Petroleum Africa
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Monday, June 30, 2014
Letho Resources Corp. signed a LoI with Incan Energy Inc. that has the parties agreeing to negotiate the definitive terms of an agreement for Letho to acquire all of Incan’s working interest in certain Namibian onshore oil and gas licenses.
Incan currently owns a 35% interest in six Namibian licenses located within the Owambo Basin and a 33% interest in one additional Namibian license located in the Waterberg Basin. The total area of the Namibian licenses is nearly 47,000 sq km.
Under the terms of the letter of intent, the parties have agreed to settle the terms of an acquisition agreement within 120 days of signing of the LoI. The entry into definitive agreement will be subject to Letho completing due diligence to its satisfaction.
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