This is what IOG said today in their AGM presentation re sale of Florence field to AKK for US$2M.
Niobrara Formation prospect(gross)
(sales price equivalent to $40,000 daily flowing barrel).
Non -core asset which required disproportionate amount of management time.
No further near term development potential.2.5% override royalty interest in deep Niobrara Formation prospect.
It seems a happy buyer & seller.
AKK think they got a bargain and IOG are very happy with the price received.
DYOR.
AKK Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
