Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/vast-exploration-terminates-farm-out-agreement-in-.shtmlVast Exploration terminates farm-out agreement in Colombia
Vast Exploration Inc. has terminated the farm-out agreement entered into with Sagres Energy Inc. related to PUT-03, a 148,005 acre block located in the Putumayo
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Vast Exploration Inc. has terminated the farm-out agreement entered into with Sagres Energy Inc. related to PUT-03, a 148,005 acre block located in the Putumayo Basin of Columbia (the "Block"). Vast successfully acquired the Block in June 2010 through a bidding round organized by the Agencia Nacional de Hidrocarburos of Colombia.
As per the terms of the Agreement, Vast farmed out a 90% interest in the Block to a subsidiary of Sagres Energy Inc. in exchange for retaining a 10% carried interest during the first exploration phase, which consisted of a minimum expenditure of USD$12.9 million over a period of 36 months.
