Kea Petroleum to Sell its Shares to Callera Fund
Published By : 26 Jun 2015 | Published By : QYRESEARCH
Kea Petroleum the oil and gas petroleum group has reached an agreement to sell 70% of its interest to Callera Fund for £222,550. This is Kea Petroleum’s PEP51153 license and includes the Shannon prospect in New Zealand, and Puka wells.
Kea Petroleum was established in 2009 and since then has acquired diverse onshore and offshore acreage on the west coast of New Zealand’s North Island in Taranaki basin. Previously Kea Petroleun had acquired a 100% interest in Petrolwum Exploration Permit in 2010 with PEP52333 an onshore/offshore area near Tarnaki Basin.
Since the company started operations, Kea had been involved in several fundraisings and managed to collect £37.5 million and had 3 major oil and gas permits for explorations in the Tarnaki basin.
The company said the agreement would represent the disposal of its assets and Kea would be categorized as an investing company based on the AIM rules for Companies. In the statement released on Friday the Kea group has also made an agreement to sell its interests in the license PEP381204 that comprises the Mauku prospect. The funds gained from both sales would be utilized to pay creditors and used as working capitals.
But according to the spokesperson from Kea the funds will not be able to cover current costs to run the company or to deliver its proposed investment plans. Hence, Kea is planning to raise funds through subscriptions from the existing shareholders and others to reach £1 million to meet expenses of ongoing operations. During the previous month, the group halted trading in its shares due to failure in achieving bids on the crowd-funding platform PrimaryBid.com.