Simwell UK Licence Farm-Out Closure.

Comtrack Venture's subsidiary Simwell Resources had a 50% interest in three licences P2300, P2329 & P2427 covering the new Zechstein Reefal and Carboniferous plays in Quad 36 and 37. The remaining interest in the licences is held by Ardent Oil and Horizon Energy.

Simwell had received a farm-in offer as mentioned in Simwell's press release of 21st January 2019. Subsequently a farm out agreement was signed with Horizon Exploration in February 2019. This farm out has now closed and in return for financing acquisition of 667 sq km of 3D covering these licenses, Simwell is reducing its interest in the licenses to 10%. Applications are underway to the authorities (OGA) to register the assignment of interests.