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Posted On: 05/02/2024 9:13:51 AM
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Company is trying to be like SEI.V / SEUSF
Eco (Atlantic) Oil and Gas Ltd Announces Block 3B/4B Farm In - TotalEnergies & QatarEnergy
V.EOG | March 6, 2024
Strategic Farm down in Block 3B/4B Orange Basin South Africa to TotalEnergies and QatarEnergy
TORONTO, ON / ACCESSWIRE / March 6, 2024 /Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO),(TSXV:EOG), ("Eco"
the oil and gas exploration company focused on the offshore Atlantic Margins in South Africa, Namibia, and Guyana, is pleased to announce it has signed a Farmout Agreement ("FOA" pursuant to which Azinam Limited ("Azinam", its wholly owned subsidiary, will farm out a 13.75% Participating Interest in Block 3B/4B, offshore the Republic of South Africa as part of an aggregate 57% farm down transaction along with its Joint Venture ("JV" Partners Africa Oil SA Corp. ("Africa Oil" and Ricocure (Proprietary) Limited ("Ricocure" to TotalEnergies EP South Africa B.V., who will become Operator ("TotalEnergies" and QatarEnergy International E&P LLC ("QatarEnergy" (the "Transaction".
Upon completion of the Transaction, Eco will retain a 6.25% interest in Block 3B/4B.
Transactions Highlights:
Maximum transaction value, including carry, of up to US$32.1m to Eco, which includes payments due to Eco from Africa Oil and Ricocure under previously announced agreements as detailed below:
As a result of the 6.25% farm out transaction with Africa Oil, announced on 11 July 2023, Eco will receive up to US$5.5m in two payments, US$4m on Completion of the Transaction, as defined below, and a further US$1.5m on spudding of the first exploration well, and US$1.2m due from Ricocure pursuant to the original Azinam - Ricocure 2019 farm out agreement due on Completion.
TotalEnergies and QatarEnergy transaction will deliver, subject to achieving certain milestones, staged cash payments, comprising a total cash payment of US$11.92m of which US$1.92m is payable at Completion and the remaining balance in two equal successive payments, conditional upon receipt of customary regulatory approvals and the balance on spudding of a first exploration well.
Eco will also receive a full carry of its 6.25% retained share of all JV costs, up to a cap, repayable to TotalEnergies and QatarEnergy from production, which is expected to be adequate to fund the Company's share of drilling for up to two wells on the licence
jmho
Company is trying to be like SEI.V / SEUSF
Eco (Atlantic) Oil and Gas Ltd Announces Block 3B/4B Farm In - TotalEnergies & QatarEnergy
V.EOG | March 6, 2024
Strategic Farm down in Block 3B/4B Orange Basin South Africa to TotalEnergies and QatarEnergy
TORONTO, ON / ACCESSWIRE / March 6, 2024 /Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO),(TSXV:EOG), ("Eco"
the oil and gas exploration company focused on the offshore Atlantic Margins in South Africa, Namibia, and Guyana, is pleased to announce it has signed a Farmout Agreement ("FOA" pursuant to which Azinam Limited ("Azinam", its wholly owned subsidiary, will farm out a 13.75% Participating Interest in Block 3B/4B, offshore the Republic of South Africa as part of an aggregate 57% farm down transaction along with its Joint Venture ("JV" Partners Africa Oil SA Corp. ("Africa Oil" and Ricocure (Proprietary) Limited ("Ricocure" to TotalEnergies EP South Africa B.V., who will become Operator ("TotalEnergies" and QatarEnergy International E&P LLC ("QatarEnergy" (the "Transaction". Upon completion of the Transaction, Eco will retain a 6.25% interest in Block 3B/4B.
Transactions Highlights:
Maximum transaction value, including carry, of up to US$32.1m to Eco, which includes payments due to Eco from Africa Oil and Ricocure under previously announced agreements as detailed below:
As a result of the 6.25% farm out transaction with Africa Oil, announced on 11 July 2023, Eco will receive up to US$5.5m in two payments, US$4m on Completion of the Transaction, as defined below, and a further US$1.5m on spudding of the first exploration well, and US$1.2m due from Ricocure pursuant to the original Azinam - Ricocure 2019 farm out agreement due on Completion.
TotalEnergies and QatarEnergy transaction will deliver, subject to achieving certain milestones, staged cash payments, comprising a total cash payment of US$11.92m of which US$1.92m is payable at Completion and the remaining balance in two equal successive payments, conditional upon receipt of customary regulatory approvals and the balance on spudding of a first exploration well.
Eco will also receive a full carry of its 6.25% retained share of all JV costs, up to a cap, repayable to TotalEnergies and QatarEnergy from production, which is expected to be adequate to fund the Company's share of drilling for up to two wells on the licence
jmho
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