Stetson Oil and Gas has chosen to lengthen the term of an exclusive option agreement with Privateco relating to two prospective exploration blocks offshore West Africa
Stetson and Privateco entered into an agreement to extend the terms of the contract until the 30 November 2012, with the junior oil and gas company having the option to take an interest in the two blocks.
Stetson is set to recieve an additional sum of US$50,000, which is interest accrued on the loan granted by Stetson under the Option Agreement, enabling the extension of the agreement.
The total interest accumulated would be in addition to its original principal and agreed to facilitation fee, the company stated.
