Calgary-based Molopo Energy Ltd. (ASX:MPO.AX) has confirmed that the previously announced sale of its Queensland Bowen Basin coal bed methane assets to a wholly-owned subsidiary of PetroChina International Investment Co. Ltd. has successfully closed. Upon closing, Molopo received total proceeds of A$41 million plus a working capital adjustment of A$2.4 million.
The proceeds from this sale contribute to Molopo's cash balances and strategy to focus on continued drilling and development of its Wolfcamp oil acreage, situated in the Permian Basin in Texas, USA.
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