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Eaglewood Energy announces two deals after negotiations

Agreements have been struck by Eaglewood Energy with Esso and Exxon Mobil.

14 November 2011

Eaglewood Energy has announced two deals that will see it sell-off its 30 per cent stake in PPL 260.

After a string of business negotiations were completed, an agreement was reached that will see 20 per cent go to Esso for $7 million (£4.4 million), while the other ten per cent has been earmarked for Exxon Mobil.

Under the terms of the arrangement with Esso, Eaglewood will receive $2.1 million up front, with the remaining $4.9 million being paid once it has registered its interest in the licence.

Brad Hurtubise, chief executive officer of Eaglewood - which is a TSX Venture 50 registered company - stated the transaction makes good business sense as it "gives us the opportunity to monetise a licence where we are no longer active".

He remarked the cash generated from the deal will be put into PPL 259, where the firm is expecting to drill its second well in the last six months of 2012.

Posted by Edel Quinn

Source: Eaglewood Energy, November 14th

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