Transerv Energy Limited announced on 5 March that it had executed a term sheet with Canadian Pan Ocean to sell all its retained Duvernay Shale (34% direct) and Rock Creek (34% direct) acreage interests for cash consideration of approximatelyA$14.2mbeforetax, conditional on execution of a formal sales and purchase agreement.
Finalisation of the sale and purchase agreement was more protracted than anticipated, but the Company understands that terms are nowsettled between the parties. Transerv and Tamaska are ready to execute the agreements, however CPO has requested more time to finalise its part of the transaction. Transerv and Tamaska have agreed to an extension provided a depositof10%ispaidby8 th July2013.
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