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Alkane Acquired Interests in 2 Gas Licences

Source: www.gulfoilandgas.com 6/10/2011, Location: Europe

Alkane announced that it had agreed to acquire interests in two onshore gas exploration licences (“Licences”) via the conditional acquisition of the entire issued share capital of Seven Star Natural Gas Ltd (“Seven Star”). The acquisition was completed on admission to AIM of the Acquisition Shares on 27 May 2011.

The standard conditions which apply to the Licences mean that they can be revoked on a change of control of Seven Star and Seven Star fails to comply with any instruction from the Department of Energy and Climate Change (“DECC”) requiring a further change of control.

Alkane are pleased to announce that confirmation was received from DECC on 6 June 2011 that the Secretary of State, based on the information currently available to him, does not intend to exercise his powers to revoke either of the Licences or to seek any further changes of control of Seven Star following its acquisition by the Company.

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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