Rem, cut and paste of latest with Seychelles. All things being equal we are finally going to drill some holes next year? Update imminent IMO - well and truly at 'back end of April'...
If good news re entry point is NOW, If Bad News - wait 'til then? :) - good luck!
(27th March 2013)
LETTER OF INTENT EXECUTED FOR FARMIN TO WHL ENERGY’S
SEYCHELLES ACREAGE
Steve Noske, Managing Director of WHL Energy Limited
BRR Good afternoon and welcome to BRR Media. Today I'm speaking with Mr
Steve Noske, who is the Managing Director of WHL Energy. Steve good to
talk to you today.
SN Thanks Andrew and good to be here.
BRR Now Steve, WHL Energy has come out of a trading halt today to make quite
a significant announcement relating to your Seychelles oil and gas project.
Can you please tell listeners what the announcement relates to and what it
means for WHL Energy and its shareholders?
SN Thank you Andrew, WHL has been working for some time to bring in what we
would like to think is a substantial partnership into the Seychelles for the good of
ourselves, but also for the good of the country. And today we announced the
execution of a LOI and to give you a sense of what that means is in a process of a
farm out at this stage you go to either an offer and acceptance document, or an
LOI from our point of view it's the same thing. The LOI's been executed and
we're working with the party now to clear a number of condition precedents. So
the LOI is always non-binding at this stage and we've got a couple of conditions
to work through. Importantly what it means for shareholders is that we have a
partnership in place that's worthy of the Seychelles, it is a Fortune 500 company
as we've mentioned in our ASX release today, and we'll move through the rest of
March and into April to clear a number of conditions and those conditions relate
to Government approvals and other things, but what I can say is importantly the
company that we've been working with has been looking at us and looking at the
Seychelles for a number of months now, that's the process that happens as part of
due diligence and we have largely completed the technical due diligence and the
commercial negotiations. So we have made a substantial progress in the
Seychelles, we believe we've brought an organisation to the Seychelles that's
worthy of the prospectivity of the region, we're looking forward to working with
the Seychelles Government to get their approval and their comfort with the work
program going forward and I look forward to updating shareholders in more detail
when I can.
BRR So are you able to reveal who the company is at this stage?
SN Unfortunately I can't Andrew because we do have strict confidentiality
requirements as part of our letter of intent. But as I say as we move forward
through the farm out process and we move towards a binding farm in agreement, I
hope at some stage in that process we've cleared a number of the condition
precedents to a point that both organisations are comfortable to release their
names and a little bit more details about the deal. So whilst without putting a
timeline on it, we've got a bit of work to be done in April and maybe at some
stage towards the back end of April we'll be able to give the market a much more
of a detailed update.
BRR So what will the successful conclusion of a farm in agreement for your
Seychelles project mean to WHL Energy and its shareholders?
SN There's a couple of good points that come out of a farm out in the Seychelles. The
first point being is it brings, as mentioned before, the large organisation into a
partnership with WHL Energy, it brings a level of credibility to that asset that
we've been looking to demonstrate to the market by getting the partnership in
place. So the Seychelles has interesting geology and so I think we're starting to
see that geology and the prospectivity of that area being ratified by the fact that
we're starting to get you know partnerships in place as a company but also
bringing large organisations to the Seychelles. The other important aspect of it is
that whilst we can't go into the commercial terms of the deal at this stage, because
as I said they're still subject to confidentiality and a number of conditions, the
partnership will strengthen our balance sheet so we're quite happy with an
outcome that enables us to be a stronger company going forward. And the other
part of our business strategy has been to grow our business in the Seychelles so
we're looking to work with the partner to see what opportunities may have to
grow our business even further than the Seychelles.
BRR Excellent. Steve thank you very much for your time today, good luck and we
look forward to hearing more of the WHL story very soon.
SN Thanks Andrew
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