Tamaska Oil & Gas Ltd (ASX:TMK), on 23 February 2021, announced that it will be acquiring a 20% interest in the Talisman Deeps Project which can be found in the offshore Canarvon Basin in north west Australia.
Key takeaways from the announcement:
- TMK’s interest in Talisman Deeps was acquired via the purchase of a 20% shareholding in Skye Napoleon Pty Ltd.
- Skye Napoleon Pty Ltd owns 100% of the Project featuring all the petroleum rights beneath 2700m in offshore petroleum licence WA-8-L.
- TMK can rightfully convert this 20% shareholding to a 20% direct participating interest in the Project.
- The consideration to purchase the 20% interest in Talisman Deeps is the issue of 45 million ordinary shares and 45 million performance shares by TMK.
- There is no cash consideration.
TMK, at present, possesses net cash of around $2.6 million. It is expected that TMK will incur approximately $250,000 in just bringing the Project to drill ready status.
Joseph Graham, Director, TMK shared that Napoleon is the richest petroleum basin in Australia that will definitely prove to be an extraordinary exploration goal with huge benefit for the participants. He also added that the basin has the caliber to be one of the most important and invigorating petroleum discovery wells drilled in the country.
Meanwhile, the TMK stock was trading at $0.011 per share at 3:05 PM AEDT.