Kairiki Energy to dispose of stake in Yilgarn Petroleum Philippines to IMC

Kairiki Energy Ltd. has terminated the binding term sheet with Focus Oil and Gas Ltd. for the disposal of its entire interest in the share capital of Yilgarn Petroleum Philippines Pty Ltd. due to non-satisfaction of conditions precedent.

In contemplation of the likely non-satisfaction of the conditions precedent on the Focus agreement, Kairiki recently entered into discussions with its secured creditor IMC Oil & Gas Investments Ltd. (the company’s major shareholder and holder of a fixed and floating charge over the company and Yilgarn) with respect to a restructure of the existing debt facility.

Kairiki advises that it has entered into a share purchase agreement with IMC for the disposal of its entire interest in the share capital of Yilgarn, which is the holder of the company’s interest in Service Contracts 54A and 54B in the Philippines, being the main undertaking of the company. Yilgarn holds joint venture interests in the following Philippines offshore oil and gas permits: Service Contract 54A (30.1% participating interest) and Service Contract 54B (40% participating interest).

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