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Victoria terminates proposed sale of US assets


Published Dec 29, 2008
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Victoria Petroleum commences drilling of Wilpinnie-4 well on Tomcat Prospect in PPL 93, Cooper Basin, South Australia-Spotlight

The directors of Victoria Petroleum had accepted an offer from Adelaide Energy Limited (Adelaide) to purchase Victoria Petroleum NL’s wholly owned subsidiary Victoria Petroleum USA Inc,. Vicpet advises that within the time frame allowed in the Purchase and Sales Agreement to negotiate the conditions of sale, these conditions cannot be met. Vicpet and Adelaide have mutually agreed that Vicpet has withdrawn the acceptance of the offer from Adelaide Energy to purchase Victoria Petroleum USA Inc and the offer to purchase has been terminated.

Vicpet has now entered into negotiation with other industry bidders for the sale of Victoria Petroleum USA Inc and its assets and anticipates receiving an offer to purchase Victoria Petroleum USA Inc in the first quarter of 2009.

Tags: Victoria Petroleum N.L.



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