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Additional information
Additional Information
Market: ASX
Sector: General Mining - Iron Ore
Epic: GFE
News: Latest news
Web Site: GLOBAL IRON LIMITED
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GLOBAL IRON LIMITED

Global Iron Limited is an Australia-based company. The Company is engaged in mineral exploration and development in Australia.
Tuesday, February 09, 2010

Global Iron acquires African Petroleum in $500 million deal

Australian-listed Global Iron (ASX: GFE) has entered into a ‘company transforming’ transaction to acquire private company APCL, which will own the rights to two highly prospective oil and gas exploration blocks located in offshore Liberia, West Africa in a deal valued at approximately A$500 million.

On completion, APCL will have the rights to two highly prospective oil and gas exploration blocks off the coast of Liberia, West Africa, covering a total licence area of approximately 7,200km2.

Independent oil and gas specialist consultant, IHS Global, has determined that the Liberian blocks have potential for combined un-risked total P50 recoverable prospective resources 1875 million barrels with a range of 945 to 3043 million barrels.

The Agreement is conditional on Global completing a placement of shares to raise not less than A$130 million and up to A$230 million.

Global will change its name to African Petroleum Corporation Limited on obtaining the necessary shareholder approvals.

 

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