Oil & Gas
- 16 February, 2007
On the 15th of February 2007, AOGC closed on the purchase of a Russian oil company, Orneftegaz, in the Orenburg area. The purchase price has been agreed at USD 5.5 Million, and at closing paid 10% of the purchase price and provided a loan to the company of approx. USD 2.5 Million. At the closing AOGC took control of 55% of the shares, and has a majority in the company’s board of directors, as well as complete control of the company’s financial and operational aspects. The remainder of the purchase price is to be paid when an extension of the license is secured, and at this point AOGC acquires the remaining shares.