Deals - Acquisition, Mergers, Divestitures
Azure Resources Reports Turkey Shale Farm-out Agreement
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Azure Resources Corporation (the “Company”) reports that the farm-out to Emperor Minerals Ltd. of a 22.5% net working interest in the Company’s 45.0% interest in the Catalca Hydrocarbon Licence, Thrace Basin, Turkey has closed.
Under the terms of the farm-out agreement dated October 6, 2011 as amended, Cheetah-Yemen Holdings Ltd. (“CYHL”) a wholly owned subsidiary of Emperor Minerals Ltd. will acquire a 22.5% net working interest in the Catalca Hydrocarbon Licence by paying the Company US $1,050,000 on closing (paid), paying a further US $1,450,000 on/or before March 15, 2012 and paying a further US $2,000,000 on/or before June 15, 2012.
Should CYHL fail to make the US $1,450,000 payment to the Company by March 15, 2012 then CYHL’s interest in the Catalca Licence will be reduced to 16% or…
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