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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Horizon Acqn | HZN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 950.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 950.00 | 950.00 |
| Top Posts |
|---|
Posted at 03/4/2008 16:29 by lgw I have shares in rift who have this jv with Austral but know nothing about HZNCan anybody enlighten me? Austral announces PNG asset sale and debt reduction - CORRECTED Wellington, New Zealand - March 26, 2008 - Austral Pacific Energy Ltd. (TSX-V: APX; NZSX: APX; AMEX: AEN) Austral Pacific Energy Ltd. announces that it has signed an agreement with a subsidiary of Horizon Oil Limited (ASX: HZN) for the purchase of Austral's 28.92% interest in Papua New Guinea petroleum retention license (PRL) 4 and 10.7% interest in PRL 5. The offers are subject to the pre-emptive rights in the relevant joint venture agreement, which give the existing joint venture parties a 45 day period in which to take up an option to purchase a proportionate share of Austral's interest on the same terms and conditions as the Horizon agreement. The Company plans to use the proceeds of sale to accelerate loan repayments under the Company's debt facility with Investec. The amount outstanding under the debt facility is US$18.65m. Under the arrangement, Austral will, using the proceeds of sale, along with other scheduled reductions and the set-off of funds being held in a reserve account, reduce the company debt to US$11 million by May 31, 2008, a reduction of $7.5 million. Commenting on the early repayment and asset sale, Company CEO Mr. Jewell said, "Now is a good time to reduce the company's debt profile, strengthen the balance sheet, and retain its focus on the growth of production from our core assets including the Cheal field development, Kahili Gas Development and Cardiff appraisal. To facilitate this, Austral has completed a review of its inventory of projects and will monetize non-core assets where the divestment can take advantage of the value cycle of the asset and deliver economic value to the company." Mr. Jewell also said, "Austral has funding and plans in place to drill additional wells in the Cheal field in the second quarter of this year." Additionally Austral and the holders of $10 million in redeemable preferred shares convertible at $1.30 have agreed to swap those shares for an unsecured $10 million debenture with the same economic terms as the preferred shares. The preferred shares are currently carried within Austral accounts as long-term debt under generally accepted accounting principles. Web site: www.austral-pacific. Email: ir@austral-pacific.c Phone: Thom Jewell, CEO +64 (4) 495 0880 or Brad Holmes |
Posted at 09/5/2006 14:07 by traderabc r33skyThanks for the post. You holding? So from what I understand,Horizon has a holding in a company that MAY have found some oil and gas,but it it is too early to say for sure. So persumably if it is a proper find HZN goes higher.if it is a dud then back to 15 cents? Is this the deal.Any opinions? |
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