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Article: Alcorn sells entire Galoc stake to partners
- Article from:
- The Manila Times
- Article date:
- July 2, 2009
- Author:
CopyrightCopyright Content Parnership Pty Ltd Jul 2, 2009. Provided by ProQuest LLC. (Hide copyright information)
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Alcorn Gold Resources Corp. (AGRC) has sold its entire stake in the country's first oil development project in over a decade to its consortium partners due to the minimal revenues the project contributes to the company.
In a disclosure to the Philippine Stock Exchange, AGRC said that it has signed an agreement with Galoc's current consortium members for the sale of its 1.53-percent participating interest in the oil field for roughly $1.20 million.
"AGRC has accepted all the terms and conditions in the sale . . . at $800,000 per percentage interest point, effective June 30, 2009," the company said.
Galoc Production Co. (GPC), the field's operator, and its minority partners in the ...