NZX Announcement: Mosman advises proposed acquisition of Trident Energy
/Dear Aorere Resources shareholder,
This announcement has just been released to NZX.
Regards,
Chris Castle
Managing Director
Aorere Resources Limited
Cell: +64 21 558 185
2 July 2014
NZX Announcement
Mosman advises proposed acquisition of Trident Energy
Aorere Resources Limited holds approximately 13.1% of this AIM listed company, and will hold 12.3% after the Trident acquisition is completed.
Mosman released the following announcement in London today.
Our Mosman shareholding now has a present market value of NZD 5.3 million, based on the present market price of 26.6 pence. As a result the undiluted net asset backing of an Aorere share (including all significant portfolio assets at market value) is now 1.73 cents. 57% of that value is represented by the Mosman shareholding.
Interestingly Aorere’s present market value at the most recent trade of 0.8 cent per share is NZD 5.4 million.
Regards,
Chris Castle, Managing Director
Aorere Resources Ltd
London, 2 July 2014
2 July 2014
Mosman Oil and Gas Limited
Acquisition of Trident Energy Limited
Mosman Oil and Gas Limited (AIM: MSMN), the New Zealand and Australia focused oil exploration and development company, has entered into a binding Bid Implementation Agreement ("BIA") pursuant to which it is proposing to acquire all of the issued shares in Trident Energy Limited ("Trident"), an Australian unlisted public company with onshore and offshore oil interests in Australia ("Acquisition").
Acquisition Highlights
· The Acquisition will complement and expand Mosman's regional exploration portfolio.
· Trident has three exploration assets located in the highly prospective Canning, Amadeus and Otway basins, providing Mosman with exposure to both conventional and unconventional oil and gas opportunities:
- VIC/P62 in the Otway Basin
- EPA 145 in the Amadeus Basin
- EP 478 in the Canning Basin
· The total consideration comprises circa £1.6m (based on the current share price of 23p and an exchange rate of £1:A$1.813) payable in three tranches:
- The issue of 2,892,978 Mosman Shares to acquire 100% of the issued share capital of Trident
- Settlement of outstanding loans and directors' fees by the issue of 2,147,427 Ordinary Shares (the "Loan Shares")
- Settlement of outstanding creditors by the issue of up to 308,113 Ordinary Shares (the "Creditor Shares") and
- An agreement to provide a loan of up to A$750,000 to Trident
The Mosman board believes this represents a low entry price for a portfolio of three permits in these highly sought after locations, increasing the portfolio from two to five permits with minimal dilution
John W Barr, Executive Chairman of Mosman commented: "The Trident acquisition complements Mosman's existing Petroleum Creek and Officer Basin projects, ensuring that Mosman has a diversified asset portfolio in five prospective hydrocarbon regions.
"Exploration of the 5 permits is fully funded and we believe the enlarged portfolio will deliver operational activity and exploration milestones in the coming months and years.
"As we stated at IPO in March, Mosman's strategy is to develop the business organically and by acquisition, which we are delivering both in only four months since IPO, having achieved the recent oil discovery at Cross Roads-1 and now our first acquisition."
Enquiries:
Mosman Oil & Gas Limited
John W Barr, Executive Chairman
Andy Carroll, Technical Director
SI Capital Limited
Nick Emerson/Andy Thacker
+44 (0) 1483 413500
Gable Communications
Justine James/John Bick
+44 (0) 20 7193 7463
mosman@gablecommunications.com
ZAI Corporate Finance Limited
Tom Price/John Simpson
+44 (0) 20 7060 2220
