The base consideration is £0.5 million in cash, subject to adjustments for working capital as at the effective date of November 30, 2004 and for cash flows in the period between the effective date and completion. In addition to the base consideration, two conditional payments may be made. On governmental approval of a field development plan, a payment of £0.6 million will be made and an additional payment of £0.8 million will be made at the point the project reaches its break-even point.
Completion of the transaction is expected to take place by the end of the second quarter of 2005. The acquisition is subject to partners' rights and approvals and to the consent of the UK regulatory authorities.
Block 22/19a contains the Fiddich gas and condensate discovery, which lies approximately 20 km to the south east of the Paladin-operated MonArb Fields.
Following completion of this transaction, partner interests in the License would be Paladin Expro Limited (operator) 51.82975 percent, NOEPUK 38.17025 percent and Noble Energy (Europe) Limited 10 percent.
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