This morning, European Gas said it had received final approvals to sell the assets to Arc in exchange for $2 million worth of Arc shares and a 2% net well head royalty.
Arc managing director Eric Streitberg said the company was pleased to finalise the agreement, which was initially inked in May last year.
“This initial transaction was the catalyst for a number of other transactions, which have also now been completed,” he said.
“We are currently finalising a number of other deals as well finalising preparations for the remainder of the Canning Basin drilling program following the first well at Stokes Bay.”
The permits subject to the sale are EP371, EP390, EP391, EP428, EP431, EP436 (each 100%), L98-1 (12%), EP104 (8%) and R1 (8%).
