Crown Energy announces CPR and information about the exploration and production licence in Salah ad-Din, Iraq
Crown Energy AB (publ) ("Crown Energy" or the "Company") today publishes a report containing information about the company's assets. The report has been prepared and reviewed by an independent qualified person (known as CPR, Competent Persons Report) regarding the company's upcoming prospectus.
Crown Energy's oil assets are, except the part relating to the exploration and production licence in Iraq, unchanged since the company's most recent CPR in May 2015. Clarification regarding Iraq follows below.
The report will be available at the Crown Energy's website www.crownenergy.se.
This report is prepared in conjunction with the company's upcoming prospectus, relating to the listing of the shares being issued, in the Company’s previously announced private placement. The prospectus is currently being reviewed by the Swedish Financial Supervisory Authority (Swe. Finansinspektionen) and will be published as soon as possible after their approval. The assessment is that an approval should be obtained at the earliest by the end of next week.
Exploration and production licence in Salah ad-Din, Iraq
The status of the asset in Iraq has been adjusted as a result of a thorough legal interpretation, and expanded reporting on and disclosing of the Production Sharing Contract (“PSC”). In the company's previous CPR from May 2015, the company stated that its interest in the license amounts to 100 percent. In the definitions of the PSC, it is clear however that the region of Salah ad-Din may be entitled to receive up to 40 percent working interest due to certain contractual obligations in the PSC. This distribution reflects the company's in-depth legal interpretation of the existing PSC and is expected to reflect the most accurate commercial split if one takes into account the region's probable working interest. As part of the ongoing work to clarify certain aspects of the existing PSC, these conditions will also be discussed in considerably more detail with the regional authorities of Salah-ad-Din.
This information is information that Crown Energy AB (publ) is obliged to publish under the EU Market Abuse Regulation (EU) No. 596/2014. The information was provided by below contact person, for publication on July 7, 2016 at. 10:10 AM, CET.
Please contact Andreas Forssell, CEO, Crown Energy AB
+46 8 400 207 20
+46 760 15 15 95
ABOUT CROWN ENERGY
Crown Energy is an international oil and gas company engaged in exploration in Africa and Middle East. Growth is created by developing assets in early stages and then maximising value by introducing appropriate industry partners in the development and production stages. For more information please visit www.crownenergy.se