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MARKETS

Lingo closes on Lost Cabin

ELK Petroleum has agreed to a reduced final acquisition price of $US17.5 million for the purchase of a significant package of assets in Wyoming as copper producer Freeport McMoRan prepares to finalise its exit from the oil patch.

Haydn Black
Lost Cabin gas plant.

Lost Cabin gas plant.

The deal should close next Friday, although it is backdated to January 1.   Elk will pay the outstanding balance of $15.5 million in two tranches with $10 million due on March 17 and a further $5.5...

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