Finance & Investing | Capital Markets
Azure Resources Amends Thrace Basin Farm-out Agreement
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Azure Resources Corporation reports that the second payment of US $1,450,000 due to the Company by Cheetah-Yemen Holdings Ltd., a subsidiary of Emperor Minerals Limited, pursuant to the farm-out agreement dated October 6, 2011 as amended whereby CYHL will acquire a 22.5% net working interest in the Company’s 45% interest in the Catalca Hydrocarbon Licence, Thrace Basin, Turkey shall now be paid as to US $150,000 (paid) with the balance of US $1,300,000 payable to the Company on/or before May 21, 2012.
All other terms and conditions of the Catalca farm-out agreement with CYHL remain unchanged.
The Company also reports that the 112 line km. of 2D infill seismic on a portion of the Catalca Licence, situated in the Thrace Basin, Turkey has been received, processed and interpreted and up to…
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