New Horizon Coal Limited signed a conditional agreement to acquire 100% working interest in 3,118 net acres in Trinity, Houston and Walker counties, Texas, USA from RPM Texas LLC, Trend E&P LLC, PAA Energy LLC, PF Petroleum Pty Ltd and others.
January 04, 2017
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New Horizon Coal Limited signed a conditional agreement to acquire 100% working interest in 3,118 net acres in Trinity, Houston and Walker counties, Texas, USA from RPM Texas LLC, Trend E&P LLC, PAA Energy LLC, PF Petroleum Pty Ltd and others on January 5, 2017. The consideration payable by New Horizon Coal for the Trinity Oil Project is $0.99 million in cash and 192 million fully paid ordinary shares in the capital of New Horizon Coal on post consolidation basis. In a related transaction, New Horizon will drill three oil wells and earn a 70% working interest in Presidio Oil Project. Within 90 days of settlement, the Directors of the New Horizon Coal will consist of four persons consisting of Tony Brennan, Gary Steinepreis and two independent directors nominated by the vendors and notified to New Horizon Coal. The transaction is subject to completion of completion of due diligence on or before January 5, 2017, completion of the rights issue by New Horizon Coal and completion of the options placement, ASX Listing Rule approval, third parties approvals, New Horizon Coal obtaining all shareholder approvals, obtaining all necessary regulatory approvals, shareholders approving a change of nature and scale of activities of the New Horizon Coal, consolidation of the capital of New Horizon Coal, election of directors of the New Horizon Coal. Each Director of New Horizon Coal recommends that shareholders of New Horizon Coal vote in favor of the transaction. A General meeting shall be held on February 6, 2017. The transaction is expected to be completed on March 31, 2017.
Helios Energy Ltd is an Australia-based oil and gas exploration company. The Companyâs principal activity includes the exploration activities in Presidio Oil Project located in Presidio County, Texas, United States. The Company is organized into two segments, being oil and gas exploration in the USA and helium in China. The Presidio Oil & Gas Project is comprised of a large wet gas resource. The Company has a 70% working interest (WI) in a total of approximately 17,850 gross acres (12,495 net acres) and a 70% WI in the four wells drilled by Helios in the Presidio Oil & Gas Project, namely, Presidio 52#1, Presidio 141#2, Quinn Creek 141#1 and Quinn Mesa 113. It has drilled two vertical wildcat wells into the Presidio Oil Project: Quinn Creek 141 and Quinn Mesa 113 (two miles apart). The Companyâs subsidiaries include Helios Energy USA, Ltd, Helios Operating, LLC, Helios Energy (China) Ltd and Helios Energy Holdings Ltd.
New Horizon Coal Limited signed a conditional agreement to acquire 100% working interest in 3,118 net acres in Trinity, Houston and Walker counties, Texas, USA from RPM Texas LLC, Trend E&P LLC, PAA Energy LLC, PF Petroleum Pty Ltd and others.