Wessex Exploration PLC has completed the acquisition of Hague and London Oil BV (HALO), following the announcement of the exchange of Heads of Agreement on 12 May 2014. HALO is led by an established management team with significant public market experience and a proven track-record in successfully developing international oil and gas exploration companies. Completion is conditional on admission to trading on AIM of the new ordinary shares being issued as consideration for the acquisition.
HALO brings US$1 million in cash and a 15% interest in the highly prospective Service Contract 54A (SC54A) in the Northwest Palawan Basin, offshore Philippines. The licence block contains a number of existing discoveries in shallow water, along with further exploration potential. A retention licence was recently awarded to the SC54A partners for a period of three years.