Your account already exists. Please login first to continue managing your settings.
CAMAC Energy Inc. has signed a definitive share sale and purchase agreement to divest its interest in the Zijinshan gas block in China to Leyshon Resources Ltd.
Under the agreed terms, CAMAC will divest its wholly-owned Hong Kong subsidiary Pacific Asia Petroleum Ltd. for a cash consideration of US $2.5 million and $10 million fully paid ordinary shares in Leyshon. The transaction is expected to close within 14 days.
“CAMAC Energy is pleased to execute this definitive share sale and purchase agreement with Leyshon Resources for the sale of our Chinese assets,” said Kase Lawal, chairman and CEO. “In addition to providing a cash infusion and a shareholder interest in Leyshon, this transaction also eliminates the company’s future financial obligations for overhead and exploration expense in China. All proceeds and savings will be reinvested in our African exploration projects.”