Red Sky Energy Limited (Red Sky or the Company) announced Wednesday that the Company has entered into a sale agreement for its 20 percent non-operated interest in exploration permits PEL 457 and 479 in the Clarence Moreton Basin in New South Wales, Australia to ERM Gas, a wholly owned subsidiary of ERM Power. Details of the transaction are:
The Company retains an interest in permit application PELA 135, for which ERM holds an option to purchase.
The transaction is subject to Red Sky shareholder approval, which will be sought as soon as possible. It is also subject to ERM Board approval and consent by the other joint venture party, Clarence Moreton Resources.
Note ERM Power holds an approximate 9.5 percent shareholding in Red Sky.
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