CPC carpenter pacific resources limited


  1. 5,471 Posts.
    lightbulb Created with Sketch. 2
    Level 3, Pacific Tower, 737 Burwood Road, Hawthorn, Victoria 3122 Australia
    Telephone: (61 3) 8862 6466 Facsimile: (61 3) 8862 6614
    Carpenter Pacific Resources NL
    20 January 2005
    Australian Stock Exchange Announcement
    Sale of interest in Maari oil project (PEP 38413) in offshore New Zealand.
    Carpenter Pacific Resources NL (Carpenter) and Westgold Resources NL (Westgold ) have
    reached an in principle agreement to dispose of their jointly held 5% participating interest in
    the Maari Oil Project (Maari) to Cue Energy Resources Limited (Cue) for A$6.2m in cash.
    Carpenter and Westgold each hold a 50% interest in Delta Oilfield Developments Limited
    which, via its wholly owned subsidiary Delta Oil Taranaki Pty Limited (Delta), holds a 5%
    participating interest in the Maari Oil Project.
    Delta and Cue have today executed a Term Sheet for the proposed sale and purchase of the
    5% interest in Maari, which will have an effective date of 1 December 2004. The sale and
    purchase is subject to: -
    the completion and execution on or before 28 January 2005 of a Sale and Purchase
    Agreement (SPA)
    on or before 31 January 2005 Cue confirming to Delta that it has been able to raise
    additional shareholders' funds of not less than $A3,000,000 on terms and conditions
    satisfactory in all aspects to Cue which condition may be waived by Cue at its sole
    obtaining on or before 28 February 2005 all necessary shareholder approvals
    obtaining on or before 28 February 2005 (or such later date as agreed by Delta) all
    regulatory approvals and consents
    obtaining all necessary joint venture and other consents and confirmations and
    ancillary documents
    satisfaction of all other conditions precedent
    As a condition of execution of the Terms Sheet, Cue has paid a deposit of $A100,000 to
    Delta, with this deposit being non-refundable other than in the case of certain conditions
    precedent not being able to be met.
    Settlement of the transaction is expected to be in early March 2005. During the period up to
    settlement Delta will continue to meet its share of project cash calls that will be reimbursed at
    Delta's sale of its Maari interest will complete Carpenter's transformation into a focused
    onshore US oil and gas development company. Upon the transaction settling, Carpenter
    expects to have cash reserves of approximately $A 10,000,000. These funds further
    strengthen Carpenter's ability to capitalise on favourable US gas market fundamentals by
    becoming a substantial producer.
    For any queries regarding the above announcement please contact:
    Australian Contact
    Mr Peter Collery
    Executive Director and Company Secretary
    Phone: 03 8862 6466
    Fax: 03 8862 6614
    Email: [email protected]
    North American Contact
    Mr Jeff Clarke
    Managing Director & CEO
    Phone: + 1 214 244 7690
    Email: [email protected]
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.