Molopo Energy has entered into an agreement for the sale of its Queensland Bowen Basin coal bed methane assets to a wholly-owned subsidiary of PetroChina International Investment Company for A$41 million plus a A$2.4 million adjustment for working capital.

The transaction is subject to review by the Australian Foreign Investment Review Board (FIRB) and the purchaser obtaining approval from the Chinese National Development Reform Commission (NDRC) which must be obtained within sixty days unless otherwise extended. Settlement of the transaction is expected to occur thirty days after the later of the FIRB and NDRC conditions being satisfied.

Tags: Molopo Energy