Global markets had a mixed performance today, with the Nikkei 225 closing 0.94% higher while the Hang Seng Index dipped 0.30%. In the same manner, the FTSE 100 is trading marginally lower at 6,814, while the S&P/TSX Composite index shows strength at 15,120, up 0.26% from its previous close.
Among global economies, Germany reported a 50% decrease in its quarterly growth. The country’s economy grew only 0.2% during the quarter ended on September. While German private consumption and state spending increased, weak foreign trade numbers took their toll.
PetroMaroc Corporation plc (TSX-Venture:PMA) is a Canadian oil and gas company that announced financial and operating results for the third quarter of 2016. The company reported its general and administrative costs at $0.20 million U.S., representing a 50% decrease in comparison to Q3 2015 ($0.40 million U.S).
Its cash balance stood at $0.5 million U.S. and a working capital deficit as at September 30, 2016 of $0.9 million U.S.
PetroMaroc Corporation plc also successfully extended the maturity date of the Cdn $11.09 million principal amount of secured debentures from September 30, 2016 to December 31, 2016, and extended the maturity date of the Cdn $0.4-million principal amount unsecured loan to December 31, 2016.
The company provided updates about its collaboration with Sound Energy for Sidi Moktar. The agreement related to onshore gas licenses in Morocco. It also allowed for Sound Energy to acquire the Sidi Moktar Licenses, subject to certain conditions.
D. Campbell Deacon, Chief Executive Officer of PetroMaroc, said: "Subsequent to execution of a binding sale and purchase agreement with Sound Energy plc in March 2016, as amended, we are currently proceeding towards completion of the conditions precedent, which include receipt of the ministerial approvals in Morocco and receipt of the final approval of the TSX Venture Exchange.”
The parties to the agreement are awaiting the receipt of ministerial approvals in Morocco for proceeding further. The company is also mulling various alternatives to address its debt and share capital structure with a focus on alternatives for the Company's Debentures.
PetroMaroc Corporation plc is an independent oil and gas company and it engages in the evaluation, acquisition, exploration, and development of oil and gas properties in Morocco.
The company has a 50% operated interest in the Sidi Moktar licence area covering 2,683 square kilometres. It was founded in 2006 and is headquartered in St Helier, the Channel Islands.
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