PETRONAS Canada and Progress Energy Resources said that PETRONAS Canada has exercised its right under the arrangement agreement between the parties to extend the “Outside Date” under the agreement to December 30. The Outside Date was originally established as October 31 and subsequently extended to November 30, 2012.
Under the agreement, PETRONAS Canada has the right to extend the Outside Date from October 31 for up to 90 additional days, in 30 day increments, if the required regulatory approvals have not been obtained.
This right is exercisable not less than 10 days prior to the original Outside Date or any extended Outside Date. After the Outside Date, either party has the right to terminate the agreement.
[mappress] LNG World News Staff, November 21, 2012