Sydney - Wednesday - May 14: (RWE Australian Business News) - Acclaim Exploration NL (ASX:AEX) has reached agreement to earn leasehold and working interests, and attributable net revenue interests, in various oil and gas prospects: * Right to earn up to a 25pc leasehold estate and working interest in and to oil, gas and mineral leases covering lands situated in the Maria Prospect in Dewitt and Goliad Counties, Texas, USA. The Maria Prospect covers an area of 1991 net acres of land in a fault block "sandwiched" between the 40 BCF Nordheim SW Field (1992 discovery) and 80 BCF (EUR) Lions Field (1996 discovery). * Right to earn up to a 57.75pc leasehold estate and working interest in and to oil, gas and mineral leases in the proposed State Tract 100 #3 in Galveston Bay, Chambers County, Texas, USA together with additional leasehold interests within an area of mutual interest. The Galveston Bay Prospect covers an area of 1600 net acres of land. * The acquisition of a 25pc interest in a production well on the South Sprint Prospect and participation in exploration wells in the prospect area. South Sprint is a deeper pay prospect seeking Cib haz and Marg tex productive zones at South Sprint Field, beneath the existing Marg Frio pay zone.
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Consideration for the right to earn the leasehold and working interests, and attributable net revenue interests, comprises: (a) the issue of 140m shares in Acclaim, together with 70m options to acquire shares at an exercise price of 4c by June 30 2010; (b) the assumption of rights and obligations pursuant to the respective leasehold interests; and (c) the payment of $US750,000 cash in respect of the South Sprint Prospect. Acclaim has agreed to place 150m shares at 1c each, together with 150m free attaching options (exercisable at 4c a share by June 30 2010), to raise $1.5m from clients of Aegis Partners Ltd (a London-based equity fund). Funds raised will be used to meet the acquisition costs of the South Sprint prospect and to enhance working capital, including meeting obligations pursuant to the proposed farmin arrangements
AEX Price at posting:
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