Resource Wrap: 25 June 2010 – MOS, CUE, IOH, SSN, IRN
June 25, 2010
Mosaic Oil NL (MOS) announced the sale of its PNG subsidiary Mosaic Oil Niugini Limited to ‘a major international oil and gas company’ for US$11 million in cash. The primary asset held by the subsidiary is a 28.6% interest in PRL08, which contains the Kimu gas discovery. The company said in addition to the cash payment, it would receive a contingent cash payment of either US$0.10 per gigajoule for any proven plus probable reserve increases prior to 31 December 2012, or US$2.7 million in cash at any time before the appraisal well is drilled. Mosaic said the sale is subject to pre-emption on the same terms by Mosaic’s PRL08 joint venture partners. The company said it anticipates completion of the sale in late July / early August 2010.
Cue Energy Resources Limited (CUE) announced the sale of its 10.72% interest in PRL8 in Papua New Guinea for US$5.14 million in cash. The company said the sale would be affected by selling 100% of the shares in Cue’s wholly-owned subsidiary, Omati Oil Pty Limited. The primary asset contains the Kimu gas field. Cue said completion of the sale is anticipated in late July / early August 2010.
Iron Ore Holdings Limited (IOH) requested its shares be placed in trading halt pending the release of an announcement regarding on the company’s Phils Creek and Buckland Hills Projects. The company said the trading halt would remain in place until an announcement is released to the market, which is expected to be within the time limit imposed by the Listings Rules.
Samson Oil & Gas Limited (SSN) said it has entered into a binding agreement with a ‘large US-based independent natural gas and oil producer’ to sell about 60% of its acreage in Goshen County, Wyoming, for between US$ 61 million and US$ 79 million. The company said it has been actively seeking an industry partner for the project. Samson said its board of directors recognised that full development of the project would require more capital than was then available to the company. The company said it would retain an average 4.8% royalty interest in the leases that are sold. The closing of the transaction, which is conditional on the satisfactory conclusion of the buyer’s due diligence, is scheduled for late next month. Samson said the transaction would allow it to achieve several objectives including the ability to repay its existing debt facility, which matures in May 2011, and finance three project developments.
Indophil Resources NL (IRN) said it has agreed to terminate the Takeover Implementation Agreement with Zijin Mining Group Co., Ltd dated 29 November 2009. The minerals explorer said the decision followed uncertainties created by unexpected and continuing delays in relation to the fulfilment of certain of the Bid Conditions. Indophil said after careful consideration, Zijin has determined that it has no current intention of extending the offer period in relation to the takeover bid by its wholly owned subsidiary, Golden Resource Mining Limited, for all of the shares in Indophil for $1.28 each, valuing Indophil at approximately $545 million.
Cue Energy Resources Limited (CUE) announced the sale of its 10.72% interest in PRL8 in Papua New Guinea for US$5.14 million in cash. The company said the sale would be affected by selling 100% of the shares in Cue’s wholly-owned subsidiary, Omati Oil Pty Limited. The primary asset contains the Kimu gas field. Cue said completion of the sale is anticipated in late July / early August 2010.
Iron Ore Holdings Limited (IOH) requested its shares be placed in trading halt pending the release of an announcement regarding on the company’s Phils Creek and Buckland Hills Projects. The company said the trading halt would remain in place until an announcement is released to the market, which is expected to be within the time limit imposed by the Listings Rules.
Samson Oil & Gas Limited (SSN) said it has entered into a binding agreement with a ‘large US-based independent natural gas and oil producer’ to sell about 60% of its acreage in Goshen County, Wyoming, for between US$ 61 million and US$ 79 million. The company said it has been actively seeking an industry partner for the project. Samson said its board of directors recognised that full development of the project would require more capital than was then available to the company. The company said it would retain an average 4.8% royalty interest in the leases that are sold. The closing of the transaction, which is conditional on the satisfactory conclusion of the buyer’s due diligence, is scheduled for late next month. Samson said the transaction would allow it to achieve several objectives including the ability to repay its existing debt facility, which matures in May 2011, and finance three project developments.
Indophil Resources NL (IRN) said it has agreed to terminate the Takeover Implementation Agreement with Zijin Mining Group Co., Ltd dated 29 November 2009. The minerals explorer said the decision followed uncertainties created by unexpected and continuing delays in relation to the fulfilment of certain of the Bid Conditions. Indophil said after careful consideration, Zijin has determined that it has no current intention of extending the offer period in relation to the takeover bid by its wholly owned subsidiary, Golden Resource Mining Limited, for all of the shares in Indophil for $1.28 each, valuing Indophil at approximately $545 million.
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