Charisma Energy extends long-stop date of MOC 1 sale

It proposed to sell MOC 1 to Caracol Petroleum for $12.4m.

CES Oil Services, the wholly-owned subsidiary of Charisma Energy Services Limited, has extended the long-stop date to 30 April 2019 of the proposed disposal of the entire issued ordinary share capital of Mustang Operations Center 1 to Caracol Petroleum.

The proposal was first announced last 29 September 2018 as CES Oil entered a sale and purchase agreement with Caracol Petroleum for a consideration of $12.4m (US$9m).

Half of the consideration will be for the issuance and allotment of 49,572,000 new fully paid ordinary shares in the capital of consideration shares at the issue price of S$0.125 whilst the other half of the amount will be issuance of $6.2m 1.35% convertible perpetual capital securities.