PETRONAS, through PETRONAS Carigali Canada Ltd (PETRONAS Canada) together with Progress Energy Resources Corp, will be meeting with officials from Industry Canada in Ottawa to better understand Industry Canada’s requirements with respect to the proposed acquisition of Progress by PETRONAS Canada.
Based on the announcement by the Minister of Industry on Friday October 19, 2012, PETRONAS has up to 30 days, or longer as mutually agreed to, to make any additional representations and submit any further undertakings. PETRONAS and Progress will work together to ensure that the Minister has the necessary information to determine that the proposed acquisition of Progress would likely be of net benefit to Canada.
In conjunction with this 30-day period, and at PETRONAS Canada’s request, Progress has agreed to waive the 10-day notification period required to extend the “Outside Date” under the arrangement agreement between the two companies.
Under the agreement, PETRONAS Canada has the right to extend the Outside Date for up to an additional 90 days, in 30 day increments, if required regulatory approvals have not been obtained. If the Outside Date is not extended, the agreement will still continue in effect until terminated by either party.