Nordic Petroleum AS (Nope) confirms its intent to cooperate with the UK company Athabasca Resources Limited (ARL) in order to execute the planned appraisal program for the Chard License in Alberta, Canada to be executed during the summer of 2014. The transaction is structured as a farm-out/farm-in agreement, and ARL will cover the full costs of the program and a cash element and in return obtain 50% of the interest. The parties have agreed a payment schedule, and April 30th is the date by which the parties shall have entered into a final agreement covering stated project. ARL has paid parts of the cash element in order to achieve an exclusivity ending April 30th unless the final agreement is implemented.
Inquiries may be directed to: Per Gunnar Løge (+47 91130847)