Peak Oil & Gas Limited (Peak) announces that following receipt of approval of shareholders in General Meeting on 1 May 2015, it has now sold the Company's indirect interest in South Block A and associated intercompany debt for consideration of $800,000.
Peak 's wholly owned subsidiary Peak Oil & Gas (Australia) Pty Ltd (POGA) has executed a deed with respect to the sale of the one issued share in Peak Oil & Gas (SBA) Pte Ltd and assignment of debt (Deed) with Bow Energy International Holdings Inc (Bow), a subsidiary of ACL International Ltd, a company listed on the Ventures Board of the Toronto Stock Exchange.
Pursuant to the Deed, POGA has transferred to Bow, the one issued share of Peak Oil & Gas (SBA) Pte Ltd and assigned to Bow the benefit of the $4,164,673 intercompany debt owed by Peak Oil & Gas (SBA) Pte Ltd to POGA.
Peak Oil & Gas (SBA) Pte Ltd is the holder of 75% of the shares in Renco Elang Energy Pte Ltd, the 51% participant and Operator in the South Block A Production Sharing Contract, in North Sumatra. Granted in 2009, the South Block A Production Sharing Contract is currently in Year 6 of the extended Initial Exploration Period with an exploration well required to be drilled in order to satisfy the Firm Work Commitment obligation of the permit.