Orcadian Energy announced the company has entered a heads of agreement
(“HOA”) to sell its interest in two non-core discoveries, Crinan and Dandy, to
Rapid Oil Production Ltd. Orcadian Energy stated that according to the HOA it
would be paid a cash consideration of $100,000 on signature and a further
$400,000 on the Crinan's field development plan approval (by the regulator).
Orcadian Energy would also retain royalty interests of 2.5%-4% in its interest in
the fields (with the rate d ....
