LONDON--Agriterra Ltd. (AGTA.LN), a pan African agricultural
company, said Thursday it has completed the assignment of its 20%
interest in the South Omo Block to Marathon Ethiopia Ltd. BV, a
wholly-owned subsidiary of Marathon Oil Corporation (MRO), for $28
million, plus closing adjustments.
MAIN FACTS:
-In addition, $12 million has been lodged with the Government of
Ethiopia, on account, pending finalization of any tax payable by
Agriterra related to this transaction; tax will be calculated at
30% of the net gain realized after attributable past costs incurred
by Agriterra in the development of the Block.
-A further $10 million (subject to applicable tax) will be
payable to Agriterra on Marathon Oil's participation in a
commercial discovery in the Block.
-Shares at 0945 GMT up 2.79% at 4 pence valuing the company at
36.08 million pounds.
-Write to Ian Walker at ian.walker@dowjones.com
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