Risco Energy Investments Pte Ltd. has executed a sales and purchase agreement (SPA) to acquire 100% of Galoc Production Co. WLL (GPC) from Otto Energy, according to a press release. GPC has a 33% working interest and is operator of Service Contract 14c, which contains the producing Galoc Field located offshore Palawan, Philippines.
Under the SPA, Risco has agreed to pay total consideration of $101.4 million. Of this total consideration, a deposit of $10.14 million already has been paid. Transaction completion is conditional upon Otto Energy’s shareholder approval at a general meeting, which is expected to occur no later than December 2014, according to the release. Otto’s board of directors is unanimously recommending the deal to its shareholders.
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