Norwood to Recommence Drilling on Indoklanicsa Concession in Nicaragua
Norwood Resources intends to recommence field exploration activities this fall on the Indoklanicsa concession in Nicaragua. The board of directors is currently reviewing drilling recommendations which have resulted from a series of technical and engineering workshops conducted during the past six months by the Company's technical and operations team with participation from several independent accredited Canadian US petrophysical and engineering consulting firms. A final decision will be taken very shortly on the recommended drilling program, the goal of which is to achieve commercial production at the San Bartolo location by the end of the year. Specific details of the drilling program will be reported within the coming weeks when the Company has received the necessary approvals from the Nicaraguan authorities.
The Company's operations team will be headed by Mr. Roberto Rodrigano, a leading drilling and production engineer and specialist in under-balanced drilling, who has brought many important wells into production around the world during his 39 year career.
In order to finance the next drilling program, make necessary rig upgrades and purchase specialized equipment for under-balanced drilling, the Company is arranging a financing for US$5 Million minimum by way of 'Secured Convertible Promissory Notes'. The term of the Notes will be for 2 years and will be secured by way of a general security interest on all of the assets of the Company. A coupon of 10% per annum will be paid semi-annually. The Company will have the right to repay the Notes and accrued interest during the term by providing thirty (30) days advance notice to the Note holders. If the Company elects for an early repayment, a 5% penalty/bonus will be paid. The Note holders can elect to convert under the terms of the Notes during the same period.
The Notes will be convertible into units at a deemed price of Cdn$0.07. Each unit will consist of one common share of the Company and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional common share of the Company at a price of Cdn$0.10, exercisable for two years from closing. The share purchase warrants may be exercised without converting the Notes. The Company will have the right to accelerate conversion of the share purchase warrants if the common shares of the Company trade above Cdn$0.50 for ten consecutive trading days.
The Notes will be issued and governed under the terms of a trust indenture to be entered into between the Company and Computershare Canada Limited and will be offered in Canada and in the US under the "accredited investor" provisions of the relevant jurisdiction and to subscribers from other jurisdictions subject to applicable laws. Issuance of the Notes is subject to regulatory approval.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally