Scandoil  

Continental Energy to sell stake in Norwegian affiliate


Published Sep 18, 2014
Continental Energy Corporation-2

Continental Energy Corporation has reached an agreement for the sale of its 51% shareholding stake in Visionaire Energy AS (VEN) to Visionaire Invest AS (Visionaire) of Horton, Norway, for consideration of US$ 1,200,000.

VEN is a holding company which owns a 49% equity interest in VTT Maritime AS (25% net to the Company) and a 41% equity interest in RADA Engineering and Consulting AS (21% net to the Company). Both are privately owned, offshore oil and gas service providers based in Bergen, Norway. Greater than projected operating losses from VEN and its partially owned subsidiaries plus the requirement for additional capital investment in VEN and in its subsidiaries led to the Company's decision to sell.

Tags: Continental Energy Corporation




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