The company is expected to own a 5% carried interest in the field, and Oncolin’s board and majority shareholders have recently approved a name change to Bering Exploration, which is intended to effect within the next 45 days.
Oncolin VP of finance Steven Plumb said that the LOI is the first step in the company’s efforts to build it through strategic acquisitions.
Drilling on the prospect is expected to begin shortly after the closing of the final purchase agreement.
