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Pentanova Energy Corp. Provides an Update on the Llancanelo Asset
Pentanova Energy Corp. Provides an Update on the Llancanelo Asset Canada NewsWire ...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n\n\n\nPentanova Energy Corp. Provides an Update on the Llancanelo Asset\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, Aug. 20, 2018\n\n\n\nVANCOUVER, Aug. 20, 2018 /CNW/ - PentaNova Energy Corp. (the \"Company\" or \"PentaNova\") (TSXV: PNO), provides an update of events relating to the Llancanelo Asset in Argentina with YPF S.A. (\"YPF\"), the operator of the concession.\n\nFollowing on from the information provided in the Company's press release dated July 3, 2018, the Company's wholly-owned subsidiary Alianza Petrolera Argentina SA (\"Alianza\") recently received formal notification from YPF advising that pursuant to the provisions of the governing agreement of the Llancanelo joint venture (\"JV\"), Alianza withdraw immediately from its 39% working interest in the Llancanelo Asset and transfer said working interest over to YPF on account of failure to pay outstanding cash call balances currently estimated to be US$8 million plus interest and owed by Alianza to the JV. YPF requested Alianza's cooperation in making the necessary filings and obtaining the relevant governmental approvals necessary for the transfer of the working interest to YPF. \n\nAlianza also received notification from YPF acknowledging the termination of the Llancanelo Farmout Agreement (\"FOA\") due to certain conditions precedent to closing not being met by the long stop date. As a consequence, Alianza will not earn the 11% working interest resulting from the FOA. YPF requested that the parties should reverse the effects of all acts performed by them under the FOA and requested Alianza's cooperation in making the necessary filings and obtaining the relevant governmental approvals necessary to that end.  \n\nOn the same date, Alianza notified YPF its decision to terminate the FOA due to it not satisfying certain conditions precedent to closing by the long stop date, without fault on the part of Alianza. Furthermore, Alianza requested that YPF return the guaranties given in pursuance of the transaction.\n\nPentaNova is continuing its discussions with YPF to negot...