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Thursday, August 29, 2013
Aminex plc reached agreement with Northcote Energy Ltd. for the sale of its 25% interest in certain producing gas wells at the South Weslaco Field, Hidalgo County, Texas.
The company said that based on market prices at the time of the initial agreement, the consideration will be approximately $450,000 which will be settled by a combination of cash and the issue to the company of new shares in Northcote.
The sale date is effective September 1.
Aminex Chairman, Brian Hall commented: “The sale of this gas producing interest is the second in a divestment program previously announced and follows our declared strategy for our US assets.”
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