News: WGO Warrego Energy Receives Non-Binding Indicative Offer From Beach Energy

Nov 11 (Reuters) - Warrego Energy Ltd (WGO) :

• RECEIPT OF NON-BINDING AND INDICATIVE PROPOSAL
• RECEIVED A NON-BINDING INDICATIVE OFFER FROM BEACH ENERGY LIMITED
• PROPOSAL FOR CASH CONSIDERATION OF A$0.20 PER SHARE
• WARREGO BOARD CONSIDERS PROPOSAL IS AT A SUFFICIENT LEVEL TO MERIT FURTHER REVIEW
• HAS DETERMINED TO GRANT DUE DILIGENCE ACCESS TO BEACH
• AS PART OF PROPOSAL, BEACH WOULD BE REQUIRED TO USE REASONABLE ENDEAVOURS TO MARKET & SELL SPANISH ASSETS
• IF SALE OF SPANISH ASSETS COMPLETED WITHIN 12 MONTHS, BEACH TO PAY PROCEEDS OF SALE TO CO ALONG WITH CONSIDERATION UNDER SCHEME