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| Kairiki Energy farm out update for Philippine oil and gas field SC 54 |
| 01-JUL-2009 Intellasia | ABN Newswire (press release) |
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| 1 Jul, 2009 - 7:00:00 AM |
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Kairiki Energy Limited (ASX:KIK)(PINK:KAIRF) has been advised by Focus Oil and Gas Pte Ltd that as it is unable to meet the required condition precedent of concluding its investor contracts to fund their obligations under the Farm-out Agreement dated 30 April 2009, the agreement will lapse as of today.
Following the recent oversubscribed placement to sophisticated investors and institutions, Kairiki's cash position at 30 June 2009 is very strong having recently raised approximately A$8.1 million.
These funds will provide Kairiki with the financial capability to pursue the development of its Tindalo oil discovery in the Philippines in the near term as previously announced, with the flexibility of retaining its 40% interest in the inboard portion of SC54.
Link: http://www.abnnewswire.net/media/en/docs/60969-ASX-KIK-451253.pdf
About Kairiki Energy Limited
Kairiki Energy is a Perth based company listed on the Australian Stock Exchange. Kairiki's corporate strategy is to acquire oil and gas interests in proven oil and gas basins. Currently, Kairiki has oil and gas interests in the Philippines, Tunisia/Italy and Romania. Kairiki has assembled a very experienced Board of Directors and management team to achieve its objectives. The Directors have over 70 years experience with major oil and gas companies working the world's major petroleum basins.
Contact: Laurie Brown
Managing Director
Kairiki Energy Limited
TEL: +61-8-9388-6711
Perth, June 30, 2009
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