Under the deal, which was first proposed in August last year, Genel will make an initial cash payment of $10 million for a 75% stake in MOG’s wholly-owned subsidiary Phoenicia Energy Company – the holder of the exploration rights to Area 4.
Genel will also carry MOG for 100% of the costs of the first exploration well, Hagar Qim-1, which is planned to be drilled to a minimum depth of 2500 metres in late 2013.
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