The approval is for 25p shares that will be allotted to Western Gas for the existing SASANOF deal.
Clontarf will pay about US$4mln in cash and issue 100mln shares at 25p each. Upon the event of a discovery at the Sasanof-1 well, it will issue a further 150mln shares for a maximum value of £8.7mln, representing 80% of the company’s value as of May 6.
Sasanof-1 Target Depth Week Stream, page-193
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