petrom is a special purpose sents a discount of approximately 24.2% to the exposure combines with low royalties to yield
company (SPE) formed to manage the activities Company’s closing share price preceding the attractive potential operating margins. Arrow’s
developed in the Rabo Branco field, in which it is pricing of the Fundraising. 50% interest in the Tapir Block is contingent on
the operator and now holds 100% stake. The net proceeds of the Fundraising (together the assignment by Ecopetrol SA of such inter-
Petrobras, October 11 2021 with Company’s existing funds, if required) are est to Arrow. Arrow’s seasoned team is led by a
expected to be used to drill two wells at Rio hands-on executive team supported by an expe-
Cravo Este, commencing by the end of 2021, rienced board.
FINANCE and will also be deployed in drilling the Car- Arrow Exploration, October 20 2021
rizales Norte-1 exploration well. Additionally,
Arrow Exploration the Company will deploy funds to repay approx- Centaurus Energy amends
imately $3.15mn of Canacol’s Promissory Note
announces fundraising with the Company. agreement with Humble
Admission is expected on 25 October 2021,
and publication of AIM under the code AXL. Energy to reduce liabilities
In addition to the Fundraising, the Company
Admission Document intends, following Admission, to raise up to an owed to Neuquen
additional CAD500,000 by way of a non-bro-
Arrow Exploration, the oil and gas exploration kered private placement in Canada. The Private Centaurus Energy is pleased to announce that it
and production company, is pleased to announce Placement is expected to be conducted at the has entered into an amendment to the agreement
that it has conditionally raised approximately same price as the Fundraising (and in any event with Humble Energy, announced on September
GBP8.8mn (CAD15.0mn), through a placing at a price not less than the Fundraising Price). 27, 2021, whereby Humble will purchase all of
and subscription for new common shares with The Private Placement is expected to close in the issued and outstanding membership inter-
new investors, Canacol Energy, and executive late October 2021 or early November. The net ests in the capital of Madalena Energy Argentina
management and is today publishing an AIM proceeds from the Private Placement will also be (MEA), the Company’s operating subsidiary
Admission Document in connection with the applied towards the Work Programme. based in Argentina.
admission of the enlarged share capital of the Marshall Abbott, Chairman and CEO of Pursuant to the Amendment, Humble will
Company to trading on the AIM Market of the Arrow, said: “We are very pleased with the results enable MEA to make an upfront payment of
London Stock Exchange (LSE). The Company of the Fundraising, and we look forward to our $6mn to the Province of Neuquén to settle lia-
will maintain its listing on the TSX Venture AIM admission and to closing the additional bilities related to the Curamhuele hydrocar-
Exchange (TSX-V). Private Placement in the near-term. We wish bons area, located in the Province of Neuquén.
The Fundraising comprises a placing and to welcome our new shareholders and thank In exchange, MEA will transfer to Centaurus
subscription of 140,949,545 new common shares our existing shareholders for their continued $17mn of the total overriding royalty amount of
at an Issue Price of GBP0.0625 (CAD0.106125) support.” $25mn, to be paid to MEA under the terms and
per new common share. Executive manage- Arrow Exploration Corp. (operating in conditions described in the Coirón Amargo Sur
ment investing approximately GBP0.83mn Colombia via a branch of its 100% owned sub- Este hydrocarbons area, located in the Province
(CAD1.41mn) in the Fundraising. Canacol par- sidiary Carrao Energy) is a publicly-traded com- of Neuquén (CASE) assignment to PAE (the
ticipating in the subscription, to hold 19.9% of pany with a portfolio of premier Colombian oil PAE ORRI) in settlement of all intercompany
the enlarged share capital at Admission. assets that are under-exploited, under-explored debts and obligations owed by Centaurus to
MEA.
As a result of the Amendment, the condition
precedent to closing of the Proposed Transac-
tion relating to the settlement of the Curamhuele
liabilities will be fulfilled.
As previously disclosed, the effect of the
Proposed Transaction will be that, upon com-
pletion, the Company will have transferred indi-
rectly all its conventional oil and gas assets and
related liabilities to Humble, retaining only the
PAE ORRI while liabilities relating to CASE and/
or Curamhuele will have settled.
Centaurus is an independent upstream
oil and gas company with both conventional
and unconventional oil and gas operations in
Argentina.
Centaurus Energy, October 19 2021

P16 www. NEWSBASE .com Week 42 21•October•2021