NuEnergy Gas Ltd., an Australian gas and ancillary power generation development company focused on unconventional gas exploration and production in Indonesia, referred Monday to its announcement dated May 20 in relation to the signing of the conditional Share Purchase Agreement (SPA) with Dart Energy International Limited (the Vendor) on May 20 to acquire 100 percent of the issued share capital of Dart Energy (Indonesia) Holdings Pte Ltd. (DEIH). We wish to inform that all the conditions precedent have been met and the balance of the purchase consideration of $500,000 has been paid to the Vendor on Nov. 20. In this regard, the Proposed Acquisition has been completed on Nov. 20.
We wish to highlight that the exploration period for the Tanjung Enim PSC was extended for an additional period of 4 years from Aug. 4, 2015 to Aug. 3, 2019.
The unaudited pro‐forma financial effect of the acquisition on the consolidated statement of financial position of NuEnergy Gas Limited (NGY) group of companies (NGY Group) as at Oct. 31, 2015 is shown in Appendix 1.
The latest available resource estimates of DEIH’s Production Sharing Contacts were last published in the 2013 Annual Report (http://www.asx.com.au/asxpdf/20131024/pdf/42k9288w2tzyv7.pdf) of Dart Energy Limited (the holding company of the Vendor, ASX:DTE, delisted Oct. 21, 2014) which were prepared by an independent competent person in the oil and gas industry, with Netherland Sewell and Associates Inc. (NSAI). NGY is currently seeking NSAI’s permission to republish the said DEIH’s resource estimates. NGY will announce DEIH’s resource estimates in accordance with Chapter 5 of the ASX Listing Rules, once NSAI’s consent has been obtained.
The Chairman of NGY, Kok Keong Kong, commented:
“This is a significant moment for NGY and we look forward to exciting times ahead as we integrate and build on our South Sumatra assets to develop a large scale coal bed methane (CBM) supply which is unprecedented.”
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