on Perisson Petroleum Corporation (isin : CA71400W3049)
Perisson Petroleum Updates on Colombia Asset Sale and CTO Status
In a recent announcement from Calgary, Perisson Petroleum Corporation disclosed it has signed an extension for the sale process of its Colombia-based assets. Initially announced in June 2023, the sale faced delays awaiting confirmation of the extended exclusive exploration and production license for the E&P VMM-17 block. This confirmation, received from Colombia’s regulator ANH, extends the block until August 2027.
The sale to a purchasing company is set at USD 5,125,000, an increase from the initial USD 2,750,000. The agreement includes acquisition of Perisson’s Panama and Venezuelan entities. Payment involves a USD 125,000 upfront cash payment and a 4% overriding royalty on oil production up to USD 5,000,000, with finalization expected by February 15, 2025.
Meanwhile, Perisson continues to address compliance issues related to an Alberta Securities Commission cease trade order.
R. E.
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