Criterium Energy has announced that the Company has received a US$500,000 non-refundable payment from the buyer of its wholly owned subsidiary which owns a 42.5% non-operated working interest in the Bulu Production Sharing Contract, as originally announced on May 21, 2024.
Details of the Additional Bulu Payment
Inclusive of this US$500,000 non-refundable payment, to date Criterium has received US$1,000,000 of the US$7,750,000 total purchase price consideration for the Transaction, as outlined in the sale and purchase agreement dated May 20, 2024 between the Buyer and Criterium (the 'SPA').
Criterium firmly believes closing the Transaction represents the optimal approach to value creation for shareholders in the near-term. Pursuant to the SPA, Criterium has extended the completion date for the Transaction and expects closing to occur in early Q4 2024. Closing of the Transaction continues to be contingent upon the Buyer's ability to secure the necessary financing.
Source: Criterium Energy
