Toronto-based Denison Mines (TSE) recently agreed to sell its 10% interest in the Vega oilfield offshore Sicily to an unnamed buyer who will assume $29.2 million in debt.
As a result, Petromarine Italia, a unit of Denison which owns the Vega interest, will still have debts of $2.2 million. However, Denison has agreed to pay the debt.
Once the transaction is closed next February, it will eliminate Petromarine’s financial obligations to the Italian banks of around $31.4 million, according to President Bill James. That debt is guaranteed by Denison.
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