Stetson Oil & Gas Ltd., a Forbes & Manhattan Energy Group Company, has reported that the exclusive option agreement entered into with a private company (“Privateco”) for the option to acquire an interest in two prospective exploration blocks offshore West Africa has now been terminated.
In connection with the Option Agreement, the Company originally provided a US$1,500,000 advance to Privateco at an interest rate of 10% per annum. Since a definitive agreement for the offshore blocks was not executed, Privateco has now repaid to Stetson the advance, all accrued interest, and the extension fees for extending the term of the Option Agreement.
Related: Stetson Extends Option to Buy Interest in West African Offshore Blocks