Assignment of working interest in Liege Lease pertaining to bitumen, in the Province of Alberta, Canada
Japan Canada Oil Sands Limited (JACOS), a consolidated subsidiary of Japan Petroleum Exploration Co., Ltd. (JAPEX), has been conducting oil sands business in the Province of Alberta, Canada.
On May 30, 2012 (MST), JACOS entered into agreement with a Canadian entity on the assignment of a 25% working interest pertaining to bitumen in Liege lease for a cash consideration of 32.5 million Canadian Dollars.
Liege lease is located in an area apart from Hangingstone lease, where JACOS is planning to proceed with an expansion project. There will be no impact on the expansion project caused by the subject assignment of the working interest. JACOS has decided on this assignment since it has not been prioritized Liege lease as its target of development based upon its technical evaluation of the potential.
Please note that the information in the news is as of the announcement date and may be subject to change without notice.
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