Carnarvon said it had signed a sale and purchase agreement with Loyz Energy to sell off a 20% interest in the L44/43, L33/43 and SW1A concessions for $65 million and is the Singaporean company's first foray into producing concessions.
It added that $33 million would be paid on completion of the deal, with the remaining $32 million to be paid annually at a rate of 12% of the buyer's future revenue, to a limit of $10 million per annum.
The
