Lucky meo has around $7million in the bank......to pay just...

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saltocan

3,790 Posts.

26/06/15

18:20

Post #: 15538671
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Originally posted by staymour ↑

Kea offloading assets, including Puka, as per Notification below on the LSE today.

Sale of Interest in PEP51153

Following an exhaustive marketing exercise conducted on the Company's behalf in the course of the strategic review announced in February 2015, Kea's subsidiary Kea Petroleum Limited has entered into an agreement with Caliera Fund Limited under which Caliera has agreed to acquire KPL's 70% interest in its joint venture with MEO New Zealand Pty Limited regarding PEP51153, the licence which includes the Puka wells and the Shannon prospect. The principal terms of the JV Disposal are as follows:

· Caliera will pay NZ$500,000 (approximately £222,550) for KPL's interest in the JV, payable in cash on completion of the Disposal (less any deposits paid on account as described below);

· Caliera will advance NZ$50,000 (approximately £22,255) against the purchase price provided KPL grants to Caliera as security for the advance a first charge over its assets and an assignment of its interest in the JV. Provided such security is granted Caliera will make further advances to ensure KPL can continue operations prior to completion of the JV Disposal;

· the JV Disposal is conditional upon:

- the waiver by MEO of its pre-emptive rights to acquire KPL's interest in the JV and its consent to KPL giving a first charge over its interest as referred to above;

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Lucky meo has around $7million in the bank......to pay just $500k for 70% is a bargain......considering they paid $4million for 30%...

Meo has first option.......will they take advantage........I hope so......fingers crossed.

Just to spend a small amount to get puka on production at around 180barrels per day at 100% would begood....the POO will recover and meo would get some recurring revenue.....

So $500k and say another $500k to do some repaires plus better POO would be a great start...to the new year...

I would welcome a Cash Raising to drill shannon.....considering Meo has 1year to get 454 and 488 fully carried...
Count me in...

Some news on TS by early July would be nice too.

Geting getting better..
Dyor

Last edited by saltocan: 26/06/15

MEO Price at posting: 1.6¢ Sentiment: Hold Disclosure: Held
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