Deo Petroleum: Amalgamation Agreement Finalized
by Deo Petroleum plc
|Thursday, January 12, 2012
DEO Petroleum announced that the amalgamation agreement to combine the License P218 Block 15/21a Gamma Sub Area ("Gamma") and Block 15/21g ("Spaniards") areas has been finalized. The parties to the agreement will now effect the relevant transfer documentation. A firm commitment well is expected to be drilled by Encore (Operator) in the third quarter of 2012.
Deo has a carried interest of 12.62 percent and will make no cash contribution to the dry-hole cost of the first well. The remaining Gamma/Spaniards equity is held by Encore (28 percent), Nautical Petroleum (21 percent), Serica Energy (21 percent), Faroe Petroleum (8.4 percent), Maersk Oil (5.74 percent), and Atlantic Petroleum (3.24 percent).
David Marshall, DEO Chief Executive Officer, commented, "We are delighted to announce the signature of the amalgamation agreement which will allow detailed well planning activities to be finalized. We look forward to the results of the commitment well later in 2012."
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