Finalisation of Interest in Tarfaya Offshore Block

Source: www.gulfoilandgas.com 5/29/2015, Location: Africa

88 Energy is pleased to declare that it has received notification that the Moroccan Minister for Energy and Minister for Finance have signed the assignment document, finalising the divestment of the interests of DVM International SARL ("DVM", 88 Energy's subsidiary in Morocco) in the Tarfaya Offshore Block.

This completes the assignment process and removes a potential liability from 88 Energy's subsidiary, DVM, to Galp Energia of US$3.4m, if the assignment had not been completed under its agreement with Galp.

Previous agreements executed by DVM, Galp and Office Nationale des Hydrocarbures et des Mines (ONHYM) meant that the potential liability was considered a very low risk proposition; however, with the formal completion of the assignment, this potential liability has now been removed.

Managing Director of 88 Energy Ltd, Dave Wall commented: "This formally concludes the Moroccan chapter of the Company's history and allows 88 Energy and its shareholders to firmly focus on our world class exploration asset onshore Alaska. It also completely removes a financial risk for the Company's shareholders that, whilst always a very low probability, is now behind us."

It should be noted that the contingent liability between 88 Energy and Galp remains, which stipulates that Galp is entitled to a payment of US$3.4m in cash or 88 Energy stock if the market capitalisation of 88 Energy reaches or exceeds US$50m before September 2021.

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


Nigeria >>  7/1/2022 - ADM Energy PLC, a natural resources investing company, provides an update on the legal proceedings in respect of its interest in the Barracuda oil fie...
Norway >>  7/1/2022 - Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”), a technology...

Norway >>  7/1/2022 - The farmin agreement with OMV (Norge) AS ("OMV"), which was first announced on May 9, 2022, has now been concluded, according to Longboat Energy, an u...
Nigeria >>  6/30/2022 - Reference is made to previous stock exchange releases by PetroNor E&P ASA (“PetroNor") regarding the acquisition of Panoro Energy ASA’s (“Panoro”) int...

United States >>  6/30/2022 - U.S. Energy Corp. has entered into an agreement (the “Agreement”) to acquire operated oil and gas producing properties in an all-cash transaction (the...
Tanzania >>  6/29/2022 - Wentworth, the independent, Tanzania-focused natural gas production company, is pleased to provide an update on its agreement with Scirocco Energy plc...

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 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.