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Interoil Argentina S.A. and Selva MarÃa Oil S.A. acquired a 65% interest in five exploitation concessions located in the Province of Santa Cruz, Argentina and a 95% interest in and to the transport concession on the Océano area from Echo Energy Plc.
Interoil Exploration and Production ASA (OB : IOX) and Selva MarÃa Oil S.A. entered into binding term sheet to acquire 65% interest in five exploitation concessions located in the Province of Santa Cruz, Argentina and a 95% interest in and to the transport concession on the Océano area from Echo Energy Plc for £1.725 million on May 9, 2023. A cash consideration of an upfront payment of £0.075 million upon execution of the transaction documents and the balance of £0.75 million payable at Completion. A payment in kind of £0.4 million via transfer to Sellers of IOX shares at a subscription price of 1.15 NOK per share, to be made upon Completion. An additional contingent payment of up to £0.5 million. On completion of the Transaction, Sellers will retain a 5% working interest in the Exploitation Concessions, related joint venture and the Transport Concession, and will be vested with an option to buy another 5% back from Buyers. The transaction is subject to approval of Echo Energy's shareholders. As of May 26, 2023, The agreement has signed. The board of Echo Energy has requested shareholder approval for the partial sale of its Santa Cruz Sur assets. Ben Jeynes and Adrian Hadden of Cenkos Securities plc (AIM:CNKS) acted as financial advisor to Echo Energy.
Interoil Argentina S.A. and Selva MarÃa Oil S.A. acquired a 65% interest in five exploitation concessions located in the Province of Santa Cruz, Argentina and a 95% interest in and to the transport concession on the Océano area from Echo Energy Plc on June 27, 2023. Interoil completed the acquisition of a 42.69 % participating interest in and to five exploitation concessions located in the Province of Santa Cruz, Argentina and a 62.39% interest in and to the transport concession on the Océano area. As part of the closing of the transaction, the Board of Directors of the Interoil has resolved to issue 4,824,591 shares in kind of £0.4 million.
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Echo Energy plc is a United Kingdom-based full cycle, exploration led, gas focused company with an asset base in Latin America. Its portfolio of operations is located in Argentina and Bolivia. It holds a 5% minority stake in the joint venture in Argentina, which holds Santa Cruz Sur, a collection of five production concessions located in the onshore Austral Basin, southern Argentina. The assets sit to the northeast and southeast of its Tapi Aike exploration block. The license portfolio consists of over 12 producing oil and gas fields with existing infrastructure allowing the delivery of oil and gas to local, domestic and international export markets. Its Huayco and Rio Salado blocks lie in the south of Bolivia within the sub-Andean foothills of the Tarija Basin. The Rio Salado license surrounds the Huayco block and lies in southern Bolivia, over 290 km south of the city of Sucre and 60 km east of Tarija. It is also focused on exploring potential opportunities to secure new assets.
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News Echo Energy plc Interoil Argentina S.A. and Selva MarÃa Oil S.A. acquired a 65% interest in five exploitation concessions located in the Province of Santa Cruz, Argentina and a 95% interest in and to the transport concession on the Océano area from Echo Energy Plc.
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