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Molopo lops off Bowen Basin assets

Molopo lops off Bowen Basin assets

Ashurst and Wright Legal have acted on a $42.4 million share sale between Molopo Energy Limited and PetroChina International Investment.

Firms: Ashurst (Molopo Energy Limited), Wright Legal (PetroChina International Investment)

Deal: Private treaty M&A – share sale

Area:  M&A

Value: $42.4 million

Key players: Simon Brown was the lead partner for Ashurst. Other Ashurst Australia partners on this matter included Murray Wheater, Elspeth Arnold (Corporate), Gavin Scott (Energy and Resources) and Ian Kellock (Tax)

Deal significance: Molopo has agreed to sell its coal-bed methane assets in the Bowen Basin, Queensland, which are held by its subsidiaries Lowell Petroleum NL, Molopo (Queensland) LLC and Molopo Generation Pty Ltd.  The assets consist of Molopo's interests in authorities to prospect ATP 564P and ATP 602P, a sub-lease in relation to petroleum lease PL94 and Molopo's power generation project.  Molopo is divesting the assets by disposing of its shares in those subsidiaries.

Following the disposal of its Queensland coal-bed methane assets, Molopo will have four major projects: tight oil exploration plays in the Bakken in western Canada and the Permian Basin in west Texas; shale gas exploration acreage in Quebec in eastern Canada and two gas projects in South Africa. Molopo is an ASX-listed oil and gas company with a portfolio of unconventional exploration and development projects located in Australia, Canada, USA and South Africa. PetroChina International Investment (Australia) Pty Ltd is a wholly-owned subsidiary of PetroChina International Investment Company Limited.

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