Ana and Bella Pty Ltd entered into a share exchange agreement to acquire Coral Sea Petroleum (PNG) Ltd, Pacific Shale Gas Ltd and South Pacific Resources Ltd from South Pacific Resources Limited (ASX: SPB) for AUD 1000 on August 6, 2019. In a related transaction, Takmur Pte. Ltd. signed a sale and purchase agreement to acquire South Pacific Resources Limited in a reverse merger transaction. The disposal will have no impact on the Company’s Board or senior management. The transaction is subject to shareholder approval, close of the Public Offer and the completion of the related transaction. The Directors are of the opinion that the transaction is in the best interests of South Pacific Resources and unanimously recommend that Shareholders vote in favour. As of December 13, 2019, deal is approved by shareholders of South Pacific Resources. As of January 24, 2020, South Pacific Resources Limited successfully closed its public offer.