Continental Energy Corporation announced that, further to its press release of August 5, 2008, it has received court approval to conclude and close its acquisition of a 30% participating interest in the Tungkal PSC.
The Alberta Court of Queen's Bench, the superior court in the province of Alberta, Canada, has granted an order authorizing and directing Ernst & Young Inc., the court-appointed receiver-manager over all of the property of insolvent Fuel-X International Inc. to conclude the sale of a 30% interest in the Tungkal PSC, onshore Sumatra, Indonesia, to the Continental under the terms of an existing purchase and sale agreement between the Receiver and Continental.
The deal is now scheduled to close upon the approval and registration of the deed of assignment by Indonesian authorities, anticipated next month, of the Tungkal PSC interest from Fuel-X Tungkal Ltd. to Continental's newly formed and wholly owned subsidiary Continental Energy (Tungkal) Pte. Ltd.
Continental earlier paid a cash deposit of $1,500,000 and at closing Continental shall pay an additional $13,500,000 cash, net of oil production income since the June 1, 2008 effective date of sale, plus issue 12,320,000 newly created Series-A preferred shares each having face and conversion value $1.00.
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