London listed Echo Energy has completed the sale of its legacy Egyptian business for a total fee of $500,000.
The company has agreed to sell its 25% working interest in its Egyptian East Ghazalat licence to its joint venture partner Nostra Terra plc.
The sale will be split in to three payments, with an immediate payment of $100,000 due when the Egyptian General Petroleum Corporation approve the purchase.
The remaining payments are due in two stages, related to key milestones at the site.
The first will be paid when production from the area hits 800 bopd for 30 consecutive days, and the second when production hits 1,000 bopd from the area for 30 consecutive days.
The consideration will be paid in cash or shares.
Recommended for you
