31st Oct 2018 12:53
LONDON (Alliance News) - Eco Atlantic Oil & Gas Ltd said Wednesday the president of Guyana, David Granger, approved the transfer of the 25% stake in the Orinduik block to a unit of Total Petroleum SA.
Chief Operating Officer Colin Kinley said: "We are pleased to have received approval from President Granger so promptly after submitting all of the requested transfer documents."
In September, Eco said that Total had exercised an option to acquire 25% of the block, offshore the South American country.
Total Petroleum, part of France's Total SA, will pay USD12.5 million to Eco. Total will have a 25% holding and Eco will have 15%, while operator Tullow Oil PLC will have 60%.
Eco Atlantic shares were trading down 1.4% at 44.35 pence each.
Related Shares:
Tullow Oil