Page 21 - LatAmOil Week 44 2020

LatAmOil NEWS IN BRIEF LatAmOil

value with institutional and other investors “I am honored by the opportunity to join
in the United Kingdom and Canada at a price Limetree Bay as CEO,” said Rinker. “Limetree
of 95 pence per Placing Share (approximately Bay is an exciting project that is well-positioned
CAD1.64), raising gross proceeds of approxi- to succeed given its recent operating momen-
mately US$30.0mn (approximately GBP23.1mn tum, strategic location and world-class partners
and CAD39.8mn). The Placing Price represents and facilities. I look forward to getting started
a 3.4% and 5.7% discount to GBP0.9839 and and working with Limetree Bay’s talented team
GBP1.0076, respectively, being the five- and to drive further growth for the Company and
10-day volume weighted average price of the bring value to all our stakeholders.”
Company’s common shares on the AIM market “On behalf of the entire Board, I’d like to
of the London Stock Exchange as of November thank Brian for his hard work and tremendous
2, 2020. Shore Capital and Canaccord Genuity contributions to the growth and development of
acted as Joint Bookrunners in connection with Limetree Bay during his tenure,” Thomas con-
the placing of Placing Shares with investors in tinued. “Brian was brought on two years ago to
the UK. Canaccord acted as Sole Bookrunner lead the refinery restart project and its integra-
in connection with the placing of Placing Shares tion with Limetree Bay’s world-class terminal
with investors in Canada. facilities and, as we approached completion of
Paul R. Baay, President and Chief Executive the restart project, Brian and the Board agreed
Officer, commented: “Following the significant that it was a natural time to transition leadership
exploration success at Ortoire, which has con- to a long-term CEO. We are thankful for Brian’s
INVESTMENT sistently exceeded our expectations, the Placing efforts and wish him the best in his retirement.”
will allow us to continue our exploration and Rinker is a well-respected executive with
Cuba: Ascent Resources development activities we have planned for the more than 30 years of industry experience lead-
Ortoire block, as we seek to bring our existing ing large, international energy businesses. He
signs MoU extension for natural gas discoveries onto production and drill most recently served as Executive Vice President,
further prospective targets. We are delighted by Downstream and Midstream for Husky Energy,
negotiation of PSCs the support we have received from new and responsible for leadership of Husky’s Down-
existing investors. We continue to thank our stream business, including refining, upgrading,
Ascent Resources, the onshore Caribbean, shareholders for their ongoing support, and we marketing, trading and delivering improved
Hispanic-American and European natural look forward to continuing to update sharehold- safety, reliability and profitability. Prior to join-
resources company, has announced that, fur- ers as the exploration programme continues.” ing Husky Energy in 2017, Mr. Rinker held var-
ther to the announcements of April 14 and 30, Touchstone Exploration, November 03 2020 ious roles of increasing responsibilities at OMV
2020, it has agreed a six month extension to the Group and BP. Rinker earned a B.S. in Chemical
Memorandum of Understanding (MoU) which Engineering with honors from Carnegie Mellon
it has signed with CUPET, the Cuban national oil MOVES University.
company, that gives the Company the exclusive Limetree Bay Ventures is a large-scale energy
right to negotiate the Production Sharing Con- Limetree Bay Ventures complex strategically located in St. Croix, US
tracts (PSCs) for the onshore producing Block Virgin Islands. The complex consists of Limetree
9B and onshore exploration Blocks 9A, 12 and appoints Jeffrey Rinker Bay Refining, a refinery with peak processing
15. capacity of 650,000 bpd of petroleum feedstock,
The MOU extension follows delays in coun- as new CEO and Limetree Bay Terminal, a 34mn barrel crude
try as a result of COVID-19 protection and and petroleum products storage and marine
isolation measures that were successfully imple- Limetree Bay Ventures, a world-class refin- terminal facility serving the refinery and third-
mented in Cuba over the last couple of months. ery, energy storage and logistics hub, today party customers.
Havana is expected to re-open and accept inter- announced that it has appointed Jeffrey Rinker About EIG Global Energy Partners: EIG
national travellers in November. as its Chief Executive Officer, effective Novem- Global Energy Partners (EIG), is a leading insti-
Ascent Resources, November 02 2020 ber 11, 2020. Rinker will lead the Company’s tutional investor to the global energy sector with
combined refinery and terminal organizations. $21.9bn under management as of September 30,
He succeeds Brian Lever, who will remain with 2020. EIG specializes in private investments in
FINANCE the Company through November 30, 2020, to energy and energy-related infrastructure on a
ensure a smooth transition in senior leadership. global basis. During its 38-year history, EIG has
Touchstone raises Bay as CEO,” said R. Blair Thomas, Chairman of through more than 360 projects or companies
“We are thrilled to welcome Jeff to Limetree committed over $34.4bn to the energy sector
$30mn in connection the Company’s Board of Directors and CEO of in 36 countries on six continents. EIG’s clients
EIG Global Energy Partners, Limetree Bay’s con-
include many of the leading pension plans,
with private placement trolling shareholder. “Limetree Bay made signif- insurance companies, endowments, foundations
icant progress in 2020 and we are confident that and sovereign wealth funds in the US, Asia and
Touchstone Exploration has announced that, Jeff’s deep industry experience and strong track Europe. EIG is headquartered in Washington,
further to the Company’s announcement on record of delivering commercial results and cre- DC with offices in Houston, London, Sydney,
November 2, 2020, regarding the proposed ating shareholder value make him the ideal per- Rio de Janeiro, Hong Kong and Seoul. For addi-
private placing, the Company has placed son to lead the Company during its next chapter tional information, please visit EIG’s website.
24,291,866 new common shares of no par of commercial operation.” Limetree Bay Ventures, October 30 2020

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