Canoel International Energy Awaits Approval for Italian Gas Acquisitions

Canoel International Energy Ltd. (TSXV:CIL) provided updates on its Italian gas asset acquisitions.

As quoted in the press release:

The parties are waiting approval of the Italian Ministero Sviluppo Economico before closing the Proposed Transaction. Canoel expects such approval to be obtained, tough the exact timing is unclear.

Canoel’s CEO, Andrea Cattaneo, said:

We are satisfied to see the transaction developing steadily. These new concessions complements Canoel’s current operational structure, i.e. its Italian subsidiary, Canoel Italia S.r.l. which operates two existing licences already in Canoel hands, Torrente Vulgano and Canaldente; so maximizing Canoel Italia’s resources in the region and the existing structures of the group in Italy.

To view the whole press release, click here.