NSX Announcement
10 January 2012
ABN: 76 118 108 615
Corporate Office
18 Oxford Close
Leederville, WA 6007
P.O. Box 144
West Perth, WA 6872
T +61 8 9388 0744
F +61 8 9382 1411
E admin@intpet.com.au
W www.internationalpetroleum.com.au
International Petroleum Limited (NSX: IOP; OTCQX: ITPLY) ("International Petroleum" or the "Company"), an oil and gas exploration company with assets in Russia and Kazakhstan, is pleased to update the market on the completion of an acquisition and the revision of the terms of a disposal.
Acquisition of the Druzhny Project - Western Siberia, Russia
On 4 November 2011, the Company entered into a Share Purchase
and Funding Agreement ("Druzhny Agreement") to acquire 75% of
the issued share capital of Charlize Investments Limited (an
entity incorporated in Cyprus) ("Charlize") ("Charlize
Acquisition").
Charlize owns 100% of the issued share capital of OOO
VostokNefteGaz (an entity incorporated in Russia) ("VNG").
VNG owns an exploration licence in the Tomsk region of
Western Siberia (the "Tomsk Exploration Licence" or the
"Druzhny Project").
In consideration for the Charlize Acquisition, the Company
agreed to:
(a) issue 6,666,667 Shares ("Charlize Consideration Shares")
to the seller of the interest in Charlize;
and
(b) fund all of the exploration work necessary to fulfil the
minimum work programme as stipulated in the Tomsk Exploration
Licence.
On 9 November 2011, at the Company's General Meeting,
shareholder approval was obtained for the allotment and issue
of the Charlize Consideration Shares in part consideration
for the Charlize Acquisition.
Following the issue of the Charlize Consideration during
December 2011, the Charlize Acquisition has now completed and
the Company is the operator of VNG and the Druzhny
Project.
The minimum work programme as stipulated in the Tomsk
Exploration Licence is as follows:
Commitment | To be fulfilled by |
Develop, negotiate and obtain the approval of the programme of exploration and appraisal work | October 2011 |
Carry out at least 1,000 line km of 2D seismic survey | October 2012 |
10 January 2012 - 2 -
Carry out at least 2,000 line km of 2D seismic survey (including 1,000 line km to be done by October 2012) | October 2013 |
Commence drilling of the first exploration well | October 2014 |
Complete drilling of at least three exploration wells | October 2015 |
Implement a full program of exploration and appraisal of hydrocarbon reserves in line with the programme of exploration and appraisal work | October 2015 |
If deposits are discovered, the Company intends to carry out
an operational estimate of hydrocarbon reserves and file the
estimate for Russian state expert evaluation not later than
six months after the production well test date.
The Company plans to meet the requirements of the minimum
work programme by carrying out at least
1,000 line km of 2D seismic survey during the winter of
2011/12.
The Charlize Consideration Shares will be subject to escrow
until the earlier of:
(a) a commercial discovery having been made in the Tomsk
Exploration Licence; (b) VNG having acquired an oil-producing
asset in the Tomsk region of Russia; or (c) a period of five
years from the date of settlement of the Charlize
Acquisition. Sale of interest in Tubatse Project to Nkwe
Platinum Limited for A$45 million
During August 2011, the terms of an asset sale agreement (the
"Asset Sale Agreement") entered into with Nkwe Platinum
Limited (ASX: NKP) ("Nkwe") relating to the Company's
interest in the Tubatse Project in South Africa were varied
to reduce the consideration payable by Nkwe to the Company
from AU$50 million to AU$45 million to be paid by 31 December
2011 and removing the trigger conditions that required Nkwe
to make the payment.
On 11 November 2011, Nkwe's shares were suspended from
trading on the Australian Securities Exchange
("ASX"), at the request of Nkwe, pending the release of an
announcement regarding the outcome of joint
venture negotiations.
On 23 December 2011, Nkwe announced that it has been trying
to settle a dispute about the ownership of certain mineral
farms in South Africa and that there had been substantial
agreement between the parties, but that certain technical
difficulties had arisen and a concerted effort was being made
to find resolution in the quickest possible time frame.
The Company has entered into an agreement to vary the terms
of the Asset Sale Agreement in order to extend the latest
date by which the AU$45 million consideration is payable from
31 December 2011 to 30
June 2012 and, in the event of a change of control in Nkwe,
to increase the consideration payable by Nkwe
to the Company from AU$45 million to AU$50 million.
As of today, Nkwe's shares remain suspended on the ASX,
pending an announcement of a binding outcome
of this dispute.
10 January 2012 - 3 -
Nkwe has indicated to the Company that, once it releases an
announcement regarding a binding outcome of this dispute and
its shares resume trading on ASX, it will be able to raise
the funding it needs in order to pay the AU$45 million cash
consideration to the Company.
Commenting on completion of an acquisition and the revision
of the terms of a disposal, Chris Hopkinson, International
Petroleum CEO said, "We are pleased to complete the
acquisition of the Druzhny Project, because, having
previously been CEO of Imperial Energy Corporation plc and
built a successful oil exploration, development and
production business in the Tomsk region of Western Siberia, I
believe that the Company is well placed to rapidly explore
and develop exploration projects in the Tomsk region and I
look forward to working again with the many friends and
contacts that I have in Tomsk. Also, the revised agreement
with Nkwe confirms that Nkwe is committed to the purchase of
the Company's interest in the Tubatse Project for AU$45
million cash".
Yours faithfully
Tony Sage
Non-Executive Chairman
For further information, please contact:
Tony Sage Non-Executive Chairman International Petroleum Limited Ph: +61 8 9388 0744 | Chris Hopkinson Chief Executive Officer International Petroleum Limited Ph: +44 20 3435 7676 | Claire Tolcon Company Secretary International Petroleum Limited Ph: +61 8 9388 0744 |
David Tasker Professional Public Relations Ph: +61 8 9388 0944/ +61 433 112 936 Em: david.tasker@ppr.com.au | Eloise von Puttkammer Investor Relations International Petroleum Limited Ph: +61 8 9388 0744 |
International Petroleum is an oil and gas exploration
company.
The Company is listed on the National Stock Exchange of
Australia (NSX: IOP).
The Company owns a 75% equity interest in the exploration
rights to four blocks, covering a total area of
1,467 km², located in the Khanty-Mansiysk Autonomous Region
in Western Siberia, the largest oil-
producing region of Russia in Western Siberia (the
"Krasnoleninsky Project"). During 2011, the Company drilled
two exploration wells in the Krasnoleninsky Project and
discovered commercial quantities of oil in both wells.
The Company owns a 75% equity interest in an exploration
licence in the Tomsk region of Western Siberia
(the "Tomsk Exploration Licence" or the "Druzhny
Project").
The Company also owns a 50% interest in an early stage
project covering 24,649 km2 in eastern and south
eastern Kazakhstan ("Kazakhstan Project"), which borders the
western boundary of the People's Republic of China.
International Petroleum's subsidiary company, North Caspian
Petroleum Limited, has exclusive exploration rights to the
Kazakhstan Project until November 2012.
10 January 2012 - 4 -
In August 2011, the Company signed a Share Purchase Agreement
to acquire 100% of the shares of Vamaro Investments Limited
("Vamaro") with its current shareholder. Vamaro owns two
licences for geological study of subsoil, prospecting and
extraction of oil and gas in the Khanty-Mansiysk Autonomous
Region in Western Siberia (the "Vamarov Project"). Completion
of the acquisition of Vamaro is expected to occur by the end
of February 2012.
Whilst the Company is focused on exploration at its projects
in Russia and Kazakhstan, it continues to evaluate other
projects for potential acquisition.
distribué par | Ce noodl a été diffusé par International Petroleum Limited et initialement mise en ligne sur le site http://internationalpetroleum.com.au. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-10 08:54:00 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
Documents associés | |
Completion of Acquisition and Revision of Terms of Disposal |