NEWS $$$$$$$ OUT $$$$$$!!!!!!
Sunset Pacific Petroleum clarifies Tunisian farmout
2017-04-26 13:32 ET - News Release
Mr. Albert Raponi reports
ON BEHALF OF THE BOARD: CLARIFYING NEWS RELEASE
Sunset Pacific Petroleum Ltd. has signed an agreement to farm out a 50-per-cent working interest in its interest in a hydrocarbon concession in Tunisia.
The conditions of the agreement call for Sunset to receive approval from the government of Tunisia for this agreement. The agreement also calls for Sunset to receive all government approvals to proceed to a work program on the concession.
The farmee will provide a Swift coded letter of credit for the sum of $5-million (U.S.) with the term of five years that must be approved by the government of Tunisia's confirming bank.
Pursuant to the agreement, the farmee will pay:
- To Sunset the sum of $2-million (U.S.) in sunk cost on or before 30 days after the execution of the agreement;
- The sum of $1-million (U.S.) toward the administrative and operational costs of the concession;
- 50 per cent of any additional cost related to the concession.
The company will provide further disclosure of this transaction, including the name of the farmee, when all conditions by all parties have been met.
This agreement is subject to regulatory and government approvals where required.