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Geodynamics Ltd., as operator of the Innamincka Deeps joint venture, advised that the joint venture partners have agreed to the sale of Rig 200 to Australian-based company Pangaea Resources Pty Ltd. for a total cash consideration of $21 million.
Under the terms of the agreement, the sale is not due to complete until Sept. 30. During this period, Pangaea may elect to withdraw from the sale. Pangaea has agreed to pay the joint venture a deposit of $1.0 million that will be forfeited should Pangaea elect to withdraw from the sale.