Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Texon Petroleum Ltd(ASX:TXN)Acquires Wandoo Carried Working Interest  Join our daily free Newsletter

MENAFN - ABN Newswire - 13/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - ABN Newswire)

The Board of Texon Petroleum Ltd (ASX:TXN) is pleased to announce, in conjunction with its proposed merger with Sundance Energy Australia Limited, that, subject to all necessary approvals and to the completion of the proposed demerger of the non Eagle Ford shale assets, it has contracted to buy from Wandoo Energy, LLC (a company associated with Texon Director David Mason) its working interest in jointly owned Eagle Ford shale assets in McMullen County, Texas, as of 1 October 2012, for the following consideration:

- US1,200,000 cash payable in four equal quarterly instalments, the first payable three months after completion of the demerger; and

- 11,200,000 shares in the holding company of the demerged group (referred to in the Company's 13/11/12 release and presentations as Talon Petroleum Limited)

which is subject to adjustment downwards (to US1,000,000 and 10,000,000 shares in Talon Petroleum) if binding agreements with certain landowners are not entered into within 12 months.

This transaction with Wandoo, involving the removal of the carried working interest on Texon's EFS acreage, was a key component of the proposed merger terms with Sundance.


 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help