Loyz Oil Thailand, a unit of Loyz Energy, has entered into a supplemental sale-and-purchase agreement with Carnarvon Thailand to amend certain terms in the sale-and-purchase agreement dated Feb 28, 2014.
The agreement was in relation to the acquisition by Loyz Oil from Carnarvon of a 20% participating interest in SW1/L33/L44 oil concessions located at Phetchabun Basin, Thailand as announced by the company on March 3, 2014.
The acquisition, which was completed on April 30, 2014, was for a total consideration of US$65 million, comprising payment of a US$33 million which was satisfied in full on the date of completion. The remaining US$32 million was to be satisfied as debt due and payable by way of post completion receivable payments on Nov 30 of each year, with the first payment due on Nov 30, 2015.
Loyz Energy announced that in line with the supplemental agreement, the first payment for the post-completion receivable payment amounting to US$702,000, has been amended and shall be satisfied by a payment of US$100,000 ($143,885) payable in case by Dec 30, 2015. This has been paid to Carnarvon on Dec 30, 2015.
As stated in the supplemental agreement, Loyz Energy will fulfil the payment of US$602,000 by the issue and allotment of approximately 21.6 million new ordinary shares in the capital of the company at an issue price of four cents per new share by Jan 31, 2016, subject to approval from all applicable authorities.
“This equity participation by Carnarvon will improve our cash flows for the operational requirements of the concessions,” says Loyz Eneergy managing director Adrian Lee.
A drilling programme for further exploration of the resources at the concessions is being implemented.
The proposed issue of the new shares in lieu of cash payment will also strengthen the group’s balance sheet. Its share capital will increase to US$111.2 million from US$110.6 million as at June 30, 2015. Net tangible asset per share of the group will increase to 1.89 US cents from 1.86 US cents as at June 30, 2015.
Shares in Loyz Energy closed 7.69% lower at 3.6 cents on Jan 15.
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The agreement was in relation to the acquisition by Loyz Oil from Carnarvon of a 20% participating interest in SW1/L33/L44 oil concessions located at Phetchabun Basin, Thailand as announced by the company on March 3, 2014.
The acquisition, which was completed on April 30, 2014, was for a total consideration of US$65 million, comprising payment of a US$33 million which was satisfied in full on the date of completion. The remaining US$32 million was to be satisfied as debt due and payable by way of post completion receivable payments on Nov 30 of each year, with the first payment due on Nov 30, 2015.
Loyz Energy announced that in line with the supplemental agreement, the first payment for the post-completion receivable payment amounting to US$702,000, has been amended and shall be satisfied by a payment of US$100,000 ($143,885) payable in case by Dec 30, 2015. This has been paid to Carnarvon on Dec 30, 2015.
As stated in the supplemental agreement, Loyz Energy will fulfil the payment of US$602,000 by the issue and allotment of approximately 21.6 million new ordinary shares in the capital of the company at an issue price of four cents per new share by Jan 31, 2016, subject to approval from all applicable authorities.
“This equity participation by Carnarvon will improve our cash flows for the operational requirements of the concessions,” says Loyz Eneergy managing director Adrian Lee.
A drilling programme for further exploration of the resources at the concessions is being implemented.
The proposed issue of the new shares in lieu of cash payment will also strengthen the group’s balance sheet. Its share capital will increase to US$111.2 million from US$110.6 million as at June 30, 2015. Net tangible asset per share of the group will increase to 1.89 US cents from 1.86 US cents as at June 30, 2015.
Shares in Loyz Energy closed 7.69% lower at 3.6 cents on Jan 15.
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