Enterprise Energy Resources has announced that in
conjunction with an arm's length third party, the company has acquired a 31.5%
interest in Telemu No. 18 Ltd, a Papua New Guinea based subsidiary of LNG
Energy for aggregate consideration of US$4,000,000.
About Telemu
Telemu is the holder of four petroleum prospecting licenses
('PPL') in Papua New Guinea, PPL 319, PPL 320, PPL 321 and PPL 322, comprising
a total of over 5.5 million acres and covering highly prospective territory for
oil and gas exploration. PPL 319 lies in the lowland area of the Papuan fold
and thrust belt in which a number of substantial oil and gas fields have been
discovered and is on-trend with the Kutubu and Gobe producing oil fields owned
by Oil Search Limited. LNG has identified a number of structural leads on PPL
319 through the use of recently acquired and processed 2D seismic.
Transaction Details
Prior to the Ttansaction, the company reorganised its
formerly wholly owned British Virgin Island subsidiaries with the result that
EERL (BVI) Holdings is now 50% owned by EERL (BVI) Ltd. (a wholly owned
subsidiary of the Company) and 50% owned by the third Party. pach party
contributed US$2,000,000 of equity capital to EERL Holdings.
In connection with the transaction, EERL Holdings entered
into an investment agreement with Telemu and LNG under which EERL Holdings paid
Telemu US$3,800,000, part of which was the subscription price for certain
Telemu common shares and the balance of which was a non-interest bearing
shareholder loan to Telemu. EERL Holdings also paid LNG US$200,000 as
consideration for the transfer to EERL Holdings of certain outstanding Telemu
shares owned by LNG.
After giving effect to the investment, EERL Holdings
acquired an aggregate of 31.5% of the outstanding shares of Telemu. Enterprise
owns 50% of the shares of EERL Holdings, and therefore effectively holds a
15.75% interest in Telemu. Concurrent with the closing of the Transaction, LNG,
EERL Holdings and Telemu entered into a shareholders' agreement to govern the
operations of Telemu.
The Invested funds will be used by Telemu to fund a 22km 2D
seismic acquisition programme on PPL 319 and for general operating expenses.
The seismic programme is expected to be completed in April, 2013.
Enterprise is a Canadian exploration and development company
with oil and gas properties in Montana, USA and Papua New Guinea.
Source: Enterprise
Energy Resources
No comments:
Post a Comment