ELK Petroleum: Final price US asset purchase

Company News

by Jessica Amir

ELK Petroleum Limited (ASX:ELK) has announced a final acquisition price for the purchase of some of Freeport-McMoRan Inc’s assets.

The oil and gas explorer and producer says the final agreed purchase price is US$17.5 million.

The deal involves ELK Petroleum acquiring a 14% interest in the Madden Gas Field,The Madden Deep Unit Gas Field and the Lost Cabin Gas Plant in North America.

ELK Petroleum Limited (ASX:ELK) already paid a US$2 million deposit in January, with the remaining funds set to be paid in two tranches. 

The scheduled acquisition has a closing date of 17 March 2017.

 

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?