Deals - Joint Ventures | Debt | Deals - Acquisition, Mergers, Divestitures | Capital Markets | Drilling Program | Private Equity Activity
Cequence Energy Mulling Options to Continue Business
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Cequence Energy Ltd. has announces that its Board of Directors has determined that it is timely, prudent and in the best interests of shareholders to initiate a formal process to explore strategic alternatives with a view to enhancing shareholder value.
Such strategic alternatives may include, but are not limited to, a corporate sale, merger or other business combination, a sale of a material portion of Cequence's assets, a joint venture, farm-in or farm-out or other transaction.
A special committee comprised of Messrs. Don Archibald (Chair), Peter Bannister and Howard Crone, each of whom are independent directors, will work with management and the Company's external advisors to oversee the review of strategic alternatives. The special committee has a mandate to solicit, review and consider strategic alternatives and to consider and recommend to the Board of Directors whether any transaction is in the best interests of the Company and its shareholders. Peters & Co. Limited has been engaged as financial advisor to advise the special committee in connection with this comprehensive review and analysis of strategic alternatives.
Cequence has not set a definitive schedule to complete its identification, examination and consideration of strategic alternatives. Given the nature of the process, the Company does not intend to provide updates until such time as the Board of Directors approves a definitive transaction or strategic alternative, or otherwise determines that further disclosure is advisable. Cequence cautions that there are no guarantees that the review of strategic alternatives will result in a transaction, or if a transaction is undertaken, as to its terms or timing. The strategic alternatives review process has not been initiated as a result of receiving any transaction proposal.
Cequence will continue to focus on its near and long term business plan, centred on the development of its existing Montney resource at Simonette, and other prospective exploration and development activities.
To this end, the Company will continue to execute on its capital program with 2 (1.5 net) Dunvegan wells and 1 (1 net) Montney wells expected to be completed prior to year end. Cequence has maintained a strong balance sheet and financial position during the current period of low commodity prices, and intends to continue to do so.
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