Update re UMC Option Exercise (0328O)
12 September 2011 - 5:22PM
UK Regulatory
TIDMNSN
RNS Number : 0328O
Natasa Mining Limited
12 September 2011
Natasa Mining Ltd
("Natasa" or the "Company")
Update re UMC Option Exercise
Further to the announcement in April this year that UMC Energy
plc (UMC) had entered an option agreement (which is with
non-related parties) to acquire a Papua New Guinea (PNG) company
which had applied for Petroleum Prospecting Licences (PPLs) in that
country, we wish to advise that UMC has now exercised its option.
As a result of exercising this option, UMC will acquire 100 per
cent. of the issued capital of a BVI incorporated company, PNG
Energy Ltd, which company's sole asset is its 100 per cent. holding
in the PNG company, Gini Energy Ltd (Gini). Gini's sole asset is
its holding of two off-shore PPLs, nos 374 and 375 and one on-shore
PPL, no 378.
The consideration payable upon exercise of the option is the
issue by UMC of 240 million fully paid up new ordinary shares in
the capital of that company (New Ordinary Shares).
UMC has retained consulting petroleum engineers to further
examine and report on the presently available published geological
data on the underlying areas of these Licences and the results of
these studies will be released when available.
The work expenditure commitments on the three PPLs in the first
two years, totalling US$600,000, will be met from UMC's existing
funding arrangements with the Natasa. During the first year of the
expenditure commitment programme, UMC will, upon receipt of the
petroleum consultants' reports on past exploration carried out on
the PPLs, decide on the most appropriate development options,
including the possibility of seeking farm-in partners.
The transaction will not result in any changes to the
composition of the Board of Directors of UMC. Furthermore the
transaction will not result in any change to UMC's other business
activities being the investment in and development of the Morondava
uranium exploration project in Madagascar.
Following the allotment of the New Ordinary Shares by UMC, the
Company will hold an equity interest in that company of 42.3 per
cent.
Enquiries:
Natasa Mining Ltd
Chrisilios Kyriakou, Executive Chairman
Telephone: 020 7514 1480
www.natasamining.com
Strand Hanson Limited
Angela Peace
Tel: 020 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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