Woburn Energy PLC Corporate Update (2754H)

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RNS Number : 2754H

Woburn Energy PLC

18 June 2013

For immediate release

18 June 2013

Woburn Energy Plc

("Woburn" or the "Company")

Corporate update

The Board of Woburn is pleased to announce that on 14 June 2013 Woburn received payment of the third and fourth instalments 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 (the "Disposal"), in aggregate amounting to US$3,913,123. Due to the fourth instalment being paid earlier than the original July 2013 payment date, Woburn has now received all the instalments due to Woburn in respect of the Disposal and LQRC has no further assets. Woburn has sold today its entire shareholding in LQRC to Pacific Stratus International Energy Limited ("PSIE") for US$1.00. PSIE is the holder of the balance of the issued share capital in LQRC. Accordingly the Company no longer has any interest in LQRC.

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

 
 "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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