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Stetson Oil & Gas Ltd. has entered into an exclusive option agreement with a private company, Privateco, which is in negotiations to acquire an interest in two prospective exploration blocks offshore West Africa.
A definitive contract for the blocks is expected to be signed by Privateco, along with related ratifications by pertinent government authorities, within the next 30 days.
Pursuant to the terms of the option agreement, the company has the option to negotiate, on an exclusive basis, with Privateco in respect of a possible investment or acquisition of an interest in the blocks up to a net 66.7% of the interest acquired by Privateco.