Brief: Maha Energy Exits Block 70 In Oman

Keo Capital AB

01/12/2023 07:34

Dec 1 (Reuters) - Maha Energy AB  MAHAa.ST :
    * MAHA ENERGY EXITS BLOCK 70 IN OMAN
    * ANNOUNCES DIVESTMENT OF ITS 65% WORKING INTEREST IN BLOCK
70,
OMAN, TO MAFRAQ ENERGY LLC
    * CONSIDERATION AMOUNTS UP TO USD 14 MILLION
    * MAFRAQ ENERGY WILL BE RESPONSIBLE FOR PROJECT AND COVER
ALL
COSTS AS FROM DECEMBER 1ST, 2023
    * UP TO CLOSING DATE, MAHA WILL RECEIVE A PARCEL OF PURCHASE
PRICE
EQUIVALENT TO USD 2 MILLION
    * EARNOUT WILL BE UP TO USD 12 MILLION, LINKED TO ACTUAL
PRODUCED
VOLUMES FROM BLOCK 70

Source text for Eikon:  ID:nMFN7tHhw1 
Further company coverage:  MAHAa.ST 

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