re: itc tacnas deal... ian whitchurch
In the interest of continuing this discussion I direct ITC regular posters and Ian Witchurch to page 12 of ITC 2005 Annual Report (cut and pasted below) which includes further details of Tacnas deal.
• Acquisition of Tacnas Pty Ltd The Company has acquired 100% of Tacnas Pty Ltd (approved by shareholders at 9 September 2005 General Meeting) which is a private Company which was incorporated on 26 July 2002 for the purpose of oil and gas exploration. At present the Company holds a 12.5% working interest in PEL 86, 87, 89, 104, 111 and 115 (Cooper Basin Assets) in the Cooper Basin, Onshore, South Australia since 2003. The purchase price for the acquisition of Tacnas is the issue of 35,000,000 ordinary shares, the issue of the Convertible Notes with a total face value of $200,000 and the payment of $500,000. If a recoverable reserve of 2,500,000 barrels of oil is established on the permits a further payment of $500,000 will be made. If a recoverable reserve of 5,000,000 barrels of oil is established then a further $500,000 will be paid. The consolidated entity will hold a consolidated working interest of 27.5% in the Cooper Basin Assets.
Have ITC Directors achieved good deal for ITC Shareholders?
ITC Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
