Touchstone has entered into an agreement with Parex to sell, though its indirect wholly-owned subsidiary Primera ("POGL"), a 33.8% non-operated interest in the Exploration and Production License (the "Moruga License") awarded to POGL by the Government of Trinidad & Tobago in August, 2007 and related rights, assets and interests pertaining to an area located onshore in South Central Trinidad and designated as the "Moruga Block" for aggregate consideration of up to (US)$10.0 million. The Moruga License had no existing production or reserves assigned to it by the Company.
The transaction is subject to certain conditions precedent such as the Trinidad & Tobago Government Ministry consents and the expiration, waiver or exercise of prescribed pre-emptive rights set out in the existing Joint Operating Agreement for the Moruga Block dated March 23, 2010 between POGL, Parex Resources (Trinidad) Ltd. and Primera Energy Resources Ltd.
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