Hawkley Oil & Gas Limited announced Friday that it has successfully completed the sale of its Ukraine assets to Tomeas Assets Ltd for a total consideration of $1 million.
The money, including an original $100,000 deposit, has now been received from Tomeas. The sale was first announced February 2 and approved by shareholders March 16. The original agreement was terminated August 11 because Tomeas had not been able to meet its payment obligations. Following termination of the sale agreement, the company entered into discussions with other potential buyers as well as continuing negotiations with Tomeas.
Hawkley stated on its website that it intends to use the funds received to reduce its debt and provide working capital, while it pursues new opportunities to recapitalize the company. With respect to its future, Hawkley stated that directors are in advanced discussions with an Australian entity that has expressed interest in providing financial support and pursuing oil and gas opportunities in more politically stable countries.
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