Path Investment conditional sale of Kansas Land Leases and associated equipment

Path Investments plc (LON:PATH), the energy and natural resources investment company, has announced the conditional sale of the Kansas Land Leases and its associated equipment to GasRock Limited, a specialist US-based helium exploration and development company with operations in Kansas. The Kansas Assets are currently included in the assets which Path is to acquire from Zoetic International plc.

The aggregate proceeds payable to Path for the Kansas Assets by GasRock Limited will be approximately £126,000 in cash. The proceeds (which includes interest) which will be settled in equal instalments over a period of 60 months from completion.

Completion of the acquisition will be simultaneous with, and conditional on, completion of Path’s purchase of the Kansas Assets and DT Ultravert from Zoetic International plc.  Consequently, Path will incur no costs or liabilities in respect of the Kansas Assets, and will not take over the operatorship of the Kansas Land Leases.

Commenting, Christopher Theis CEO of Path Investments, said: “The focus of our forthcoming acquisition from Zoetic International plc has been to secure 100% ownership of DT Ultravert, a technology which we believe has considerable potential. We were delighted to be able to announce last week that we had secured that objective.

“Whilst the Kansas Leases and associated equipment also have unrealised potential, this rapid sale to GasRock generates immediate cash receipts to Path, relieves it of any liabilities in connection with the assets and enables the Company to concentrate its resources on its primary objective.”

Nick Tulloch, who it is proposed will join the Path board on Readmission, is a director of GasRock Limited.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Path Investments Plc

More articles like this

Path Investments Plc

West Erregulla 5 well confirms high quality gas

Strike Energy has completed drilling the West Erregulla 5 well to a depth of 5015m, with wireline logs confirming a large high quality gas resource at the Western Australian project. The company completed drilling operations in

Path Investments Plc

Oil and Gas stocks gain

Oil and Gas stocks were trading with gains, with the S&P BSE Oil&Gas index increasing 39.46 points or 0.23% at 17310.57 at 09:49 IST. Among the components of the S&P BSE Oil&Gas index, Hindustan Petroleum Corporation

Path Investments Plc

Woodside on mission to reduce emissions at Pluto

Woodside has set new targets to achieve net zero greenhouse gas emissions by 2050 at the Pluto liquefied natural gas (LNG) project, Western Australia. The targets, which have been approved by Western Australian Minister for Environment

Path Investments Plc

Biden budget to support BSEE with over $253 million

The Biden administration has submitted to Congress the budget for the fiscal year 2022, which includes $253.4 million to support the Bureau of Safety and Environmental Enforcement (BSEE). BSEE’s fiscal year 2022 budget request includes funding

Path Investments Plc

Chevron awards Sparrows with Gorgon & Wheatstone contracts

Sparrows Group has secured a contract with Chevron Australia for work on the Gorgon and Wheatstone natural gas facilities in Western Australia. The company will support the safety and reliability of Chevron’s onshore and offshore lifting

Path Investments Plc

Goldman sees oil hitting $80/bbl

Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand even with a possible resumption in

Path Investments Plc

US weekly offshore rig count up to 15

The number of offshore rigs in the U.S. increased by two units over the last week, according to a Friday report by Baker Hughes. Baker Hughes Rig Count: U.S. +5 to 453 rigs U.S. Rig Count

Path Investments Plc

The role of NOCs on the road to net zero

NOCs dominate the global oil and gas space – producing 50% of liquids and 48% of gas in 2021. And as some IOCs diversify away from oil and gas as part of their energy transition strategies,

Path Investments Plc

Awilco rig bags North Sea gig with Ithaca

Offshore rig owner Awilco Drilling has been awarded a contract with Ithaca Oil and Gas Limited for the provision of the WilPhoenix rig in the UK North Sea. Awilco said on Monday that Ithaca will use

Path Investments Plc

US oil major Chevron enters offshore wind market

U.S. oil major Chevron, together with Norwegian company Moreld Ocean Wind, is set to invest in offshore wind technology at Ocergy, a U.S. company developing a low-cost floating wind foundation and a multi-disciplinary environmental monitoring buoy.

Path Investments Plc

Crude oil edges higher on Mideast tension

Oil prices edged higher on Tuesday on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites and on an expected drawdown in crude oil inventory in the

Path Investments Plc

Oil prices up on strong economic outlook

Oil prices increased on Wednesday on strong economic data from the US and China that is fueling quicker economic recovery projections, and with the more-than-expected crude oil inventory drawdown forecasts in the US. International benchmark Brent

Path Investments Plc

AI and the cloud enable energy’s transformative leap

The current pandemic has shown the energy sector how dependable enterprise operations can be upended almost overnight. Workforce routines at extraction sites and refineries have been disrupted, causing unplanned outages, as we saw at the Sharara

Path Investments Plc

Oil prices rise 2% today

Oil prices reversed a sharp sell-off a day earlier to rise about 2% on Friday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze