Petrel to merge with Warrego and drill West Erregulla-2 well
Petrel and Warrego Energy Limited have signed a Share Purchase Agreement 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.
Warrego is a single asset company which holds Exploration EP469 in the North Perth Basin, in Western Australia. In June 2018, Strike Energy Limited (ASX:STX) (“Strike”) farmed into 50% of the EP469. Strike agreed to fund the first A$11,000,000 of expenditure on the West Erregulla-2 well and has signed a contract with Easternwell to drill the West Erregulla-2 well in May 2019 to 5,200 metres using Easternwell’s Rig 106.
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New investor to fund Tesorillo Project in Spain
A new partner has been found to fund the appraisal of the Almarchal-1 discovery well first drilled in 1956 in southern Spain. SEI will sell up to 49.9% of the Tesorillo project in return for a work programme costing up to €3.8m which includes MT and 1 well. Prospex Oil and Gas Plc bring experience and recent production success in similar European fore-deep geological plays
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