Petroleum Africa
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Friday, September 27, 2013
Tower Resources has decided to move forward with the Wilton Petroleum Ltd. acquisition. The acquisition will give Tower a stake in Madagascar’s Morovoay Block 2102. The company, earlier this month, put the deal on hold due to the decision by Ophir Energy not to drill the commitment well, which under the agreement with the government has to be drilled by April 2014.
Wilton and Ophir signed a settlement agreement connected to Tower’s acquisition of Wilton when Ophir, who holds an 80% stake in the block, decided to relinquish its commitments leaving Wilton to have to negotiate terms with the company and extending the Tower Resources acquisition schedule.
On September 24 Ophir agreed to pay a settlement agreement of $6 million in compensation to Wilton by no later than September 26.
Tower Resources said that it plans to proceed with the acquisition of Wilton following the payment.
“On completion of the Wilton acquisition, including payment of the cash consideration of $1.75 million to the vendors, Tower’s net cash balances will increase by $4.25 million (before any taxes) to approximately $18 million,” Tower Resources chief executive Graeme Thomson said in a statement.
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