Oculus Ventures Corporation (OVX-H.V) has entered into a binding option agreement dated effective March 18, 2013 with Quest Oil & Gas Ventures Inc. to acquire an interest in an oil and gas exploration and production concession covering an onshore area of 747km2 within the Emirate of Umm Al-Quwain, UAE.
The company has the right to acquire between a 59.5% and 85% equity shareholding in Quest's affiliate, UAQ Petroleum Limited, a Hong Kong company that holds the rights to the Concession pursuant to a Petroleum Concession Agreement with the Emirate of Umm Al-Quwain, United Arab Emirates.
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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.
