The Santa Cruz Sur Assets are located onshore in the heart of the
This transaction brings material operated production to Interoil's portfolio while enhancing untapped low risk exploration potential.
'For Interoil this is another important step in building a more diversified asset portfolio. A year ago, our upstream activities were only located in
Transaction details
The number of Consideration Shares is 4.045.539 and has been determined by the volume-weighted average market price in the 21 calendar days immediately preceding
The decision to issue consideration shares will be made by the Board of Directors in accordance with authorisation granted by shareholders at the annual general meeting on
The Seller has agreed to enter in a lock-in in respect of the Consideration Shares that provides for a three months lock-in period in respect of 50 per cent of the Consideration Shares and a further three months lock-in term in respect of the remaining 50 per cent. of the Consideration Shares.
Facts about the Santa Cruz Assets
The Santa Cruz Assets consist of 12 oil and gas fields with significant production from Upper Jurassic Tobifera and Lower Cretaceous Springhill.
There are 83 wells in the Santa Cruz Assets, including 72 producers and 11 water injectors.
There are no pending exploration investment commitments agreed for the respective licenses, and capex requirements for 2020 are expected to be low.
Significant potential to further increase production including through a program of new drillings and workovers.
Upcoming
The other license holders are Echo Parties, which are subsidiaries of Echo, a company listed in the London Stock Exchange AIM, that recently, in a separate transaction, acquired a 70 per cent interest in the Santa Cruz Assets from
Selva Maria Oil will be appointed operator until Interoil has been granted the operator licence from the Argentinian government.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
Contact:
Tel: +47 6751 8650
Fax: +47 6751 8660
Email: info@interoil.no
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