Galicia Energy reaches in principle agreement to sell Ukraine License (Scandinavian Oil-Gas Magazine)

Galicia Energy reaches in principle agreement to sell Ukraine License

Published Aug 14, 2015

Galicia Energy Corporation Limited has reached in principle agreement to the sale of Zinest Holdings, the holding company of its Ukraine oil and gas asset.

The sale will enable GAL to exit the asset at no cost and will release Galicia from all obligations under the original Sale Agreement.

Upon completion of the sale the deal will remain subject to shareholder approval because the asset is technically Galicia's main undertaking.

The sale will leave Galicia with no residual oil and gas assets as the Company seeks to execute its stated strategy to move into the technology sector.

Tags: Galicia Energy Corporation Limited

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