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First Australian Resources completes sale of China interests

Published: 06:08 16 Apr 2009 BST

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First Australian Resources (ASX:FAR) has announced an agreement to sell its 5 percent interest in Beibu Gulf Block 22/12 has now completed and the first tranche payment of US$2million has been received.

The remaining tranches of the US$8million sale price are payable as follows:

1. US$3 million upon approval of an Oilfield Development Program (“ODP”) or if commercial development of the project proceeds
2. US$3 million once the project has produced 1 million barrels of oil (gross).

The sale involves the disposal of FAR’s wholly owned subsidiary Oil Australia Pty Ltd as this was the entity that holds the Beibu Gulf Interests.

The Company has recently reached in principle agreement to raise up to $3.5 million through the placement of up to 70 million shares at $0.05 per share.

First Australian Resources has also executed an Agreement with Shell Exploration Company B.V. (Shell) to conduct an exploration programme in respect of Sangomar Offshore, Rufisque Offshore and Sangomar deep Offshore Blocks in Senegal, West Africa.

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