FOR IMMEDIATE RELEASE
Friday, June 13, 2014
Johannesburg, South Africa, Harare, Zimbabwe, Vienna, Austria, Tokyo, Japan – June 13, 2014 – The Board of African Compass International Limited (“ACI” or the “Company”) are pleased to announce the entering into a nonbinding LOI between ACI Vienna and a private oil & gas JV partner with offshore assets in Equatorial Guinea to conduct a due diligence review of its assets.
The Company has agreed to immediately place a not to be disclosed amount due to a confidentiality agreement with the JV partner in escrow to conduct the due diligence review of the assets and has the exclusive right to acquire them, subject to the successful outcome of the due diligence review. The Company may exercise its right to acquire the assets upon completion of formal documentation for a total after-tax consideration to be agreed on a future date.
The assets positive cash flow produced an average of more than 10,000 barrels of oil equivalent per day net to the JV partner in 2013.
ACI will use the proceeds from its recent sale of Uzbekistan oil & gas interests for the assets as it continues to make investments in the oil & gas space in Eurasia, South America and Africa as part of a Tripartite Plan, last year, approved by the Board to increase its global footprint in accredited geographies as a diversified natural resources company.
About ACI
African Compass International (“ACI”) is a global diversified private natural resources company in frontier, emerging/established emerging and developed markets. The Group farms, explores, sources, refines and produces, inter alia, agriculture products, base metals, ferrous & non-ferrous metals, minor metals, platinum group metals, precious metals, oil & gas and commercial energy. Our diversified operations in Africa, Americas and Eurasia are supported by offices in Austria, Canada, Japan and Zimbabwe. ACI always seeks partnerships with all its stakeholders that will add value to projects at hand based on the core values of honesty, integrity and vision.
Supporting Resources: please visit www.africancompassinternational.com; follow @Afrikancompass on Twitter, or join ACI on LinkedIn.
For and on behalf of the Company’s Board
Julian RUPARE, Jr.
CEO & Chair
GLOSSARY OF TERMS:
The following are the main terms and abbreviations used in this webnews:
ACI African Compass International Limited and/or its subsidiaries, as appropriate
ACI Vienna African Compass International Investments and Holdings
Board Board of Directors
CEO Chief Executive Officer
CG Chief Geologist
CLO Chief Legal Officer
Company African Compass International or African Compass International Limited
COO Chief Operating Officer
JV Joint Venture
LOI Letter of Intent
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African Compass International
Johannesburg | Harare | Vienna | Tokyo
Directors J Rupare Jr (CEO) C N Rupare (COO) U Mazunga (CLO) V M S Correia (CG)
