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The American Energy Group, Ltd. (OTC.BB: AEGG) announced today that Hycarbex Asia Pte. Ltd., and its subsidiary firm, Hycarbex-American Energy, Inc., have engaged Macquarie Capital (Europe) Ltd. to serve as their financial advisor to locate a strategic partner for the further development of the Haseeb Gas Field and the larger Yasin 2768-7 Block petroleum concession. Hycarbex-American Energy, Inc. is the operator of the Yasin 2768-7 Block petroleum concession in Pakistan, in which The American Energy Group, Ltd. owns an 18% royalty. Macquarie Capital (Europe) Ltd. is a unit of Macquarie Bank, Australia’s largest investment bank and a top tier advisor on energy related merger and acquisition transactions. Macquarie Capital (Europe) Ltd. recently served as a financial advisor to Hong Kong based United Energy Group on United’s $775 million acquisition of British Petroleum’s upstream assets in Pakistan.
Hycarbex Asia Pte. Ltd. indicated that the decision to engage Macquarie Capital (Europe) Limited to assist the search for a strategic partner was based upon severe liquidity constraints due to a lack of operating cash flows resulting from delays and subsequent interruptions to first production from the Haseeb Gas Field. The historical and recent issues relate to the gas processing facility, which is owned and operated by a third party, include construction and third party certification delays, monsoon rains during 2010, and problems during plant commissioning. The recent difficulties cited by Hycarbex have been mechanical in nature and have not affected the existing well, the gas pressures or the high quality of the gas. Hycarbex Asia Pte. Ltd. and Hycarbex-American Energy, Inc. further indicated that they are confident the strategic transaction to add value going forward will be concluded.
This news release contains forward-looking statements, including estimated time lines for future events. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, including potential production rates and potential reserves, which estimates are unproven and not based upon actual production data or historical facts. Forward-looking statements are subject to uncertainties and risks including, but not limited to, economic conditions, drilling risks and actual operating conditions and results, deviation in costs of critical equipment and services, deviation in production decline rates, the impact of competition and commodity pricing, and domestic and foreign governmental regulation and approvals.
All forward-looking statements in this disclosure, whether made by, or on behalf of the Company or by or on behalf of the project operator, are expressly qualified by the above cautionary statements and any other cautionary statements which accompany the forward-looking statements. In addition, the Company disclaims any obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
For further information contact Pierce Onthank, President and CEO at (203) 222-7315 or [email protected].