Greepower Energy Ltd., a clean energy technology developer in Australia, confirmed Tuesday that Eneabba Gas Ltd. has executed and completed a Sales and Purchase Agreement for the acquisition of its subsidiary GCC Methane Pty Ltd., which holds a 50 percent stake in permit EP447, Perth Basin, Western Australia. Eneabba has also executed a Royalty Deed to give effect to the royalty right to 1.5 percent of the GCC's net petroleum production from EP447, including the legacy Walyerling Gas Field.
"This transaction enables Greenpower to focus on developing its major coal conversion project in Victoria's Latrobe Valley," the company said in a press release.
Eneabba, which has earlier paid $22,902 (AUD 30,000) non-refundable option payment for the 45-day exclusive period for it to carry its due diligence on Permit EP447, paid a further $625,906 (AUD 820,000) to Greenpower for 100 percent of the issued capital of and Greenpower's claims on GCC.
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