Today, Condor Petroleum Inc. announced that the sale of the company's interest in Kazakhstan's Marsel Territory was guaranteed by a bank. The entirety of the sale was worth US$88 million.
The guarantees came from a multinational and publicly listed financial establishment. It confirmed the investor's intent and capability to finalize the deal.
The transaction was anticipated to be completed within the last quarter of 2013. After obtaining the required waivers and consents from Kazakhstan's government, the deal would be closed.
Within the short period before the completion of the deal, the investor was expected to pay US$5 million loan to finance the ongoing exploration projects in Marsel.
Condor would use the proceeds to keep on its near-term concentration on the exploration. It would also use the money to develop the company's Zharkamys Territory. This would lead the company to engage in oil-related development chances within Kazakhstan.
Condor is a Canadian oil and gas company. It held 100% interest in the rights to explore 2,610 square km Zharkamys Territory and 66% interest in Marsel Petroleum LLP.
Join the Conversation