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 >>

Ghana >>  2/19/2018 - Aker Energy AS, a 50-50 joint venture between Aker ASA and TRG AS, has entered into an agreement with a subsidiary of Hess Corporation to acqui...
Russia >>  2/19/2018 - PAO NOVATEK (NOVATEK) won the open auction to acquire a 100% stake in Maretiom Investments Limited (owns 100% equity share in Geotransgaz) and 100% of...

United Arab Emirates >>  2/18/2018 - On behalf of the Abu Dhabi Government, the Abu Dhabi National Oil Company (ADNOC) signed an agreement with Cepsa, a Spanish integrated oil and gas com...
United Kingdom >>  2/16/2018 - Angus Energy Plc, the conventional oil and gas production and development company, announces that pursuant to the Company’s 22 January RNS it has init...

United States >>  2/15/2018 - Oil Search advises that its acquisition of a 25.5% interest in the Pikka Unit and adjacent exploration acreage and a 37.5% interest in the Horseshoe B...
United States >>  2/15/2018 - Noble Energy, Inc. (NBL) (Noble Energy) announced that its Board of Directors has authorized a $750 million share repurchase program. In addition, th...

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. - Privacy Policy.