Bow Energy Ltd [BOW] - Bow Sells Non Core Asset for $12.5m and Extra Interests in Surat Basin Tenements
Bow Energy Limited (ASX: BOW) is pleased to announce that it has entered into an irrevocable binding agreement to sell its interest in ATP 574P, located in Queensland’s Surat Basin, to Victoria Petroleum NL (Vicpet).
The consideration is:
• $8 million in cash;
• 13 million fully paid shares in Vicpet (market value as at close of trade on 3
November 2009 approx. $4.5m); and
• Vicpet’s interests in Surat Basin tenements ATP 608P (including 24% in Stratton Block
and 30% in Rookwood Block) and ATP 805P (15%). Bow’s ownership in ATP 608P and
ATP 805P will increase to 94.6% and 100% respectively.
Bow Energy Limited (ASX: BOW) is pleased to announce that it has entered into an irrevocable binding agreement to sell its interest in ATP 574P, located in Queensland’s Surat Basin, to Victoria Petroleum NL (Vicpet).
The consideration is:
• $8 million in cash;
• 13 million fully paid shares in Vicpet (market value as at close of trade on 3
November 2009 approx. $4.5m); and
• Vicpet’s interests in Surat Basin tenements ATP 608P (including 24% in Stratton Block
and 30% in Rookwood Block) and ATP 805P (15%). Bow’s ownership in ATP 608P and
ATP 805P will increase to 94.6% and 100% respectively.
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