Brief: Interoil Announces Proposed Acquisition Of Additional Participation In Santa Cruz Concessions

Interoil Exploration and Production ASA

09/05/2023 18:35

May 9 (Reuters) - Interoil Exploration And Production
Asa  IOX.OL :
    * INTEROIL ANNOUNCES PROPOSED ACQUISITION OF AN ADDITIONAL
PARTICIPATION IN SANTA CRUZ CONCESSIONS
    * IS EXPECTED TO RECEIVE APPROXIMATELY A THIRD OF TARGET
INTEREST
AND ASSETS
    * ON COMPLETION OF TRANSACTION, SELLERS WILL RETAIN A 5%
WORKING
INTEREST IN EXPLOITATION CONCESSIONS
    * INTEROIL EXPLORATION AND PRODUCTION-PAYMENT IN KIND OF
£400,000
VIA TRANSFER TO SELLERS OF IOX SHARES AT A SUBSCRIPTION PRICE OF
1.15 NOK PER SHARE
    * A CASH CONSIDERATION OF £825,000, PAYABLE BY MEANS OF AN
UPFRONT
PAYMENT OF £75,000 UPON EXECUTION OF TRANSACTION DOCUMENTS
    * ECHO WILL RETAIN OPTION TO REPURCHASE 5% INTEREST IN JOINT
VENTURE ,RELATED ASSETS FOR CONSIDERATION OF £100,000 OVER 6
MONTH PERIOD
    * ADDITIONAL CONTINGENT PAYMENT OF UP TO £400,000 SHOULD
PRODUCTION FROM JOINT VENTURE EXCEED FROM 4,000 BOEPD

Source text for Eikon:  ID:nGNE5k8FVC 
Further company coverage:  IOX.OL 

 ((Reuters.Briefs@thomsonreuters.com;))