30th Mar 2016 10:35
LONDON (Alliance News) - Namibian Resources PLC on Wednesday said the long-stop date on the acquisition of shares in Petro Kouilou SA has been extended.
Namibian struck a deal to acquire Petro Kouilou in December from Sister Holdings SAS. Petro Kouilou holds a 56% stake via a production sharing agreement in the Tilapia field in the Republic of Congo.
Namibian resources are currently suspended pending the agreement completing, and the company will change its name to Anglo African Oil & Gas PLC when the deal is done.
On Wednesday, Namibian said the long-stop date on the deal had been March 14, but it has reached an agreement with Sister Holding to extend this such that the agreement will remain in force until terminated with 14 days written notice by either party.
By Sam Unsted; [email protected]; @SamUAtAlliance
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