DEO Petroleum says that the pre-emption period has now passed and that parties relevant to the transaction have waived their pre-emption rights under the JOA and that the Company has also received consent from the Department of Energy and Climate Change to the transfer to it of the Perth Assets.

The only condition which remains is receipt of signed execution deeds by the co-venturers which relate to agreements regarding the Licence Areas. The Company expects to receive these documents shortly and accordingly, completion of the Acquisition and Admission will occur on 30 November 2010.

Terms used in this announcement shall have the meanings given to them in the acquisition announcement dated 7 October 2010.

Tags: DEO Petroleum