UIL Energy Ltd., a junior exploration company, revealed Friday that the company indicated that the completion of the acquisition of Eneabba Gas Ltd.'s Perth Basin permit interests in Western Australia will be completed shortly.
The completion of the transaction hinges on the satisfaction of certain conditions including the transfer of the Ocean Hill permit (EP 495) from Black Rock Mining to Eneabba Gas' subsidiary Ocean Hill Pty Ltd.
"This transfer application is currently underway with the Department of Mines and Petroleum (DMP) and the company has been advised that the transfer will likely be completed shortly," UIL Energy said in the press release.
Eneabba Gas signed the agreement in February to dispose of its exploration interests in the Perth Basin, including 100 percent of the Ocean Hill project and 50 percent interest in EP447 to UIL Energy.
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