Acquiring Working Interests in PEL 88 and PEL 100

Source: www.gulfoilandgas.com 12/16/2010, Location: Not categorized

Victoria Petroleum is pleased to advise that it has executed a Sale and Purchase Agreement with Traditional Oil Pty Limited (Traditional) to acquire all of Traditional’s 50 % working interest in PEL 88 and 5% interest in PEL 100, South Australia. Traditional is a wholly owned subsidiary of Bandanna Energy Limited.

The total consideration for the purchase is A$500,000 to be paid by the issue of Victoria Petroleum shares. The Sale and Purchase Agreement is subject to approval by the Department of Primary Industry and Resources South Australia and joint venture party consent.

Following completion of the acquisition of the PEL 88 and PEL 100 permit interests, Victoria Petroleum will hold a 100% working interest in PEL 88 and a 5% working interest in PEL 100.

Commenting on the acquisition, Victoria Petroleum Managing Director, Mr Ian Davies said: “This acquisition further strengthens the Company’s position in the highly prospective Western Margin Oil Trend in the Cooper Basin.”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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