AJ Lucas Group Limited has entered into an agreement to purchase an interest in three Petroleum Exploration Licences located in New South Wales. The interest comprises an 80% interest in two PELs, a 40% interest in another PEL together with various miscellaneous drilling and exploration equipment acquired from the Vendor.

A $500,000 deposit has been paid which is only refundable in the event that the transaction is not completed because of any default or failure by the Vendor. The balance of the consideration payable is subject to formal due diligence, statutory consents and execution of formal documentation.

Tags: AJ Lucas Group Limited