Business
PentaNova Energy Corp. Announces Operational Advances in Colombia and Argentina, Strategic Credit Facility
PentaNova Energy Corp. Announces Operational Advances in Colombia and Argentina, Strategic...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n\n\n\nPentaNova Energy Corp. Announces Operational Advances in Colombia and Argentina, Strategic Credit Facility\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\nCanada NewsWire\nVANCOUVER, Sept. 20, 2017\n\n\n\nVANCOUVER, Sept. 20, 2017 /CNW/ - PentaNova Energy Corp. (the \"Company\") (TSXV: PNO), is pleased to announce that it has signed contracts for the civil works and drilling rig to be deployed to the Company´s 60,076 gross acre Maria Conchita block in the Guajira Basin of Colombia. \n\nMaria Conchita Drilling\n\nPentaNova has signed the contract for the civil works required to begin operations and the drilling rig contract for its natural gas development on the Maria Conchita block, in northern Colombia, where it holds an 80% beneficial working interest. The Company plans to complete the civil work in approximately six weeks, and PentaNova will spud the first of two wells to be drilled back-to-back starting in November. The Company has also received an offer for the construction and financing of the pipeline required to transport the Maria Conchita gas to market. The strategic location of the block, close to both national gas trunk lines in Colombia, permits the Company significant optionality to negotiate the ultimate market for its gas.\n\nNew Credit Facility\n\nPentaNova has received an offer for a senior credit facility with a Tier-1 international financial institution. The Company anticipates entering into a term loan facility for an initial principal amount of approximately US$ 20 million in the near term. The new credit facility will be used to fund capital programs in both Argentina and Colombia and complete the Argentine acquisition commitments made under the Patagonia Oil Corp. acquisition. \n\nArgentine Operations\n\nPentaNova has taken full control of the operations of Alianza Petrolera S.A. (\"Alianza\"), as part of the Patgonia Oil Corp. acquisition previously announced in the Company´s press releases dated August 9,  July 24, and May 3, 2017. The Company has established its office in Buenos Aires and consolidated its administr...