In accordance with the terms of the Farmin Agreement the Company, through Rift Basin International, will earn an undivided 15% working interest in the Permit (the “Acquisition”) upon paying to Alpine the following: (a) US$200,000 on or within 10 days after the receipt by Alpine of approval from ETAP for the Acquisition; (b) a further US$700,000 upon the earlier of January 31, 2013 and applicable government approval for the Acquisition; and (c) a further US$300,000 within 10 days of a request by Alpine to Rift Basin International in accordance with the work program and budget issued under the joint operating agreement for the Permit that relates to such seismic acquisition.
Cheers IFINO
ADX Price at posting:
1.6¢ Sentiment: LT Buy Disclosure: Held
