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Agri Energy exercises option to acquire Triton Petroleum

01 May 2011

Photo - see caption

Emerging Australian oil and gas explorer Agri Energy has exercised its Option to acquire Triton Petroleum. Triton is the holder of a 20% beneficial interest in Syria Block 9, a 10,032 km2 petroleum exploration licence in north-western Syria. Triton and its partners plan to drill two high-impact exploration wells in the block commencing mid-year.

Photo - see caption

Syria Block 9 is located on the north-eastern flank of the proven Palmyride Basin. The basin hosts discoveries of over 6 trillion cubic feet of gas and 400 million barrels of oil and NGL’s. On 22 March 2011, Agri announced a substantial increase in the resource potential of Syria Block 9 due to the interpretation of new 3D seismic data by the operator, Kulczyk Oil Ventures, and as verified by independent auditors RPS Energy. Commencing mid-year it is intended to drill two wells with total estimated resource potential of over 500 million barrels of oil equivalent (mean recoverable).

Agri is currently subject to a one day suspension of trading as a result of exercising the Option. This suspension will be lifted on 2 May 2011.

Shareholders are advised that due to the exercise of the Option Agri will undertake a change of activities for the purposes of Chapter 11 of the ASX Listing Rules. Pursuant to these rules, the Company will seek shareholder approval for the change of activities. If the proposal is approved by shareholders the Company will be required to comply with Chapters 1 and 2 of the ASX Listing Rules. As part of this process the Company will issue a Prospectus to undertake a capital raising of a sufficient size to enable
the Company to achieve its corporate objectives.

Source: Agri Energy

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