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

Exchange Rates

Selling
Buying
USD 43.2943  42.4454 
GBP 58.4593  57.3130 
EUR 52.4900  51.4608 
AED 10.6659  10.4568 
CHF 45.7115  44.8152 
CAD 32.3167  31.6830