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(FWB:JXN) (WKN:A0LGD2) (ISIN:US46629L1070)
JSX ENERGY Successfully Completes Farmout of Thai Petroleum Blocks L3/48, L9/48 and L17/48 with Signing of Joint Operating Agreements
2007-11-12 09:05 ET - News Release
BANGKOK, Thailand -- (Business Wire)
JSX ENERGY Inc. (OTC:JSXG) (FWB:JXN) (WKN:A0LGD2) (ISIN:US46629L1070) announced on 20 April 2007 that its Thai subsidiary, JSX Energy (Thailand) Limited ("JSXT"), had entered into a conditional farmout agreement (the “Agreement”) with Singapore-listed Interra Resources Limited in relation to a 50% participating interests in the petroleum concession agreements for blocks L3/48, L9/48 and L17/48 (collectively the "Petroleum Blocks"). The transactions under the Agreement would be effected by way of assignment of 50% of JSXT’s participating interests in the Petroleum Blocks.
The Board of Directors of the Company is now pleased to announce that all conditions precedent to the effectiveness of the Agreement have been fulfilled, including approval from the Thai Ministry of Energy in respect of the assignment and the execution of Joint Operating Agreements in respect of the Petroleum Blocks (the "JOAs").
The JOAs provide that an Operating Committee will have ultimate control over the operations of the Petroleum Blocks and that JSXT maintains equal representation and influence over all operations with its new partner.
ABOUT JSX ENERGY INC: We are an upstream oil exploration company focused on high growth/low risk opportunities in Southeast Asia. The Company’s seasoned management team has used its experience and proprietary information to position the Company to become a leading independent of oil & gas producer. For more information visit our website: www.jsxenergy.com.
A number of statements contained in this report are forward-looking statements that involve a number of risks and uncertainties, including competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors not set forth herein. The actual results that the Company may achieve may differ materially from any forward-looking statements due to such risks and uncertainties.
Contacts:
for JSX ENERGY Inc.
Ms. Salisa Lekhasiri, +662 231 8299
investors@jsxenergy.com
Source: JSX ENERGY Inc.
