look like a nice rise coming 2nite. “It is intended to enable...

look like a nice rise coming 2nite.

“It is intended to enable the company to realise value for its interest in Block CI-202 in excess of its market capitalisation and removes significant financial obligations for which Azonto would be committed in the next 18 months,” it said.
The terms of the sale and purchase agreement, which must go to a shareholder vote, sees the buyer pay US$4mln less up to US$400,000 of certain net liabilities related to the period before Vitol’s acquisition of 65% of Vioco in November 2013.
The consideration for certain wellhead drilling equipment is US$1.1mln, subject to Vioco’s commitment to an exploration well, required to retain CI-202 licence.
If a commercially viable hydrocarbon discovery is made in this well, US$2mln is payable within 10 business days.