Ivanhoe Energy Inc. (IE.TO) announced today that through its wholly-owned subsidiary Sunwing Zitong Energy, it has completed the previously announced transfer of the company's participating interest in the Contract for Exploration, Development and Production in the Zitong Block to Shell China Exploration and Production Co.
In exchange for Sunwing's interest in the Zitong petroleum contract, the company will receive total pre-tax cash proceeds of $105 million.
IE went up by 4% to 71 cents on volumes of over 7,000.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
