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Centaurus Energy Enters Into Amendment to Agreement with Humble Energy, Settling Curamhuele-Related Liabilities Owed to Province of Neuquen for US$ 8MM
Calgary, Alberta--(Newsfile Corp. - October 20, 2021) -  Centaurus Energy Inc. (TSXV: ...
About this update from Centaurus Energy Inc.
[{"type":"text","content":"Centaurus Energy Enters Into Amendment to Agreement with Humble Energy, Settling Curamhuele-Related Liabilities Owed to Province of Neuquen for US$ 8MMCalgary, Alberta--(Newsfile Corp. - October 20, 2021) -  Centaurus Energy Inc. (TSXV: CTA) (OTCQB: CTARF) (\"Centaurus\" or the \"Company\") is pleased to announce that it has entered into an amendment (the \"Amendment\") to the agreement (the \"Agreement\") with Humble Energy S.A. (\"Humble\"), announced on September 27, 2021, whereby Humble will purchase all of the issued and outstanding membership interests in the capital of Madalena Energy Argentina S.R.L. (\"MEA\"), the Company's operating subsidiary based in Argentina (the \"Proposed Transaction\").Pursuant to the Amendment, Humble will enable MEA to make an upfront payment of US$6,000,000 to the Province of Neuquén to settle liabilities related to the Curamhuele hydrocarbons area, located in the Province of Neuquén (\"Curamhuele\"). In exchange, MEA will transfer to Centaurus US$17,000,000 of the total overriding royalty amount of US$25,000,000, to be paid to MEA under the terms and conditions described in the Coirón Amargo Sur Este hydrocarbons area, located in the Province of Neuquén (\"CASE\") assignment to PAE (the \"PAE ORRI\") in settlement of all intercompany debts and obligations owed by Centaurus to MEA.As a result of the Amendment, the condition precedent to closing of the Proposed Transaction relating to the settlement of the Curamhuele liabilities will be fulfilled.As previously disclosed, the effect of the Proposed Transaction will be that, upon completion, the Company will have transferred indirectly 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. About Centaurus EnergyCentaurus is an independent upstream oil and gas company with both conventional and unconventional oil and gas operations in Argentina. The Company's shares trade on the TSX Venture Exchange under the symbol CTA and on the OTCQB under the symbol CTARF.FOR FURTHER INFORMATION, PLEASE CONTACT:David Tawil, Interim Chief Executive Officeremail: [email protected]: (646) 479-9387Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX ...