Genel Energy PLC (GENL.LN), an oil company, primarily focused on the Kurdistan region of Iraq, Thursday announced that it has expanded its exploration acreage after acquiring large stakes in two licenses, offshore Morocco and offshore Malta.
Genel Energy PLC (GENL.LN), an oil company, primarily focused on the
Kurdistan
region of
Iraq
,
Thursday announced that it has expanded its exploration acreage after acquiring
large stakes in two licenses, offshore
Morocco
and
offshore
Malta
.
MAIN FACTS:
-Agreed to buy a 60% stake, and take operatorship, in an exploration and
production license in the Sidi Moussa Offshore Block, offshore
Morocco
from
Serica Energy PLC (SQZ.T), San Leon Energy PLC (SLE.LN) and Longreach Oil &
Gas Ltd. (LOI.V).
-The current holders of Sidi Moussa comprise Serica Sidi Moussa B.V, San Leon
Offshore Morocco B.V and Longreach Oil and Gas Ventures Limited, who
collectively hold a 75% equity interest, and are the vendors.
-The remaining 25% interest is held by the Office National des Hydrocarbures et
de Mines.
-Genel Energy will acquire a 60% participating interest in Sidi Moussa from the
Vendors pro rate according to their equity interests.
-The consideration comprises an initial payment of $1.3 million in recognition
of past costs plus an exploration carry for the drilling of the commitment well
required in the First Extension Period, of up to the first $50 million gross
cost.
-These will be funded from the Company's existing cash resources.
-In Malta, Genel has agreed to buy a 75% stake in the Production Sharing
Contract in Area 4, including Blocks 4,5,6 & 7, offshore Malta from
Mediterranean Oil & Gas PLC (MOG.LN)
-The consideration comprises an initial payment of $10 million in recognition
of past costs, plus a 100% carry on the first exploration well and a 100% carry
on the second well of up to a maximum of $30 million gross cost.
-These will be funded from the Company's existing cash resources.
-Genel
shares clsoed Wednesday at 694.5 pence.
Διαβάστε ακόμα
Τρι, 24 Σεπτεμβρίου 2024 - 19:58
Τρι, 24 Σεπτεμβρίου 2024 - 19:54
Τετ, 18 Σεπτεμβρίου 2024 - 18:32
Τετ, 18 Σεπτεμβρίου 2024 - 18:27
Τρι, 17 Σεπτεμβρίου 2024 - 20:01