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CYCLIQ GROUP LTD — Regulatory Filings 2012
Feb 19, 2012
64746_rns_2012-02-19_bf7ecac1-597a-443c-9457-fc8d1a87ce6f.pdf
Regulatory Filings
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20 February 2012
Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000
BNP SETTLEMENT UPDATE
Sprint Energy Ltd (“Sprint”) (ASX Code: SPS) is pleased to advise that the BNP Bankruptcy Trustee has not elected to seek the assignment of any of the Company’s Padre Island or Sullivan City leases. Under the terms of the final settlement agreement recently approved by the United States Bankruptcy Court for the Southern District of Texas, the Bankruptcy Trustee was required to provide notification of any assignment by 17 February 2012.
Both Sprint and the Trustee are now making preparations to close out the settlement by the 27 February deadline.
Sprint’s Managing Director, Mr Andrew Mattin, said, “This is a major milestone in the finalisation of these long running legal proceedings. After 27 February the Company will be free of this historical legal issue. We are able to focus our attention fully on building a strong future for Sprint via the acquisition of new leases in Louisiana and through value maximisation of the existing Padre Island gas production assets.”
A further update will be provided to shareholders following the finalisation of the settlement after 27 February.
Yours sincerely Sprint Energy Ltd
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Andrew P Mattin, MAICD Managing Director
For further information please contact: Andrew Mattin Managing Director Phone: +61 3 9692 7222 Email: [email protected]
About Sprint Energy Ltd: Sprint Energy Ltd is an independent oil and gas exploration and production Company, listed on the Australian Stock Exchange (ASX Code: SPS). Its primary focus of operations is Gulf Coast, USA.
Sprint Energy Ltd Suite 304, 22 St Kilda Road St Kilda Victoria 3182 P +61 3 9692 7222 f +61 3 9529 8057 www.sprintenergy.com.au