20 Dec 2013
Further to the announcement of 18 December, Aorere Resources is pleased to advise that the second stage of its sale of Petroleum Exploration Permit 38526 has been satisfied.
On Wednesday this week the sale of the Permit to Petroleum Creek Limited (a wholly owned subsidiary of Mosman Oil and Gas Limited) was completed. Aorere Resources was issued a 40% shareholding in Petroleum Creek that was subject to a call option in favour of Mosman. Mosman exercised the call option immediately and has today acquired from Aorere Resources the 40% Petroleum Creek shareholding.
The consideration provided to Aorere Resources for the Petroleum Creek shareholding is:
• The issue of NZ$900,000 of shares in Mosman at an issue price of A$0.10 per share; and
• The grant of a 2% royalty of net sales revenue deriving from the permit.
Mosman is an unlisted Perth based company that plans to list on the London AIM stock exchange early in 2014. Mosman is currently acquiring exploration areas in New Zealand and Australia.
Aorere Resources Chairman Mr. Dene Biddlecombe said “we are very pleased to become a direct shareholder in Mosman. This gives Aorere Resources indirect exposure to a number of interesting oil and gas prospects through the Mosman shareholding. We believe there is real potential for the Kotuku permit and look forward to its further development with the benefit of Mosman’s knowledge and sector expertise”.
The Chairman of Mosman, Mr. John W Barr said "we welcome Aorere to being a shareholder in Mosman and are excited about the drilling to occur at Kotuku in 2014.”
For and on behalf of the Board
Aorere Resources Limited