Further to the announcement of shareholder approval for the transaction being received on 25 October 2010, DEO Petroleum says that the final conditions to be satisfied are as follows:

1. receipt of waivers by the existing co-venturers of their pre-emption rights under the joint operating agreement ('JOA') or expiry of the period within which the pre-emption rights under the JOA must be exercised (following execution of the Acquisition Agreement on 7 October 2010, pre-emption notices were issued on 14 October 2010, therefore expiry of such rights occurs on the 14 November 2010); and
2. following receipt of waivers or expiry of such period, finalising documentation related to the proposed transfer which relates to agreements regarding the Licence Areas, including receipt of consent from the Department of Energy and Climate Change to the transfer of the Perth Assets to DEO.

As the Company continues toward satisfying these final conditions, Admission is not expected to occur by 8 November 2010. The Board is confident that these final conditions will be satisfied on or around 26 November 2010 and, that completion of the Acquisition and Admission will follow immediately thereafter.

Tags: DEO Petroleum