Mosman Oil and Gas Plans to Acquire 100% Interest in MEO Australia

Mosman Oil and Gas Limited (Mosman or the Company), the New Zealand and Australia focused oil exploration and development company, announced Thursday that Mosman proposes to make a takeover bid pursuant to Chapter 6 of the Australian Corporations Act 2001 (Cth) (Corporations Act) to acquire 100 percent of the fully paid ordinary shares in the issued capital of the ASX listed MEO Australia Limited (MEO) (the Proposal).


Mosman intends to offer the MEO shareholders 1 AIM traded fully paid ordinary share in Mosman for every 20 ASX listed fully paid ordinary shares in MEO to acquire 100 percent of the share capital of MEO (the Offer).

The Proposal, and any agreement that results from acceptance of the Offer contemplated by the Proposal, will be subject to the fulfilment (or waiver) of the conditions detailed in the letter to the MEO board, and will be fully set out in the takeover bid documents, anticipated to be despatched in February 2015. The Offer would be classified as a reverse takeover under the AIM Rules and so would be subject to the approval of the Mosman shareholders and would require the publication of an AIM admission document relating to the merged group.

The Board of Mosman believes that the combined resources of Mosman and MEO will deliver benefits to both Mosman and MEO shareholders and establish the merged group as an attractive investment proposition for investors.

As Mosman is admitted to trading on AIM it has exposure to one of the largest global investment communities, and its activities since being admitted earlier this year have created considerable investment interest.


MEO was listed on the ASX in 1988 and has a current market cap of approximately $11.76 million (AUD 14.25 million). MEO has a diversified portfolio of petroleum exploration and development permits as well as production in New Zealand.

MEO is currently subject to a merger proposal with ASX listed company, Neon Energy Limited (Neon). MEO and Neon have entered into a merger implementation agreement pursuant to which they have agreed to complete the merger via a scheme of arrangement (under the Australian Corporations Act), subject to approval by the MEO shareholders and the regulatory approvals required in Australia (the Neon Merger). A draft scheme booklet in respect to the Neon Merger was recently lodged with the Australian Securities and Investments Commission (the Australian Regulator).

Separately, Evoworld Corporation Pty Ltd (Evoworld) has informed Neon that it intends to call and arrange a general meeting of Neon's shareholders, pursuant to section 249F of the Australian Corporations Act, to be held Jan. 14, 2015 (the Neon Meeting). Evoworld holds approximately 19.99 percent of the issued share capital of Neon.


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