Completion of Joint Interest Sale in Tanzania and Termination of
Royalty Interest
(Thomson Reuters ONE) - Artumas today announced that it has fulfilled all conditions and hasreceived final approval from the Government of Tanzania to completethe sale of a portion of its participating interest in the Mnazi BayDevelopment Licence to Maurel & Prom S.A. (38.22% all operationsother than exploration operations, 47.775% exploration operations)and Cove Energy Tanzania Mnazi Bay Ltd (16.38% all operations otherthan exploration operations, 20.475% exploration operations).As previously announced on September 17, 2009 the sale leaves Artumaswith a 25.4% participating interest in all operations other thanexploration operations (31.75% exploration operations) and willtransfer Operatorship to Maurel & Prom.As a result of this sale and the transfer of Operatorship, Artumaswill be undergoing a substantial reorganization and rationalizationof its position in Tanzania.Also in connection with the completion of the sale Artumas announcedthat it has successfully negotiated the termination of a GrossOverriding Royalty Interest ("GORI") related to Mnazi Bay productionpreviously held by Sunorca Development Corp. of Vancouver Canada("Sunorca"). Under the terms of the agreement Artumas will provideSunorca $400,000 CAD in cash and $600,000 CAD in AGI shares inexchange for the termination of the GORI.According to President and CEO Cameron Barton, "The completion ofthis sale and the royalty termination means that Artumas has nowreached its restructuring objectives. Artumas is now able to move onto the next stage of its exploration and development objectiveswithout the further need for capital."http://hugin.info/136496/R/1357280/330114.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.11.2009 - 03:33 Uhr
Sprache: Deutsch
News-ID 8855
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"Completion of Joint Interest Sale in Tanzania and Termination of
Royalty Interest"
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