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Oil and gas exploration business Paltar Petroleum is to make its stock market debut on the Australian Securities Exchange (ASX), it was announced today.
Neither the size of the initial public offering (IPO) nor details of the stocks to be listed have been disclosed.
The news came as Sydney-based Sinovus Mining entered a share subscription agreement with the company, which means it will hold at least a 10.0 per cent stake in the firm post-flotation.
Sinovus will first buy 6.67 million Paltar ordinary securities for AUD 1.00 million (USD 1.07 million).
Within seven days of the IPO, it will then issue 23.69 million of its own shares and 23.69 million free attaching options to Wotan Group in exchange for an additional 5.29 million units in Paltar.
Sinovus may rescind the agreement if listing does not take place by 31st December.
Paltar is in a 50.0 per cent farm-in agreement with Sweetpea Petroleum regarding three exploration permits in the Beetaloo Basin in the Northern Territory. These rights are under application at present, with approval for two expected around March 2012. The third should follow in 2013 at the earliest.
All three licences are pending the go ahead from both the Northern Land Council, which represents the rights of Aboriginal peoples in the region, and native title owners themselves.
Exploration in Beetaloo began in 1984 and has, to date, confirmed that the 3,000 metre sediment column in the basin contains substantial hydrocarbon resources which are likened to unconventional projects in North America.
The three permits that Paltar has rights over cover sites along the western and eastern margins. The two in the former area cover a geology which, according to Sinovus, is similar to Shenandoah 1, where 1,000 metres of the Kyalla shale bears oil shows. The main focus is oil.
Exploration on the eastern margin site is targeted at both oil and gas.
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