Red Sky Sold 20% Interest in Two Australian Permits to ERM

Source: www.gulfoilandgas.com 1/8/2014, Location: Not categorized

The directors of Red Sky Energy Limited (“Red Sky” or “the Company”) are pleased to announce that the Company has entered into a sale agreement for its 20% non-operated interest in exploration permits PEL 457 and 479 in the Clarence Moreton Basin to ERM Gas, a wholly owned subsidiary of ERM Power. Details of the transaction are:

- Sale of 20% of PEL 457 for $250,000 and release of $217,500 from the Permits Account, payable upon lodgement of transfer documents with regulator;
- Sale of 20% of PEL 479 for $250,000 and release of $217,500 from the Permits Account, payable upon registration of transfer documents by regulator;
- Upfront payment of $750,000 in lieu of $1 million at time of renewal of PEL 479.

The Company retains an interest in permit application PELA 135, for which ERM holds an option to purchase. The transaction is subject to Red Sky shareholder approval, which will be sought as soon as possible. It is also subject to ERM Board approval and consent by the other joint venture party, Clarence Moreton Resources.

Note ERM Power holds an approximate 9.5% shareholding in Red Sky.


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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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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