maari

Level 3, Pacific Tower, 737 Burwood Road, Hawthorn, Victoria 3122 Australia
Telephone: (61 3) 8862 6466 Facsimile: (61 3) 8862 6614
Carpenter Pacific Resources NL
20 January 2005
Australian Stock Exchange Announcement
Sale of interest in Maari oil project (PEP 38413) in offshore New Zealand.
Carpenter Pacific Resources NL (Carpenter) and Westgold Resources NL (Westgold ) have
reached an in principle agreement to dispose of their jointly held 5% participating interest in
the Maari Oil Project (Maari) to Cue Energy Resources Limited (Cue) for A$6.2m in cash.
Carpenter and Westgold each hold a 50% interest in Delta Oilfield Developments Limited
which, via its wholly owned subsidiary Delta Oil Taranaki Pty Limited (Delta), holds a 5%
participating interest in the Maari Oil Project.
Delta and Cue have today executed a Term Sheet for the proposed sale and purchase of the
5% interest in Maari, which will have an effective date of 1 December 2004. The sale and
purchase is subject to: -
·
the completion and execution on or before 28 January 2005 of a Sale and Purchase
Agreement (SPA)
·
on or before 31 January 2005 Cue confirming to Delta that it has been able to raise
additional shareholders' funds of not less than $A3,000,000 on terms and conditions
satisfactory in all aspects to Cue which condition may be waived by Cue at its sole
discretion
·
obtaining on or before 28 February 2005 all necessary shareholder approvals
·
obtaining on or before 28 February 2005 (or such later date as agreed by Delta) all
regulatory approvals and consents
·
obtaining all necessary joint venture and other consents and confirmations and
ancillary documents
·
satisfaction of all other conditions precedent
As a condition of execution of the Terms Sheet, Cue has paid a deposit of $A100,000 to
Delta, with this deposit being non-refundable other than in the case of certain conditions
precedent not being able to be met.
Settlement of the transaction is expected to be in early March 2005. During the period up to
settlement Delta will continue to meet its share of project cash calls that will be reimbursed at
settlement.
Delta's sale of its Maari interest will complete Carpenter's transformation into a focused
onshore US oil and gas development company. Upon the transaction settling, Carpenter
expects to have cash reserves of approximately $A 10,000,000. These funds further
strengthen Carpenter's ability to capitalise on favourable US gas market fundamentals by
becoming a substantial producer.
2
For any queries regarding the above announcement please contact:
Australian Contact
Mr Peter Collery
Executive Director and Company Secretary
Phone: 03 8862 6466
Fax: 03 8862 6614
Email: [email protected]
North American Contact
Mr Jeff Clarke
Managing Director & CEO
Phone: + 1 214 244 7690
Email: [email protected]