Commodity Quest AB (publ) has entered into an agreement to sell a further 10 % of the Benchmark Oil & Gas to the singapore based investment group in January 2012 acquired 26% of the company. Sales are made on the same score as previous transaction, which means that the purchase price is approximately 6.8 million.
In addition 10% of the shares, the buyer receives an option to within 12 months of acquiring an additional 10% of 6.8 million.
“The sale is equivalent to a score that is 67% of the book value of the Benchmark Oil & Gas, which puts more of a clear statement of the company’s true value. Benchmark ‘s valuation based on purchase price amounts to over 35 cents per share, including the 17.7 million already received. Along with the rest of our portfolio , we have continued to matter well above 50 cents per share. We received very positive feedback from our new partner after a site visit at the Orange Field in early April, which led to the sale of an additional 10 % of the Benchmark Oil & Gas. The great interest and we have received from our new partner is encouraging and shows that we are on the right track,” says Pål Mörch, Managing Commodity Quest .
For further information, please contact:
Pål Mörch , Managing Commodity Quest AB (publ)
Tel : 08-120 66 130