Tellus Resources Limited has announced it has agreed to acquire a 25% interest (with the right to acquire up to an 80% interest) in a drill-ready and large scale oil exploration asset, located on-shore on the Island of Madagascar, off the south-east coast of Africa.<\/p>\n
The interest was previously owned by Caravel Energy with PetroMad Mauritius being the company which owns a 100% interest in the Bezaha Oil Project concession located in Southern Madagascar,<\/p>\n
Formal shareholder support will be required with respect to one aspect of the transaction and the Company will put the relevant resolution at an Extraordinary General Meeting to be called shortly.The consideration for the asset is the issuance of 85M TLU shares.<\/p>\n
The Asset, which comprises approximately 10,000 sq. kms. of onshore acreage, has recently been the subject of a seismic campaign which has identified large scale oil targets together with at least one drill ready prospect with the drilling campaign planned to commence in the latter part of the year.
\nContemporaneous with this transaction, TLU has entered into Agreements which provide it with debt facilities to borrow up to $550k. The Company is expecting an R&D rebate from the ATO later this year which will more than cover any amounts drawn down from these facilities.<\/p>\n
Key Terms of Sale Agreement<\/strong> Commenting on the deal, the Company\u2019s Managing Director, Mr Carl Dorsch, said \u201cthis on-shore oil prospective asset in Madagascar will add significantly to the Company\u2019s suite of high impact oil exploration assets. I have considerable experience in working in franchophone Africa and I\u2019m looking forward to the opportunities in neighbouring Madagascar which is located off the south east coast in one of the most prospective exploration areas remaining in the world.”<\/p>\n \u201cConcurrent with the divestment of the Madagascan oil assets the Company intends to build up these targets further and should have an updated release to the market in the coming quarter,\u201d says Brian McMaster,Chairman Caravel Energy.<\/p>\n","protected":false},"excerpt":{"rendered":"
\nUnder the Sale Agreement the Company has agreed to acquire:<\/p>\n\n