Island Sells Subsidary to Delta Hydrocarbons for $35M

Island Oil & Gas PLC has completed the sale of its wholly owned subsidiary, Island Netherlands BV (INBV), to Delta Hydrocarbons B.V. following the announcement of a signed Term Sheet on 12 May 2008. As a result of Completion the Company has received an initial payment of US$ 35,000,000 from Delta, representing the US$ 25,000,000 purchase price and a US$ 10,000,000 advance against the 2.5% Overriding Royalty Interest payable to Island on the commencement of production from the Amstel oil field.

The funds will be used to further advance the Company's portfolio of assets and opportunities and to reduce corporate debt.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours