News: Molopo Energy completes sale of Texas oil and gas asset for US$1M

Molopo Energy (ASX:MPO) has completed the sale of the Fiesta oil and gas assets in Crockett County, Texas, for US$1 million (A$1.29 million).

This concludes the asset maximisation program initiated in April 2013 and will result in a material reduction of the company’s overheads.

While this was the company’s only producing assets, they were not providing positive cash flow and were not part of its go forward plan.

Molopo had A$67.5 million in cash as at 31st September 2014.