Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/supplier-news/eaglewood-to-sell-its-remaining-10-interest-in-ppl.shtmlEaglewood to sell its remaining 10% interest in PPL 260 to ExxonMobil subsidiary
Eaglewood Energy Inc. report that Esso PNG Exploration Limited, a subsidiary of ExxonMobil has exercised its option to acquire the final 10% of
Eaglewood Energy Inc. report that Esso PNG Exploration Limited, a subsidiary of ExxonMobil has exercised its option to acquire the final 10% of Eaglewood's equity interest in PPL 260 in the PNG highlands.
The consideration for the 10% interest is USD $3.50 million with USD $1.05mm currently payable and the remaining USD $2.45mm payable when Esso's interest is registered on the license, which is expected to occur prior to September 30.
The transaction is conditional upon the waiver of pre-emptive rights and receipt of all necessary regulatory approvals.