Dubai's Quest Investments to assume stake in Maxim Resources
Maxim Resources Inc (TSX-V: MXM) has agreed to acquire up to 25 percent indirect equity ownership in an oil and gas exploration and production concession covering an onshore area in the United Arab Emirates. The interest will be secured through Maxim's acquisition of up to 50 percent of the shares of Quest Oil & Gas Ventures Inc, a subsidiary of the Dubai-based Quest Investments, which is controlled by the Al Ansari family. As part of the deal, the financial terms of which were not disclosed, Quest will become a shareholder in Maxim, potentially owning more than 20 percent of the company's shares. Maxim has its headquarters in Vancouver.
24 March 2015•8 mins read
