Update - Loyz Energy To Grow Concessions Portfolio, Strengthening Name In Upstream Energy Market
1. INTRODUCTION
The Board of Directors (the "Directors") of Loyz Energy Limited (the "Company") refers to the announcements made on 28 November 2011 and 21 February 2012 (the "Previous Announcements") on the acquisition of interest in a petroleum exploration permit to expand concession portfolios in Australasia.
As previously announced, Loyz Oil Australia Pty. Ltd. ("Loyz Oil Australia"), a wholly owned subsidiary of Loyz Oil Pte. Ltd. ("Loyz Oil"), which in turn is a wholly owned subsidiary of the Company, will secure an initial 20% stake in a petroleum exploration permit ("PEP") owned by Trident Energy Limited ("Trident"), a public unlisted Australia-based exploration & production company, for A$650,000 (approximately US$670,000).
Under the Farm-In Agreement, upon receiving the written approval from The Commonwealth - Victoria Offshore Petroleum Joint Authority ("Designated Authority") in respect of the application for suspension and extension of petroleum exploration permit VIC/P62 ("Application"), Loyz Oil Australia would make payment to Trident of a sum of A$650,000 in consideration for an assignment and/or transfer by Trident to Loyz Oil Australia of 20% stake in the PEP.
On 21 February 2012, the Company announced that the Designated Authority had approved the Application on 15 February 2012. The application to transfer the 20% stake in the PEP by Trident to Loyz Oil Australia had been submitted on 17 February 2012 and in consideration, the payment of the A$650,000 would be made to Trident.
2. UPDATE
The Directors would like to inform Shareholders that National Offshore Petroleum Titles Administrator of Australia ("NOPTA") had approved and registered the application for the transfer of title on 4 April 2012.
The Company will make the necessary announcements when there are further developments.
3. RESPONSIBILITY STATEMENT
The Directors collectively and individually accept full responsibility for the accuracy of the information given in this announcement and confirm after making all reasonable enquiries, that to the best of their knowledge and belief, this announcement constitutes full and true disclosure of all material facts about the matters discussed in this announcement, the Company and its subsidiaries, and the Directors are not aware of any facts the omission of which would make any statement in this announcement misleading. Where information in the announcement has been extracted from published or otherwise publicly available sources or obtained from a named source, the sole responsibility of the directors has been to ensure that such information has been accurately and correctly extracted from those sources and/or reproduced in the announcement in its proper form and context.
By Order of the Board
Kwan Weng Kwong
Director
9 April 2012
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This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, Stamford Corporate Services Pte Ltd, for compliance with the relevant rules of the Exchange. The Company's Sponsor has not independently verified the contents of this announcement.
This announcement has not been examined or approved by the Exchange and the Exchange assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr. Ng Joo Khin
Tel: 6389 3000 Email: jookhin.ng@stamfordlaw.com.sg