Woburn Energy PLC Corporate Update (2237D)

TIDMWBN

RNS Number : 2237D

Woburn Energy PLC

25 April 2013

For immediate release

25 April 2013

Woburn Energy Plc

("Woburn" or the "Company")

Corporate update

On 15 April 2013 Woburn announced that the third instalment in respect of the disposal by its 51 per cent. owned subsidiary, LQRC, of its 50 per cent. working interest in the Las Quinchas Association Contract, was expected to be received by Woburn on 24 April 2013. The payment to LQRC has not yet completed pending satisfactory review by LQRC of any potential unnecessary withholding or other taxes on payment of the instalment by the purchaser. As soon as this has been resolved satisfactorily, completion of the instalment payment to LQRC is expected to proceed and Woburn's share of funds remitted to it. A further announcement will be made when the instalment proceeds are received by Woburn.

For further information, please contact:

 
 Woburn Energy Plc                     Tel: +44 (0) 20 
                                        7380 4600 
 Kamran Ahmed                          www.woburnenergy.com 
 Beaumont Cornish Limited (Nominated   Tel: +44 (0)20 
  Adviser)                              7628 3396 
 Michael Cornish 
 

Definitions

 
 "Assignment Agreement"   The conditional assignment agreement 
                           executed 31 May 2012 and entered 
                           into between LQRC and the purchaser 
 "Las Quinchas            The association contract between 
  Association Contract"    Empresa Colombiana De Petroleos 
                           (Ecopetrol) and Clavijo Avila 
                           Geopozos & Company S.A. dated 
                           29 January 1996 (as amended) 
 "LQRC"                   Las Quinchas Resource Corporation 
 

ENDS

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