Africa Energy to Acquire Interest in PEL 37 from Pancontinental

Source: www.gulfoilandgas.com 3/30/2017, Location: Africa

Africa Energy Corp. (Africa Energy) has terminated the farmout agreement (the "Farmout Agreement") entered into on November 29, 2016 with a subsidiary of Pancontinental Oil & Gas N.L. (Pancontinental). Pursuant to the Farmout Agreement, the Company was to acquire a 10% participating interest in Petroleum Exploration Licence 37 offshore, Republic of Namibia (PEL 37). Africa Energy exercised its right to terminate the Farmout Agreement as a result of due diligence procedures performed by the Company which identified discrepancies in respect of certain agreed commercial terms of the farmout transaction.

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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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