Renaissance Oil Corp. has entered into a binding letter agreement to acquire an option for a 50% working interest, in all rights from surface to basement, in a large Petroleum Licence, comprising 2.45 million acres in the Kavango sedimentary basin, in Botswana, Africa (the “Licence”).
Due to political and regulatory changes in Mexico, the Board of Directors of Renaissance has determined that until government policies become more favourable, it is in the best interest of shareholders for management to diversify the Company’s interests outside of Mexico. The Company will maintain its existing, high potential assets, within Mexico.
Also read: Air Botswana to resume flights
Pursuant to the Letter Agreement, a private company controlled by Mr. Steinke, CEO of Renaissance. has agreed to assign its interest in a farm-out option agreement with a subsidiary of Reconnaissance Energy Africa Ltd. (ReconAfrica), for C$100k cash and the issuance of 30 million common shares of the Company at a deemed price of US$0.04 per share (using the 30-day volume weighted trading average) for an aggregate purchase price of C$1.3M.
Source: OilnewsKenya via CrudeMix