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SABA Energy Amends Agreement To Farm-In For Offshore Assets In The Republic Of The Philippines And Is Granted MCTO
(TheNewswire) Calgary, Alberta, May 4, 2026 - TheNewswire – Saba Energy Ltd. (...
About this update from Saba Energy Ltd.
[{"type":"text","content":"SABA Energy Amends Agreement To Farm-In For Offshore Assets In The Republic Of The Philippines And Is Granted MCTO\n(TheNewswire)\n\n\nCalgary, Alberta, May 4, 2026 -\nTheNewswire – Saba Energy\nLtd. (“Saba” or the “Company”) (TSXV: SABA) is pleased to announce that further to its press release dated January 27,\n2026, the Company has entered into an Amending Agreement to the Heads\nof Agreement (the “Amending HOA”) dated May 1, 2026, with Nido Petroleum Philippines Pty\nLtd. (“Nido”), a non-arm’s length party, for the purpose of Saba to\nfarm-in to two offshore Philippines Petroleum Service Contracts. Nido\nis owned 100% by Chaudhary Family Trust which is the controlling\nshareholder of Saba Energy Ltd. The contract areas are known as: (1)\nPhilippine Petroleum Service Contract No. 54;\nand (2) Cadlao Development and Production Petroleum Service\nContract.\n\n\n \n\n\nAll terms of the Amending HOA remain the same as\ndisclosed in the Company’s January 27, 2026 press release except for\nSaba is now required to raise USD $7 million by\nJuly 31, 2026.\n\n\n \n\n\nSaba also announces that, further to its press release\ndated April 30, 2026 (the “Announcement”), its principal regulator, the\nAlberta Securities Commission, has accepted the Company’s\napplication for, and has granted, a management cease trade order (the\n“MCTO”). As previously announced, the Company applied for the\nMCTO due to a delay in the filing of the Company’s annual financial\nstatements and accompanying management’s discussion and analysis for\nthe fiscal year ended December 31, 2025 (the “Annual Filings”),\nwhich were due on April 30, 2026. The MCTO restricts the Chief\nExecutive Officer and Chief Financial Officer of the Company from all\ntrading in securities of the Company until such time as the Annual\nFilings have been filed by the Company and the MCTO has been lifted.\nThe MCTO does not affect the ability of other shareholders of the\nCompany to trade in securities of the Company. The Company and its\nauditors continue to work diligently toward completing the Annual\nFilings as soon as possible. The Company expects that it will be in a\nposition to file the Annual Filings on or before June 14, 2026. Until\...