Alberta Oilsands (AOS-V)
www.aboilsands.ca
156.9 million o/s
$13.5 million cash (as of Sept 30, 2012)
No debt
Alberta Oilsands to acquire two blocks offshore Namibia
Dec 18, 2012 - News Release
Alberta Oilsands Inc., in keeping with its international strategy, has agreed to acquire an interest in blocks 2712A and 2812A, located in the Orange basin, offshore Namibia.
AOS has agreed to acquire 100 per cent of Maroon Hill International Ltd., a British Virgin Islands company which owns 85 per cent of Leopard Investments Ten (Pty.) Ltd., a local Namibian company that directly holds 100 per cent of the licences. The remaining 15 per cent of Leopard Investments is controlled to the benefit of Namibian economic empowerment and local groups. The company's net interest in the licences will be 85 per cent.
As consideration for the acquisition, AOS has agreed to pay an aggregate of $1.5-million (U.S.) and issue 20 million shares in the capital of the company at an attributed value of 10 cents per common share. An additional $1-million (U.S.) is payable on the first anniversary of the closing date. A finder's fee is payable in the form of the issuance of 2.25 million common shares at an attributed value of 10 cents per common share. The consideration shares and the finder shares are subject to a statutory hold period of four months plus one day. The acquisition of the licences remains subject to TSX Venture Exchange (TSX-V) approval.
Blocks 2712A and 2812A are situated in the Orange basin off of the southern coast of Namibia and are adjacent to blocks owned by HRT Participacoes em Petroleo SA, which has announced its plans to commence drilling activities in the Orange basin in 2013.
The Chariot/Petrobras/BP joint venture has also announced its intention to drill a well on its Orange basin acreage, to the east of AOS, in 2013.
The licences cover an area of approximately 2.7 million acres and are also situated directly west of the Kudu gas field. A National Instrument 51-101 technical report is currently being prepared.
Binh Vu, interim chief executive officer of AOS, stated, "This transaction meets the stated criteria as set out in the company's press release issued Nov. 19, 2012, namely to position the company in prospective and active basins surrounded by anticipated activity, which is closely followed by capital markets."
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The company plans to communicate more frequently with shareholders over the coming months, and as its oil sands assets and international strategy progress.
AOS will be revamping its website in the coming days.
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