Just wow30 Apr 2019 11:25
Highlights
· Under the terms of the Option Agreement, Shell will receive a 50 per cent. working interest in Licence P2437, which contains the 291 BCF Selene prospect (P50 Gross Prospective Resources).
· Shell will pay a total consideration of USD$600,000 to the Company following completion, part of which was received in February 2019.
· Completion of the farm in is conditional on the entering into of a Joint Operating Agreement and obtaining regulatory consent from the Oil & Gas Authority (the "OGA"). Application for OGA consent will be made immediately and completion is expected before the end of Q2.
· On completion of the farm in, Shell has indicated its intention to commit to drill an exploration well on the Selene Prospect at the soonest possible opportunity.
· Under the Option Agreement, Shell will pay 75% of the cost of an exploration well, including testing, subject to an aggregate cap of USD$25,000,000.