HH27 Feb 2018 21:10
Transaction details:
The consideration for the initial 7.5% interest in HHDL shall be paid as follows:
1. Stellar will immediate pay HHDL £10,000 towards the cost of the Horse Hill-1 Well.
2. On completion of all necessary legal documentation within 30 days, Stellar will make a further payment of £50,000 to HHDL towards the cost of the Well.
3. Stellar shall bear a further total sum of £390,000 of cash calls for the drilling of the Well to be drilled on the Horse Hill Licence to own a 7.5% interest in HHDL.
Payments to be made by Stellar Resources to increase its interest in HHDL from 7.5% to 10%:
1. £10,000 on signing revised agreement;
2. £50,000 on signing definitive agreement;
3. £90,000 when cash called as part of the drilling programme.
Note: These terms are pro rata to the original deal Stellar Resources negotiated to acquire the initial 7.5% interest in HHDL as announced on 6 February 2014.
GLA