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JESMOND CAPITAL ANNOUNCES EXTENSION OF AGREEMENT FOR QUALIFYING TRANSACTION TO BECOME NORTH SEA FOCUSED OIL AND GAS EXPLORATION AND DEVELOPMENT COMPANY
JESMOND CAPITAL ANNOUNCES EXTENSION OF AGREEMENT FOR QUALIFYING TRANSACTION TO BECOME NORTH SEA F...
About this update from Jesmond Capital Ltd.
[{"type":"text","content":"\n \n \n \n JESMOND CAPITAL ANNOUNCES EXTENSION OF AGREEMENT FOR QUALIFYING TRANSACTION TO BECOME NORTH SEA FOCUSED OIL AND GAS EXPLORATION AND DEVELOPMENT COMPANY\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n May 30, 2023\n \n \n /CNW/ -\n \n Jesmond Capital Ltd.\n \n (TSXV: JES.P) (\"\n \n Jesmond\n \n \" or the \"\n \n Company\n \n \") announces that further to the Company's previously announced \"Qualifying Transaction\" (the \"\n \n Transaction\n \n \") pursuant to the policies of the TSX Venture Exchange (the \"\n \n Exchange\n \n \"), to acquire Quattro Energy Limited (\"\n \n Quattro\n \n \"), the Company has agreed with Quattro to extend the date for completion of the Transaction to\n \n September 15, 2023\n \n . Upon completion of the Transaction, the combined entity (the \"\n \n Resulting Issuer\n \n \") will continue the business of Quattro and will be engaged in building a portfolio of international oil and gas producing assets, with its initial focus on Seaward Production Licence No. P2519 (the \"\n \n P2519 Licence\n \n \"), which includes Blocks 15/18e and 15/19c and covers an area of c. 225 km\n \n 2\n \n in the Outer Moray Firth Basin, a highly prospective area with development potential of the United Kingdom Central North Sea, close to existing producing infrastructure. Quattro has entered into an asset purchase agreement to acquire the P2519 Licence (the \"\n \n Licence Acquisition\n \n \") which agreement has been extended to\n \n July 31, 2023\n \n , to provide sufficient time to meet the funding requirement under that asset purchase agreement, and the vendor of the P2519 Licence has agreed that further extension may be required for all conditions precedent to be met to allow completion of the sale, including regulatory approvals to enable the transfer of funds to the vendor and the assignment of the P2519 Licence to Quattro.\n \n See Jesmond's\n \n \n January 17, 2023\n \n press release for additional information.\n \n \n Since the Company and Quattro entered into the a...