10th Apr 2014 11:43
LONDON (Alliance News) - Leni Gas And Oil PLC Thursday said it has further agreed to extend the deadline for the completion of its Maxim Resources Inc transaction by an additional 60 days.
The oil and gas exploration and development company said the companies came to an agreement to extend the agreement until May 31 in order for Maxim to conclude a court case concerning its interests in the South Erin Block in Trinidad.
In March 2013, the two parties entered into a joint venture agreement in which Leni would make payments to Maxim up to a total of CAD2.4 million in return for roughly 30 million shares in the company, or 49.99% of the issued share capital of Maxim.
Since then, the agreement has been extended multiple times in order for Maxim to attempt to gain effective control of the South Erin Block which contains the producing Jasmin Oilfield.
Maxim has been in litigation with Jasmin Oil and Gas Ltd over its rights to working interest and revenue at the site, after it initially invested over USD4.2 million in the drilling of additional wells in the producing field.
Leni Gas and Oil shares were up 6.1% to 0.780 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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