Welcome

Azonto Petroleum  (ASX:APY) is a company focussed on finding and developing new projects.

 

1st MAY 2017 - AZONTO TO ACQUIRE CALIMA ENERGY LIMITED

Azonto is pleased to announce it has entered into a Farm-In Agreement (Farm-In Agreement) in relation to oil and gas licenses prospective for the Montney Formation in British Columbia, Canada (Montney Project).

In conjunction with Azonto's entry into the Farm-In Agreement, Azonto has also entered into a binding term sheet (Acquisition Agreement) to acquire Calima Energy Ltd (Calima) from Havoc Partners LLP (Havoc) (Calima Acquisition and, together with the Farm-In Agreement, the Proposed Transaction).

The key terms of the Proposed Transactions are set out in Schedule 1 of the Announcement.

Highlights

- Azonto has entered into a conditional Farm-In Agreement giving it the right to acquire a working interest of up to 55% in the Montney Project and operatorship of the Project.

- Azonto to acquire Calima, which holds interests in petroleum permits in Saharawi Arab Democratic Republic and passive minority interests in TMK Montney Limited and Bahari Holding Company Limited.

- Azonto to undertake Capital Raising to raise between $2.25 million and $4.5 million by way of a prospectus offer.

- Azonto to reconstitute its Board and undertake a 1 for 3 consolidation of its share capital (Consolidation).

- Alan Stein and Jon Taylor to join the Azonto Board and management team.

- Azonto to change its name to Calima Energy Limited

 

For full details, please see News Release 'Azonto Re-enters Oil and Gas Market' in the 'News & Media' section of this website.

 

Read more about us

 

Proactive Investors Profile Pages

Australian Investors

 

 

Our Operations

Following the announcement made on the 1st May 2017, the Proposed Transaction provides the full term sheet of proposed assets to be acquired. For a summary overview of the assets being proposed, please review the New Release 'Investor Presentation' issued on the 15th May 2017.

 

For further details, please see the latest News Release in the 'News & Media' section of the website or visit ASX website www.asx.com.au/asx/share-price-research/company/APY

 

Explore our operations

Investors

Quarterly Cashflow Report March 2017  Download PDF
Annual Report 2016  Download
Full Year Statutory Accounts  Download
View our Investors centre