Fremont Petroleum Corporation Limited (ASX:FPL) News And Share Price

by Scarlett S. Stock Market Analyst

About Company: Fremont Petroleum Corporation Limited (ASX: FPL) operates as an energy production company. The Company explores and develops natural gas and crude oil. Fremont Petroleum Corporation serves customers in the United States and Australia. The company is led by Mr. Timothy B. Hart, who is the MD & CEO of the company.

Listed on ASX: The company has a registered office in Sydney, Australia. The company came into existence in the Year 2006.

ASX:FPL Sector: OIL & GAS
Similar Companies
1. IVZ- Invictus Energy Ltd
2. CE1- Calima Energy Limited
3. OEX- Oilex Limited
4. TSK-Tamaska Oil and Gas Limited
Fremont (ASX:FPL) secures favorable final settlement deal, shares skyrocket 40% on ASX post announcement
Fremont acquired the oil and gas assets of Indiana-based Trey Exploration Inc in 2020.
The Asset Purchase Agreement involved the acquisition of 115 oil wells spread over oil leases in Indiana, Kentucky, and Illinois at a price of US$1.9 million.
FPL has already made a payment of US$1 million for the oil and gas wells, and the remaining payment has been split in two parts, with an extended date for payment.
The new settlement terms will improve the cash position of FPL, and the money could be allocated towards workover programs.
The shares of the Company soared 40% post the announcement on 15 April 2021.