TSXV:LFD - Post Discussion
Post by
EOIM on Mar 11, 2012 10:31pm
How Do you Interprete this News
This is form the news issued by LFD last month:
As a part of government approval for the Transaction, Longford has entered into an assignment and novation agreement with the KRG, Genel and Petoil Petroleum and Petroleum Products International Exploration and Production Inc. amending the terms of the PSC. Pursuant to this amendment, if Longford is unable to secure the requisite shareholder approval for the Transaction by March 1, 2012, Longford has agreed to assign its interest in the Chia Surkh Block back to the KRG without compensation. As consideration for this amendment, the Ministry of Natural Resources of the Kurdistan Region has indicated to Longford that it will support the Transaction when submitted for final approval to the Regional Oil & Gas Council.
******************
My take on it is that LFD has been assured of approval of the deal by the KRG Regional Oil & Gas Council provided it received LFD shareholder approval on March 1. So this agreement was signed between KRG, GENEL and Petoil.
Be the first to comment on this post