Continental Energy Corporation has reached an agreement for the sale of its 51% shareholding stake in Visionaire Energy AS (VEN) to Visionaire Invest AS (Visionaire) of Horton, Norway, for consideration of US$ 1,200,000.

VEN is a holding company which owns a 49% equity interest in VTT Maritime AS (25% net to the Company) and a 41% equity interest in RADA Engineering and Consulting AS (21% net to the Company). Both are privately owned, offshore oil and gas service providers based in Bergen, Norway. Greater than projected operating losses from VEN and its partially owned subsidiaries plus the requirement for additional capital investment in VEN and in its subsidiaries led to the Company's decision to sell.

Tags: Continental Energy Corporation