New Zealand Energy Corp. (?NZEC?) recently announced (copy attached)* that they have entered into a Letter of Intent with AGL Upstream Gas (MOS) Pty Limited (?AGL?) to acquire AGL?s 50% interest in PEP 51151 (Alton).
LME is pleased to announce that they have entered into a conditional agreement with NZEC which provides LME a 100% free-carry in respect to expenses incurred in drilling the Talon-1 exploration well within PEP 51151. In addition, in the event of a discovery, the agreement also provides for the funding of completion costs up to $500,000 with any costs beyond this shared on a 50:50 basis.
LME Price at posting:
9.5¢ Sentiment: Hold Disclosure: Held
