Zeta Petroleum PLC (ASX:ZTA) signed a non-binding term sheet to acquire Stikito Ltd. for $4 million in cash and stock on April 8, 2014. As per the deal, Zeta Petroleum will issue 155 million shares and pay $3 million in cash. Out of total consideration, Zeta Petroleum PLC will make a cash payment of $2 million within 15 days of signing a binding legal agreement, will issue 155 million ordinary shares and subject to Stikito's assets maintaining average oil production levels in excess of 220 BOPD for 90 days, Zeta shall pay an additional cash consideration of $1 million. In order to fund the initial upfront acquisition cost, Zeta has signed a heads of terms with an existing shareholder, to provide a $2 million convertible loan.

Zeta Petroleum PLC (ASX:ZTA) cancelled the acquisition of Stikito Ltd. on April 8, 2015.