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The Company entered into an acquisition agreement to acquire Vamaro in August 2011 and with the permission of the seller, the Company became the operator of the Vamaro Project prior to completion.
In accordance with the terms and conditions of the Vamaro Agreement, the Company was required to satisfy the following consideration for the acquisition of Vamaro:
(a) issue of 55,000,000 Shares, which were approved by shareholders at a general meeting in November 2011 and issued on 7 February 2012 (“Consideration Shares”)
(b) US$3 million cash to the seller, which was paid on 27 February 2012
(c) assume certain liabilities of Vamaro, which were all paid by 13 February 2012.
Commenting on the completion of the acquisition of Vamaro, Chris Hopkinson, International Petroleum CEO said, “Now that the acquisition has been completed and the winter roads to access the existing wells have been constructed, the Company is now focussed on working over the wells in the Vamarov Project and is excited about producing and selling the Company’s first oil from these wells in the near term”.