RE: Cuadrilla 75% of Balcombe18 Feb 2019 12:22
Terms of the Acquisition
Under the terms of the Acquisition, Angus Energy Weald Basin No.3 Limited, a wholly owned subsidiary of Angus Energy, has conditionally agreed to acquire the 25% interest in PEDL244 on a pro-rata basis from Cuadrilla and Lucas (the Sellers) on the following terms. The current ownership of PEDL244 is 75% Cuadrilla and 25% Lucas:
·    Pay within 20 working days of 20 January 2018 £2,000,000 less £150,000 already paid under a confidentiality agreement with the Sellers;
·    Pay £2,000,000 following consent from the OGA for the Acquisition; and
·    Carry out and pay for the well test of a horizontal well test program of the Balcombe-2Z (the "Well") to achieve the following objectives:
o Measure the Well flowing production rates for oil and natural gas;
o Measure flowing bottom hole and wellhead Well pressures;
o Determine the gas oil ratio (GOR) of production from the Well;
o Collect and analyse Well oil, gas and water samples; and
o Measure and record Well shut-in bottom hole pressure over approximately one month.