Maxim Resources Inc., the Canadian oil and gas production and exploration company, made an announcement that it has entered into a non-binding Heads of Agreement with Quest Investments LLC, incorporated in Dubai, and its wholly-owned subsidiary Quest Oil & Gas Ventures Inc.
Upon completion of the transactions under the agreement, dated effective March 20, 2015, Quest will become a significant shareholder of Maxim, and the Canadian company will purchase up to 25 per cent indirect equity ownership interest in an oil and gas exploration and production concession, in the United Arab Emirates. The concession right holder, pursuant to Petroleum Concession Agreement, is UAQ Petroleum Limited – a HK company, which is a subsidiary of Canemir Petroleum Corp., incorporated in the British Virgin Islands. This BVI company is 50 per cent owned by Quest Oil & Gas Ventures, and 50 per cent by Arawak Euroasia FZE.
Under the terms of the agreement, Maxim will acquire 50 per cent of Quest, which will give the Canadian company an indirect 25 per cent equity ownership interest in Canemir.
Upon completion of the transactions contemplated in the agreement, Quest may become the holder of more than 20 per cent of Maxim shares, which will give it a control over oil and gas company.
