BRIEF-Alvopetro enters into a farm-out agreement with Farmee

Wed Sep 21, 2016 4:37pm EDT
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Sept 21 (Reuters) - Alvopetro Energy :

* Entered into a farm-out agreement with Farmee whereby Farmee will acquire a 95% participating interest in block 107

* Alvopetro Energy Ltd says received an upfront cash payment of $0.3 million

* Under terms of farm-out, Farmee is responsible for 100 pct of costs associated with drilling 2 wells in satisfaction of work commitments on block 107 Source text for Eikon: Further company coverage: