ACL Purchases an Additional Northern Sumatra Oil & Gas Assets

Source: www.gulfoilandgas.com 7/6/2015, Location: Asia

ACL International Ltd. is pleased to announce that it has acquired a 38.25% working interest in a Production Sharing Contract for a block referred to as "South Block A" (the "Assets") located onshore, North Sumatra, Indonesia, from Peak Oil & Gas (Australia) Pty Ltd. ("Peak") for an aggregate purchase price of $800,000 Australian dollars (approx. CDN$752,000) (the "Transaction").

The Transaction involved the acquisition of all of the issued and outstanding shares of Peak Oil & Gas SBE Pte Ltd., the registered owner of the Assets, along with an intercorporate loan as between Peak and its subsidiary in the aggregate amount of USD$4,164,673.

The Assets consist of an aggregate 2105 km2 of exploration acreage and are surrounded by oil & gas fields in the prolific North Sumatra Basin. The Assets also include 180 km of 2D Seismic, 50 km2 of 3D Seismic and 4 exploratory wells. South Block A lies in the North Sumatra Basin which is one of the most productive hydrocarbon provinces in Indonesia with over 80 known oil and gas fields.

It is the intention of the Corporation to actively develop a number of oil and gas fields from its recently acquired Langsa property as well as from areas identified in South Block A in the coming years.

ACL has also applied to the TSX Venture Exchange to issue 833,333 common shares of the Corporation at a price of $0.12 per share to settle CDN$100,000 of previously incurred debt held by a private lender (the "Debt Settlement"). Closing of the Debt Settlement is subject to receipt of all necessary regulatory approvals, including the approval of the TSXV. All of the ACL Shares issued pursuant the Debt Settlement are subject to a 4-month hold period.


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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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