Australia's EOR Acquires CEP, Gets Stake in East Kalimantan's Wailawi Field

Australia's Enhanced Oil & Gas Recovery Limited (EOR) announced Wednesday that it has executed a Share Purchase Agreement to acquire 100 percent of Centre Energy Petroleum (CEP) from Vibrant Link SDN BHD, KEH Industrial Park SDN BHD and Union Pacific Trading Pty Ltd.

CEP holds an 85 percent economic/participatory interest in P.T. Benuo Taka Wailawi (Joint Venture Company) which is the holder of an Extended and Amended Co-operation Agreement in the Wailawi Oil & Gas Field in East Kalimantan, Indonesia.

CEP holds the rights on behalf of the Joint Venture Company to operate the Wailawi Oil & Gas Project pursuant to the Extended and Amended Co-operation Agreement.

The acquisition of CEP is constituted by shares in EOR to the value of $9 million (AUD 12.8 million) or any such lesser value as determined by the independent valuer.

This Share Purchase Agreement is subject to shareholder approval at a General Meeting and also the Company's compliance with Chapters 1 & 2 of the ASX Listing Rules given the Company's transition in its business activities to oil and gas exploration and extraction.

The Company will provide a further update as soon as possible.


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