Resource Wrap: 07 December 2009 – ORG, WPL, FLX, URA
December 6, 2009
Origin Energy Limited (ORG) said its share of the purchase price of Woodside Energy Limited’s (WPL) 51.55% interest in the Otway Gas Project is to be reduced from $712.5 million to $507.2 million. The company said the reduction was a result of Benaris International Pty Ltd advising that it would exercise its pre-emption right in relation to some of its interests. Origin said the sale remains subject to satisfaction of a number of conditions and it is expected that completion would occur by the end of 2009.
Felix Resources Limited (FLX) said it has been notified that Yanzhou Coal Mining Company Limited has received regulatory consent from the National Development and Reform Commission for the acquisition of 100% of the issued shares of Felix. Felix said the remaining Chinese regulatory consent is required from the China Securities Regulatory Commission, which is expected shortly.
Uran Limited (URA) said it has entered into an agreement with Canadian company Summit Point Uranium Corp. to earn up to an 85% equity in the Uravan Project on the Utah and Colorado border. The company said the project consists of registered mineral claims covering about 4,080 hectares and lies at the junction of two of the largest uranium production areas in the USA between 1945 and the early 1980s. Uran said it can earn a 65% interest in the project by expending US$300,000 on exploration within two years and issuing 2 million shares to Summit upon confirmation of the joint venture following completion of the due diligence, and a further 3 million shares on the earlier of grant of an exploration permit to allow drilling, or the first anniversary. The company is entitled to increase its equity to 85% by expenditure of a further $1.2 million within a further three years and issuing 3 million shares to Summit upon completion of earning the 85% equity.
Felix Resources Limited (FLX) said it has been notified that Yanzhou Coal Mining Company Limited has received regulatory consent from the National Development and Reform Commission for the acquisition of 100% of the issued shares of Felix. Felix said the remaining Chinese regulatory consent is required from the China Securities Regulatory Commission, which is expected shortly.
Uran Limited (URA) said it has entered into an agreement with Canadian company Summit Point Uranium Corp. to earn up to an 85% equity in the Uravan Project on the Utah and Colorado border. The company said the project consists of registered mineral claims covering about 4,080 hectares and lies at the junction of two of the largest uranium production areas in the USA between 1945 and the early 1980s. Uran said it can earn a 65% interest in the project by expending US$300,000 on exploration within two years and issuing 2 million shares to Summit upon confirmation of the joint venture following completion of the due diligence, and a further 3 million shares on the earlier of grant of an exploration permit to allow drilling, or the first anniversary. The company is entitled to increase its equity to 85% by expenditure of a further $1.2 million within a further three years and issuing 3 million shares to Summit upon completion of earning the 85% equity.
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