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Nov 23, 2009 19:00 EEST
November 23 (SeeNews) - Swiss-based Manas Petroleum said on Monday it has entered into an arm’s length binding letter of intent with WWI Resources under which it will sell part of its interest in an Albanian project.
Under the deal Manas will sell to WWI Resources all of the shares of one of its wholly‐owned subsidiaries in exchange for a minimum of 100 million common shares worth $25 million (16.7 million euro) and a signing bonus in cash, it said in a statement.
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"At or prior to closing, Manas will reorganize its affairs such that the Subsidiarywill own 100% of Manas’ Albanian assets."
The letter of intent provides that, after closing, WWI will be obligated to issue to Manas up to an aggregate of 150 million additional WWI common shares upon the achievement of certain operational targets.
At closing, the subsidiary that will be sold to TSX Venture Exchange-listed WWI will hold three production sharing contracts (PSCs) onshore blocks in Albania that comprise 1.7 million net acres with 100% working interest. The PSCs are for Blocks A, B, D, E and for Blocks 2 and 3.
“We believe this is an excellent transaction for Manas as it will create significant shareholder value moving forward. This transaction is consistent with Manas’ core strategy of acquiring high impact oil and gas licenses and then limiting the financial burdens and risks associated with the exploration and development,” the company's chief executive officer, Eric Herlyn, said in the statement.
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