"Either you did not read in full, or you did not understand the initial post which was a simple cut and paste of AOI Annoucement made by AOI" well what was posted is...
"Under the terms of the Letter of Intent, Red Emperor will earn a 10% interest in both the Dharoor and Nugaal Valley Blocks and is committed to paying a disproportionate share of costs related to the one well drilling commitment included in the first exploration period of both the Dharoor and Nugaal Valley Production Sharing Agreements. Red Emperor may, at its own discretion, exercise a right to increase its participating interest by an additional 10% in each of the Dharoor and Nugaal Blocks. Red Emperor must advise Africa Oil on or before 31 August 2010 if they wish to exercise this option.
The transaction is conditional on the parties finalizing a formal farmin agreement and the satisfaction of certain conditions precedent including due diligence, ministerial approval, Red Emperor raising not less than AUS$2.8 million, AUS$2 million of which is to be deposited into escrow by not later than July 30, 2010, other regulatory approvals and, if required, shareholder approval."
I commented on this post...FACT
- Forums
- ASX - By Stock
- RRS
- africa oil announce farm in
africa oil announce farm in, page-12
-
- There are more pages in this discussion • 8 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add RRS (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online