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Kairiki Energy reports progress on SC 54A farm-in


Published Mar 21, 2012
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Kairiki Energy Limited

Kairiki Energy provide an update on progress of its SC 54A farm-in negotiations announced on 11th July 2011.

The Company and selected farminee party have signed a Letter Agreement that outlines the agreed commercial terms of a farmin and is subject to a number of conditions.

The transaction contemplated will result in Kairiki reducing its interest in SC 54A from 30.1% to 15.05% in return for the Party funding Kairiki's remaining 15.05% participating share in the drilling of one exploration well within the permit before the end of 2012. If the well is successful, the Party will also fund Kairiki's participating share in the cost of a Drill Stem Test (DST).

Tags: Kairiki Energy Limited



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