Gulf Oil and Gas accountACCOUNT

ADX Sale of the Chorbane Permit Interest to Gulfsands

Source: www.gulfoilandgas.com 9/3/2014, Location: Africa

Share |
Further to ADX Energy Ltd’s announcement on 15 August 2014 reporting that the Tunisian Authorities (Comité Consultatif des Hydrocarbures) had approved the transfer of all of AOG’s (ADX ‘s wholly owned subsidiary, Alpine Oil and Gas Pty Ltd) remaining interest in the Chorbane permit, onshore Tunisia, to Gulfsands, all conditions precedent to completion under the Settlement Agreement with Gulfsands Petroleum Plc announced on 23 December 2013 have been met. Completion of the sale fell due on 26 August 2014.  

Gulfsands has failed to fulfil its obligation to complete and pay the final consideration of 1.5 million US$. Furthermore Gulfsands has not communicated any legitimate justification for failing to meet its contractual obligations.

ADX maintains that it has complied with its obligations under the Settlement Agreement and as a result Gulfsands is required by the Settlement Agreement to proceed to completion and pay the final consideration.

The Board of ADX has resolved to take the necessary legal recourse required to recover these funds and has instructed its legal advisors to initiate recovery proceedings.

For more information about related Opportunities and Key Players visit North Africa Projects

Acquisitions and Divestitures News in Tunisia >>

Egypt >>  8/14/2018 - Eni announces that a new Concession Agreement, aimed at governing an offshore exploration license in the prolific East Nile Delta Basin of the Mediter...
Namibia >>  8/14/2018 - Azinam Limited, the Seacrest Capital Group-backed Namibian explorer, is pleased to announce that ExxonMobil Namibia (PEL44) Limited, an affiliate of E...

United Kingdom >>  8/14/2018 - Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK,...
Egypt >>  8/13/2018 - Eni announces that Egyptian Authorities have authorized a new Nile Delta Concession Agreement allowing a ten-year extension of the Abu Madi West Devel...

Senegal >>  8/13/2018 - PETRONAS through its subsidiary PC Senegal Ltd, recently signed a Farm-in Agreement with TOTAL E&P Senegal SAS, a subsidiary of TOTAL, to acquire a 30...
United Kingdom >>  8/13/2018 - Neptune Energy Group (“Neptune”) has entered into a Sale and Purchase Agreement to acquire certain development and exploration assets in the UK Centra...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Tunisia Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Tunisia >>

More News

 

Oil & Gas Companies in Tunisia >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.