Option Agreement for Offshore African Acreage Terminated

Source: www.gulfoilandgas.com 7/2/2014, Location: Africa

Stetson Oil & Gas Ltd, a Forbes & Manhattan Energy Group Company, reports that the exclusive option agreement (the "Option Agreement") entered into with a private company ("Privateco") for the option to acquire an interest in two prospective exploration blocks offshore West Africa has now been terminated.

In connection with the Option Agreement, the Company originally provided a US$1,500,000 advance to Privateco at an interest rate of 10% per annum. Since a definitive agreement for the offshore blocks was not executed, Privateco has now repaid to Stetson the advance, all accrued interest, and the extension fees for extending the term of the Option Agreement.

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


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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 

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