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EMERALD RESOURCES NL — Capital/Financing Update 2010
Apr 7, 2010
64849_rns_2010-04-07_2824258a-1fd0-497f-80df-de3c36e9c5cb.pdf
Capital/Financing Update
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Suite 2, 12 Parliament Place West Perth WA 6005 Ph: +618 9482 0510 Fax: +618 9482 0505 Email: [email protected] www.emeraldoilandgas.com
8 April, 2010
Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000
NOXXE UPDATE
Emerald would like to provide an update on one of the ongoing projects in the business plans it announced last week prior to the placement announcement
On 12 March, 2010 Emerald announced it had executed an MOU granting it an option to acquire a 31.5% foundation equity interest in a newly formed company, NOXXE LLC, which holds interests in producing oil and gas leases in Harris and Galveston Counties located in Texas, USA.
The option is conditional on a Company Agreement acceptable to Emerald being negotiated. Emerald had hoped to finalise the Company Agreement by end March 2010, however negotiations have taken longer than anticipated. Emerald now wishes to advise that it has formally exercised its option under its Memorandum of Understanding, to acquire a 31.5% foundation interest in NOXXE LLC and has executed a Company Agreement which is acceptable to it. The Company Agreement is now with the other Parties for them to execute.
Without prejudice to its position Emerald has indicated to the other NOXXE parties that a reasonable period will be allowed, within which to discuss any reasonable variation to the NOXXE Company Agreement that it has executed. If a mutually acceptable variation cannot be agreed within that reasonable period, Emerald may, without prejudice, consider withdrawing from the transaction with full refund of the $US550,000 deposits paid to date and other appropriate compensation.
The placement is fully subscribed and closed with scheduled allotment planned before Friday 8 April 2010.
For more information please contact:
Emerald Oil & Gas NL Tel: +618 9482 0510
MIKE KRZUS Managing Director [email protected]