UIL Energy Ltd. reported Thursday that the company has completed the sale of shares agreement to acquire Eneabba Gas’ Perth Basin permit interests in Western Australia.
Under the deal, UIL Energy issued 90 million convertible redeemable preference shares (RPS) to Eneabba Gas as consideration for the acquisition of the latter’s subsidiary that holds the Perth Basin permits.
“We are excited about the highly prospective Ocean Hill prospect based on the historical results from the Ocean Hill #1 well. With this permit now granted, UIL Energy has initiated the approval process for a sizeable 3D seismic work program over this highly prospective target,” UIL Energy’s Managing Director John De Stefani 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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