Nov 10 (Reuters) - Strike Energy Ltd (STX) : RECEIVED A...

Nov 10 (Reuters) - Strike Energy Ltd (STX) :

• RECEIVED A NON-BINDING AND INDICATIVE PROPOSAL FROM STRIKE ENERGY LIMITED
• CONTINGENT SCHEME CONSIDERATION IF A SALE OF SPANISH ASSETS IS COMPLETED WITHIN 12 MONTHS
• CONSIDERS PROPOSAL IS AT A SUFFICIENT LEVEL TO MERIT FURTHER REVIEW AND HAS DETERMINED TO GRANT DUE DILIGENCE ACCESS TO STRIKE
• UNDER PROPOSAL SHAREHOLERS WILL GET 0.775 NEW STRIKE SHARES FOR EACH WARREGO SHARE HELD
• IT IS NEGOTIATING POTENTIAL TERMS OF A SCHEME IMPLEMENTATION DEED THAT WOULD GOVERN ANY TRANSACTION
• NO CERTAINTY THAT PROPOSAL WILL RESULT IN A TRANSACTION
• UNDERTAKING DUE DILIGENCE ON STRIKE IN ORDER TO DETERMINE WHETHER TO RECOMMEND A TRANSACTION TO ITS SHAREHOLDERS
• UNDER THIS PROPOSAL WARREGO SHAREHOLDERS WOULD OWN APPROXIMATELY 30.5% OF COMBINED GROUP