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PATERSON RESOURCES LTD Capital/Financing Update 2007
65618_rns_2007-01-17_51fa1c38-2285-46ea-b2bf-e02adba2cc6d.pdf
Capital/Financing Update
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Lével 8, 256 St Georges TerracePertit, Western Australia 6000 Phone is a market with 1980 - Johann Stoff Mostein Ale Islandoz
18 January 2007
Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000
URANIUM OIL & GAS LIMITED ANNOUNCES THAT ARC ENERGY LIMITED HAS ENTERED INTO AN OPTION AGREEMENT ON EP 448, CANNING BASIN.
Uranium Oil & Gas Limited ("UOG") is pleased to announce that ARC Energy Limited ("ARC") has entered into an agreement with UOG on its Canning Basin permit, EP 448.
The ARC farm-in in EP 448 involves the acquisition of aeromagnetic data over the permit as part of ARC's wider aeromagnetic surveys within the Canning Basin. ARC will earn an initial 5% interest and the right to earn up to 75% interest by performing additional exploration expenditure up to A$3 million on the permit.
EP 448 INTERESTS
| COMPANY | Prior to ARC Earning | Post Full Earning Program |
|---|---|---|
| ARC Energy | $0%$ | 75% |
| Empire Oil & Gas Ltd | 25% | 6.25% |
| Maneroo Oil Company Ltd | 45% | 11.25% |
| Indigo Oil Pty Ltd | 20% | 5% |
| Uranium Oil & Gas | 10% | 2.5% |
UOG welcomes the entry of ARC into the permit and regards this as a positive step in the evaluation of the oil and gas potential of the area.
URANIUM OIL & GAS LIMITED
J. Karajas B.Sc (Hons), MAIG Non Executive Director