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Molopo Sells CSG Assets to PetroChina for A$41 million.

PostPosted: Tue Aug 07, 2012 9:54 pm
by HVPA_research
* Archived from Twiter *

Australian company Molopo Sells CSG Assets to PetroChina for A$41 million. This is in the Bowen Basin, Qld, !
You may recall that Molopo was involved in CSG exploration in the Gloucester valley, NSW. Now they are taking the money and heading for oil fields of Texas... … @coalseamgasnews.

Tim (Timmy) Badrick ‏@TBadrick
@HVPA_NoCSG @coalseamgasnews This would have to be one of the scariest scenarios in terms of a chinese suffocation of the australian economy

Tim (Timmy) Badrick Tim (Timmy) Badrick ‏@TBadrick
@HVPA_NoCSG @coalseamgasnews Why @theqldpremier is this not being reported on in the @couriermail ? Att: my readers- pls contact @MJCrutcher

Australia-listed Molopo Energy is selling its Bowen Basin coalbed methane (CBM) assets in Queensland to a wholly-owned subsidiary of PetroChina for $43 million (A$41 million), the company said Wednesday. The sale includes an adjustment of $2.5 million (A$2.4 million) for working capital.
Under the terms of the sale agreement, Molopo will sell its CBM exploration permits covering 529 square miles (1,370 square kilometers) over five project areas.

The transaction is subject to review by the Australian Foreign Investment Review Board (FIRB). In addition, PetroChina has to obtain approval from the Chinese National Development Reform Commission (NRDC) within 60 days, unless otherwise extended.