Letho Announces Signing of Letter of Intent to Acquire Interest in Namibia Oil & Gas Licenses
Letho Resources Corp. (“Letho” or the “Company”) (TSX VENTURE:LET) announce that it has signed a letter of intent with Incan Energy Inc. (“Incan”) whereby the parties have agreed to negotiate the definitive terms of an agreement for Letho to acquire all of Incan’s working interest in certain Namibian Onshore Oil and Gas Licenses (the “Namibian Licenses”).
Incan currently owns a 35% interest in six Namibian Licenses located within the Owambo Basin and a 33% interest in one additional Namibian License located in the Waterberg Basin. The total area of the Namibian Licenses is nearly 47,000 km2.
Under the terms of the letter of intent, the parties have agreed to settle the terms of an acquisition agreement within 120 days of signing of the letter of intent. The entry into definitive agreement will be subject to Letho completing due diligence to its satisfaction.