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November 14, 2006
INTERNATIONAL OIL/GAS GROUP TO OBTAIN INTEREST IN LAKES OIL'S GIPPSLAND ONSHORE PERMITS
Up to $40 million (US$30 million) to be spent in Victorian properties including $4 million (US$3 million) capital injection into Lakes Oil
Lakes Oil N.L. (Lakes Oil, ASX listing code "LKO"), based in Melbourne, announces that Lakes and PetroHunter Energy Corporation of Denver, Colorado ("PetroHunter Energy") have entered into an agreement under which they will jointly develop Lakes Oil's on-shore petroleum prospects (focusing on unconventional gas resources) in the Gippsland and Otway basins in Victoria, Australia.
The arrangement is subject to various conditions precedent, including completion of satisfactory due diligence, and the satisfactory processing of retention lease applications in respect of PEP 157 and PEP 158.
PetroHunter Energy Corporation, a public US company whose shares are traded in the US, and its subsidiary Sweetpea Petroleum Pty. Ltd. ("Sweetpea"), are part of a group of companies headed by Marc Bruner. These companies have exploration activities in the USA, Europe and the Beetaloo Basin in Northern Territory, Australia.
The group is committed to acquiring and developing unconventional oil and gas prospects worldwide, and has at its disposal a select number of experts who are amongst the world leaders in the extraction of oil and gas from unconventional reservoirs.
Under the arrangements, PetroHunter Energy or its subsidiary company Sweetpea will initially farm into 33 1/3% of Lakes Oil's permits by spending $9.3 million (US$7 million) in Lakes Oil's permits. In addition, PetroHunter Energy will subscribe for $4,000,000 (US$3 million) in new shares in Lakes Oil at 1.5 cents.
PetroHunter Energy will also have the right to increase its position in Lakes Oil's permits with two further 16 2/3% farm-in tranches of $13.3 million (US$10 million) each, exercisable within 12 months and 24 months respectively.
The agreement provides that PetroHunter has the right to participate in the same proportion in any permits which are non-contiguous to existing permits acquired by Lakes within 2 years, and any contiguous permits acquired by Lakes moving forward, and PetroHunter has a first right of refusal in other permits acquired by Lakes within 5 years
PetroHunter Energy is to assume Lakes Oil's position as operator of the permits where relevant, and will be invited to nominate a representative to the Lakes Oil Board.
Rob Annells, Chairman of Lakes Oil, stated, "We are delighted to welcome Mr. Marc Bruner and his team to Victoria. I believe their worldwide expertise in unconventional reservoirs and tight gas in particular is second to none, and this will help Lakes Oil move our onshore Gippsland permits from exploration to production."
Lakes Oil believes that the onshore Gippsland permits will become a valuable new asset for Victoria, strategically placed for new industry and low emission power generation.
Yours faithfully
LAKES OIL N.L.
ROBERT J. ANNELLS
Chairman
INTERNATIONAL OIL/GAS GROUP TO OBTAIN INTEREST IN LAKES OIL'S GIPPSLAND ONSHORE PERMITS
Up to $40 million (US$30 million) to be spent in Victorian properties including $4 million (US$3 million) capital injection into Lakes Oil
Lakes Oil N.L. (Lakes Oil, ASX listing code "LKO"), based in Melbourne, announces that Lakes and PetroHunter Energy Corporation of Denver, Colorado ("PetroHunter Energy") have entered into an agreement under which they will jointly develop Lakes Oil's on-shore petroleum prospects (focusing on unconventional gas resources) in the Gippsland and Otway basins in Victoria, Australia.
The arrangement is subject to various conditions precedent, including completion of satisfactory due diligence, and the satisfactory processing of retention lease applications in respect of PEP 157 and PEP 158.
PetroHunter Energy Corporation, a public US company whose shares are traded in the US, and its subsidiary Sweetpea Petroleum Pty. Ltd. ("Sweetpea"), are part of a group of companies headed by Marc Bruner. These companies have exploration activities in the USA, Europe and the Beetaloo Basin in Northern Territory, Australia.
The group is committed to acquiring and developing unconventional oil and gas prospects worldwide, and has at its disposal a select number of experts who are amongst the world leaders in the extraction of oil and gas from unconventional reservoirs.
Under the arrangements, PetroHunter Energy or its subsidiary company Sweetpea will initially farm into 33 1/3% of Lakes Oil's permits by spending $9.3 million (US$7 million) in Lakes Oil's permits. In addition, PetroHunter Energy will subscribe for $4,000,000 (US$3 million) in new shares in Lakes Oil at 1.5 cents.
PetroHunter Energy will also have the right to increase its position in Lakes Oil's permits with two further 16 2/3% farm-in tranches of $13.3 million (US$10 million) each, exercisable within 12 months and 24 months respectively.
The agreement provides that PetroHunter has the right to participate in the same proportion in any permits which are non-contiguous to existing permits acquired by Lakes within 2 years, and any contiguous permits acquired by Lakes moving forward, and PetroHunter has a first right of refusal in other permits acquired by Lakes within 5 years
PetroHunter Energy is to assume Lakes Oil's position as operator of the permits where relevant, and will be invited to nominate a representative to the Lakes Oil Board.
Rob Annells, Chairman of Lakes Oil, stated, "We are delighted to welcome Mr. Marc Bruner and his team to Victoria. I believe their worldwide expertise in unconventional reservoirs and tight gas in particular is second to none, and this will help Lakes Oil move our onshore Gippsland permits from exploration to production."
Lakes Oil believes that the onshore Gippsland permits will become a valuable new asset for Victoria, strategically placed for new industry and low emission power generation.
Yours faithfully
LAKES OIL N.L.
ROBERT J. ANNELLS
Chairman
in AUS gestern gut zugelegt!!
Antwort auf Beitrag Nr.: 25.386.575 von hainholz am 14.11.06 16:13:43 http://www.petrohunter.com/index.php …
das ist schon ne Hausnummer ,der neue Partner
das ist schon ne Hausnummer ,der neue Partner
Lakes Oil finds its spenderEmail Print Normal font Large font Barry FitzGerald
November 15, 2006
Advertisement
AdvertisementLAKES Oil's search for a big-spending partner to pick up the pace at its "tight" gas play in the onshore sections of Victoria's Gippsland and Otway basins has led it to PetroHunter Energy.
Under a deal announced yesterday, the Colorado company could spend up to $40 million to make the development of the tight gas in the onshore reservoirs a commercial proposition.
The deal includes PetroHunter taking up a $4 million placement of shares at 1.5c each. That compares with a last sale price for the stock of 1.3c.
Lakes chairman and long-time champion of Victoria's tight gas reservoirs, Rob Annells, said PetroHunter's expertise in unconventional reservoirs and tight gas was second to none.
"Lakes believes that the onshore Gippsland permits will become a valuable new asset for Victoria, strategically placed for new industry and low-emission power generation," Mr Annells said.
Lakes had previously been courting the Chinese oil giant Sinopec. But a non-binding agreement with Sinopec, announced in May, did not proceed.
The deal with PetroHunter is subject to conditions including completion of satisfactory due diligence and the satisfactory processing of retention lease applications for key permits.
PetroHunter will initially farm into one-third of Lakes' permits by spending $9.3 million. It will have rights to increase its position in two further 16.66 per cent tranches of $13.3 million each, exercisable within 12 months and 24 months respectively.
November 15, 2006
Advertisement
AdvertisementLAKES Oil's search for a big-spending partner to pick up the pace at its "tight" gas play in the onshore sections of Victoria's Gippsland and Otway basins has led it to PetroHunter Energy.
Under a deal announced yesterday, the Colorado company could spend up to $40 million to make the development of the tight gas in the onshore reservoirs a commercial proposition.
The deal includes PetroHunter taking up a $4 million placement of shares at 1.5c each. That compares with a last sale price for the stock of 1.3c.
Lakes chairman and long-time champion of Victoria's tight gas reservoirs, Rob Annells, said PetroHunter's expertise in unconventional reservoirs and tight gas was second to none.
"Lakes believes that the onshore Gippsland permits will become a valuable new asset for Victoria, strategically placed for new industry and low-emission power generation," Mr Annells said.
Lakes had previously been courting the Chinese oil giant Sinopec. But a non-binding agreement with Sinopec, announced in May, did not proceed.
The deal with PetroHunter is subject to conditions including completion of satisfactory due diligence and the satisfactory processing of retention lease applications for key permits.
PetroHunter will initially farm into one-third of Lakes' permits by spending $9.3 million. It will have rights to increase its position in two further 16.66 per cent tranches of $13.3 million each, exercisable within 12 months and 24 months respectively.
Antwort auf Beitrag Nr.: 25.386.575 von hainholz am 14.11.06 16:13:43
directors buying at .018 7 mil
Stock Code LKO - LAKES OIL NL
directors buying at .018 7 mil
Stock Code LKO - LAKES OIL NL
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Antwort auf Beitrag Nr.: 25.566.844 von hainholz am 21.11.06 16:33:17der Chef weiß mehr!!!!
jetzt geht es los!
4 neue Brunnen werden gebohrt und Partner Texas Hunter legt los
4 neue Brunnen werden gebohrt und Partner Texas Hunter legt los
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