Parquet, Cache in option deal

The agreement calls for Cache to spend an aggregate of $3 million during a 3-year period on exploration work, and make payments to Parquet totalling $300,000. Cache will act as operator during the option period.

Cache may earn a 16% interest by spending $1 million by Dec 31, 1990; another 16% by spending an additional $1 million by Dec 31, 1991; and the remaining 18% by spending the final $1 million before Dec 31, 1992.

Once Cache acquires its 50% interest, a joint venture partnership will be formed, with Cache acting as operator. The option agreement is subject to regulatory approval.

]]>

Print


 

Republish this article

Be the first to comment on "Parquet, Cache in option deal"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close