Following completion of the sale, the Company has received the first tranche of cash consideration of approximately US$ 29.6 million, following the applicable settlement adjustments. As agreed the second tranche of cash consideration of US$10 million has been paid into an escrow account for release to the Company in 18 months contingent upon the conditions as earlier announced. A subsequent payment of up to US$53 million will be tied to future production from the divested interests in excess of 27.8 million barrels.
With the receipt of the first tranche cash consideration, SOCO currently has a net cash balance of approximately US$90 million.
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