The Ministry of Oil and Gas of the Republic of Kazakhstan (MOG) has waived its pre-emptive right and approved the transaction previously announced for Condor Petroleum to sell its 66% interest in the Marsel territory for US $88 million, Condor said in a news release.
The MOG waiver and consent was the final condition to be fulfilled by Condor. The final condition for the Marsel transaction to be completed is the buyer’s obligation to obtain Kazakhstan Antimonopoly approval, which is expected in January, 2014, the release said.
Condor is a Canadian oil and gas company with assets in Kazakhstan. Condor holds a 100% interest in the exploration rights to the 3,777-sq-km (1,458-sq-mile) Zharkamys West 1 territory, located in Kazakhstan’s Pre-Caspian basin and a 66% interest in Marsel Petroleum which has the exploration rights to the 18,500-sq-km (7,143-sq-mile) Marsel territory, located in Kazakhstan’s Chu-Sarysu basin.
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