Ivanhoe Energy's (IVAN) Interest in China's Zitong Block to be Sold for Cash Proceeds of $160M
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Ivanhoe Energy's (Nasdaq: IVAN) Sunwing Zitong Energy has signed an agreement to 100 percent of its interest in China's Zitong Block to Royal Dutch Shell unit for cash proceeds of $160 million.
In exchange for SZE's interest in the Zitong block, Ivanhoe will receive a payment of up to $85 million as reimbursement for past qualified and recoverable costs incurred. In addition, Ivanhoe will receive a further payment upon closing of up to $75 million, contingent on the timing of the receipt of full government approvals and third-party consents and waivers for the transaction.
Following completion of the transaction, Shell will assume the $20 million performance bond that Ivanhoe Energy was required to recently post as part of the completion and signing of the Supplementary Agreement with the China National Petroleum Corporation.
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In exchange for SZE's interest in the Zitong block, Ivanhoe will receive a payment of up to $85 million as reimbursement for past qualified and recoverable costs incurred. In addition, Ivanhoe will receive a further payment upon closing of up to $75 million, contingent on the timing of the receipt of full government approvals and third-party consents and waivers for the transaction.
Following completion of the transaction, Shell will assume the $20 million performance bond that Ivanhoe Energy was required to recently post as part of the completion and signing of the Supplementary Agreement with the China National Petroleum Corporation.
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