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KUALA LUMPUR, April 11 (Bernama) -- CN Asia Corporation Bhd had entered into a framework agreement with Markmore Energy (Labuan) Ltd And Caspioil Gas Llp (COG) after negotiating for further terms and conditions in relation to a project at the Rakushechnoye Oil and Gas Field in Kazakhstan.
It said the framework was in relation to the drilling, extraction, processing and production of natural gas extracted from the field and the establishment of the central processing complex (CPC) in Ak Kum, Mangistau Province, Kazakhstan to process natural gas into liquefied petroleum gas (LPG) and condensate.
“Markmore Energy, through its wholly-owned subsidiary, Markmore Central Asia B V (MCA) holds the entire participatory interest in COG, which in turn is the concession holder of the Rakushechnoye Oil and Gas Field,” it said in a filing with Bursa Malaysia today.
It said the framework agreement set out the outline of corporate exercises to be undertaken by CN Asia, among others, to propose a special issue of up to 30 per cent of the existing share capital of the company to raise minimum funds of RM15 million.
CN Asia said the framework also included a rights issue with warrants to raise minimum proceeds of RM200 million as well as proposed issuance of redeemable convertible preference shares of one sen each in CN Asia to Markmore Energy to partially satisfy the entry cost.
It said the proposed LPG production is intended to provide CN Asia with a new source of income and allow for the monetisation of the gas and condensate to be produced at the Rakushechnoye Oil and Gas Field.
“The proposed LPG production also allows CN Asia to unlock the full potential of the Rakushechnoye Oil and Gas Field.
“The exercise is expected to enhance the overall returns to the Rakushechnoye Oil and Gas Field through the minimum internal rate of return of 15 per cent per annum,” it added.
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