Galicia Reaches in Principle Agreement to Sell Ukraine License

Source: www.gulfoilandgas.com 8/13/2015, Location: Asia

Galicia Energy Corporation Limited (GAL) announces that it has reached in principle agreement to the sale of Zinest Holdings, the holding company of its Ukraine oil and gas asset. The sale will enable GAL to exit the asset at no cost and will release Galicia from all obligations under the original Sale Agreement.

Upon completion of the sale the deal will remain subject to shareholder approval because the asset is technically Galicia's main undertaking.

The sale will leave Galicia with no residual oil and gas assets as the Company seeks to execute its stated strategy to move into the technology sector.

The Company will update the market once the sale has been completed.


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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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