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Ivanhoe Energy Inc. Message Board

  • gv66868 gv66868 Nov 21, 2012 9:37 AM Flag

    NEWS: IVAN sells Pan-China Resources for $45M

    Ivanhoe Energy announces sale of Pan-China Resources Ltd.Last update: 11/21/2012 8:10:00 AMCALGARY, Nov. 21, 2012 /PRNewswire via COMTEX/ -- Corporate transaction supports strategy and bolsters balance sheet Ivanhoe Energy Inc. (CA:IE)(IVAN) announced today that it has signed a Share Purchase and Sale Agreement with MIE Holdings Corporation (MIE) for all of the outstanding shares of its indirect, wholly owned subsidiary, Pan-China Resources Ltd., in exchange for a cash consideration of USD$45 million. Pan-China Resources holds 100 per cent of the foreign contractor's rights for the Dagang Production Sharing Contract. MIE is publicly traded on the Hong Kong Stock Exchange and specializes in oil and gas exploration, development and production. The Company is headquartered in Hong Kong and has operations in China, the United States and Kazakhstan. The transaction has an effective date of September 30, 2012 and is subject to standard industry closing conditions, including a USD$5 million hold-back of the total consideration that is payable six months from the closing date. Anticipated closing will be within 30 days. The divestiture of Pan-China Resources aligns with the renewed strategy of Ivanhoe Energy. The Company continues to execute a comprehensive plan to strengthen its balance sheet and focus resources on its patented and proprietaryHeavy to Light Technology (HTL) and a core group of high-growth potential heavy oil assets. The Company's current priorities include divesting Zitong and Pan-China Resources, securing regulatory approval for the Tamarack project in Canada, establishing partnerships to develop Tamarack and Block 20 in Ecuador and completing mid-stream partnerships that support the commercialization of HTL.

    Now IVAN's cash burn rate will be SIGNIFICANTLY reduced. $125M from Zitong divestiture coming any day now...

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