Petrel to merge with Warrego via a reverse takeover
Petrel and Warrego Energy Limited have signed a Non-Binding Term Sheet for the acquisition of Warrego by Petrel via a reverse takeover (“RTO”). Petrel will acquire all the shares of Warrego, a private UK company, in return for a 77% interest in Petrel. It is proposed that the enlarged entity will be listed on the AIM market in London during February 2019. In the coming weeks a binding sale and purchase agreement will be agreed and entered into by Petrel and Warrego.
Warrego holds 50% of the North Perth Basin Exploration Permit 469 (“EP469”) in Western Australia with Strike Energy Limited (ASX:STX). Strike and Warrego are preparing to drill the West Erregulla-2 well in the first half of 2019 which has very similar attributes to nearby Mitsui/AWE Waitsia wells and is adjacent to existing gas infrastructure and two major pipelines. West Erregulla-2 represents a material standalone conventional gas prospect with prospective volumes potentially up to 1.24 TCF.
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