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Eden awaits satisfaction of conditions on contract to sell UK gas and petroleum assets


Published Dec 19, 2013
Eden Energy Ltd

As announced on 25 November 2013, Perth based Eden Energy Ltd, extended until 13 December 2013 the latest date for satisfaction of the conditions on the conditional agreement, announced to the ASX on 17 September 2013, to sell its entire UK coal seam methane and shale gas portfolio for up £11.467million, to be satisfied by a cash payment of £1,100,000 and with the balance to be paid in fully paid ordinary shares in presently unlisted UK public company Shale Energy PLC ('Shale Energy').

The main condition remaining outstanding is the requirement for Shale Energy to complete a £7million capital raising. The extension of the date to 13 December 2013 was agreed in consequence of Shale Energy having secured a contractual commitment from a UK based company to subscribe the entire sum of £7million, that Shale Energy had been advised was hoped to be able to be completed within the then following two weeks.

Tags: Eden Energy Ltd




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