Extension to minimum work obligation
28 Julho 2009 - 3:00AM
UK Regulatory
TIDMCDS
RNS Number : 3578W
CDS Oil & Gas Group PLC
28 July 2009
CDS Oil and Gas Group plc ("CDS" or the "Company")
Extension to minimum work obligation
LONDON, 28 July 2009: CDS the AIM quoted oil and gas explorer (CDS.L) with
operations in Paraguay is pleased to announce that it has received
an extension from the Paraguayan Ministry of Public Works and Communications
("MOPC") - which is also responsible for energy and mining - to the Company's
minimum work obligations on its exploration licence over the Boqueron block.
The Company's minimum work commitments for the Boqueron block initially required
it to drill a minimum of three exploration wells prior to 21 November 2009.
Whilst the minimum work obligation remains unchanged the MOPC has suspended the
Company's commitments for 12 months, extending the expiry of the minimum work
period to 21 November 2010. The extension affords CDS greater flexibility in
identifying and negotiating terms with potential farm-in partners.
Patrice Roman, CEO of CDS, commented: "The extension will assist the ongoing
discussions with new strategic partners in order to finance the next phase of
our exploration program, which will consist mainly of drilling. It also
demonstrates the high value of the relationship maintained by CDS with the
Paraguayan authorities resulting from the fact that over the recent years CDS
has been a principal player as regards oil and gas exploration in Paraguay."
At this time, the Company has received a significant level of interest from
prospective investors with a view to covering the cost of the next stage of the
exploration programme and whilst no funding arrangements have yet been formally
agreed, the directors of the Company remain confident that further funds will be
arranged in the near future.
Note to Editors:
CDS Oil and Gas Group plc is a UK company which, through its Paraguayan
subsidiary, CDS Energy SA, has a 98.2% working interest in three large blocks
with substantial oil and gas exploration potential in the prospective eastward
extension into north-west Paraguay of the productive Bolivian Chaco Basin.
+--------------------------------------+--------------------+
| Further information: | |
+--------------------------------------+--------------------+
| CDS Oil and Gas Group | |
+--------------------------------------+--------------------+
| Patrice Roman - CEO | +41 22 700 68 60 |
+--------------------------------------+--------------------+
| Hanson Westhouse Limited | |
+--------------------------------------+--------------------+
| Bill Staple / Richard Baty | +020 7601 6100 |
+--------------------------------------+--------------------+
| UK enquiries: | +020 7796 4133 |
| Hudson Sandler | |
+--------------------------------------+--------------------+
| Jessica Rouleau | |
+--------------------------------------+--------------------+
| Other enquiries: | +41 22 592 50 22 |
| B4 Communication | |
+--------------------------------------+--------------------+
| Claude Baumann/Frederic Jacquemoud | |
+--------------------------------------+--------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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