NKP 0.00% 9.9¢ nkwe platinum limited

new announcement

  1. 2,367 Posts.
    ASX Announcement
    22 December 2009
    Update on Acquisition of Oil and
    Gas Project & timetable for
    relisting on ASX
    Corporate Office
    18 Oxford Close
    Leederville, WA 6007
    P.O. Box 144
    West Perth, WA 6872
    T +61 8 9380 9555
    F +61 8 9380 9666
    E [email protected]
    W www.internationalpetroleum.com
    Key points:
     A$10M received from Nkwe Platinum Limited as part of International Petroleums divestment of
    stake in South African platinum project and acquisition of Kazakhstan oil and gas asset,
     Application made to Ministry of Energy and Mineral Resources in Kazakhstan to waive preemptive
    rights and allow for transfer of issued capital in Eastern Petroleum to International
    Petroleum, and
     Company is currently recomplying with Chapters 1 and 2 of the ASX Listing Rules and, subject to
    receipt of relevant Kazakhstan waivers likely to relist on ASX in mid‐late January 2009.
    As announced on 7 October 2009, International Petroleum Limited (formerly International Goldfields
    Limited) (ASX: IPO) (International Petroleum or the Company) entered into a share sale agreement
    with Eastern Petroleum Corporation Limited (Eastern Petroleum), and its shareholders, to acquire all of the
    fully paid ordinary shares in the capital of Eastern Petroleum (Share Sale Agreement). Eastern Petroleums
    wholly owned subsidiary operates and owns a 50% interest in subsurface use rights for the exploration of
    hydrocarbons in eastern and south‐eastern Kazakhstan.
    Following completion of the acquisition of Eastern Petroleum, the Directors intend to focus the Companys
    operations primarily on the exploration of hydrocarbons in Kazakhstan. As the Company has no prior
    involvement in this industry, the acquisition of Eastern Petroleum constitutes a significant change in the
    nature and scale of the Companys activities.
    The Company obtained shareholder approval at its recent Annual General Meeting for the change in the
    nature and scale of activities from a gold and platinum exploration company to an oil and gas exploration
    company. The Company has been suspended since the date of its Annual General Meeting and will remain
    in suspension until it has recomplied with Chapters 1 and 2 of the ASX Listing Rules, which includes the
    lodgement of a prospectus with the ASIC and completion of the share sale agreement with Eastern
    Petroleum.
    Current Kazakhstan subsurface law requires consent from the Ministry of Energy and Mineral Resources in
    Kazakhstan (MEMR) for transfers of shares in a user of subsurface rights. In addition, the State of
    Kazakhstan has a priority right to purchase interests in subsurface use contracts, including any direct or
    indirect interest in companies holding subsurface use rights.
    As a result, Eastern Petroleum is currently in the process of applying to MEMR for a waiver of its priority
    right to:
    a) the transfer of the issued capital in Eastern Petroleum to the Company; and
    ASX Announcement 22 December 2009
    International Petroleum Limited ‐ 2 ‐
    b) the proposed public offer of shares in the capital of the Company pursuant to a prospectus to raise
    approximately $25 million.
    In light of this, settlement of the share sale agreement, the issue of the prospectus and subsequent requotation
    of the Companys shares on ASX will be delayed pending receipt of the necessary waivers from
    MEMR, however it is expected this will occur in mid‐late January 2009. Shareholders should also be advised
    that the A$10M (including a A$1M deposit) owed to International Petroleum under the terms of the Share
    Sale Agreement with Nkwe Platinum Limited (ASX announcement 8 October 2009) has been received in
    full.
    Shareholders will be kept up to date on the progress of completion of the share sale agreement and re
    quotation of the Companys shares on ASX.
    Yours faithfully
    Tony Sage
    Executive Chairman
    Tony Sage
    Chairman
    International Petroleum Limited
    Ph: 0419 905 908
    David Tasker
    Professional Public Relations
    Ph: 08 9388 0944/ 0433 122 936
    Em: [email protected]
 
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