Singapore-listed Rex International Holdings Limited provided an update Monday on the acquisition of a 20 percent interest in VIC/P57 exploration permit in the Gippsland Basin offshore Victoria, Australia by its jointly controlled entity HiRex Petroleum Sdn Bhd (HIREX) from 3D Oil Limited.
Rex revealed that unless otherwise defined, all capitalized terms used in this announcement shall bear the same meanings ascribed to them in the Company’s press release dated May 12 and announcement dated July 7, in relation to, inter alia, the binding agreements (the Press Release and Announcement).
Further to the Press Release and Announcement, the Board of Directors (the Board) of the Company is pleased to announce that shareholders of 3D Oil had approved the resolutions relating to the proposed transactions stated in the binding agreements. Further to the above, the proposed transactions are pending approvals from the relevant Australian authorities.
The binding agreements accord an option, inter alia, from 3D Oil to HIREX to acquire a 20 percent working interest in the approximately 173 square mile (448 square kilometer) concession VIC/P57, located in the northwest offshore oil-prolific Gippsland Basin, in exchange for use of the Rex Virtual Drilling technology to determine the best hydrocarbon prospects in the concession.
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