Agriterra Assigns South Omo Block to Marathon Ethiopia for $28 Million

Agriterra Ethiopia announced that it has assigned a 20% interest in its South Omo Block to Marathon Ethiopia ltd for 28 million US dollars plus adjustments for closing. Marathon Ethiopia ltd is a subsidiary owned completely Marathon Oil Corporation.

An additional 12 million US dollars has been lodged with the Ethiopian government to be held on account until Agriterra finalizes any tax that is related to this transaction. The tax is expected to be an estimated 30% of the net gain realized after deducting all attributable costs incurred by Agriterra in relation with developing the block in the past. An extra 10 million US dollars subject to all applicable taxes is to be paid to Agriterra  for commercial discovery from the block.

Source: NAsdaq

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