The evolution to L&M Energy (new stock code on the ASX and NZX: LME) reflects our drive to deliver value to our shareholders by developing a more diverse range of energy resources. Such energy and drive was demonstrated when we announced on 24 December 2009 that we had entered into a conditional sale and purchase agreement to acquire all of the issued share capital in privately owned New Zealand company, L&M Coal Seam Gas Limited (LMCSG).
The acquisition has seen LME add six coal seam gas expoloration permits to its asset portfolio including an initial 173 PJ of independently certified 3P gas reserves. This portfolio of assets, together with the existing permits held by LME, has created a larger, dual-focused coal seam gas and conventional petroleum exploration and development company, with a leading position in New Zealand's emerging coal seam gas sector.
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