Entek Energy Limited (ASX:ETE) agreed to acquire Emerald House LLC from Elixir Petroleum Limited (ASX:EXR) for AUD 1.9 million on January 31, 2019. On completion of the acquisition, Entek will issue Elixir up to 200 million shares. Based on present calculations, Elixir calculates the consideration to be paid by Entek at completion to be approximately 185 million Entek shares. As on April 15, 2019, Additional cash consideration, totalling $1.35 inclusive of the $0.5 million loan facility, was paid at settlement. Entek has agreed to lend $0.5 million of loan facility to Elixir to accept lease offers for 10 additional leases adjoining its existing three leases on the Alaskan North Slope received from Bureau of Land Management. Entek's decision to grant the loan facility was to ensure the maximum number of leases could be acquired by Elixir and would form part of the assets of Emerald House LLC to be acquired in full by Entek under the terms of the transaction. The Directors of Entek and Elixir have unanimously confirmed their intention to support the proposed acquisition by committing to vote in favour of the relevant resolutions at the EGM's. On Completion, Dougal Ferguson will be appointed Managing Director of Entek and remain a Non-Executive Director of Elixir Petroleum. Mr. Ferguson's Managing Director duties will transition to Neil Young, who will continue as Chief Executive Officer of Elixir Petroleum. No other changes to the Board of Entek or Elixir Petroleum are expected.

The transaction remains subject to satisfaction of certain conditions including both Entex and Elixir shareholder approvals and subject to all other conditions being met, completion and distribution of the Entek shares to Elixir shareholders. The shareholders meeting will be held be held on March 29, 2019. The transaction is expected to close on April 12, 2019.

Entek Energy Limited (ASX:ETE) completed the acquisition of Emerald House LLC from Elixir Petroleum Limited (ASX:EXR) on April 15, 2019.