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MEO Receives US$39 mn Cash from Petrobras

Source: www.gulfoilandgas.com 10/15/2010, Location: Not categorized

MEO Australia Limited is very pleased to confirm receipt of approximately US$39 million cash consideration from Petrobras in relation to the WA-360-P farm-in. The cash consideration incorporates approximately US$7.5 million of seismic related back costs, together with the first US$31.5 million cash bonus.

The company will proceed to settle its transaction with Moby Oil and Gas Pty Ltd relating to the acquisition by MEO of an additional 5% participating interest in WA-360-P for US$7 million, of which a US$1.5 million deposit has already been paid.

A further US$1 million has been committed to the acquisition of a 15% participating interest in WA-361-P from Gascorp Australia Pty Ltd and will be paid upon receipt of regulatory approval for the transfer of equity.

The US$32.5 million cash balance remaining after these commitments, together with the A$36.4 million consolidated cash balance at 30th September, will be used to pursue new venture opportunities.

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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 


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