ZaZa Energy Gets French Approval for Hess Transaction; Shares Fall 7%, Hit 52-Week Low

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ZaZa Energy Corporation ( ZAZA ) shares are down 7% to $2.77, matching their 52-week low after the company said it received initial approval from the French government regarding ZaZa's transaction with Hess Corporation, announced June 11, 2012.

This initial approval enabled the parties to complete the termination of their 2010 agreements on October 1, 2012. As part of the transaction, ZaZa's working interest in the Parties' Paris Basin exploration licenses has now been converted into a 5% overriding royalty interest capped at $130 million.

Shares have traded in a 52-week range of $2.77 - $5.18.



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This article appears in: Investing , Commodities

Referenced Stocks: ZAZA

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