Irish-listed exploration company Aminex has acquired 10 per cent of the issued share capital of Kobril Ltd, the North Korean government's vehicle for international co-operation in the development of natural resources.
Under the terms of the deal, Kobril will receive receive new shares in Aminex to the value of £200,000 sterling payable in two instalments, together with a 5 per cent net revenue interest in Aminex's future earnings from oil and gas discoveries in North Korea.
The first instalment of 833,333 shares, worth £100,000 at a price of 12 pence, will be issued immediately.
Kobril was established by the cabinet of the Democratic People's Republic of Korea (DPRK) as its vehicle for international co-operation in the development of many areas of natural resources, including not only oil and gas but also gold, coal, iron ore and coal-bed methane.
"This agreement cements our excellent and constructive relations with the DPRK and represents a broadening of our existing advisory role in connection with the creation of an international petroleum law for the country," said Brian Hall, Chief Executive of Aminex.
"It also gives Aminex access to involvement in, and the benefits from, a broader base of the DPRK's potential natural resources."