renegotation of petro african

MATANDA – PH72
CityView is pleased to advise that the preliminary feasibility study headed by Mr Conrad Maher has now concluded and as a result of the positive findings, CityView has agreed to move ahead with its acquisition of the Matanda Oil and Gas field by taking over Petro Energy Africa Limited.
CityView, through vigorous negotiations, has succeeded in renegotiating the price for the takeover of Petro Energy Africa Limited, the owner of 57% of Turnberry Resources Inc.
Under the original terms the purchase price was US$4.5 million and US$15 million worth of CityView shares. The agreed new price will be reduced to $4.5 million payable upon execution of the definitive agreements and an allotment of 40 million shares (equivalent to approx. Aus$10 million) subject to Shareholder approval. Definitive agreements are being prepared to complete the transaction.