Thursday, July 31, 2014

Eco (Atlantic) Oil & Gas Ltd. received Ghana Parliament’s ratification of purchase agreement

Eco (Atlantic) Oil & Gas Ltd., an integrated oil and gas exploration company incorporated in the British Virgin Islands, announced that the Parliament of the Republic of Ghana has ratified a petroleum agreement under the terms of which the company may acquire a 50.51 per cent interest in the Deepwater Cape Three Points West Block, located in offshore Ghana, close to significant producing Jubilee Oil Field. The contract area is approximately 944km² in water depth between 800m and 2,000m. The BVI corporation has been qualified as operator of the Block.

Partners in the Block are Eco (Atlantic) Oil & Gas Ltd., which will own 50.51 per cent through its wholly owned subsidiary Eco Atlantic (Ghana) Ltd., A-Z Petroleum Products Ghana Limited, which will be the holder of 32.14 per cent, the Ghana National Petroleum Company with 13 per cent, and GNPC Exploration and Production Company Limited with 4.35%. The signed agreement provides for a term of 25 years, subject to the discovery of oil within the first seven years.

Thursday, July 17, 2014

Mineral exploration company closes sale of Oman properties through its BVI subsidiary

Gentor Resources Inc., a mineral exploration company working in Turkey, closed the sale of its properties in Oman to AIM-listed company Savannah Resources plc. The deal was made by Turkish company selling to Savannah Resources all the outstanding shares of its wholly-owned subsidiary, British Virgin Islands-registered company Gentor Resources Limited.

The agreement between the companies was signed in April 2014. The initial consideration for the sale includes, as it was announced before, a cash payment of US$800,000 paid to Gentor on closing. Deferred Consideration consists of: the sum of US$1,000,000, payable to Gentor upon a formal final investment decision being made for the development of the Block 5 licence in Oman, (b) the sum of US$1,000,000, payable to Gentor upon the production of the first saleable concentrate or saleable product from ore derived from the Block 5 licence in Oman, and (c) the sum of US$1,000,000, payable to Gentor within six months of the payment of the deferred consideration. Also, Savannah Resources may choose to pay up to 50 per cent of the above deferred consideration by the issue of shares to Gentor Resources.