Claren Energy to Divest of the Bobocu Production License in Romania
16 Juli 2020 - 11:03PM
Claren Energy Corp. (“Claren” or the “Company”) (TSX-V: CEN)
announces that it has entered into an Share Purchase Agreement
(“Agreement”) with Lalea Energy B.V. (“Lalea”) to acquire its 100%
participating interest in the Bobocu Production License,
(“Bobocu”), onshore Romania
Under the terms of the Agreement, Lalea will
assume the remaining contractual obligations with the Romanian
government through the acquisition of 100% of Claren Operations
Ltd., a wholly owned subsidiary of Claren. In consideration
of which, Lalea will grant Claren an Overriding Royalty of 5% on
produced gas during the economic field life of Bobocu. Lalea is
committed to producing first gas within two years after the signing
of the Agreement.
“We are pleased with Lalea’s commitment to
develop the Bobocu gas field,” stated Henry Aldorf, Claren’s
Chairman and CEO. “Claren and its shareholders will be able to
participate in the upside of any gas production via our overriding
royalty.”
Closing of the Transaction is subject to a
number of customary conditions including, but not limited to the
approval of the TSX Venture Exchange.
About Claren Energy Corp.
Claren Energy Corp. is an oil and gas company
that has a (100%) participating interest in the Bobocu Production
License, onshore Romania. Its common shares trade on the TSX
Venture Exchange under the symbol "CEN".
For more information please contact:
Claren Energy Corp. Mark LawsonT: +1 647 302
0393Email: mark@lawson.net
This news release contains forward-looking
information relating to Claren's intentions to conduct the drilling
programs and other statements that are not historical facts. Such
forward-looking information is subject to important risks and
uncertainties that could cause actual results to differ materially
from what is currently expected, for example: risks related to oil
and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets, volatility of
commodity prices, currency fluctuations, competition from other
producers, inability to retain drilling rigs and other services,
reliance on key personnel, and insurance risks.. Findings by
other oil and gas issuers does not necessarily indicate that Claren
will be successful in making such findings in Australia and
Romania. In making such forward-looking statements, Claren has
relied upon certain assumptions relating to geological settings,
commodity prices, the stability of markets and currencies and the
availability of capital to Claren in order to continue with the
seismic and drilling programs. You should not place undue
importance on forward-looking information and should not rely upon
this information as of any other date. While Claren may elect to,
Claren is under no obligation and does not undertake to update this
information at any particular time, except as required by
applicable securities law. Neither the 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.
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