Eden agrees to new deal with Shale Energy
PERTH (miningweekly.com) – Perth-based Eden Energy has resurrected a deal with UK-based Shale Energy to sell its entire UK coal seam methane and shale gas portfolio for A$19.3-million.
The reinstated agreement followed the August termination of a previous sales agreement between the two parties.
Under the terms of the new agreement, Shale Energy would be required to pay a non-refundable A$94 300 deposit to Eden, as well as a further A$1.89-million in cash on the completion of the sale.
The unlisted UK company would also issue Eden a number of fully paid ordinary shares amounting to some A$11.9-million, accounting for nearly 30% of the company’s issued capital.
Eden would also be entitled to receive a further A$5.5-million worth of ordinary shares in Shale Energy in two equal tranches, on the achievement of two milestones, which included an independently verified recoverable gas estimate of more than 1.5-trillion cubic feet, and an estimate of more than two-trillion cubic feet.
The new agreement was subject to a number of conditions, including Shale Energy completing an A$11.9-million capital raising, and Eden shareholders approving the deal.
Meanwhile, Shale Energy had also agreed to subscribe for some A$410 000 worth of shares in Eden, to be issued at a price of A$0.011 each.
Eden holds a 50% joint venture interest in 17 petroleum and development licences in the UK, and holds one fully owned licence. All the licences had the potential to contain significant quantities of hydrocarbons.
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