Gulf Oil and Gas accountACCOUNT

Alberta Oilsands Acquires an Interest in Blocks 2712A & 2812A

Source: www.gulfoilandgas.com 12/18/2012, Location: Africa

Alberta Oilsands Inc is pleased to announce that in keeping with its international strategy, the Company has agreed to acquire an interest in blocks 2712A and 2812A ("Licenses"), located in the Orange Basin, offshore Namibia.

AOS has agreed to acquire 100% of Maroon Hill International Limited, a BVI company which owns 85% of Leopard Investments Ten (Pty) Ltd, a local Namibian company that directly holds 100% of the Licenses. The remaining 15% of Leopard Investments is controlled to the benefit of Namibian economic empowerment and local groups. The Company's net interest in the Licenses will be 85%.

As consideration for the acquisition, AOS has agreed to pay an aggregate of US $1,500,000 and issue 20,000,000 shares in the capital of the Company at an attributed value of $0.10 per common share (the “Consideration Shares”). An additional US $1,000,000 is payable on the 1st anniversary of the closing date. A finder’s fee is payable in the form of the issuance of 2,250,000 common shares at an attributed value of $0.10 per common share (the “Finder Shares”). The Consideration Shares and the Finder Shares are subject to a statutory hold period of four (4) months plus one (1) day. The acquisition of the Licenses remains subject to TSX Venture Exchange (“TSX-V”) approval.

Blocks 2712A and 2812A are situated in the Orange basin off of the southern coast of Namibia and are adjacent to blocks owned by HRT Participacoes em Petroleo SA, who have announced their plans to commence drilling activities in the Orange Basin in 2013. The Chariot/Petrobras/BP joint venture has also announced its intention to drill a well on its Orange Basin acreage, to the east of AOS, in 2013. The Licenses cover an area of approximately 2.7 million acres and are also situated directly west of the Kudu Gas Field. A NI 51-101 technical report is currently being prepared.

Binh Vu, interim CEO of AOS stated "This transaction meets the stated criteria as set out in the Company's press release issued November 19, 2012, namely to position the Company in prospective and active basins surrounded by anticipated activity, which is closely followed by capital markets."

Acquisitions and Divestitures News in Namibia >>

Norway >>  8/17/2019 - Pandion Energy AS has entered into an agreement with ConocoPhillips Skandinavia AS (ConocoPhillips) to acquire a 20 percent interest in PL 891, contai...
Indonesia >>  7/18/2019 - Coro Energy, the Southeast Asian focused upstream oil and gas company, has renegotiated the terms of the proposed acquisition by the Company of a 42.5...

Indonesia >>  7/17/2019 - Mubadala Petroleum announces that it has signed an agreement with Premier Oil to farmout a 20 percent participating interest in each of the Andaman I...
Colombia >>  7/16/2019 - Frontera Energy Corporation (FEC) (Frontera) announces the award of the VIM-22 block in addition to LLA-99 block which was previously announced on Jun...

Brazil >>  7/15/2019 - Karoon Energy Ltd (KAR) make the following statement in relation to the news published by Upstream on the 12 July 2019. Karoon confirms it has been n...
China >>  7/15/2019 - MacGregor, part of Cargotec, has received a clearance decision from the Chinese competition regulator, SAMR, for the company’s acquisition of the mari...

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 


Namibia Oil & Gas 1 >>  2 | 3 | 4 |

Oil & Gas Projects in Namibia >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.