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Quadrant Drops Out of Australian Goldwyer JV Project
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Buru Energy has reached an agreement with Quadrant Energy Australia Limited in relation to the Coastal Titles Farmin Agreement which was originally executed on 1 November 2013.
Under the terms of the agreement, Quadrant will withdraw from the Coastal Permits (EP 390, 438, 471 and 473) and will pay the Buru Energy and Mitsubishi joint venture a gross sum of $10 million (~$4.9 million net to Buru Energy after adjustments), in fulfilment of its farmin obligations.
The terms of the original farmin agreement included a commitment by Quadrant (then Apache Energy) to fund a $25 million exploration program on EP 390, 438, 471 and 473. Through the farmin, Quadrant earned a 50% interest in these permits and Buru Energy and Mitsubishi each then held a 25% equity interest. Subsequent to the…
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