Africa Oil buys stake in Wilton
Investment vehicle-Africa Oil Exploration has signed a subscription
agreement to subscribe for 10,714 shares in privately-owned Wilton Petroleum
for £755,439 ($1.49 million) cash, giving it a 9.68% stake in the company.
An option agreement has also been signed giving Africa Oil the right to
purchase the remaining shares in Wilton in exchange for the issue of shares
in Africa Oil at the same value as Africa Oil’s initial subscription.
The optional agreement would give Africa Oil a further 90.32% interest in
the company.
Wilton is a hydrocarbon exploration and production company with assets in
onshore Madagascar.
It has a 100% interest in Block 2102 situated in the centre of the Majunga
Basin in the northwest of the country.
01 May 2008 14:46 GMT
| last updated:
01 May 2008 14:48 GMT
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