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Agri Energy to Acquire 49.9% in Statesman Africa Limited

Source: 9/10/2012, Location: Africa

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Statesman Resources Ltd. announces that on 5 September 2012 it signed an agreement with Agri Energy Limited to join with Statesman in its exploration efforts in Africa. Agri has agreed to acquire a 49.9% shareholding of Statesman Africa Limited, a wholly owned subsidiary of Statesman. Statesman Africa Limited holds via another subsidiary a seventy five per cent (75%) working interest in Block 14 in Sudan and has a number of other opportunities it is pursuing in Africa. The agreement is for an initial period of 12 months and requires Agri to fund its 49.9% share of activities. As part of the overall transaction, Agri has advanced Statesman US$800,000 as a loan which will cover some of the initial costs associated with Statesman Energy Africaís efforts in Africa.

The agreement is subject to both the approval of the Exchange and is subject to Agri undertaking a re-compliance process pursuant to the Australian Securities Exchange Listing Rules, which requires Agri shareholder approval which could take up to three (3) months.

With respect to Block 14 in Sudan, Statesman has satisfied the first of its financial obligations through the payment of its share of a Signature Bonus which totalled approximately CDN$1.6 million. Significant operations are expected to commence in Sudan within the next few months.

About Statesman Resources Ltd.:

Statesmanís principal asset is a 50.1% shareholding in Statesman Africa Limited which in turn beneficially holds a 75% working interest in the Block 14 Exploration and Production Sharing Agreement with the Government of the Republic of the Sudan. Statesman also has a 75% working interest in approximately 20,000 acres in Kansas small interests in oil and gas leases in Californian and is focussed on growing its asset base through the new venture program in North America and Africa.

About Agri Energy Limited:

Agri Energy Limited (to be re-named Sirroco Energy Limited) is an Australian Securities Exchange (ASX) listed company that has recently announced a change of corporate direction to pursue opportunities in the oil and gas business. Agri Energy brings funding ability, business contacts and technical expertise which will assist Statesman in its efforts in Africa. Statesman shares a number of common directors with Agri Energy being Messrs Ferguson, Channon and Whiddon.

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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 

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