Partner found for appraisal of large gas discovery in southern Spain • SEI to sell up to 49.9% of Tesorillo project in southern Spain • Defined work programme costing ~€3.8m includes MT and 1 well • Sale proceeds totalling ~€2m will fund SEI’s share of work programme • Partner with similar projects and experience elsewhere in Europe Petrel Energy Limited (ASXRL) is pleased to announce that it’s 62.7% subsidiary Schuepbach Energy International LLC (“SEI”) has entered into a Share Purchase Agreement (“SPA”) to sell up to a 49.9% of its wholly owned subsidiary Schuepbach Energy Espania S.L.U. (“SEE”) to AIM listed Prospex Oil and Gas Plc (“Prospex”) for up to €2,053,750. SEE owns the Tesorillo project in southern Spain. Under the SPA, SEI can sell up to 49.9% of the ordinary shares in SEE to Prospex in three tranches. An initial consideration of €48,250 is payable at first closing. A further €280,000 is payable at second closing, subject to, amongst other conditions, the result of a trial magnetotelluric programme, by 31 December 2018. A final consideration of €1,725,000 is payable at the final closing, subject to, amongst other conditions, the completion of a full magnetotelluric programme and the approval of an appraisal Tesorillo well for drilling within the 6 year licence period.
PRL Price at posting:
1.0¢ Sentiment: Sell Disclosure: Held
RL) is pleased to announce that it’s 62.7% subsidiary Schuepbach Energy International LLC (“SEI”) has entered into a Share Purchase Agreement (“SPA”) to sell up to a 49.9% of its wholly owned subsidiary Schuepbach Energy Espania S.L.U. (“SEE”) to AIM listed Prospex Oil and Gas Plc (“Prospex”) for up to €2,053,750. SEE owns the Tesorillo project in southern Spain. Under the SPA, SEI can sell up to 49.9% of the ordinary shares in SEE to Prospex in three tranches. An initial consideration of €48,250 is payable at first closing. A further €280,000 is payable at second closing, subject to, amongst other conditions, the result of a trial magnetotelluric programme, by 31 December 2018. A final consideration of €1,725,000 is payable at the final closing, subject to, amongst other conditions, the completion of a full magnetotelluric programme and the approval of an appraisal Tesorillo well for drilling within the 6 year licence period.
