AI assistant
DIGITALX LIMITED — Capital/Financing Update 2010
Dec 30, 2010
64762_rns_2010-12-30_c19e668f-f6b0-4bca-8dec-c6f847c8a34b.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [361 x 67] intentionally omitted <==
==> picture [64 x 33] intentionally omitted <==
==> picture [64 x 32] intentionally omitted <==
( A B N 3 4 0 9 0 0 7 4 7 8 5 )
566 Elizabeth Street, Melbourne 3000 Victoria Australia
Telephone: +61 3 9349 1488 Facsimile: +61 3 9349 1186
PO Box 12883 A’Beckett Street Post Office Melbourne 8006 Victoria Australia
Email: [email protected] Website: www.ggpl.com.au
31 December 2010
Market Release (via electronic lodgement)
Acquisition of 12% Interest in Bullseye Project
The Board is pleased to advise that Golden Gate Petroleum (GGP) has acquired an additional 12% interest in the Bullseye Project from Eastern Advisors Capital Limited who had originally obtained their participation from GGP’s US subsidiary.
Consideration for this acquisition is 13,000,000 fully paid ordinary shares of the Company.
Commenting on this acquisition the Managing Director, Mr Steve Graves said: “Golden Gate has been able to increase its working interest in the very productive Bullseye Project at minimal cost which will be quickly offset by the increased share of production revenues. Our plan is to drill the next Miogyp development well at Bullseye in 2011 at a location considered the most ideal for this proven interval. In this new well, we will also be able to test the Camerina interval providing further insight to the interval’s potential”
As a result of this transaction the partners in the Bullseye project are:
| Company | WI |
|---|---|
| Golden Gate Petroleum Ltd | 54.25% |
| Pantheon Resources plc | 11.25% |
| IB Daiwa Corporation | 8.00% |
| Quest Petroleum NL (ASX:QPN) | 5.00% |
| Verus Investments Ltd (ASX:VIL) | 10.00% |
| Other Partners | 11.50% |
For further information contact:
Chris Ritchie Financial Controller Phone: 61 3 9349 1488 [email protected]
About Golden Gate: Golden Gate is an independent oil and gas exploration and production company listed on the Australian Securities Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region of the USA.