Australian Oilfields - Indonesian Oil Deal Completed.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Nov. 26, 1996-- Australian Oilfields(VSE See DOS/VSE. VSE - Virtual Storage Extended OZ.) AUSTRALIAN OILFIELDS PTY Pty Austral & S African Proprietary . LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (the "Company") announced today it has closed the indirect acquisition of a 75 percent interest in an Indonesian technical assistance contract (TAC 1. TAC - Translator Assembler-Compiler. For Philco 2000. 2. TAC - Terminal Access Controller. ) with Pertamina, the state oil and gas company of Indonesia. The properties covered by the TAC have a minimum of 2.7 million barrels of proven reserves at shallow horizons with the potential for significant reserves at previously undeveloped deeper horizons. The closing took place in Jakarta, Indonesia on November 22, 1996. At closing, the Company acquired 100 percent of the shares of Antrim International Energy Inc. (Antrim), a private company from Calgary, Alberta, for 2,080,000 shares of the Company at a price of Cdn.$1.55 per share. Antrim's principle asset was the right to acquire 75 percent of Pilona Petro Tanjung Lontar Ltd. Pilona, a private Indonesian company with the TAC. The TAC grants the rights to Pilona to exploit the Tanjung Lontar, Sengkuang, and Arahan-Banjarsari oilfields located onshore South Sumatra South Sumatra or Sumatera Selatan is a province of Indonesia. It is on the island of Sumatra, and borders the provinces of Lampung to the south, Bengkulu to the west, and Jambi to the north. , Indonesia. Pilona also has the right to exploit previously unexplored deeper horizons. The Company acquired Antrim's right to acquire 75 percent of Pilona and paid U.S.$650,000 to the principals of Pilona and a signing bonus A signing bonus or sign-on bonus is a sum of money paid to a new employee by a company as an incentive to join that company. These are often given as a way of making a compensation package more attractive to the employee e.g. if the annual salary is lower than they desire. of U.S.$600,000 to Pertamina. 500,000 shares of the Company, at a price of Cdn.$2.00 per share, were also issued to certain principals and associates of Pilona. Sproule International Limited (Sproule), an independent consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a from Calgary, Alberta, has assigned 2.7 million barrels of proven reserves to Pilona's interest in the oilfields with an after-tax present value of U.S.$6.79 million, discounted at 15 percent. The Sproule report has an effective date of July 1, 1996 and projects 1997 cash flow of Cdn.$7.62 million, or Cdn.$0.37 per share, net to the Company on a fully diluted basis. The TAC requires a minimum development program of U.S.$2,700,000 over the 3 year period ending October 6, 1999 and the Company intends to fund this, and other international exploration obligations, by way of a Cdn.$5 million private placement of 3.25 million special warrant units. Each unit will consist of 1 common share at a price of Cdn.$1.55 per share with 1 share purchase warrant entitling the holder to purchase an additional common share at a price of Cdn.$2.00 for a period of one year. The Company will also seek approval from existing officers and directors to cancel 4,000,000 performance escrow shares as a condition of the Antrim acquisition, leaving 20.3 million shares issued and outstanding following the completion of the private placement and the exercise of the related share purchase warrants. Antrim's President, Mr. Marshall Abbott, will be appointed to the Board of Directors of the Company and will assume the position of President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the Company, effective immediately. Mr. Abbott is a senior geologist with 15 years experience with several major Canadian companies This is a list of companies from Canada.
Directory: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Current Companies . Most recently, Mr. Abbott was Senior Vice-President of Exploration for Stampeder Explorations Ltd., a major independent Canadian oil company. Further, Mr. Ir K.A. Sjaiful Achmad, P. Eng P. ENG Professional Engineer P. ENG process engineer ., the President of Pilona, has accepted an invitation to join the Board of Directors of the Company. Mr. Achmad has extensive operating experience in many Indonesian oil and gas basins. The Company will commence operations at Tanjung Lontar in the initial quarter of 1997 with the re-completion 2 drilled, cased and shut-in wells and the drilling of 4 new wells to a maximum depth of 4,000 feet. The transactions herein have been approved by the appropriate regulatory authorities in the Province of British Columbia. ON BEHALF OF THE BOARD OF DIRECTORS Robert L. Hodgkinson, Director -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or the accuracy of this news release. CONTACT: Australian Oilfields Pty. Ltd. David N. Matheson, 888/608-1866 or Australian Oilfields Pty. Ltd. Tony Dutton, 888/608-1866 |
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