logo-loader

Torrens Energy drops acquisition of Carnarvon Basin gas assets

Published: 15:50 14 May 2013 AEST

no_picture_pai

Torrens Energy (ASX: TEY) has decided not to proceed with acquiring four offshore and onshore Carnarvon Basin petroleum exploration permits from Strike Energy (ASX: STX).

The decision was made after the company completed due diligence on the permits.

As a result, Torrens is not required to pay to Strike the $350,000 deposit or other consideration under the 18 April 2013 agreement to acquire Strike’s wholly owned subsidiary Strike Energy Western Australia.

The permits had included the Rivoli discovery is assessed to have a contingent resources of 9-15 billion cubic feet of gas.

Torrens will continue to evaluate new opportunities within the energy and resources sector while continuing to manage its existing geothermal assets at a pace appropriate for the sector as a whole.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 52 minutes ago