Canoel Announces Formal Receipt of Approval as an Oil Trader in Libya
October 03 2013 - 8:15AM
Access Wire
October
3, 2013 - Calgary, Alberta - Canoel
International Energy Ltd. ("Canoel" or the
"Company") (TSX VENTURE: CIL) is pleased to announce that it has
received notification that the Company is now included in the list
of recognized traders of crude oil with the Libyan National Oil
Company.
This notification
came after months of long negotiations with senior officers of the
Libyan National Oil Company (NOC). As previously announced on
November 21, 2012, Canoel had established a presence in Libya by
starting the long process to open a local representative office. As
the new government's economic strategy continues to develop, Canoel
is confident that its representative office will enable management
to evaluate additional opportunities in a timely and efficient
manner. This will also allow the company to clearly differentiate
itself from other entities seeking entry in the Libyan petroleum
sector. These efforts are made with the intention to conduct future
negotiations for purchasing or assuming operatorship of exploration
and production assets in Libya. Local business connections are
expected to facilitate the vetting of both exploration and
production assets.
The
negotiations with NOC are focused on two
opportunities: 1) the trading of crude oil, and 2) the application
to get access to producing fields that are temporarily shut-in. In
terms of the first opportunity, as noted, company management has
been notified that Canoel is now included on the list of the
recognized traders of crude oil with the NOC. In terms of the
second opportunity, Canoel can now concentrate its efforts toward
the acquisition and advancement of early stage exploratory acreage
as well as the resumption of operations of temporarily suspended
fields. To date, Canoel's operating history in Argentina and Italy
has validated this strategy of acquiring and enhancing producing
assets, being either oil or natural gas fields.
Libya
ranks as the 7th
largest producer of oil & gas among the OPEC
producers with declared national proven oil reserves of 48 billion
barrels. (Source: 2011 IEA International
Energy Agency, Paris, OPEC).
Earnings from oil exports account
for more than 90% of Libya's National Income.
Forward-Looking Information
Certain
information in this press release is forward-looking within the
meaning of Canadian securities laws as it relates to anticipated
events and strategies. When used in this context, words such as
will, anticipate, believe, plan, mandated, intend, target, and
expect or similar words suggest future outcomes.
Forward-looking
information in this press release includes, among other things,
information relating to: (i) the identification of opportunities to
conduct business and purchase exploration and production assets in
Libya; and (ii) the Company's plan to grow through international
acquisitions and exploration and to increase the production and
reserves from its inventory of international oil and gas
projects.
These statements are based on certain
assumptions and analyses made by the Company in light of its
experience, current conditions and expected future developments and
other factors it believes are appropriate. The material factors and
assumptions used to develop these forward-looking statements
include, but are not limited to: (i) the ability of the Company to initiate oil
trading activities; (ii) the ability of the Company to conduct business and
identify potential oil and gas exploration and/or production assets
in Libya; (iii) the ability of the Company to negotiate and/or
enter into favourable transactions for such assets; (iv) the
ability of the Company to raise the needed capital to acquire such
assets; and (v) that the Company will be able to explore and/or
produce and market oil and gas from such assets, if any.
Whether actual results, performance or
achievements will conform to the Company's expectations and
predictions is subject to a number of known and unknown risks and
uncertainties which could cause actual results and experience to
differ materially from the Company's expectations. Such risks and
uncertainties include, but are not limited to, risks relating to:
(i) whether the Company
will be able to initiate oil trading activities; (ii) whether the
Company will be able to identify potential oil and gas exploration
and/or production assets; (iii) whether the Company will be able to
negotiate and/or enter into favourable transactions for such
assets; (iv) whether the Company will be able to raise the needed
capital to acquire such assets. If any such risks actually occur,
they could materially adversely affect the Company's business,
financial condition or results of operations. In that case the
trading price of the Company's common shares could decline, perhaps
materially.
Readers are
cautioned not to place undue reliance on any such forward-looking
statements, which speak only as of the date made. Canoel does not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in Canoel's expectations or any change in
events, conditions or circumstances on which any such statement is
based, except as required by law.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further
information, please contact:
Jose Ramon Lopez Portillo
Andrea Cattaneo
Chairman of the
Board CEO & President
Email:
ir@canoelenergy.com
Telephone: (403) 938-8154
Telefax: (403) 775-4474
This press
release is not to be distributed to U.S. newswire services or for
dissemination in the United States. Any failure to comply with this
restriction may constitute a violation of U.S. securities law.
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