Hawkley Oil & Gas has completed the sale of its Ukraine assets to Tomeas Assets for $1million.
The move was first announced in February this year and was approved by shareholders the following month.
But the original agreement was terminated in August as Tomeas had not been able to meet its payment obligation.
The firm then entered into discussions with other potential buyers as well as continuing negotiations with Tomeas.
Directors are also said to be in advanced discussions with an Australian entity which has expressed interest in providing financial support and pursuing oil and gas opportunities in more politically stable countries.
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