Exploration & Production | Finance & Investing | Capital Markets
Perrison Petroleum Corp Finances Colombian Development
Print
|
6.jpg)
Perisson Petroleum Corporation has announced that it has received expressions of interest to finance the development of its Colombia oil property VMM-17. These expressions of interest with accredited arms length investors, for an approximate amount of US$12 million, are part of a round of funding whose goal is to secure financing for a total of US$25 million in order to carry out exploratory work on this property. They have no obligatory force and are not binding on the parties nor do they constitute an obligation on investors' part to subscribe, or an obligation for the Corporation to issue securities.
Fully involved in the process, the Perisson management team is proud to have successfully taken this first step and has every confidence that its objective of US$25 million will be reached by the end of the 1st Quarter of 2015:
Gary Chen, chief executive officer of Perisson said: "We're extremely satisfied with these expressions of interest.
They reflect the confidence of investors in the completion and eventual success of the project we've developed for the optimal exploitation of the VMM-17 property. Their support is a highly positive element in terms of our future success."
Funding of the Perisson VMM-17 project will take the form of non-brokered private placements, the conditions and terms of which will be revealed in due course.
Perisson's main property, block VMM-17 is located in the Middle Magdalena Basin in the Colombian province of Tolima. Its contingent resources have been estimated at 32 million barrels, with unrisked prospective resources assessed at 350 million barrels. The Perisson Corporation is currently involved in the process of securing compulsory environmental approval and all necessary regulatory approval, including all the final agreements required before the drilling of exploratory wells can begin on the VMM-17 property.