Indeed @minoil
Refinery JV or Acquisition Opportunity
The Board has had discussions and received a draft agreement in respect to a possible JV or acquisition of a diesel/biodiesel refinery, located at Moama in southern New South Wales, which may involve the Company actioning one of two alternatives:
(i) Spending an agreed amount on refurbishment of the previously operational diesel/biodiesel refining facility, as its contribution to earning a 50% interest in the operation of the refinery, or
(ii) Acquiring the refinery via a share issue with a view to refurbishing and operating the refinery.
The Board has not yet formally considered the opportunity and NO decision has been reached, nor any Due Diligence carried out.
Any decisions by the Board involving this transaction will only follow appropriate due diligence, regulatory and shareholder approvals.
There’s a lot of information for something NOT YET FORMALLY CONSIDERED - if you google Moama refinery you get old articles about record fines to the ATO for illegal fuel blending - sounds like something the Vazinator would know about?
Hmmm......
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