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.
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Eaglewood Energy
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