19 February 2008Announcements OfficeAustralian Stock Exchange...

19 February 2008
Announcements Office
Australian Stock Exchange Limited
Sale of Non USA Oil and Gas Assets for $1.5 million
Pacrim Energy Limited (ASX Code PRE) advise that the Company has entered
into an agreement for the sale of its oil and gas interests in New Zealand,
Papua New Guinea and Queensland for $1.5 million.
In line with Pacrim’s objective of focusing operational activities on hard rock
resources, and in particular the Company’s lead Redcliffe Gold Project, Pacrim
has reached agreement for the sale of non- core assets to an unlisted public
company, Twinza Oil Limited.
Consideration for the assets is $1.5 million in cash with $750,000 to be received
during the March 2008 quarter and final $750,000 payment on or before 31
December 2008.
The portfolio of assets includes Pacrim’s 6.36% interest in the Pandora Project
(PNG), 35% interest in the Westland Basin Project and 100% interest in
applications in the Cooper Eromanga Basin (Queensland)
Funds from the sale will be used to advance exploration of the Company’s
Redcliffe Gold Project.