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.
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