Home » » Nautilus satisfies intellectual property condition precedent

Nautilus satisfies intellectual property condition precedent

Staff Reporter | 2:37 PM |
Nautilus Minerals Inc. (Nautilus), the operator of the world’s first seabed operator in Solwara 1 Project in the Bismarck Sea this week announced that the Company has satisfied the first of the two conditions precedent to its agreement with the nominee of the Independent State of Papua New Guinea to secure certain intellectual property rights.
The company said in a statement that in May 2014, the company announced that following the State nominee, Eda Kopa (Solwara) Limited, paying US$113 million (K284.6 million) into escrow for its 15% interest in the Solwara 1 Project up to first production, Nautilus was to secure for the State’s nominee certain intellectual property rights and the charter of a Production Support Vessel in order for the escrowed funds to be released.
Nautilus chief executive officer Mike Johnston commented: "Nautilus is pleased it has satisfied the first of the conditions precedent by securing the intellectual property rights required by the state and is now one step closer to securing the release of the escrowed funds.
"Discussions remain on track with potential vessel partners to obtain a suitable vessel arrangement within the time frame required under the agreement, which will see the funds released from escrow."