Orca Energy Limited (the Company or Orca) disclosed Monday that it has completed the sale of its Cooper Basin assets to Senex Energy Limited. Orca received the balance amount of $1.18 million (AUD 1,400,000) from Senex on Friday afternoon. In total, the Company received just over $1.6 million (AUD 2,000,000) for the sale of PPL 251, PRL 117 and PEL 110 (together the Cooper Basin Assets – refer ASX Announcement March 13).
As the sale was one of the conditions precedent to the recently announced Subscription Agreement (Agreement) with Bentley Resources Pte Ltd (Bentley) and Trepang Services Pty Ltd (Trepang), the Company now only requires a General Meeting of shareholders to approve the transaction. The meeting is expected to be convened in late June and shareholders will be advised once the Notice of Meeting has been dispatched.
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