Remus Horizons PCC Limited ("Remus") - Corporate Update

LONDON, Jan. 18, 2021 /CNW/ - Against the context of continued, and in some areas accelerating COVID impact, Remus Horizons PCC Limited ("Remus"), the petroleum fund of Remus Corporation, wishes to provide the following corporate updates.

Pending Opportunities

Remus is disappointed in advice received from Gran Tierra Energy Inc. ("Gran Tierra") purporting to terminate its previously disclosed agreement to sell 218,012,500 shares of PetroTal Corp. ("PetroTal") to Remus.

Remus confirms that it has sourced funding for two of its priority transactions:

• the offer, to Gran Tierra, for 218,012,500 common shares in PetroTal;
• the indicative proposal to acquire 100% of the shares of FAR Limited.

Final regulatory approvals and the subsequent onboarding of the investor capital has been subject to considerable delay; as a result of several factors, including COVID-related restrictions slowing business operations in many jurisdictions. 

Remus remains fully committed to completing the PetroTal and FAR transactions and is confident that the delays in regulatory approvals will be overcome.

Remus is also actively progressing other transaction opportunities and has sourced funds to execute those in 2021.  Further updates regarding this growing pipeline will be announced in due course.  

Personnel Additions

Remus is pleased to also report that it has expanded its senior team with new appointments including a CFO, COO and CTO, plus heads of HSSE, Corporate Affairs and Communications.

Mr. Kanagarajah continues: "I am immensely proud that, during this COVID constrained period, we have managed not only to attract world class investors and deal-flow, but also a deeply experienced team of technical, commercial and communications professionals. Our team of nearly 50 now totals: more than 500 'person years' of E&P experience; across 20 countries on four continents; with responsibility for at least US$ 100 billion of assets; extracting well over 500 million barrels of oil equivalent. It is especially gratifying to see this breadth and depth of expertise being acknowledged in the media."

About Remus

Remus Horizons PCC Limited is a private investment fund incorporated under Guernsey law, and is managed by Remus Horizons Management Company Limited, a licensee of The Guernsey Financial Services Commission. 

Remus is a privately owned and managed investor in assets, companies and people across the energy industry and related sectors. It applies robust selection criteria and a long-term horizon to its target investments, with a dedication to unlocking their full life-cycle potential. Remus actively seeks economic and social value creation for all stakeholders, including local employees, their families, and communities. Its rapidly-growing management and advisory teams bring many decades of world class expertise to asset scouting, evaluation, financing and development. Above all, Remus is committed to safe, responsible and sustainable working practices; as an investor, partner and operator. www.remus-petroleum.com

Forward-Looking Information

This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"), including statements related to Remus' expectations regarding the timing of the completion of the transaction and the satisfaction or waiver of certain conditions, and Remus' potential future actions with respect to securities of the PetroTal. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "will," "intends" and similar expressions are intended to identify these forward-looking statements. There are a number of important factors that could cause Remus' results to differ materially from those indicated by these forward-looking statements, including risks and uncertainties related to the satisfaction or waiver of closing conditions related to the transaction. There can be no assurance that Remus will be able to complete the proposed transaction on the anticipated terms, or at all. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Remus that it believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Remus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws. Remus' forward-looking statements are expressly qualified in their entirety by this cautionary statement.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Remus Horizons PCC Limited