Business
Sale of Colorado Oil and Gas Interests
Sale of Colorado Oil and Gas Interests.
About this update from Chill Brands Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7424X\n Zoetic International PLC\n 02 September 2020\n \n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n 2 September 2020\n \n \n \n \n \n Zoetic International plc\n \n \n \n \n \n (\"Zoetic\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n Sale of Colorado Oil and Gas Interests\n \n \n \n \n \n Trading Update\n \n \n \n \n \n Zoetic International plc (LSE: ZOE), the London-listed vertically integrated CBD company, is pleased to announce that it has agreed to sell its remaining interest in its oil and gas assets located in Colorado, USA (the \"Disposal\"), as well as continued progress with its core CBD business.\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Disposal of the Company's \"East Denver\" oil and gas assets agreed\n \n \n · \n Bank loan of US $276,574 from ANB Bank is now paid in full and the Company now has no borrowings\n \n \n · \n Total estimated annual savings of US$1 million from closing natural resources office\n \n \n · \n Second international distributor of CBD products in final stages of contract\n \n \n · \n Substantial reallocation of resources to the fast-developing CBD business following exit from the major part of the Company's oil and gas business\n \n \n \n \n \n Sale of Colorado Oil and Gas Interests\n \n \n \n \n \n The Disposal consists of assets referred to previously as the \"East Denver\" interests. The assets subject to the sale include a 7.5 per cent working interest in two leases, eight producing wells, associated surface equipment and a connecting gas pipeline (the \"East Denver Assets\"), held by the Company's wholly owned Colorado subsidiary, Highlands Natural Resources Corporation. The purchaser is True Oil LLC, the operator of the East Denver Assets (\"True Oil\"). \n \n \n \n \n \n The consideration for the sale of the East Denver Assets is US$376,000, however the Group had a loan secured on the East Denver Assets of US$276,574 from ANB Bank (subject to ...