Plans to sell its wholly-owned subsidiary, Strike Energy Western Australia Pty Ltd.
Strike Energy Ltd. plans to sell its wholly-owned subsidiary, Strike Energy Western Australia Pty Ltd., for $3.5 million to Torrens Energy Ltd. (ASX: TEY).
After the sale, Strike will continue to whole its 33.3% operated interest in WA-460-P, adjacent to WA-384-P where shell is currently drilling the Palta 1 well. About 18% of the 13.5 Tcf Palta prospect is mapped to extend into WA-460-P.
Strike Western Australia, meanwhile, holds four separate permits in the Carnarvon Basin.
“This sale delivers a good cash return on these assets and enables Strike to focus its resources on developing the Southern Copper Basin Gas Project and Eagle Ford shale assets whle maintaining a meaningful exposure to a discovery at Palta,” said Strike’s anaging Director David Wrench.
The sale is subject to Torrens due diligence and shareholder and regulatory approval. The deal is not expected to close until late June 2013.