CALGARY (Yosefardi) – Fulucai Productions Ltd. has entered into an amended Memorandum of Understanding (MOU) with Blue Sky Langsa Ltd. (BSL).
Under the terms of the amended MOU Fulucai will be replacing its proposed acquisition of 15% working interest in certain oil and gas interests offshore North Sumatra, Indonesia (Properties) known as Langsa Technical Assistance Contract (TAC) with a 5% carried interest.
Under the terms of the amended MOU, the Company will acquire a 5% carried interest in the Langsa TAC for $306,189 US and shall issue 1,000,000 shares of the Company at a deemed price of $.40 per share to satisfy the purchase price amount.
The Effective Date has been amended to May 1, 2014 and the Closing Date is August 14, 2014. On Closing Fulucai shall be assigned 5% of Langsa TAC including its proportionate share of the Sunk Cost Pool, which is $61,237,895 US as of December 31, 2013 ($3,061,894 US net to Fulucai) plus all wells producing and non-producing (L1, L2, L3, L4, H3, H4) and all equipment on the subject wells.