Letho Signs LOI to Acquire Interest in Namibia Oil & Gas Licenses

Source: www.gulfoilandgas.com 6/27/2014, Location: Africa

Letho Resources Corp has signed a letter of intent with Incan Energy Inc. whereby the parties have agreed to negotiate the definitive terms of an agreement for Letho to acquire all of Incan's working interest in certain Namibian Onshore Oil and Gas Licenses. Incan currently owns a 35% interest in six Namibian Licenses located within the Owambo Basin and a 33% interest in one additional Namibian License located in the Waterberg Basin. The total area of the Namibian Licenses is nearly 47,000 km2.

Under the terms of the letter of intent, the parties have agreed to settle the terms of an acquisition agreement within 120 days of signing of the letter of intent. The entry into definitive agreement will be subject to Letho completing due diligence to its satisfaction.

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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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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