Scandoil  

Americas Petrogas provides update on oil plus benefits


Published Jul 23, 2015
Americas Petrogas

Americas Petrogas Inc. confirms that, pursuant to the terms of the Agreement of Purchase and Sale dated June 16, 2015 (the "Sale Agreement") between the Company and Tecpetrol International S.A. and Tecpetrol Internacional S.L. (Unipersonal) ("Tecpetrol" or the "Purchasers"), any proceeds from the Argentina Oil Plus program or any substitution thereof ("Oil Plus Benefits") collected by the Company's subsidiary, Americas Petrogas Argentina S.A. (APASA) (net of third party collection costs, payments to partners and pre-existing entitlements by third parties to such proceeds, "Net Oil Plus Amounts") prior to the closing of the sale of the common shares of APASA to the Purchasers pursuant to the Sale Agreement (the "Closing") shall be paid to the Company as described in the Sale Agreement. From and after the Closing, the first US$4,000,000 of Net Oil Plus Amounts collected by APASA shall accrue for the benefit of the Purchasers.

Thereafter, the Purchasers will pay to the Company 50% of any additional Net Oil Plus Amounts collected during the earlier of (a) eighteen (18) months following receipt of the first US$4,000,000 of Net Oil Plus Amounts set out above; and (b) twenty-four (24) months after the Closing. Net Oil Plus Amounts due to the Company after Closing shall be determined and paid on a quarterly basis.

Tags: Americas Petrogas




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml